Illuvium DAO Research
Last updated
Last updated
INTRODUCTION
The purpose of this research is to get a clear sense of what Illuvium DAO is all about. We also want to know the tools they use to enhance the growth of their organization as well as governance process. To begin with, what is Illuvium?
exists to be a decentralized Ethereum role-play game. The Illuvium blockchain game was designed to enable users play and earn in-game rewards by engagiging with quests and competitions. Furthermore, Illuvium digital world is opne to everyone - Users can search for in-game items and creatures called (Illuvials) in the form of non--fungible tokens (NFTs). These collectibles can be used for battling, collecting, and trading as well.
ILV is an ERC-20 governance utility token that is used to govern the Illuvium DAO and it is also the main currency used to award players for their awesome achievements in the game.
The goal behind the Illuvium project was to make a collectible NFT game that was open, transparent, and governed by the community member. Illuvium uses an off-chain voting system (Snapshot).
The Illuvium DAO governance mechanism is as follows:
A community of $ILV holders will govern and maintain the protocol, using the Illuvinati Council. The $ILV utility token holders have a say in the Illuvium decisition-making process - holders of the $ILV token also have the ability to nominate an individual for a council seat as well as delegate their vote to a nominee. To elect a group of council members, their desired candidates for council members must be proposed before the due date of the election.
Following that, the voting will commence and run for a period of 72 hours to elect the 5 individuals best suited for the role of governing the platform. At the end of the Election Period, the council members will be issued their NFTs.
The "eDAO" alongside "Illuvinati Council" is the Illuvium initial governance model and is subject to change - After the council members have been elected, the eDAO will then collate all proposed members from the Illuvium Discord Channel Illuvinati Council, then proceed to prepare the candidates to be voted on in an off-chain manner within Snapshot.
There are two major components of the new governance system:
The Illuvinati Council: This consist of a group of nominees who are voted in by the $ILV token holders.
Illuvium Proposals: Any one looking to propose changes to the Illuvium protocol or have a say in the decision-making process must go through ICCPs and IIPs. The ICCPs and IIPs are submitted to the IIP’s Github repository and posted on the Illuvium Proposal space afterwards. Any proposals that doesn't reach a supermajority agreement will not be enacted.
ICCPs is the short for Illuvium Configuration Change Proposals, they are documents that put forth a case for modifying within the DAO. On the other hand, IIPs stands for Illuvium Improvement Proposals. They always ensure that changes to the Illuvium Protocol are transparent and well-governed. An IIP is a design document providing information to the Illuvium community about a proposed change to the system.
The period where the proposal is in review before being implemented, initially set at 24 hours.
Snapshot is one of the worlds leading voting platform for DAOs, it enable DAOs, DeFi protocols, or NFT communities to cast votes in a hassle-free manner without gas fees. For greater benefits, Snapshop allows for the customization of the voting process to meet the needs of the users and organizations.
There are numerous ways players can earn the ILV utility token. Aside from purchasing them across decentralized exchanges like (Binance,Coinbase, Sushi), the ILV token holders are also allowed to partake in esports tournaments, resource farming (harvesting/picking plants, or mining minerals), Illuvium zero, collectiong Illuvials (they are NFTs that can also be traded on a marketplace), and interacting with in-game activities to earn yield.
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