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Overview
The principle of DAO governance is based on the philosophy of smart contracts where "code is law". Without the existence of an authoritarian hierarchy, the ultimate goal is to break away from the traditional pyramid structure of centralized management and finally realize an autonomously running organization.
Each individual participating in DAO governance owns part of the rights and interests of the organization, and acts as a governor of that organization with the privilege to participate in voting.
With all these traits offered by DAO, this decentralized governance model has become widely adopted and garnered massive attention from the blockchain and Web3 community.
As blockchain technology and communities supporting decentralization continue to grow rapidly day by day, decentralized games have also evolved to incorporate DAO capabilities, bringing different gaming experiences and new possibilities to their players.
Not only has gameplay improved tremendously, but DAO integration has also increased the enthusiasm of players. Which allow them to be involved in the governance of game affairs as well as providing the ability to earn an income through different means while playing the game.
The creation of the VRH token and VRH DAO allows users to vote for proposals that will affect the future development of the game, as well as other aspects of game governance. Players can participate in voting and mining by joining a game guild in order to receive corresponding rewards based on the voting stake. On top of that, the rewards can be further increased by burning game tokens in the form of GAS.
The rewards received by users are not fixed, but instead are calculated based on the proportion of their vote weight against the total vote weight. This is to ensure that a user's rewards are maximized at any point of time, regardless of when a user starts to vote.
As the number of people participating in voting increases, VRH will become more recognized by the community, which will increase the value of the token. Players can choose to create their own guild or join an existing guild. The distribution of VRH for each guild will be based on the guild's total veVRH. The members in the guild will receive a portion of the VRH distribution according to their veVRH vote weight and the amount of game tokens (GAS) burned.
veVRH stands for vote-escrowed VRH and is acquired by locking your VRH for an extended period of time.
The longer you lock your VRH, the more veVRH you will earn.
In VRH DAO governance, the rewards are not solely dependent on the amount of GAS burned, but also depend on the trust of all members in the guild. The more stable and fast-growing the guild is, the better the rewards.
The VRH DAO consists of multiple smart contracts and is integrated with Aragon to utilize time-based voting mechanisms to calculate vote weights.
Last modified 1yr ago