The UFORIKA Alliance is a form of Decentralised Autonomous Organisation (DAO). The participation in the DAO will be granted to Real Estate PLOT NFT holders. Its remit will include making decision on the following: • Managing regulatory and legal issues arising with the network • Structure & conduct of the Alliance and range of Alliance business • Token supply & fee structures UFORIKA ALLIANCE VOTING RULES: • Real Estate NFT holders have voting rights in the DAO • Proposals can be made by any member of the DAO • Voting mechanism = >50% • Voters vote Yes or NO on proposals • The amount of real estate NFTs in the user’s wallet affects/defines the value of the vote; the larger the amount of real estate NFTs, the more power the user has • On proposing, the timeline is defined by the proposing user e.g. 24hrs / 3 days / 7 days etc • During the vote, the system checks the validity of the user to confirm that they hold real estate NFTs. If the number of NFTs meets the requirements (1 PLOT NFT = 1 vote), the voter is permitted to vote. If there are fewer or no NFTs at all, the user is not eligible to vote • Members of the DAO can cancel their votes • The proposer can also cancel the proposal within 4 hours of making it and if no one has voted • At the close of voting, the number of votes is checked against the quorum requirement • If there are not enough votes, the proposal fails • If there are enough votes, the vote is considered valid • In the event of a 50/50 tie, the smart contract will poll the voters for a recount, allowing voters to change their vote. If the recount fails to break the tie, the vote fails
Last modified 6mo ago