Mintable, an NFT marketplace based on both Zilliqa and Ethereum blockchains, has recently launched a new type of DAO that follows a completely different logic from the usual decentralized autonomous organizations.
A new type of #DAO.
— Mintable (@mintable_app) November 2, 2020
The traditional concept of DAO is that a protocol is regulated and sent forward based on the decisions of users, who vote through their tokens and can approve or reject proposals.
This system is certainly more efficient than a centralized one since the responsibility falls on all users who actively participate in the protocol, however, it has implications that can lead to inconvenient situations, as in the case of the latest Maker DAO problems.
Mintable changes DAOs
Which is why Mintable has decided to create and change the voting and functioning paradigm with a new type of DAO in which NFTs (Non Fungible Tokens) are used to take part in voting.
We are talking about something never created before and, considering that Mintable is in the NFT space, the team preferred to stand out and not create yet another token, but to create different NFTs so as to turn things around while maintaining the same principles of a DAO.
These NFTs will be given to anyone interacting with the Mintable platform, whether they buy or sell tokens, so users will be those who actually use the platform and not traders who do not have knowledge of it.
Each NFT will have a different weight depending on the interactions with the platform.
There will be as many as 10 million NFTs that will be sold at $2.50 each. A person with at least 10 thousand votes can make a proposal on the platform, which must have at least 15% of all votes to pass and be approved and executed.
Surely this new protocol, which will go online at the end of November, will allow having something different and will have alternative developments compared to the more traditional DAOs.