Anyone familiar with trends in the blockchain sector would have probably heard about DAOs many times. Decentralized Autonomous Organizations have become prevalent in the blockchain sector in recent years, and as Mark Cuban describes them as the ultimate combination of capitalism and progressivism. But for all the amazing qualities and potentials of DAOs, there’s one problem, they aren’t legally registered. At least, not until now.
BLOCKS is the first legally registered DAO LLC in the world through their collaboration with the Wyoming legislature. Being a legally registered DAO means that BLOCKS is held to the same transparency, compliance, and accountability standards as businesses and corporations. Thus, it sets itself apart from all other DAOs who are currently relying on the credibility of blockchain technology alone.
By becoming a limited liability corporation, BLOCKS DAO has taken a massive step towards what will be the future of business operations – merging blockchain technology with the existing legal standards on corporate governance. Thus, it’s a pioneer of progressive decentralization, blazing the trails others DAOs will follow in due time.
How BLOCKS DAO Functions
BLOCKS provides world-class blockchain solutions for businesses as part of its efforts to migrate companies onto the blockchain. With a series of partnerships on and off the blockchain, it aims to grow its token’s utility to be a unit of value for blockchain. It further drives utility to the token by onboarding companies in various industries onto the blockchain and providing solutions.
BLOCKS Tokenized Community
Taking a cohesive and methodical approach to decentralization, BLOCKS is moving in phases towards the full DAO structure. The first step of this process is focused on their tokenized community. The server, hosted on Discord, is integral to BLOCKS operations and provides a tiered environment for token holders to brainstorm and advance the organization.
This community is a unique and engaging pay-to-play system. Users need to have a specific amount of BLOCKS token in their MetaMask Wallet to participate in conversations. The tokenized has two membership tiers.
In order to be a Gold Tier member, you must hold at least 1,000,000 BLOCKS tokens in your wallet. As a gold tier member, you’ll get exclusive access to updates and initiatives and stand a chance to become a BLOCKS ambassador. An ambassador will have access to a member of the management once a month.
You’ll also have voting privileges on any item presented on the Discord Community, such as whether there should be more discord channels, Community Leader nominees vs. appointment, etc. Gold Tier members count for 30% of the final vote. They also get airdropped tokens for active participation and contributions on the channel as well partnership integrations.
Whoever becomes the BLOCKS Community Leader has access to a member of the management team once a month.
A user must hold 300,000 BLOCKS tokens in their MetaMask wallet to be eligible for this membership level. Silver Tier Members will get exclusive updates from the BLOCKS DAO before such information becomes public. They also have voting rights on the items presented within the Discord Community, such as whether there should be additional channels, ambassador nominees vs. appointment, etc. Their votes count for 70% of the final vote.
Silver Tier members also get rewards in the form of airdropped tokens for active channel participation and contributions. Airdropped tokens will be half of the Gold tier supply.
At the center of BLOCKS operations, solutions, and partnerships are the BLOCKS token. This is a multifaceted utility token with lots of use cases as far as the BLOCKS ecosystem is concerned. These use cases include:
- Tokenized Community Participation: The BLOCKS community provides an avenue for like-minded people to collaborate on initiatives that’ll onboard or bridge traditional industries with blockchain technology. The community would be chat groups on token-permissioned Discord servers.
- Governance: BLOCKS token will also be the governance token for the DAO. Members can submit proposals and vote on the operations of the organization using their tokens. This enables a collective and decentralized decision-making process. On-chain governance has already started with proposals being submitted to DAO members for voting.
- Software Development Kits: The token will also give the holder access to the community-built software and decentralized applications on the BLOCKS network.
- Platforms: BLOCKS will work with strategic partners, and participants in the DAO get to enjoy the benefits of this partnership.
- Network Participation: the BLOCKS network is an ecosystem of partnerships and platforms that the DAO gets into. The token will be the unit of measure on this network and would be needed to participate.
BLOCKS token has been available for purchase on Uniswap starting from October 30.
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