After a whole year of in-depth exploration, ETHW DAO launches a revolutionary alternative of metaverse by innovatively combining 2 emerging technologies, Metaverse and Dao, empowered by Web3 construction, where rights for the people, by the people.
Based on the principle of democratic autonomy, ETHW DAO has set up a unique reputation token mechanism, which is a set of contribution criteria based on which reputation metrics are created. Community members can earn their Reputation Tokens (NFTs) by crowd funding, voting, providing research reports, and completing tasks. Members can exercise corresponding rights that match their reputation metrics. This means that personal contributions should be the true measure of the governing rights for the community.
ETHW DAO community members are divided into 3 segments. The first segment is called Original DAO, in which members are granted a certain amount of private placement at the beginning of the project. The members of Original DAO are to become the highest level of decision-making. The second segment is made up by ETHW DAO Token holding member, which is the segment that can make initial proposals for the organic ecology to be built in the future. And the third segment is constitute of sub-DAO members, which links to global resources.
Under the governance principles based on Reputation Tokens, ETHW DAO creates a Community Token Mechanism based on ERC20 protocol to create a complete economic model, called Community Tokens, $ETHDA, which have been issued in the amount of 200,000,000.
Of $ETHDA, 9% of the tokens are given to start-up contributors for outstanding community projects and 11% of the tokens are given to ETHW DAO Labs for outstanding community members. This aims to motivate all community residents to proactively contribute to its building. 45% of $ETHDA is used for circulation within the internal ecosystem; 15% of $ETHDA is used for sales; 15% is used for liquidity; and the remaining 5% is used for private placement.
Based on this economic model, ETHW DAO has established an NFT mechanism to facilitate the circulation of $ETHDA, where each community builder will be distributed an NFT in the future. These NFTs can be traded in NFT marketplace once all 10,000 NFTs are activated. Long-term NFT holders will receive NFT as interest on their earnings.
ETHW DAO prospects to be the organization that helps people in the real world connect to the metaverse and unleash the creativity of the metaverse by developing quantum computing tools, integrating virtual land and NFT, and creating a hyper ledger. In the world built by ETHW DAO, rights of the people, for the people, and members of ETHW DAO community in the metaverse will be empowered by the democratic self-governing philosophy of DAO.