DAO

Proposals will be able to be submitted by and voted upon by any holder that holds a $GLXY token. The DAO then follows a permissioned relative majority structure where elected leaders must endorse a proposal for a proposal to move to the voting stage. This voting structure overcomes the common limitation of a DAO, which is the lack of a centralized figure that can take responsibility for the organization’s decision. Another important feature of our DAO is reputation score, which will play a critical role in elections.

Reputation is a non-transferable, non-circulating point that may be earned by holding or staking ASTRALS. Reputation can also be earned by contributing to the organization. It is important to note that a reputation holder does not have absolute ownership of the reputation, and the reputation you have earned can be destroyed through code rules or governance votes. For example, reputation may be deducted when a reputation holder acts against the interests of the organization, or it may be deducted over time or expire in order to avoid the continued influence of early earned reputation, which undermines fairness.

Reputation score will be needed to be considered for election of leaders for our DAO. These leaders will be in charge of alpha, design, marketing, governance, community, and development. Additional teams can be proposed and voted on as demanded by the community. Furthermore, a president who will oversee these teams will be elected. The president would also be responsible for communicating each team’s activities on a regular basis to the community. Any elected leader can be voted out of their position at any time.

Once a proposal is endorsed by one of these elected leaders, the relative majority vote will be used to pass/fail a given proposal. 1 $GLXY = 1 Vote. Systems that have used this type of voting structure include MetaCartel Ventures, Raid Guild, and DAOhaus. We will also implement an early voting mechanic so that proposals can be passed instantly upon having 60% of the total circulating supply having been used to vote on any given proposal.