Components
The MyBit DAO has four core components:
MyID (Identity) - This is a custom module we created to use social verification to achieve consensus on identity. It is important to have identity so every person is limited to one voting account and cannot transfer their MYB balances to many accounts in an attempt to have greater control over the network.
MyTokens (Voting Power) - We believe that money should not buy votes, but also that those with more financial stake should have more of a say. So we implemented a system where 1 MYB = 1 Vote, with the option to stake exactly 100,000 MYB for the following periods to receive more votes.
Finance (Managing Funds) - This is a simple module built by Aragon which allows the community to manage funds. To withdraw funds, anyone can initiate a proposal and choose the amount, recipient, and reason. If approve, the funds are automatically transferred from the DAO.
Voting (Proposing and Voting) - This is where the action takes place. Anyone who has verified their identity and staked at least 1 MYB can initiate proposals and vote on any open proposal.
Last modified 3yr ago