C. DAO (Decentralized Autonomous Organization)
The main purpose and utility of ARTIC tokens is to establish and implement governance mechanisms. The development of the ARTIC platform will follow decentralized policy-making practices by introducing a DAO mechanism. The governance mechanism will rely on the “Voting Power” that will be accumulated when major voting proposals are implemented. The user's Voting Power (VP) is obtained by staking ARTIC tokens.
The activation of the DAO will proceed gradually through several stages.
Step 1. (Initial Stage) The first step toward establishing a completely decentralized mechanism will be releasing “The Dashboard,” an early version of governance (DAO), in 2023. On The Dashboard, users will be able to vote on policy decisions for the ARTIC ecosystem. The staking function will be activated through a separate UI to provide VP to users. In the early stages, only voting on topics such as costs, fee reduction, DAO pool functions, and other small categories of functionality will be allowed.
Step 2. (Upgrade) In the second step, the DAO's UI/UX will be upgraded to include a staking function, and overall functionality will be further improved. An on-chain vote will be held about more detailed policy decisions. The number of staking tokens required for voting may be adjusted. NFT assets will be included in the calculation process for VPs. At this step, VPs will be used for voting proposals.
Step 3. (Final Stage) ARTIC token holders may change the governance framework and assign new topics to vote on. The proposals that can be decided through the DAO and VPs are outlined below.
Governance Vote Agenda Users who obtain a certain number of VPs may submit a proposal to the DAO. The categories of proposals are as follows:
- Proposals related to platform development
- Proposals related to the use of the DAO pool
- Proposals related to the rate of return on staking
- Proposals related to the token economy
- Proposals related to other projects
VP (Voting Power) VP essentially means the right to vote in ARTIC’s DAO. The more VP participants own, the more voting rights they have for proposals submitted to the DAO. Participants’ VP is determined by the number of ARTIC tokens and NFTs owned at the time the vote is submitted. If the majority of participants agree with a proposal, it will be applied to the ARTIC ecosystem. All transactions related to the submission of governance proposals and voting are recorded on the blockchain.