Collab.Land Announces DAO Pass: Token Holders Gain Voting Rights for Governance

03/09/2023 03:36 • NFT Newsflash • 133 views

On March 9, the discord extension application plug-in Collab.Land announced on social media that DAO Pass has now started to apply. If users hold at least 10 COLLAB tokens, they can apply and participate in Collab.Land DAO governance. Collab. Land said that DAO Pass is neither transferable nor sold, and can never leave its wallet to claim. This means that if the transaction is attempted, the DAO Pass listed on the Opensea and other markets will fail. In addition, a wallet cannot have more than one DAO Pass, and the DAO Pass only gives voting rights. The voting rights are determined by the total number of COLLAB owned. A wallet with 100 COLLAB tokens has the same voting rights as 10 wallets with 10 COLLAB tokens.

Collab. Land: DAO Pass has started the application and is not tradable and can only be used for voting to participate in governance

Analysis based on this information:

Collab.Land, the Discord extension application plug-in for online collaboration, announced a new feature called DAO Pass on March 9th for its 10,000 and growing users. The decentralized autonomous organization (DAO) governance feature allows users to gain voting rights over Collab.Land initiatives if they hold at least ten COLLAB tokens. DAO Passes are non-transferable, non-sellable, and non-claimable outside of the Collab.Land ecosystem. If a person tries to sell their DAO Pass listed on Opensea or other markets, the transaction will fail.

The DAO Pass system limits wallets to one pass per account, and only the voting rights can be passed on without sharing the non-transferable DAO Pass itself. The voting rights are determined by the total number of COLLAB owned, meaning a single wallet holding 100 COLLAB tokens would have the same amount of power as ten wallets each holding 10 COLLAB tokens.

The purpose of DAO Pass, according to Collab.Land, is to give more control over their platform to the users who benefit from it the most. By enabling token holders to vote on governance issues such as platform design changes, service additions, and compensation for moderators, the platform becomes more democratic and decentralized. This move aligns with current trends in the blockchain ecosystem to enable users to take control of their online communities by distributing decision-making power.

DAO Pass can be seen as a way to provide more value to token holders and incentivize them to participate in governance decisions. This could lead to more active participation from the community who will want to benefit from their investments in COLLAB. The non-transferable nature of the DAO Pass makes it different from traditional tokens that can be sold on various exchanges or used to participate in ICOs. By introducing this novel governance system, Collab.Land is taking an important step towards creating a more transparent, decentralized, and user-driven platform.

In summary, DAO Pass is a unique feature that allows token holders to have more control over the platform’s governance. It is an innovative approach that aligns with blockchain trends towards decentralized decision-making. Collab.Land made a bold move to create a more democratic platform that truly serves the users who invested in it.

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