SPACE ID, a network providing name service to diverse blockchains, has announced launching SPACE ID DAO. As per the platform, this would improve the protocol’s governance. Along with this, the platform is also developing a governance token called $ID. SPACE ID DAO is considered not only a forum facilitating decentralization, it is additionally aligned with the platform’s vision.
SPACE ID Introduces a DAO as well as a Buyback-and-Burn Mechanism for $ID Governance Tokens
The company mentioned that its decentralized autonomous organization (DAO) is to be governed by the people holding the $ID tokens. As per the platform, the respective DAO is responsible for the administration of the funds kept in its DAO Treasury. Eventually, the project will offer an agenda for SPACE ID’s community so that they can collaborate on diverse projects, work together for common objects, as well as share resources within a relatively more clear, decentralized, and secure environment.
Apart from the DAO Treasury’s establishment, the platform is additionally excited to declare the exclusive implementation of the revenue distribution through a buyback-and-burn mechanism. The respective mechanism will take into account the entirety of the registration proceeds. It will be executed every quarter while moving on. While providing details about it, the company disclosed that half of its net revenue will be specified for $ID tokens’ buyback as well as the burning.
50% of the Net Revenue Be Allocated to DAO Treasury
The respective 50% will take into account the revenue generated from renewals, domain registrations, marketplace fees, and Gift Card buyouts. The other half of the cumulative net revenue is to be incorporated into the company’s DAO Treasury. This 50% will be kept in the form of stablecoins while being governed by the eligible holders of $ID tokens. The firm moved on to say that, in the next weeks, it will launch the SPACE ID DAO in addition to offering a devoted governance space for $ID token on its website.
In this respect, some rules will be implemented by the platform. One of the rules says that the entirety of the proposals will go through a 2-step procedure. Initially, it is inevitable to submit a draft proposal on the governance forum of SPACE ID. Then, following the community community’s review and discussion over the respective proposal, any further decision would be taken. Another rule is that a minimum of up to 50% supporting votes are required by a DAO proposal to get approved.
