Kyber Network Hosts a Community Poll to Decide on Aragon and DAOStack for KyberDAO
Earlier this year, Kyber has shared its plan for this year which is going to focus on expanding and deepen the involvement of the community. For the Kyber network, the team would be moving towards a permissionless liquidity protocol that can be “implemented on any smart contract enabled blockchain.”
Kyber Network is an on-chain liquidity protocol that basically allows the decentralized token swaps to be integrated into any application hence enabling value exchange to be performed between all the parties in the ecosystem.
Meanwhile, Its token KNC is flying high at $0.296 with 24-hours gains of 58%, at the time of writing. In order to become a “key infrastructure of the decentralized economy and financial landscape,” Kyber is ready to take the first step towards community involvement by having “KyberDAO Voting Experiment #1.”
When it comes to decentralized governance, the crypto industry still has a number of challenges including determining voting power distribution, allocating resources, encouraging participation, and decision-making between DAOs (Decentralized Autonomous Organizations).
In its medium post, Kyber Network acknowledges Dash and Decred as good examples but even they haven’t figured out all the answers yet. Now, to create a system that works for the unique situation of Kyber, KyberDAO is holding the first poll for its community for a period of 16 days starting from March 8th 21:00 (GMT+8) and ending on March 24th, 21:00 (GMT+8).
The objectives of this voting activity are,
- To gauge community interest and collect feedback on KyberDAO activities.
- To collect participation metrics, such as voting quorum/thresholds, participation incentivization methods, voting time frames, and other relevant statistics.
- To evaluate platforms such as Aragon and DAOstack, and to see which platform is best suited for the needs of the KyberDAO.
Kyber is working on understanding the community's opinion and asking for full community support on its first poll which is to set up the community grant that is to be further governed by the KyberDAO.
“As part of our Kyber community, you play an important role in shaping the development of the KyberDAO, and we strongly encourage you to participate in these voting activities.”
The KNC (Kyber Network Crystal)-based Treasury would also allow the most important contributors to be rewarded by giving them an economic interest in Kyber’s success. As a participation incentive, 10 Promo Tokens (PT), where each of them is redeemable for $1 worth of KNC or other tokens will be given to 10 random participants.
As for the voting itself, the first one will take place using the Aragon platform for which the voter will be automatically granted “voting tokens” based on their KNC balance where the weight of a vote is equivalent of the amount of voting tokens held.
In order to vote, the voter can only use Metamask, Trezor, or Ledger. Also, KNC shouldn’t be stored an exchange rather in an Ethereum address. One would also need about 0.0015 ETH to pay for gas for the voting transaction.