Create Your Own Bright Future with LUMI DAO
Blockchain technology has come a long way from offering digital tokens only. In recent years, there has been an explosion of the technology’s implementation in different ways and one of the most hottest these days is the creation of the Decentralized Autonomous Organization (DAO).
DAOs are becoming increasingly important and are a part and package of many decentralized platforms today, offering a new and novel way for people to get back in control of their investments in the blockchain sector. DAOs are not a new concept when it comes to blockchain. The term originated with the creation of an ill-fated venture firm The DAO in 2016. Running on Ethereum, a code exploit in the firm’s code led to bad actors taking away nearly a third of its fund and subsequently led to a heated debate among Ethereum miners on whether to roll back the transaction or not, eventually forking it into ETH and ETC.
The sad aspect set aside, code audits today ensure that no such exploitation can occur and DAOs have matured to a practical level.
But What is a DAO?
A Decentralized Autonomous Organization is a company, firm or a group where there is no leadership role of any kind. While in legacy organizations, you will always have a CEO, president or a board, there is no such thing in a DAO.
All decisions pertaining to the running of the organization stems from the very bottom, the users. There are specific rules that allow certain aspects of the organization to be controlled by these members. Membership is open to the public and anyone can be a part of it by acquiring the organization’s crypto tokens. Sometimes special tokens are issued apart from the primary one for DAO.
Decisions are made through a simple process, where any DAO member can put up a proposal, such as a change in the financial strategy or the direction of the organization’s working. Other members then vote on the proposal within the specified time. In the end, the votes are tallied and if the proposal passes the set criteria, it is implemented.
While the finer details such as the voting power, minimum vote required etc. can vary from platform to platform, all actions are noted on the blockchain, making the process transparent. At the same time, since the users of the platform are in charge, this gives the decision making power to them.
DAOs, therefore, present a great opportunity for different platforms and firms to ensure that there is no concentration of command decision power and the group can function according to the will of the public.
The DAO in Lumi World
Like all modern GameFi platforms, Lumi World developers (us) also believe that the power to decide the future should rest in the hands of the people. As users and players on our platform, it is the people who will be using it and as such, they should be the ones calling the shots. Our Lumi DAO is for that purpose.
Lumi World uses a two token system. While the in-game $MiCoin acts as a medium of exchange and the game token within the Lumi World ecosystem, it is $LMD that is the main token. Any $LMD token holder will be eligible to become a part of the Lumi DAO.
Becoming a part of the Lumi DAO is a simplified process. All users need to do is to stake their $LMD in the specific smart contract. Once a part of the governance process, DAO members will be able to put forth proposals to the development of the Lumi World, including aspects such as introducing new features, tournaments, special seeds, lands and other games (including gaming modes and minigames).
Lumi DAO will also be audited to ensure that the smart contract code is secure and there is no chance of any bad actor exploiting it for their nefarious purposes, making Lumi DAO very attractive.
The Lumi DAO presents a very different take on DAO with its practicality and metaverse nature. Just like in the real world, you will have control over your virtual life in Lumi World. Want to add in pets that you can keep in the Dream City? Put a proposal and let the public decide. Do you think that there should be a Lumi version of your favorite soccer team? Why not put it through the DAO and we could reel in your dream team into our metaverse?
The possibilities are endless!
Want to know more? You can continue to check up on our blog or read our whitepaper here, or follow us on our social media accounts:
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