Please describe your proposed solution.
Creation of the JPG DAO would be a multi-segmented process and you will find below the major segments mentioned along with their function and purpose:
- Token
- Creation
- Staking
- Governance Platform
- Proposal Submission/Management
- Vote Casting
- Benefits
Token Creation
We will mint and distribute through multiple means a new token on the Cardano Blockchain to act as the native token of the DAO. Holding the token would allow wallets to interact with the DAO, unlocking different tiers of participation depending on volume owned.
Token Staking
To allow for secure and fair participation in the DAO, users would have to lock a certain volume of their own token in a staking platform that would be created.
Proposal Submission
Once a wallet has the token staked with JPG it would open up the functionality of being able to provide proposals to the DAO for review, finesse and voting. Each proposal would have the ability to request access to a certain amount of funds within the JPG DAO to allow for the execution of the proposal. Our main aim with the system is to create a fluid and easy to use experience for all our users.
Vote Casting
Voting would be open to all wallets that have the tokens staked to our platform. Vote weightage and exact counting methods would be presented to the public as we build our system.
Benefits
All interactions with the DAO would carry rewards for wallets. Some of which are described below:
- Staking the token would allow for lower fees while using our marketplace.
- Creating, presenting and progressing a proposal through the approval stages would earn rewards for the users.
- Voting would carry one-time rewards as well as streak-like compounding rewards for regular contributors.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
The JPG DAO would be our first major step towards officially becoming the first ever user driven NFT marketplace. With users having the ability to create proposals and with the community voting on them we believe we will be able to create an NFT ecosystem on Cardano that is unparalleled across crypto.
Moreover; this step would empower us to make decisions as the market evolves and ensure that the Cardano NFT Ecosystem breaks the corporate barriers that usually stand in the way of exponential growth.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
We are very confident in our ability to create the project we have described with the biggest challenge being adoption and usage of the end-product.