WINGS DAO Protocol Upgrade Launched on Mainnet
Great news everyone!
Following months of development and a little over two months of testing on the Testnet, we are happy to announce that the DAO Protocol Upgrade functionality announced in our previous post is now available on the Mainnet.
As a reminder, the new functionality is a significant step towards becoming a real Decentralized Autonomous Organization, by enabling WINGS token holders to submit proposals for the improvement of the WINGS Protocol, and vote on existing proposals, thus allowing the best of them to be funded by the WINGS community. The resulting code is then submitted for review to a Warden (initially the WINGS Foundation, and at a later stage, elected members of the community). If no issues are found, the code is merged into the main branch and deployed, thus the proposal is accepted and integrated.
The minimum voting period will be 1 week and a minimum amount of 1 locked WINGS tokens is required to participate in the voting process. Conditions for approval of the proposal:
A/C − B/C ≥ 0.1
A: The number of “Approve” votes
B: The number of “Reject” votes
C: The number of Members as of end of voting
Below you will find a list of the main features included in this release:
- Metamask support, it’s now possible to access WINGS via Metamask, thus increasing security significantly. The previous method of web wallet is also supported.
- Wallet functionality on the (send / receive / lock / unlock)
- Protocol upgrade proposal creation, including entry of developer information
- Decentralized voting on protocol upgrade proposals
- Registration of community feedback
- Funding of community accepted proposals
- Secure withdrawal of funds by the proposal developers
- Registration of development status updates in the blockchain
last and not least:
- Blocking of funds by proposal funders
The goal of allowing to block the funding release is to allow responsible funding of protocol ideas. Upon the completion of each milestone, the developer can request to release the funds for the next milestone. The community that funded the idea can verify the previous milestone, and if they are not satisfied with the deliverables, they can vote to block the release of the next milestone of funds.
The voting period for blocking funds will be 1 week and only people that participated in the funding of that proposal will be eligible for voting, with their vote weight being proportionate to the amount they funded. A minimum of 80% of raised funds will be required to vote to block the release of funds. Proposals with only 1 milestone cannot be blocked as the funds for the first milestone are automatically released.
For example: If proposal A raised 100 ETH from 10 different people, with the funding spread over 5 equal milestones, the developer will automatically receive 20 ETH upon the completion of the funding period for the first milestone. If 80% of funds (in this example, 80 ETH) vote to block the funding, the funding will be blocked and funders will be able to withdraw their remaining proportionate ETH.
If a milestone is blocked and the none of the funders initiate a refund, the developer can fix any issues which cause the block in the first place and request an un-block vote.
The next steps will be to allow the election of community Wardens, enabling them to eventually replace the Foundation role as the Warden and make WINGS a fully functioning Decentralized Autonomous Organization.
In other news, we are closer than ever to make the next WINGS stage public, so please stay tuned!
Without further delay, you are welcome to visit wings.ai/dao and submit your proposal today! As always, we thank you for your continuous support and ask you to please subscribe to our newsletter and follow us on our social channels.
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