Vulcan DAO & gVUL — What are They?
What is Vulcan DAO?
Vulcan Blockchain will be transitioning to a DAO voting structure throughout the first quarter of 2023 to encourage community engagement, and give power to the people to help forge our future in DeFi. A Decentralized Autonomous Organization (DAO) is a type of organizational structure based on blockchain technology and operates without the need for central authority or intermediaries. In a DAO, the community determines decision-making and direction-setting through proposals and voting. This allows for a more decentralized and community-driven approach to managing the organization compared to traditional models that executives, committees, or boards govern.
Restructuring our blockchain as a DAO will allow us to create a more decentralized and open-source network. This means that the direction and growth of the blockchain will be determined by YOU, the community, rather than by a central authority. This will ensure the long-term success and sustainability of the Vulcan Blockchain.
Holders of the Vulcan Governance Token (gVUL) will be able to propose a Vulcan Improvement Proposal (VIP). A committee of OOXY Labs co-founders, along with community members, will form an oversight committee. Their primary role will be to review incoming proposals. This will be done on a monthly basis. These proposals should be structured as improvements to the blockchain, and if approved they will go on chain for voting by governance token holders. Your vote will be 1:1 based on token allocation in your wallet at the time of voting. Once approved, if funding is required to implement these VIPs, it will be done via the Treasury.
What is $gVUL?
$gVUL will be the name of the governance token for the Vulcan Blockchain. Governance tokens are often used to fund the development and maintenance of a blockchain network. The holders of these tokens are entitled to participate in voting on various proposals and initiatives related to the blockchain.
Voting will take place via governance token, which will be available to those who choose to stake their $VUL in custodial staking. This staking option will be available on the launch of Mainnet to all $VUL holders.
A snapshot will be taken at the Genesis Block of Vulcan, which will determine the max supply of $gVUL. There will be a set supply of governance tokens that will match the initial supply of $VUL at launch of Mainnet. These governance tokens will not rebase, therefore their set supply makes them deflationary. The governance token issuance will be a 1:1 value of locked $VUL, this means if you choose to stake 100 $VUL coin you will receive 100 $gVUL.
Currently the governance token will only offer the utility of voting rights for VIPs, but we are looking into additional functionality for this token. Stay tuned for future announcements.
Official Links:
Official Website: https://www.vulcanblockchain.com/
Twitter: https://twitter.com/VulcanChain
Medium: https://vulcanchain.medium.com/
Discord: https://discord.gg/XfAXptqBAn
