What is Polis?
Polis is the main asset on the Olympus Network. It allows users to pay for transaction fees, as well as transferring value stored in Polis within the network. As the Polis Chain is EVM-compatible, meaning it is capable of executing smart contract code, executing this type of code requires the executor to pay some fees, which are tightly related to the code being executed, this fee can also only be covered in Polis.
At the beginning of the project Polis was running on a proof of work, DASH fork, that then switched to its own Proof of Stake implementation in 2018. At the beginning of 2021, Polis became a BEP20 token on the Binance Smart Chain to take advantage of the ever-growing supply of DeFi projects, and finally, in September 2021 it became its own chain again.
You can find more on the tokenomics and protocol structure of Polis in the Polis documentation.
A DAO is a Decentralized Autonomous Organization or a corporation without a central authority that can be governed by a multi-party of authorized members chosen by a bigger community. Throughout the years, several DAO and governance attempts have been made since cryptocurrencies started. From Dash to Ethereum’s “The DAO“, all these organizations have had various problems, from lack of organization to falling into outright centralization. After thinking about it, we developed the DAO Senate to create a functioning DAO that is not only decentralized but also organized and structured. There 5 DAO Managers, they are elected in a decentralized way and cover the following areas: Technology, Marketing, Business, Adoption, and Communication, to support and drive the different areas on behalf of the community.
DAO Senate lets everyone vote on and propose changes to the Polis network. Governance proposals ranging from charity projects to marketing initiatives are voted on by Polis users. There are 3 governance areas in which proposals and changes can be voted on by Polis holders.
Everyone has an impact on our community. Any Polis holder can create a proposal for the Community to vote. Once approved, the proposer is able to claim the approved amount of coins from the treasury to fulfill the activities related to the proposal.
To vote you have to lock at least 1000 Polis in Staking and follow the proposals created on the Polis Snapshot Space.