(1) The DAO
The DAO refers to the StarCollector DAO (”DAO”) itself. DAO makes every decision making through voting and one Starboys NFT represents one vote. DAO decides (A) all activities making usage of the Community Vault assets and (B) the organizational system of the DAO and how it is operated.
(A) Usage of the community vault
Community Vault will be largely used for NFT purchases and board operations. Each NFT purchase will be approved and executed by DAO, and the Board's operating funds will be granted by DAO's approval every month.
(B) DAO Organizational System and Operation
The initial system and operation method were designed by Founders, but the owner of DAO are the members, hence the system can be changed at any time by the DAO's decision. Founders are just the first designers.
DAO Voting System
It would be difficult for all participants to always participate in all DAO decisions. Therefore, we classify the voting approval method into three categories according to the severity of the agenda. (i) General Approval is an agenda that could frequently occur and requires quick decision-making. It mainly includes community fund execution for NFT purchases and NFT liquiditations. (ii) Resolution is for agendas in which a significant amount of Community funds are used or the board and committee appointments. Finally, (iii) Special Resolution is a voting method responsible for approving serious agendas that can determine the fate of the DAO itself.
(i) General Approval
Participation of more that 5% of votes and more than 50% agreed
Approval for execution of less than 10% of community vault
Approval for NFT liquidation.
(ii) Resolution
Participation of more that 30% of votes and more than 50% agreed
Approval for execution of more than 10% and less than 50% of community vault
Election of a board member
Election of a committee member
(iii) Special Resolution
Participation of more that 67% of votes and more than 67% agreed
Approval for execution of more than 50% of community vault (Including vault liquidation)
Dismissal of a board member (Up to only one third of board members can be replaced per voting)
Dismissal of a committee member
Amendment of DAO voting system
Merger of the DAO
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