Decentralized Autonomous Organization Structure
Last updated
Last updated
The DAO has a DAO governance structure that consists of three tiers: LILY project core contributors, committees, and the community. Core Contributors are responsible for developing and maintaining the Lily platform and its features. The Council oversees the strategic direction and budget allocation of the DAO and is a group of elected representatives from the community and core contributors. The community comprises users and service users who hold LILY tokens and can participate in the governance process through proposals and voting.
The DAO's governance process consists of four steps: proposal submission, proposal review, proposal voting, and proposal execution. Proposal submission is creating and submitting a proposal for a change to an existing rule or a new one that affects the Metaverse DAO. Proposal review is the process of evaluating and approving or rejecting proposals by the committee based on their feasibility, impact, and alignment with the DAO's vision and goals. Proposal voting is having the community vote on a proposal based on their stake in LILY tokens. Proposal implementation is implementing or retiring a proposal based on the voting results.
The governance parameters of a DAO define the rules and conditions for each step of the governance process. Governance parameters include the minimum of LILY tokens required to submit a proposal, the minimum number of committee members needed to review a proposal, the minimum quorum and majority required to pass or fail, and the voting period and weight for each proposal.
Through DAOs, various platform improvement tasks are assigned. Some challenges include ensuring the security, scalability, and interoperability of the blockchain platform and smart contracts, balancing innovation and stability of metaverse features and services, and adhering to overall legal and ethical standards. In other areas, we are enhancing our blockchain-based live commerce platform to provide guidance, feedback, and support to creators and users, enhancing user engagement and retention. Finally, it facilitates social interaction and collaboration between creators and users across different domains and creates value and impact through economic incentives and social rewards.
LILY allows holders to create and vote on governance proposals to determine future features, upgrades, and modifications to the Lily platform and to agree to proposals by calculating the weight of their vote in proportion to their tokens. Voting rights are only used to vote on features of the Lily Platform. It does not entitle LILY holders to vote on the operation and management of the Company, its affiliates, or their assets, or the disposition of those assets to token holders, nor does it entitle them to select the board of directors or similar bodies of these entities or to determine their development. LILY will not be subject to the direction of these entities, and LILY does not constitute an interest in these entities or any collective investment scheme. Finally, the Arrangement is not intended to be any form of joint venture or partnership.
