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The Sandbox Launches DAO for Decentralized Governance

by BSC News

May 28, 2024

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The rollout will occur in three phases, starting with community voting on Sandbox Improvement Proposals (SIPs) on May 28.

The Sandbox, a leading decentralized gaming platform, has announced its new decentralized autonomous organization (DAO), named Sandbox DAO. 

 

With a $250 million SAND treasury, the initiative aims for community empowerment. By launching the DAO, The Sandbox intends to enhance transparency and foster greater community involvement, allowing SAND and LAND holders to have a direct say in the platform's future projects and developments.

 

With the DAO in place, community members will have a more substantial role in decision-making processes.

Phased Rollout Plan

The Sandbox DAO will be introduced in three meticulously planned phases. According to Sandbox, phased launches facilitate a thoughtful and well-executed launch, allowing testing and iteration on DAO functionality, and facilitating learning from challenges. This strategy is intended to ensure sustainable growth and long-term success.

 

Phase 1: Community Voting

Commencing on May 28, Phase 1 will enable the community to vote on Sandbox Improvement Proposals (SIPs). During this initial phase, while the community will have a say in the proposals, The Sandbox staff will still manage some operations to ensure a smooth transition. 

 

This phase will test the DAO's voting mechanisms and provide valuable insights into the community's priorities and preferences. During this phase, the Sandbox team will reportedly refine the DAO's processes and set a strong foundation for future phases.

 

Phase 2: Exploration and Autonomy

In the second phase, termed the “exploration” phase, the DAO will move towards self-reliance, gradually disentangling itself from the parent company. This phase will involve delegating more responsibilities to the community, allowing members to take on more significant roles in the platform’s governance. 

 

The exploration phase prepares for building the DAO's capacity to operate independently, setting the stage for full decentralization in the subsequent phase.

 

Phase 3: Full Decentralization

By the third phase, The Sandbox DAO is expected to be fully operational, marking a complete shift to community-driven governance. 

 

In this final phase, the DAO will reportedly manage all platform aspects independently, including decision-making processes, project approvals, and resource allocation. 

Leadership and Guidance

To guide this transition, The Sandbox has established a leadership team comprising a council and advisors. 

 

The Council will be responsible for reviewing SIPs and providing guidance on proposals, ensuring they align with the DAO’s vision and community interests. Council members will work closely with trusted partners to develop the DAO and facilitate its growth.

 

The Council includes Sebastien Borget, co-founder and chief operating officer of The Sandbox, Yat Siu, chairman of Animoca Brands, Shannon Snow, CoO of World of Women, and Jean-Michel Pailhon, founder of Grail Capital.

 

Advisors will act as cultural ambassadors and strategic guides, leveraging their expertise and networks to steer the DAO toward achieving its vision of a decentralized, vibrant metaverse. 

 

To support the DAO’s operations, The Sandbox DAO Foundation will be established as the steward tasked with administering the decisions of the DAO and managing the accompanying operations. This includes overseeing the treasury, employing the DAO support team, and ensuring that the DAO’s activities align with its strategic goals.

Initial Proposals

The first three Sandbox Improvement Proposals (SIPs) that eligible community members can vote on are foundational, granting the right for the DAO to exist and establishing the budget for the first year. 

 

As per reports, these proposals are critical for setting the groundwork for the DAO’s operations and ensuring its long-term viability.

 

Additionally, two more SIPs are currently live for voting, focusing on the positive impact that The Sandbox can drive in the real world. These proposals include initiatives such as carbon capture projects and humanitarian efforts in collaboration with the Red Cross. 

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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