Decentraland Users Will Have More Power With New DAO

Decentraland Users Will Have More Power With New DAO

Decentraland (MANA) came into the spotlight when digital asset manager Grayscale included it in its array of products for institutional investment over 3 months ago. The Ethereum-based protocol allows users to trade with digital land and build dApps on top of “digital parcels”. Now, it has taken a step towards complete decentralization.

According to an official post, the Decentraland Foundation announced the launch of a new implementation of their Decentralized Autonomous Organization (DAO). The foundation claims that this decision-making tool it’s more affordable and accessible for the users and provides MANA and LAND holders with voting powers.

Thus, they will be able to issue grants, changed the list of banned names, and the community will control the smart contracts that comprised the protocol, MANA, and LAND via predefined proposals. Users can vote by visiting the DAO’s website.

The DAO will be more cost-efficient with a platform that will enable gas-less voting for both the creation of a proposal and log votes, according to the official post. The records of the voting process will be snapshot and stored in the InterPlanetary File System (IPFS). In addition, the votes will no longer have to use wrap versions of their MANA and LAND tokens to participate:

Creating and voting on proposals happens fast, with no expensive transaction fees. You no longer have to wrap your assets in order to participate: the DAO looks at your total balance of LAND and MANA at the moment a new proposal is created to determine how much your vote will be weighted for that particular proposal.

Once a proposal is approved, a committee with access to a multi-sig wallet has the task of enforcing it on Ethereum’s blockchain. At the same time, this committee is supervised by the Security Advisory Board (SAB). The former was chosen by the Decentraland community via a proposal on the former DAO.

Decentralan’s New DAO With More Power And Accessibility

The Decentraland Foundation seems to want more community members and token holders to get involved in the protocol’s governance model. Therefore, they have made this new implementation more “easy to use” with documentation for everyone to have educational tools and new ways of generating discussions on the future, present, and changes made to Decentraland.

As mentioned, voters will issue community grants with different tiers and for many purposes, such as creating educational content, code contribution, sponsoring new features, improved the protocol, and more. Depending on the tier, the grant could be a one-time payment of $500 to $3,000 to be paid in MANA or have a 3-month vesting schedule for $3,000 to $5,000. The Decentraland Foundation said:

Today’s release makes the Decentraland DAO more powerful, more usable, and more accessible, but it’s only the beginning. In the future, the Decentraland community might like to add additional proposal categories and features to give the community more control over the Decentraland platform.

MANA trades at $0.84 with a 10% correction in its daily and weekly chart. The 30-day chart records a more pronounced loss of around 35.2%, at the time of writing.