$IDVT holders have the rights to manage Ideaverse DAO. However, such management rights are not exercised directly. Instead, these voting rights correspond to the number of $IDVT, and based on the weighted proportion, holders can vote for the Community Governance Committee. The committee will represent the members of $IDVT holders to vote on community proposals.
The all-$IDVT-holders-elected committee consists of five members, each and every member has a term of 3 to 5 months. A president is elected among the sitting members and is to operate the committee during the term period.
Such committee design was to minimize any potential DAO communication ineffectiveness while taking all $IDVT holders’ opinions into consideration, and ensuring the quality and fairness of any decision making of the game studio. $IDVT stakeholders, therefore, have the position to select their representatives who are capable act on their behalf. The collective wisdom gathered in the committee shall represent the interest of the entire $IDVT community.
All $IDVT holders are entitled to initiate any forms of proposals concerning IDV itself and its subsequent projects. These raised proposals are then categorized by their level of importance and numbered in sequence.
Initial proposals are then coordinated and launched by the core team members and are to be submitted to the committee for voting.
The community governance committee employs the quadratic voting procedure. Each individual in the committee expresses the degree of their preferences, rather than just the direction of their choices. This procedure shall effectively address the issue of plutocracy.
To further enhance voting fairness and prevent any deliberate action against goodwill, the DAO, a voting token - sIDVT, is required whenever any $IDVT holders try to exercise their voting right.
sIDVT characteristic includes:
- Only recognized voting token within the DAO
- Non-tradable among users whatsoever.
- Only obtainable by locking/freezing $IDVT.
- Obtainable amount is positively correlated to the $IDVT frozen period.
- Frozen $IDVT is locked and non-circulatable in the market.
The sIDVT obtainable ratio per $IDVT is vary depends on the locking period, which is subject to finalization.