Decentraland Users Will Have More Power With New DAO

Reynaldo Marquez

Last Updated: May 28, 2021 3:02 pm

2 mins read

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Decentraland (MANA) came into the spotlight when digital asset manager Grayscale included it in its array of products for institutional investment over 3 months ago. The Ethereum-based protocol allows users to trade with digital land and build dApps on top of “digital parcels”. Now, it has taken a step towards complete decentralization.

According to an official post, the Decentraland Foundation announced the launch of a new implementation of their Decentralized Autonomous Organization (DAO). The foundation claims that this decision-making tool it’s more affordable and accessible for the users and provides MANA and LAND holders with voting powers.

Thus, they will be able to issue grants, changed the list of banned names, and the community will control the smart contracts that comprised the protocol, MANA, and LAND via predefined proposals. Users can vote by visiting the DAO’s website.

The DAO will be more cost-efficient with a platform that will enable gas-less voting for both the creation of a proposal and log votes, according to the official post. The records of the voting process will be snapshot and stored in the InterPlanetary File System (IPFS). In addition, the votes will no longer have to use wrap versions of their MANA and LAND tokens to participate:

Creating and voting on proposals happens fast, with no expensive transaction fees. You no longer have to wrap your assets in order to participate: the DAO looks at your total balance of LAND and MANA at the moment a new proposal is created to determine how much your vote will be weighted for that particular proposal.

Once a proposal is approved, a committee with access to a multi-sig wallet has the task of enforcing it on Ethereum’s blockchain. At the same time, this committee is supervised by the Security Advisory Board (SAB). The former was chosen by the Decentraland community via a proposal on the former DAO.

Decentralan’s New DAO With More Power And Accessibility

The Decentraland Foundation seems to want more community members and token holders to get involved in the protocol’s governance model. Therefore, they have made this new implementation more “easy to use” with documentation for everyone to have educational tools and new ways of generating discussions on the future, present, and changes made to Decentraland.

As mentioned, voters will issue community grants with different tiers and for many purposes, such as creating educational content, code contribution, sponsoring new features, improved the protocol, and more. Depending on the tier, the grant could be a one-time payment of $500 to $3,000 to be paid in MANA or have a 3-month vesting schedule for $3,000 to $5,000. The Decentraland Foundation said:

Today’s release makes the Decentraland DAO more powerful, more usable, and more accessible, but it’s only the beginning. In the future, the Decentraland community might like to add additional proposal categories and features to give the community more control over the Decentraland platform.

MANA trades at $0.84 with a 10% correction in its daily and weekly chart. The 30-day chart records a more pronounced loss of around 35.2%, at the time of writing.

Decentraland MANA MANAUSDT — MANA on a downtrend in the daily chart. Source: MANAUSDT Tradingview

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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