X528 DAO Governance
The DAO Republik has three types of potential tokens that can be used:
X528 is a community citizen token. There will be 250,000,000 tokens in existence which are able to be bought, sold or traded. They will be deployed on the Ethereum network and will be listed for trading on exchanges. The rights of X528 holders are listed below:
- Can be used to cast votes to elect Chancellors and the Overseer in 528 Order elections that occur every two years
- Approve access to the Republik treasury
- Able to submit proposals that bypass the 528 Order by locking up 1,000,000 tokens for a four month period from the date the proposal is submitted. For any vote to pass, it requires a quorum of at least 5% of all tokenholders present with 60% voting favourably.
- Can submit a vote to overturn 528 Order proposals
- X528 holders can stake their tokens to earn staking rewards
- Can vote to impeach Chancellors and Overseer
X528 tokens are stakeable, and those who choose to participate in X528 staking will have the choice of receiving staking rewards paid to them in either Ethereum (ETH) or a US Dollar stablecoin (USDT).
The 528 Order has three elected representatives who each hold a Chancellor (G528) governance token. The duty of Chancellors is to manage, oversee and guide the DAO’s operations. This is done by the submission of voting proposals to be voted on by the 528 Order. If approved by majority with a 66% quorum on the 528 Order the vote will pass. Any votes passed by the 528 Order can be overturned by Citizens (X528 holders) through a voting proposal with at least 5% of all tokenholders present with 60% voting favourably.
There will only ever be three DAO Chancellor (G528) tokens in existence and they are not able to be traded or sold. These tokens are not available for purchase and will be distributed to holders based on elections done by the DAO Republik.
The rights of the G528 Chancellor token holders are as follows:
- Holds a seat on the 528 Order and has 1 vote
- Chancellors (G528 holders) may submit unlimited voting proposals to the 528 Order at no cost. If approved by majority with a 66% quorum on the 528 Order the vote will pass. Any votes passed by the 528 Order can be overturned if approved by a voting proposal done by Citizens (X528 holders)
- Can form political parties
- Are elected by Citizens (X528 holders) every 2 years
- Each Chancellor (G528 holder) earns 1% of any rewards paid out by the DAO
- Can be impeached at any time by Citizens (X528 holders) or the Overseer (O528) if approved by vote
The Overseer (O528 holder) is an independent citizen representative that oversees the 528 Order. Unlike Chancellors (G528 holders), the Overseer (O528 holder) does not have any voting rights in the 528 Order. The role of the Overseer is to ensure that all DAO voting proposals adhere to the X528 Constitution and bylaws and can veto any proposal that has been submitted. The Overseer also has the ability to submit voting proposals that can impeach Chancellors (G528 holders) at any time. There will only ever be one Overseer (O528) tokens in existence and it is not able to be traded or sold. This token is not available for purchase and will be distributed to its holder based on elections done by the DAO Republik.
The rights of the Overseer (O528 holder) are listed below:
- Can submit voting proposals to Citizens (X528 holders) that can impeach Chancellors (G528 holders)
- Are elected by Citizens (X528 holders) every 2 years
- The Overseer (O528 holder) earns 2% of any rewards paid out by the DAO
- Can be impeached at any time by X528 tokenholders if approved by vote
- Requires 1,000,000 X528 tokens to be eligible to be elected and the must be staked for duration of their elected term. If they are impeached by Citizens at any point during their term, they forfeit their 1,000,000 token stake and it is placed into the Republik treasury
Last modified 13d ago