The first iteration of the Parabox DAO
The Parabox DAO will be a democratic system allowing the players of Parabox to fairly decide on any change within Parabox's world/infrastructure. The goal is to ensure that everybody has a fair chance at voting and creating proposals, whilst avoiding the possibility of those with malicious intentions having the abillity to monopolize the democracy of the system in which these votes and proposals are accounted for. DAOs are important as they allow for Parabox’s world to grow and innovate in a fair, efficient and decentralized manner. The DAO will allow Parabox to remain a key player against other emerging virtual worlds as the community will be able to vote to integrate the newest and most efficient technologies, allowing Parabox to remain competitive in an ever-changing Web3 world.
Initially, the DAO voting system will be structured so that there are a limited amount of Voting Points (VP) distributed amongst those with an interest in Parabox. The DAO aims to avoid giving too much power to industry whales, as we believe that Parabox’s direction should be largely determined by you, the players, rather than just those with large amounts of capital.
Voting power or VP is the incremental unit that dictates the extent to which you can influence Parabox’s world and government and is the secret ingredient of the DAO. There will be two main ways in which VP can be used to govern Parabox:
Proposals Players can create proposals in order to directly change or improve the infrastructure of Parabox's world, this can even include altering the DAO voting weight infrastructure in of itself. These proposals, once submitted, will be voted upon by the DAO and will either be accepted or rejected. Proposals must achieve a minimum VP threshold of 500VP in order to go through. Votes Your vote is your chance to voice your opinion on a given proposal. You can vote by accepting a proposal, rejecting it, or countering it with a new proposal that other voters can decide on. If a proposal receives more than 50% approval, it will be accepted.
• Genesis Avatars will have 10 VP by default.
• $PARA holders will be awarded VP at a ratio of 100:1. If somebody owns 100 $PARA, they will be given 1 VP.
• LAND owners will be awarded 10 VP per parcel of land.
Voting power is often directly related to the buying power of an individual. If a small group of individuals have access to a large amount of capital, they may look to move Parabox in a direction that benefits themselves rather than the majority. This is problematic as their interests may not align with those most involved in the project. We look to counter this by offering VP based mostly on an individual’s involvement with Parabox rather than their ability to purchase NFTs or PARA tokens.
Further down the line, we look to develop this idea further by exploring more effective ways to reward those who are truly invested in the project, rather than just on a superficial financial level.