Transforming DoodleBank: Empowering Communities and Rewarding Holders

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

Outline:

1. Introduction
2. Understanding Doodle and DoodleBank
3. The Amendment Proposal
4. Focus on Community Empowerment and Holder Rewards
5. Streamlining Funding and Improving Governance
6. Establishing a Founding Community Committee and Community-based Governance Model
7. Removing the Business License Limit for Approved Projects
8. Strengthening Supervision and Communication
9. Replacing Snapshot Proposal Voting with Council and Team Approval
10. Removing Quorum Requirements
11. Strategically Adjusting Incentives
12. Conclusion
13. FAQs

Article:

Cryptocurrency has made its way into mainstream culture, and with its arrival, the use of Non-Fungible Tokens (NFTs) has grown in its popularity with people buying and selling digital assets. NFTs aren’t just digital photos or collectibles, they’re more than that. The NFT project Doodles announced an amendment proposal on its official Twitter account on March 31, aimed at transforming its project treasury, DoodleBank, by empowering its community and rewarding holders with an improved governance model.

Understanding Doodle and DoodleBank

Before diving into the amendment proposal, it’s worthwhile to discuss what Doodle and DoodleBank are. The NFT project Doodles, created by the artist Mick with a team of developers, is an art collection of 8888 unique doodles represented by NFTs, making each doodle a one-of-a-kind digital asset. DoodleBank, on the other hand, houses Doodles’ treasury and serves as the funding source for its future developments and projects.

The Amendment Proposal

Now, let’s focus on the amendment proposal and how it will transform DoodleBank. The primary focus of this proposal is to empower the Doodle community by improving governance and making DoodleBank transparent and more efficient.

Focus on Community Empowerment and Holder Rewards

The first step towards community empowerment is to establish a founding community committee that will be responsible for managing DoodleBank. This committee will comprise members who have been early adopters or contributors, appointed on the basis of their contributions. The idea is to ensure that community members have equal opportunities to participate in the Doodles project’s future direction.

Streamlining Funding and Improving Governance

The amendment proposal seeks to streamline DoodleBank’s funding process by removing the $100,000 business license limit for approved projects, which simplifies the funding process. In addition, the committee will work on creating and adapting a community-based governance model that will better facilitate community participation in decision making.

Establishing a Founding Community Committee and Community-based Governance Model

The proposed community-based governance model means that voting on proposals will be undertaken by the committee, which will ensure that responsible decision-making is a priority. This approach is in stark contrast to the current snapshot proposal voting system that may not fully represent the community’s wishes. The committee will additionally oversee the redistribution of funds to approved projects, helping ensure the project’s success.

Removing the Business License Limit for Approved Projects

Doodle’s NFT community knows no bounds, so why should the business license limit? The current limit has dampened creativity and effectively inhibited the Doodle community’s ability to innovate. By removing this limit on approved projects, creative community members can continue to create and innovate unimpeded, driving the project forward.

Strengthening Supervision and Communication

The amendment proposal seeks to further strengthen supervision and communication between committee members, the team, and the community. It strengthens the communication channels by creating a platform where community members can propose their ideas and participate in discussions. The focus of this proposal is to ensure inclusive participation and open communication between all members involved in Doodles.

Replacing Snapshot Proposal Voting with Council and Team Approval

The current snapshot proposal voting system has several shortcomings, such as the inability to prevent minority voting outcomes. The committee aims to replace this system with a council and team approval model to ensure fair and just outcomes.

Removing Quorum Requirements

With the current quorum requirements, approving proposals can become a difficult task. The committee proposes that quorum requirements be eliminated, enhancing the decision-making process’s efficiency while ensuring that every proposal gets the attention it deserves.

Strategically Adjusting Incentives

Finally, the committee intends to adjust incentives strategically to propel the project forward while retaining its fundamental principles and community involvement.

Conclusion

In conclusion, this amendment proposal by Doodles to transform DoodleBank focuses primarily on the community’s empowerment and the redistribution of funds for the betterment of the project as a whole. By removing existing business license limits, strengthening communication and supervision, and replacing the current voting model for fairer outcomes, the proposed changes will provide the community with the opportunity to participate more fully in Doodles’ decision-making process.

FAQs

1. What is the Doodle community?
– The Doodle community is a group of individuals who have invested in Doodle’s NFT project.
2. What is DoodleBank?
– DoodleBank is Doodles’ project treasury and serves as the funding source for its future developments and projects.
3. What changes are proposed as part of the amendment proposal?
– The proposed changes include focusing on community empowerment, streamlining funding, improving governance, establishing a founding community committee, removing the $100,000 business license limit for approved projects, strengthening supervision and communication, replacing snapshot proposal voting with council and team approval, removing quorum requirements, and strategically adjusting incentives.