In an attempt to push the advancement of its ecosystem, Space ID has unveiled a Decentralized Autonomous Organization (DAO) and its token; $ID. The firm made the announcement today via a blog post, highlighting the relevance of the move toward advancing its platform. Accordingly, Space ID revealed that it is building a universal name service network, owned and controlled by its community.
Accordingly, the firm explained that its latest effort embodies the vision of the project at its core. As revealed, the DAO will be governed by $ID holders, giving them control over funds held in its treasury. More so, Space ID through the announcement stated that the move will establish a framework for its expasion. Efforts on expansion include collaboration, and distribution of resources in a transparent, secure, and decentralized way.
Consequently, the creation of the Space ID DAO Treasury also came with a new method of distributing that platform’s revenue. The new method came with a buyback-and-burn mechanism that includes the registration proceeds acquired at the start of the TGE date. In addition, half of the overall net revenue gained on the platform will be set aside for the purchase and burning of $ID tokens. While the other half will be added to the DAO treasury and it will be held in stablecoins under the governance of all qualified $ID holders.
Highlight of Space ID Governance Process
With the launching of Space ID DAO coming up shortly, the firm highlighted some regulations that will guide its activities. As announced, proposals to the DAO will undergo a two-step process. Firstly, a draft of the proposal must be submitted to the Space ID governance forum. Thereafter, the community will review and discuss the proposal.
Additionally, the second and final step will see the community manager schedule a snapshot vote. A proposal must attain at least 50% votes from wallets addresses holding at least 20 million $ID in its favor. The SPACE ID core team will manage the execution of the proposal once it gains the approval of the DAO. Mulit-Sig signers will be in charge of approving funds for a proposal that requires funding. However, the DAO will first elect these signers.
Lastly, the project team also announced that interested persons can apply to become one of its network validators. The Space ID team revealed an application template interested applicants must use. As announced, the deadline for submission will elapse on April 28, 2023.