Why BlocksWorkz became a DAO (Decentralized Autonomous Organization)
BlocksWorkz originally started off as a private project which was managed and maintained by a small team in the UK. The team designed, built and launched two successful projects; XDCNFT.com, XDCSwaps.com and launched the $BLKZ token which is used across both products. SuperBullsNFT was also the first NFT collection on the XDC Network.
Since inception of BlocksWorkz the team have been engaged with the community and promoted the products across different platforms and audiences. The primary target of these activities have been towards the XDC (XinFin) network communities as this was where the $BLKZ token was minted.
The acquisition and subsequent conversion of users and sales has not aligned with the forecast volumes that the team had planned. Combined with wider economic factors which have adversely impacted the crypto markets the volume of NFT sales, volume of swaps on the DEX and performance of the $BLKZ token has made it difficult to grow adoption.
By moving BlocksWorkz to a DAO model the ownership and governance of the products, token and future activities can driven entirely by the community.
This approach removes centralised decisions so the community can be responsible for the future success.
Has the project now stopped?
No, the products and token are still active and will continue to operate.
The decision to move the project from private control to DAO is so that the community can drive forward ideas, changes and grow the project. If the project was to continue in a private capacity it would not be able to meet the demands of the community.
The community will now have full autonomy on decisions, priorities and can propel the products forward. The combined power of the community is very powerful and aligns with the decentralized nature of blockchain projects.
Who can create proposals?
Authors will be selected based on the highest amount of $BLKZ tokens held in a wallet. 5 Authors will be set for the initial transition and these can be updated as the community requires.
How will new software features be added?
New features will be requested by the community and submitted as a proposal by an Author. These can then be voted on by the community. Once the approval of a proposal by the community the BlocksWorkz community developers can implement the changes.
How can new listings be requested?
New exchange listings provides the opportunity to trade the BLKZ token in new markets and target new users.
Exchange listings can be a complex and time consuming process so it is therefore suggested the authors take responsibility managing the process.
To create a request for a new listing a new proposal should be created and voted on by the community.
Who will be responsible for the social activities?
The existing social media accounts will be moved to the authors for access and security. It will be at the decision of the authors to decide who and how the social media activities are managed.
Will the original team be involved?
The existing team will be part of the community and continue to contribute to the project. During the transition period of 6 weeks* the team will be involved full-time until fully transitioned.
The development team will contribute to the BlocksWorkz Community Development Team who will be responsible for developing and maintaining the products.
The original team will have access to the admin account (xdc89d086ff4765bf7b1b03818bda748aa1a65d93b8) until the authors decide if they want to take ownership.
What happens to the team BLKZ tokens?
The BLKZ tokens held by the team have now all been transferred to a new wallet which will be the Treasury. The address of this wallet is xdc89d086ff4765bf7b1b03818bda748aa1a65d93b8
Any commissions received by the XDCNFT and XDCSwaps products will be sent to this treasury wallet on a monthly basis. The community can then decide on how they wish to distribute the tokens.
Why is the BLKZ token used for voting and why wasn't a new token created?
Creating another new token requires time, effort and introduces opportunities for error. By using the existing token makes it accessible for existing token holders to contribute.
What happens with the existing hosting and domains?
The original team will continue to manage/host the products for a transitional period of 6 weeks* after which the hosting will be ownership of the domains will be transferred to the community.
The authors will create proposals where deemed appropriate for decisions by the community and also be responsible for the transition of specific transfers such as domain ownership, DNS and hosting details.
What happens with existing wallets/private keys?
Access to any wallets used in the products and their associated private keys will be transitioned to the authors.
*Transitional period of 6 weeks will start from the date outlined - TBC.