Summary: The first NFT-only DAO. Mintable is about to be decentralised, so we created a whole new type of DAO like never before - voting and proposals entirely through NFTs.

Cover:

Original title: A new type of DAO — For NFTs, by NFTs

Original link: https://mintable.medium.com/a-new-type-of-dao-for-nfts-by-nfts-9859253dd823 、

Author: Zach

Translator: StampSoda

Translation agency: DAOSquare

The Next Generation DAO for the Next Generation of dApps

Most DAOs currently implement governance using ERC-20 tokens as a voting medium, and many people intend to participate in governance, but end up as investors; even worse, these governances are actually controlled by speculators Take control. Both of the above scenarios are not what we most want to see.

Mintable doesn't like ERC-20 tokens, we like NFTs (ERC-721 non-fungible tokens).

Even the great DeFi developer Andre Cronje is unhappy that speculators are blindly chasing his latest experimental project. So what does the next generation of DAOs look like that can solve these problems and bring benefits to governance voters?

Traditional DAOs:

• Mainly manage investments and currency values
• Short-term price volatility and speculation can destroy the intrinsic value of governance
• Decentralized models related to community power or decentralization
• Runs on ERC20 and ends up being a gambling mechanism, not governance
• Requires staking/spending tokens to gain voting rights
• There is some potential income or profit from participating in governance

Traditional DAOs

A DAO that runs on NFTs - Introduction to MINT

Mintable is committed to decentralization.

We developed the world's first DAO that does not use ERC-20 but uses NFT (ERC-721s) for voting. Therefore, everyone can have a unique NFT for voting through MINT.

This brings many benefits to users as well as a unique value proposition for the NFT ecosystem. Just like the meaning of DeFi created by MakerDAO in the early days, MINT is now a huge improvement for the NFT ecosystem.

Mintable NFT DAO:

• 100% innovative, no one has ever created an NFT DAO before
• No ERC-20, only NFTs
• Direct access to voting rights through participation and building platforms
• Participate in the future direction and functional iteration of the governance Mintable platform
• Compared with homogenized ERC-20 tokens, NFTs cannot play the pumping game
• Everyone has their own unique NFT that can be used for trading
• Liquidity mining or staking can be added to voting NFTs by voting
• Increase the possibility of revenue generation through our smart contracts if voted

What is a DAO running on NFTs? - chad asked

This is actually a DAO that is very similar to other DAOs, such as Uniswap, Compound or Moloch, except that it does not have ERC-20 tokens that can be traded on traditional exchanges, and Mintable DAO only has NFTs. We actually used Uniswap and Compound's DAO as the basis for our DAO, but when you switch from ERC-20 tokens, a lot of things change. Although it took a lot of time, we finally created a fully functional DAO on the NFT.

If you don't know what an NFT is, you can read this article - but in short, in this case, an NFT is like a baseball card, or an ID card - you can use it to participate vote.

In-depth look at NFTs and the future. (ERC-721's on the Ethereum Blockchain)

You might say DAOs are great, but why choose NFTs? what is the benefit?

First, Mintable is an NFT platform. Second, we don't think every dapp needs to have its own shitcoin! We are strongly against having our own ERC-20.

Since we're all about NFTs, it certainly makes more sense to have an NFT-based DAO than an ERC-20-based DAO, doesn't it?

The real benefits are:

1. There will be no pumping, after all, no one can sell your own stuff. Because NFT is different from ERC-20 tokens, even if someone has 50% of the voting rights, it is still just an NFT, and there will never be a big negative line that will directly lower the price by 50%
2. Governance tokens should be used for governance, not speculation. This is easier to achieve with NFTs
3. Voting rights are tangible, like badges you can see or wear
4. Selling voting rights or your voteable NFT is more of a peer-to-peer interaction than a transaction on uniswap
5. A healthier ecosystem for DAOs and proposals
6. With safer governance, it is impossible for large households to affect the voting results only through a flash loan

Start Time

When we launch Mintable v2.0, the DAO will also be launched, and our goal is to launch it by the end of November.

• DAO/Mintable v2.0 launch time: end of November
• Time to start earning or buying MINTs and NFTs: Once online

Mintable.app will suspend access for two weeks before release, and will replace the official website homepage when it is about to be released.

How NFT DAOs work

We want Mintable to be a community-driven, decentralized, flexible organization, and to do that, DAO is the best choice. Here's how it works:

The DAO does not use tokens for voting, but NFTs. To submit a proposal or vote on a proposal, you need to have an NFT available for voting, more than 10,000 votes can be proposed, but any number of votes can be chosen.

Everyone who wants to vote needs to own an NFT that represents their voting rights, each NFT is unique, and anyone can buy or sell any NFT on our marketplace or through the bonding curve.

This means that people who are actively using our platform have the most say on our platform, which is exactly what we want.

How to get a voting NFT and gain voting rights

If you make a transaction on Mintable.app (whether buying or selling NFT), you will automatically get a voting NFT when you complete the NFT purchase. So if you buy an NFT, you actually get 2 two NFTs, one for the NFT you want to buy and one for the voting NFT.

If you already have a voting NFT, you won't get a new NFT, but the votes will increase.

Case in point: Bob creates an NFT on Mintable and sells it, Bob's first NFT. Sally saw this new NFT and wanted it, so she bought it for $100. Sally has bought a lot of NFTs, and she already has an NFT with 5,000 votes. When Sally completes the transaction, she gets Bob's NFT and her NFT voting power increases to 5,100. Bob receives $100, but since this is his first NFT transaction, he will receive an NFT with 100 votes. (The numbers in the example are fictitious and do not represent the actual number of votes you get in such transactions.)

The second way to get votes is through the bonding curve. The DAO contract will sell NFT votes for $2.50 per vote, with only 10 million votes available for sale. This way, everyone can start accumulating votes and getting rewards now, instead of waiting for NFTs to sell.

How to propose

Anyone with 10,000+ votes at any time can make proposals on the future direction of our platform. Any proposal will do: it could be modifying our logo, changing our name, adding a new feature, or adding an artist to the list of community-approved artists, or adjusting our smart contract fees. Proposals can be used to develop different features of smart contracts, such as the ability to convert their NFTs to ETH, or upgrade DAOs to new smart contracts if the community needs them. These are just examples, and it's up to the person who proposed it -- if the proposal passes, of course.

how to vote

1. If you have more than 10,000 votes, you can submit a proposal that can be voted on by the community
2. Proposals need to achieve a 15% participation rate of the total votes to be considered successful and then based on the results to decide whether to pass or not
3. Voting is counted based on voting rights

We will release more news as the official launch time approaches! Please join our Discord for the latest news!

Stay tuned for updates this Sunday!

Welcome to our Discord!

you can   Check out our v1.0 version from 2018 for free at https://mintable.app .

The website for the marketplace for version 2.0 of the Zilliqa blockchain is: https://zilliqa.mintable.app (cheap and fast transactions).

Our Twitter is https://twitter.com/mintable_app

Get a discount card before it goes live

Since going live in 2018, we have been selling NFT discount cards that waive all fees for smart contracts. It's been really helpful in supporting us and our projects.

However, after the upgrade to v2, we no longer sell discount cards, so if you don't buy it before we go live, you won't have a chance later.

Just make sure that the discount card is in your wallet when you trade, and you can guarantee a lifetime reduction of all smart contract fees. You can purchase directly on our homepage https://mintable.app .

Disclaimer, Voting NFT (MINT)

Mintable platform Voting NFT (MINT) local, non-fungible digitally encrypted tokens with voting rights are tradable tokens of specified functions in the Mintable platform protocol/code, and play an important role in the operation of the ecosystem on the Mintable platform , and it is used only as a voting token on the platform.

MINT does not in any way represent any equity, participation, right, title or interest in the company or any other company, enterprise or enterprise, nor does MINT entitle the token holder to the promise of any dividend, income or return on investment, and are not intended to constitute securities in Singapore or any relevant jurisdiction. Ownership of MINT does not contain any other rights, express or implied, other than the right to use MINT as a means of using and interacting with the Mintable Platform.