PhoenixDAO aims to power the next generation of decentralized applications (dApps). dApps run on a blockchain network in a public and open-source environment which is free from solitary control and interference.
Hence, PhoenixDAO has a self-sustaining governance ecosystem. In particular, its decentralized autonomous organization (DAO) integrates digital identities and blockchain-based authentication to deliver a suitable solution ideal for an ever-evolving society.
In a nutshell, PhoenixDAO can offer an open and distributed community governance to all PHNX token holders. These tokens can be bought on Uniswap, Bittrex, STEX, CoinEx, PROBIT, and Numio. In line with this, the project provides a platform where dApps development and distribution can be done seamlessly and securely.
Creation of the DAO
First and foremost, the Phoenix DAO is built from scratch through smart contracts recorded on the blockchain. Here, the whole network is programmed to empower dApps through a decentralized community of PHNX stakeholders.
Moreover, DAO rewards allocation is based on submitted proposals. Before receiving these, you have to participate in the governance process.
In detail, to make a proposal, a DAO member should hold 10,000 PHNX. This will help reduce spamming of proposals by malicious community members. Yet, this amount is flexible as community voting has the power to change it.
Additionally, a know-your-customer (KYC) process via on-chain digital identity must be completed and then PHNX tokens must be staked in order to take part in the voting. Finally, the proposals with the majority votes will be selected.
The PhoenixDAO organisation will deploy the smart contract responsible for distributing the DAO rewards. Thus, over a set period of time, people are incentivised for their voting participation within the DAO.
Flagship dApp: Phoenix Staking
The current Phoenix protocol will be expanded from the open source Layer 1 protocol to Layer 2 technologies or multi-chain. Furthermore, developers will be invited onboard to create various dApps targeting different niches like finance, gaming, payment, and many more.
The pioneer within the PhoenixDAO community is the spot staking dApp. Here, users will have the ability to earn an interest of up to 20% APY on staked PHNX and play a substantial role in the overall PhoenixDAO ecosystem.
The dApp interface includes a minimalist dashboard showing staking information. Moreover, users can easily stake and unstake (withdraw) their PHNX tokens through this portal. The users crypto wallet account will receive the staking rewards automatically. Upon launching, the dApp primarily supports MetaMask but will later see an integration with Numio. The partnership with Numio entails 10% of their profits earned via KYC revenues will be used to buy back PHNX tokens from secondary markets which will then be staked in the PhoenixDAO staking dApp.
On top of that, the spot staking dApp will share the staking contract with the DAO. For this reason, users will be able to stake as many tokens as they like along with earning instant rewards based on the amount of tokens staked.
Although users can stake once on each proposal, they will have the ability to stake on multiple proposals simultaneously. This promotes further engagement in the community, resulting in a more sustainable approach in the long-run.
Significance of dApps to DeFi
dApps are essential components towards paving the way for a DeFi-centric world. Accordingly, PhoenixDAO strives to be at the forefront of mainstream dApp adoption in the years to come.
With its unmatched technologies working all at once to deliver its products, the project intends to reborn digital identity, promote community governance, and give more power to dApps.
Next in line with their dApp release is the PhoenixDAO Events Marketplace. Users can utilize this dApp for creating any type of event either free or paid, which can be paid for using PHNX tokens.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Title: PhoenixDAO: Empowering dApps Through Community Governance
Sourced From: cryptodaily.co.uk/2021/03/PhoenixDAO-Empowering-dApps-Through-Community-Governance
Published Date: Mon, 01 Mar 2021 22:32:41 +0000
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