Olympus: Presenting the new DAO

Medium social icon Telegram social icon Discord social icon Youtube social icon Facebook social icon Bitcointalk social icon Twitter social icon Reddit social icon

A DAO is a “Decentralized Autonomous Organization”, or a corporation that has no directors, but can be governed by anyone who has access to it.

Quite a few DAO and governance attempts have been made over the years since cryptocurrencies started. From DASH to Ethereum’s “The DAO”, all these organizations have had several problems, such as lack of organization, or falling into centralization.

Currently at POLIS we also have a DAO, in which anyone can make proposals to the network, after which the community votes on whether the proposal should succeed or not, however we have had a recurring issue where people do not always comply with what was promised, or they fulfill their promises only halfway.

This same issue seems to be an ongoing situation throughout all existing DAOs, and with that in mind we decided to do something about it, so the community can have a trustworthy organization that does not fail where others do. That is why we have designed a new DAO, which will be implemented in the Olympus project as a basis for the future of the POLIS project.

The new DAO will have the following principles in mind:

– Give power to the community to change the project’s direction.
– Better arrange organizational tasks.
– Transparency.
– Security.

Without further ado, you can read all the details of the organization in the following languages:

English
Spanish
– Russian (Available soon)
Italian
French
German

Anyone from the community will be able to apply for any of the DAO manager roles, on the initial phase of the DAO, to do so, they will have to fill out the enclosed document:

https://github.com/olympus-protocol/dao-documents/blob/master/proposal/proposal-0001.md

, and then submit created proposal to a vote from the POLIS governance, which then will be voted by masternode owners. Once the poll is completed the selected candidate will be whomever obtained the biggest amount of YES votes and they will become the first DAO managers. Voting runs from day JUN-11–2020 to day JUN-25–2020.

For further questions the POLIS feel free to contact us via Discord or Telegram, although we plan to post more articles explaining additional techincal details on Olympus the following weeks.

Medium social icon Telegram social icon Discord social icon Youtube social icon Facebook social icon Bitcointalk social icon Twitter social icon Reddit social icon