Nearly every blockchain project has its DAO aimed to provide token holders with opportunities to influence the future of the product and, in some cases, change it entirely. Prom is not an exception: this Monday, on the 19th of September we will launch the first version of our DAO that will be upgraded soon. Let’s get more details about it.
Prom DAO Vol. 1
Being a truly user-oriented platform, Prom aims to shape a completely decentralized community. Thus, we launch a DAO where all its members will have truly equal rights and will be able to submit any proposal via Snapshot, a well-known platform that is easy to use. If you want to find more information about our first DAO mechanics or want to learn the ropes of creating and submitting proposals, check out our special guide.
What we Offer
Convenient Voting System
We suppose that at the beginning of the Prom DAO journey, voting for each proposal will take 14 days with presumably 20% of DAO members’ votes needed to implement it. Please, consider that these figures are hypothetical. The exact proportions will be announced soon.
Empowered Community
Prom is a community of gamers who want to enjoy their experiences and monetize their joy. Thus, they are like-minded people who are truly interested in the progress of the product and are not limited in terms of proposals.
Prom community members will be able to vote for or against any changes related to the development of the platform. For instance, they may choose what games to add or exercise, what discounts or fees to set, or what other platform Prom should partner with. Next, they are welcome to introduce potential alternatives to Safe Vaults, influence gas fees, and AssemblyScript.
Complete Decentralization
Sometimes developers influence DAO members’ decisions by correcting proposals that don’t fit their strategy. Meanwhile, we guarantee on our side that we will not try to change any of DAO members’ ideas because we are aimed to keep the community truly decentralized and are working on a special tool to secure proposals.
Prom’s Innovation
The main distinguishing feature of Prom DAO will be its specially deployed smart contracts that appear in the second version of our DAO. In other words, users will submit their proposals in a form of smart contract addresses that will include all the necessary data about the proposal, submission timestamp, amount of votes, and implementation status. All this information will be irreversible. Meanwhile, other important benefits of our innovation will include:
Automatization
According to our strategy, if a proposal is approved by over 20% of the community members, the validation method field is available for calling. Calling the method will instantly implement the proposal. Thus, Prom developers will not have to spend time and resources on its manual implementation. Instead, they will focus on Prom development.
Security
If proposals are not fairly decrypted they can be traced and changed. Thus, third parties may be able to influence them and, consequently, the whole project. The automatization granted by smart contracts guarantees that no third parties can intervene in the voting processes. Probably, even Prom developers can’t bypass them by canceling or correcting them.
Decentralization
New proposals will be able to completely change the previous ones and can change the algorithm of deployed smart contracts. In a word, DAO members will have full-fledged power over the upgrades and, if they want, they can even change Prom’s direction or stonewall it.
New UI Opportunities
In Prom DAO Vol.2, community members will enjoy new proposal options. For instance, they will be able to regulate commissions and cashback, and set out events and collaborations.
Win-Win Combination
From the technical point of view, the method of smart contracts will be suitable only for accurate proposals that have exact algorithms and can be incorporated into smart contracts. For instance, smart contracts will be used for game listing and delisting, support or cancellation of rental opportunities, and mortgages. We assume that such proposals will make up about 30% of the total number of community members’ ideas. Thus, Prom DAO is going to combine this method with the classy approach available in our first version.
Conclusion
Prom DAO is an intrinsic part of its growth. If you want to become a part of it, influence the project’s development, and shape the unique P2E platform, join it early on!
Follow Prom:
Website: prom.io/
Twitter: twitter.com/prom_io
Telegram Announcements: t.me/prom_ann
Telegram Chat: t.me/prom_io
Discord: discord.gg/prom
Instagram: instagram.com/prom_io_official
CMC Gravity: coinmarketcap.com/community/profile/Prom
YouTube: www.youtube.com/channel/UC2mC_ZMPnrivHGgz5CaZnvQ
