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Transforming DoodleBank: Empowering Communities and Enhancing Governance

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On March 31, the NFT project Doodles announced an amendment proposal on official Twitter to seek to transform its project treasury, DoodleBank, with a focus on community empowermen

Transforming DoodleBank: Empowering Communities and Enhancing Governance

On March 31, the NFT project Doodles announced an amendment proposal on official Twitter to seek to transform its project treasury, DoodleBank, with a focus on community empowerment and holder rewards, streamlining funding, and improving governance. According to the proposal, the new Doodle Bank will appoint a founding community committee and establish a community based governance model, remove the $100000 business license limit for approved projects, enable community members to think creatively about innovation, strengthen supervision and communication, replace snapshot proposal voting with council and team approval, remove quorum requirements, and strategically adjust incentives.

Doodles Community initiates a proposal to amend the renovation project treasury, including the cancellation of the commercial license limit of $100000

Introduction

On March 31, 2021, the NFT project Doodles revealed a proposal to amend its project treasury, DoodleBank, with a focus on community empowerment and holder rewards. The proposal aims to improve governance, streamline funding, and provide an avenue for creative innovation within the Doodle community.

The New DoodleBank

Founding Community Committee

Under the new plan, DoodleBank will appoint a founding community committee tasked with overseeing the treasury’s operations. This committee will ensure that projects approved for funding align with the community’s values and goals.

Community-Based Governance Model

To guarantee that DoodleBank operates transparently and accountably, a community-based governance model will be established. This model will incorporate community input and feedback on treasury operations, funding allocation, and decision-making.

Removal of $100000 Business License Limit

The proposal seeks to remove the $100000 business license limit previously in place for projects seeking funding from DoodleBank. This move aims to broaden the reach of the treasury, enabling it to fund a more extensive range of projects.

Enhancing Creativity and Innovation

Under the new proposal, DoodleBank will seek to empower community members by allowing them to think creatively and present innovative proposals for funding. This initiative is intended to foster a more dynamic community that continually generates groundbreaking ideas for future development.

Strengthened Supervision and Communication

To ensure transparency and effective communication throughout the decentralized network, the new proposal calls for strengthened supervision and communication channels. This measure will help to prevent fraudulent activities and create an open environment for discussion and feedback.

Replacing Snapshot Proposal Voting with Council and Team Approval

The previous proposal process involved community members voting via the Snapshot platform, in which quorum requirements had to be met before initiatives could be approved. The new process, which involves council and team approval, is expected to streamline the decision-making process.

Removal of Quorum Requirements

In the old proposal process, the level of participation required to pass initiatives or proposals was too high, leading to inaction and stagnation. The new proposal seeks to remove the quorum requirements, allowing initiatives to pass with a simple majority vote.

Strategic Adjustment of Incentives

As part of the effort to create a fair and effective reward system, the proposal recommends adjustments to existing incentives. This adjustment is designed to encourage sustainable growth and further enhance the community’s engagement.

Conclusion

The proposal to transform DoodleBank is a significant step in the right direction for the project, enabling greater community involvement and promoting governance transparency. The implementation of this proposal will enable Doodles to become a more sustainable and dynamic project, empowering community members to make a meaningful impact.

FAQs

1. How will the community be involved in the decision-making process for DoodleBank?

The new proposal suggests establishing a founding community committee and incorporating a community-based governance model to ensure that community input is heard and integrated into treasury operations.

2. Why is it important to remove the $100000 business license limit?

Removing the limit widens the range of projects that can access funding from DoodleBank, making it more inclusive and fostering the growth of the community.

3. Will the new proposal affect the existing reward system?

Yes, the proposal calls for strategic adjustments to reward incentives that promote sustainable growth and strengthen community engagement.

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