What is dxDAO?
The Second version of Decentralized autonomous organization(DAO) is dxDAO which designed to facilitate global open trade. It will develop, deploy, and lead decentralized trading protocols and platforms.
Decentralized trading protocol DutchX:
The first dApp deployed by the dxDAO are going to be the DutchX. It’s an open trading protocol for ERC20 tokens using the dutch auction mechanism. In this mechanism, Token auction price will set high and lower the price until it’s gets a bid or it reaches a predetermined reserve price. It will be a decentralized governance trading protocols and also determines a good worth for tokens and permits trading in low liquidity environments with no third-party risk.
The dxDAO will use the DAO holographic consensus for decision-making in DutchX. Holographic consensus is a key structure for decentralized collaboration with a collective decision-making process. In this process
- Any One can rise the proposal(individual or projects)
- That proposal should get at least 50% of votes from reputation holders from a specific period of time.
- The proposal can be boosted by predicting.
- If the proposal is boosted and if it gets relative majority votes from reputation holders then the proposal will get approved in DAOstack.
To take part dxDAO reputation distribution process:
dxDAO’s initial Reputation distribution is going to start on FEB18. Individuals or projects that are interested in the governance of decentralized exchanges can click here to take part in the dxDAO reputation distribution process.
Here is how the reputation exactly distributed:
- The dxDAO will reward 2% reputation to those who spread the word.
- 10% of reputation will be auctioned in exchange for GEN tokens.
- 50 % of reputation for trading on DutchX protocol. Each trade up to 1Eth will generate a 1MGN token
- 30 % of reputation for White listed DutchX token Lock.
- 8 % of reputation may be generated by locking ethereum.
Source – https://dxdao.daostack.io/
For more details here is the interesting podcast by DAOstack Founder Matan Field and Gnosis Founder Martin Koppelmann about dxDAO and DutchX platform on the Epicenter channel is given below.