As advocates for permission-less financial services, we believe that Tangent should eventually become a community owned platform with the DAO and the TANG Governance token at its core.
What is a DAO?
A DAO or for the uninitiated a Decentralized Autonomous Organization, is a distributed sovereign system governed by code and the token holders only. At the heart of the DAO is a smart contract which codifies rules and guidelines for the self-governing organization.
How Does it Work?
The TangentDAO is a self-sovereign smart contract, backed by its own Cardano native governance token called TANG, which will act as the governor and guiding force of the Tangent network.
The TangentDAO will allow TANG holders to partake in the governance of the Tangent network by voting on proposals in a democratic fashion proportional to their holdings of TANG. Proposals can even modify or create completely new internal governance parameters, as well as invoke contract calls on any smart contracts for which the DAO is set as the governor. The DAO will use a snapshot system which can determine a user’s TANG balance at the precise moment a proposal goes live, and requires they lock the balance for a set period of time so that a vote for or against can be recorded.
TANG holders will be able to vote to allocate $TANG towards artistic grants, strategic partnerships, governance initiatives, NFT bounties, additional NFT farming pools and other programs.
Initially, governance parameters will be set by the Tangent Foundation but these will be adjustable with a simple proposal; though it’s worth collaborating off-chain via the official Discord channel to ensure there is enough community support before submitting a proposal to establish if it is to be well received.