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Doodles Announces Proposal to Transform DoodleBank: A Glimpse of the Future of NFT Projects

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On March 31, the NFT project Doodles announced an amendment proposal on official Twitter to seek to transform its project treasury, DoodleBank, with a focus on community empowermen

Doodles Announces Proposal to Transform DoodleBank: A Glimpse of the Future of NFT Projects

On March 31, the NFT project Doodles announced an amendment proposal on official Twitter to seek to transform its project treasury, DoodleBank, with a focus on community empowerment and holder rewards, streamlining funding, and improving governance. According to the proposal, the new Doodle Bank will appoint a founding community committee and establish a community based governance model, remove the $100000 business license limit for approved projects, enable community members to think creatively about innovation, strengthen supervision and communication, replace snapshot proposal voting with council and team approval, remove quorum requirements, and strategically adjust incentives.

Doodles Community initiates a proposal to amend the renovation project treasury, including the cancellation of the commercial license limit of $100000

Introduction

On March 31, the NFT project Doodles announced an amendment proposal on official Twitter to seek to transform its project treasury, DoodleBank, with a focus on community empowerment and holder rewards, streamlining funding, and improving governance. According to the proposal, the new DoodleBank will appoint a founding community committee and establish a community-based governance model, remove the $100000 business license limit for approved projects, enable community members to think creatively about innovation, strengthen supervision and communication, replace snapshot proposal voting with council and team approval, remove quorum requirements, and strategically adjust incentives. In this article, we’ll delve deeper into the implications of this proposal and what it means for the future of NFT projects.

The New DoodleBank: A Focus on Community Empowerment

The proposal from the Doodles project is mainly centered on community empowerment. With the new DoodleBank, community members will be able to participate more in the governance of the project. The founding community committee will be appointed, and it will be responsible for overseeing the DoodleBank’s activities. This approach will enable the Doodles project to grow in a more democratic and decentralized manner, giving the community more control over its future.

Streamlining Funding and Improving Governance

In addition to community empowerment, the new DoodleBank will streamline funding and improve governance. With the removal of the $100000 business license limit for approved projects, innovators will be able to access more funding, and there will be fewer barriers to participation. The community-based governance model will ensure that the project is well-governed, and there will be proper supervision and communication.

Replace Snapshot Proposal Voting with Council and Team Approval

One key change that the new DoodleBank proposes is to replace snapshot proposal voting with council and team approval. The snapshot proposal voting system had limitations, and it wasn’t reflective of the community’s actual views. With council and team approval, there will be more feedback, and it will be more representative of the community’s thoughts.

Removing Quorum Requirements

Another significant change that the Doodles project proposes is removing quorum requirements. Quorum requirements ensure that there is enough participation by the community for decisions to be valid. However, they can also deter participation by making it difficult to achieve the required quorum. Removing quorum requirements will make it easier for community members to participate in governance decisions.

Adjusting Incentives

Finally, the Doodles project proposes adjusting incentives strategically. By doing so, the project hopes to achieve greater participation and adoption. By incentivizing community members according to the goals of the project, the Doodles team can help ensure that its objectives, such as widespread adoption and growth, are met.

Conclusion

The Doodles project’s announcement of a proposal to transform DoodleBank is a positive development for NFT projects. The project’s focus on community empowerment, streamlining funding, and governance improvements reflects a commitment to evenly distribute rewards across the board. By breaking the barriers to entry and governance, the Doodles project is headed in the right direction. NFT projects following suit and implementing similar changes will undoubtedly see greater success, leading to a more democratized industry.

FAQs

1. Why is Doodles’ proposal significant?
A: The proposal aims to create a more democratized and decentralized project and is a crucial development in the evolution of NFT projects.
2. How will the Doodles’ proposal empower the community?
A: With the new DoodleBank, community members will have more control over the project’s future.
3. What are some strategic incentives that the Doodles project might employ?
A: By incentivizing community members according to the goals of the project, the Doodles team can ensure that its objectives, such as widespread adoption and growth, are met.

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