1. What Is a Decentralized Autonomous Organization (DAO)?
A Decentralized Autonomous Organization (DAO) is an emerging legal structure devoid of a central governing body. Its members share a common goal: to act in the entity’s best interest. Popularized by cryptocurrency enthusiasts and blockchain technology, DAOs use a bottom-up management approach for decision-making.
2. What is a Voting Right
The right to vote (suffrage) is a crucial aspect of our democracy. Each owner of a Wolf Pass possesses voting rights in the Metaisland DAO.
One cannot use more than one Wolf NFT pass for voting. If someone is found with multiple accounts abusing their power, the president or one of the Iron holders can issue a vote to ban and disable the offender’s voting rights. Penalties are at the discretion of the voter.
3. Iron NFT Pass
Iron Passes equate to 5 votes each. They are unique and their Power (POW) value, calculated based on visible features, determines their price. Iron Pass owners qualify for all Iron votes and privileges. The price is POW/100 ETH.
4. Wood Voting Pass
Wood Passes equate to 1 vote each. They are unique, with POW value determining their price based on visible features. Wood pass holders can participate in all votes except specific Iron votes. The price is POW/500 ETH.
The president centralizes all information. Founder Nicolas Choukroun is the default president until his resignation. After resignation, a new president is elected by the DAO according to these rules.
- The president is elected for 4 years, with a maximum of 2 terms (8 years).
- The president must not have been convicted of a crime worldwide.
- The president must own an Iron Pass.
- The president centralizes information, responsible for project maintenance and development in the best interest of investors and users.
- The president can appoint Administrators, Moderators, and Wolves without a vote.
- The president can gift Wolf Pass NFTs, subject to Iron voting.
6. The Directors
All directors must have at least a Wood Pass or an Iron Pass to be eligible.
- Marketing Director: Heads marketing.
- Finance Director: Responsible for expenses, reporting, and budget (can also be the President).
- Backend Director: Developer handling WOK-OS issues, managing developers, and ensuring everything works correctly.
- Blockchain and Hosting Director: Manages nodes, hosted servers, and ensures everything functions correctly.
- Unreal Game Director: Responsible for front-end game development.
6. The founders
All founders receive a free WOLF NFT and can participate in votes.
- Investors receive a free Iron Pass.
- The president and founder receive a free Iron Pass.
- The core team of directors receives a free Wood Pass each.
- Others must purchase passes on the market.
Administrators are elected by the President or Directors. They have access to the backend and can modify game parameters.
8. The Island Owners
Each island owner must purchase a Wood pass for each island they run. An Iron pass covers 5 islands.
- Island owners or “Wolves” have access to their specific island backend and can modify their own island parameters.
Moderators must reach rank 10 in the island they moderate. They are automatically eligible upon reaching this goal and are named by the Island Owners.
10. The Voting Process
a) Normal Votes: Each vote must reach 55% or more for approval. If this goal is not reached, a re-processing occurs one week after the initial vote. If the second vote does not reach consensus, an Iron vote decides.
b) Iron Votes: The Iron vote must exceed the number of votes by one. For example, if there are 100 voters, a 51/49 split gives the vote to the majority. In case of a tie, one random person will be removed to reach a majority.
11. The Token Treasury or Liquidity
The treasury represents 50% of the token supply, defaulting to a 10-year issuance starting at the Token Generation Event (TGE). 5% of the tokens are sold to the market every year. The DAO can lower this percentage through a budget vote.
Note: The full Tokenomics are available here.
12. The Budget Vote
Every 1st of November, a budget proposal is published and voted on by NFT pass owners within a one-week delay. The budget or amended budget must be voted on before the 31st December of the same year. The budget estimates expenses for the next year and may ask for a token release for budget alignment. Tokens can be released or burned based on the budget. A consensus must be reached before the end of the year. Each vote must not be separated by more than 1 week, allowing for 8 votes between 1st November and 31st December. In case of no consensus, the president will be fired, and the budget will be voted on by an Iron vote. If no consensus is reached again, a new president will propose a new budget, and the process continues until a consensus is found.
All votes are conducted through our WOK-OS backend using Metamask and a wallet for voting. Results are available through WOK-OS and the blockchain. Voting functions are implemented into the $ISL smart contract for total transparency.
A summary of all expenses, salaries, and bonuses is published monthly for transparency by the president and directors. These reports are available in WOK-OS.