SPACE ID DAO

Introducing SPACE ID DAO, a community-driven platform where amazing happens.

SPACE ID DAO is not just a facilitator of decentralization, it embodies our vision at its core. Our DAO is governed by $ID token holders and controls the funds held in the DAO Treasury. It will ultimately provide a framework for our community to collaborate on projects, share resources, and work together towards common goals, all within a much more transparent, secure, and decentralized environment.

Together with the establishment of the DAO Treasury, we are also thrilled to announce the new implementation of SPACE ID platform’s revenue distribution, with a buyback-and-burn mechanism, which will include all registration proceeds accumulated since the TGE date and be executed quarterly moving forward.

• 50% of the total net revenue generated on the SPACE ID platform (including revenue from domain registrations, renewals, Gift Card purchases, and SPACE ID marketplace fees) will be allocated for the purchase and burning of $ID tokens.

• The remaining 50% of the total net revenue will be added to the DAO Treasury, which will be held in stable coins, and governed by all eligible $ID token holders.

The Overall Governance Process

In the coming weeks, we will be launching the SPACE ID DAO, along with its dedicated $ID token governance space on our website. Upon completion of the development phase, the following rules will be implemented:

• All proposals will undergo a two-step process. Firstly, a draft proposal must be submitted on the SPACE ID governance forum. After the community has reviewed and discussed the proposal, if the proposal is ready, please collaborate with our community manager to schedule a snapshot vote, which will serve as the second and final step.

• For a DAO proposal to pass, it needs to receive a minimum of 50% passing votes from wallet addresses holding a total of at least 5,000,000 ID tokens.

• Once a proposal is passed, it will be executed by the core team, with funding distribution (if required) authorized by the multi-sig signers elected by the DAO.

You can find more details in the Governance Process and Proposal Template threads in the forum.

The Delegation Process

Phase 1: Delegate Application Submission

• If you’re interested in becoming a delegate and contributing to DAO governance, please submit a statement in our governance forum using the template provided: delegate application template (submit by replying in this thread).

• Submission deadline: April 28th, 2023, at 2PM UTC.

Phase 2: Delegate Portal Opens — Token Holders Can Delegate

• After the delegate application submission phase, a dedicated delegation portal will be available on our website. $ID token holders can view a list of delegates and select their preferred delegates to entrust their votes.

• Note that $ID token holders who delegated their votes can revoke and reclaim voting power at any time.

We deeply value the initiative of $ID token holders who choose to self-delegate and vote independently, but we also recognize the importance of giving everyone the opportunity to delegate their votes to our dynamic community members. This approach contributes to a stronger and more effective governance system. Therefore, we invite all potential delegates to join us in shaping the future of decentralized identity.

Submit Your Application to Be a Delegate

Can’t wait to become a delegate for SPACE ID DAO? Submit your applications here (submit by replying in this thread), with your .bnb / .arb names in hand. Don’t hesitate to let us know your experiences and brilliant ideas to push SPACE ID forward.

Moreover, for every applicant, claim an exclusive OAT Badge on Galxe. We’re honored to have you to facilitate us along the future adventure: https://galxe.com/spaceid/campaign/GC4xNU6s4V.