Creating a new DAO environment
Updated: Jun 7
If there’s a hot word in web3 space is: DAO. A decentralized autonomous organization comes with the promise of community, bottom-up decision making and working together towards the same goal. And while this sounds ideal, there’s usually a reality-check when the average Joe goes to vote and realizes his vote weights next to nothing.
In many cases, your vote is directly correlated to the amount of tokens you have. Making the possession of liquid assets one of the most important things when it comes to voting in certain DAOs.
It is for this reason, Record Label DAO decides to move away from the traditional DAO setting and is ready to implement a new voting system. In this article, we’ll explore our DAO mechanisms as well as some benefits for those who decide to join our community.
Working towards a common goal
As some of you might know, Record Label DAO is building an artist launchpad backed by a decentralized record label that offers Initial Release Offering (IRO) to the public.
We want to offer the opportunity to invest in music & help artists launch their music career through web3 and web2. To make it happen, we released our first set of NFTs and got our DAO started.
The project has two different organizations:
- the registered company, formed by the RLD working team
- the DAO, formed by the community
We aim to become a decentralized company, where the community members will have voting power on major decisions that pertains to Record Label DAO. And, on the other hand, the team will work on providing the results for the DAO.
This setup will ensure that RLD can operate in traditional business activities and comply with the law. While also having the DAO structure on the back that will help direct the project towards the main goal; help artists launch their music career through web3 and web2 & make music investment easy and accessible to the public.
As we’ve stated before, we’re not fond of basing a voting system on the amount of capital a person has. We believe in making our DAO as democratic as possible. It is for this reason that we’re setting a 1 person = 1 vote.
We want to move away from yes/no type of voting since it can be done in a superficial way and without taking into consideration what effects that decision may have for the project.
For this matter, RLD is setting a “reason based” voting system. Which means that DAO members will have to come up with arguments for & against (or a quick SWOT analysis) for their suggestion.
Other members can support an already existing proposal if they agree with it. This way, when RLD presents a possible scenario or topic that the community has to vote for, the final decision will be made by an educated choice and not a random guess.
A very fair question is, “why would I be part of the DAO?” There’s a few answers to it…
To directly support a project you believe in & have an opportunity to have a say in the direction it goes.
To have an opportunity to join DAO events, like quizzes with prizes, competitions to win NFTs (and other prizes) & a variety of community activities.
To learn about the music industry and gain knowledge, resources & contacts.
If you’re a musician the DAO will provide access to career opportunities like materials for press coverage, priority for playlist submission, career guidance sessions & more!
Plus, anyone who mints one of our NFTs will be eligible for our future governance token airdrop.
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