How a Truly Decentralized Organization Works
The first principles of forming a DAO organization were created by Stan Larimer in his work, “Bitcoin and the Three Laws of Robotics”. Following that, in 2015, The BitShares project was created in accordance with those principles. Back in 2016, Ethereum founder Vitalik Buterin also professed the importance of DAO. Nevertheless, until today, no single DAO is fully decentralized and independent, because most tokens are in the hands of their founders, which means they’re the ones making key decisions. “The TG Ecosystem project has attempted to build a true DAO. We’ve already launched the TG DAO 3.0 Launchpad and this year, we’re launching a social network, marketplace, secure cryptocurrency wallet, an in-house financial system, and more,” said TG Ecosystem CEO Eugene Melnyk.
How does this organization differ from others of its kind? Does the infrastructure of the TG DAO 3.0 Launchpad really support complete decentralization? Read on to find out.
A gradual transition from centralization to decentralization.
“In 2021, a team was formed that went on to successfully complete the first phase of project development. 1.8 million BUSD were raised and over 150,000 participants were gathered. Now, the TG DAO 3.0 Launchpad is continuing onwards to its next stage of development: forming a team that will finalize the project’s transition to DAO status,” the company affirmed.
The project’s development plan includes a phased transition from centralization to decentralization, and this can be seen in the tokenomics. It separately stipulates remuneration for the launch team and the project development team.
The TG Ecosystem Initiative Group, led by CEO Eugene Melnyk, is announcing the selection and creation of a transition team to lead the Launchpad project to DAO management by the end of 2022.
“We suggest that community members themselves select and vote for candidates for available positions on the team. These include the positions of CEO, BDM, Chief Community Manager, Community Managers for supporting multilingual groups, Copywriter, Researchers, and Analysts. Applications will be accepted online at https://tgdao.io/dashboard/vacancies. The requirements that prospective candidates must meet and the salaries offered will also be indicated.
Members of the community will receive a financial reward for recruiting top specialists to the TG DAO 3.0 Launchpad. To do this, a member of the community will need to give their referral link to a potential candidate, ask them to register for the project using it and send them a link to this article. A referral link can be generated after registering on site in the Referral section, found by navigating to dashboard.
Candidate proposals will be evaluated by the community. If an applicant is hired, the person who proposed that applicant will receive a month of that person’s salary.
For example, say a user submits a candidate proposal for a CEO at a salary of $8,000. If that person is then approved for the position by the majority of token holders, the user proposing the candidate will receive $8,000 to his account.
Candidate applications will be open until February 15th.
Initial scoring will take place between February 16 and February 21.
The candidates will then be discussed, and the voting process will take place between February 22 to February 28.
“The Launchpad community expects the members of the future team to be able to transition to a full DAO by the end of 2022,” TG DAO 3.0 stated.
The next step will be introducing new DAO tools.
For example, token holders can vote for funding at different stages of a particular startup’s development on the Launchpad. This applies to all stages of funding, from seed to public rounds.
Voting on the allocation of funds to accelerate startups in stages as the project develops will also be proposed.
“This will make it possible to protect the funds of the investors themselves. A startup will receive the agreed-upon portion of the money upon reaching the agreed-upon indicators. If the project doesn’t develop and doesn’t fulfill its obligations, it won’t receive the next portion,” the company explained.
Voting will also be used to solve strategic issues that arise throughout the course of the Launchpad’s operation. This includes the possibility of opening an insurance fund and launching an in-house crypto fund. The list could go on for miles but it’s all up to us – the TG DAO token holders – to propose and make suggestions.