Understanding Tokens in The DAO
While you don't need a deep understanding of KUBI tokens to use the DAO, this is a helpful introduction to understanding the basics of what these tokens are, how they work, and why they are important. There are 3 three main tokens used in the DAO: KUBIX tokens, Executive NFTs, and Direct Democracy tokens.
Important Note: None of these tokens have any monetary value. They are just designed to ensure fair voting, participation tracking, and admin privileges.
First, what are Tokens?
In the context of blockchain and cryptocurrencies, a token represents a unit of value issued by an organization or project. It can have various uses such as granting access to services, representing voting power, or even as a reward system. Tokens are digital and can be transferred between individuals or entities on a blockchain network.
For a more technical description of tokens, go to Understanding Tokens
The 3 Tokens of the DAO
Direct Democracy Tokens
100 Direct Democracy tokens are issued to each member who joins our DAO.
But why have 100 tokens, instead of just one?
Quadratic voting is a voting system that allows participants to more accurately express their preferences about multiple options.
For example: If the vote was pizza 🍕, burritos 🌯, or sushi 🍣 at the next KUBI meeting, you might really want burritos 🌯, but sushi 🍣 might be your second choice. While you can choose to give 100% of your vote to burritos 🌯, you could also choose to divide it 70/30 between your top two choices.
KUBIX Tokens
KUBIX tokens are the participation token of the DAO. They are used to recognize members for their participation.
Members can earn KUBIX by attending meetings, completing community tasks, or completing learning modules.
KUBIX are an important aspect of the DAO because it allows every member to have a quantifiable sense of how much they've contributed. This could be useful in your resume or at a job interview, where you could prove how much you contributed to KUBI by sharing an strong metric like your place in the leaderboard or number of hours contributed.
Executive NFTs
NFTs, or Non-Fungible Tokens, are unique digital tokens that represent ownership of a specific item or privilege. In our DAO, Executive NFTs are special tokens that grant the holder executive privileges.
How does this all fit together?
Here's an example of KUBIX and Executive NFTs are important through the lifecycle of a community task.
If you're confused...
It's totally okay to be confused at first - tokens can be tricky to get the hang of. Even if you're confused, don't be afraid to jump in anyways! It's often easier to learn as you go.