What Is StakerDAO And How It Works?

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • StackerDAO is a decision-making platform at its core, and it allows STKR token holders to collaborate in launching and managing financial assets.
  • StackerDAO considers the STR tokens as shares and relies on Tezos Blockchain to manage the distribution and exchange of tokens. 

StackerDAO is a decision-making platform at its core, and it allows STKR token holders to collaborate in launching and managing financial assets. These token holders are responsible for choosing a governing council from within their ranks.

They also asked to participate in StackerDAO forums to help with the roadmap of products and discussing how the existing products are to be changed. StackerDAO considers the STR tokens as shares and relies on Tezos Blockchain to manage the distribution and exchange of tokens. 

The actual working of StackerDAO consists of four cycles and carried out over a month, and each period lasts for a week. These cycles are

Proposal

Every month, a proposal is submitted on-chain, and the stakeholders decide whether they like it or not. The Staker Operation team gets in touch with the stakeholders nearly a month before the proposal made to brief them about the upcoming proposal. This brief allows for a better formulation of the forthcoming proposal.

Evaluation

After one week, the operation team shares details regarding the proposal that considered. The community discusses the proposal over the forums. Before a proposal reaches evaluation, it has already discussed for quite some time. In the evaluation phase, the ops team aims at getting approval from the council.

Voting

During the third week, the council members cast their votes either in favor or against the proposal. A vote cast by a council member gets recorded in the Staker contract and is visible on Staker Agora. Specific council members possess the public keys and are given to new members once the new council is elected.

Implementation

After the end of the third week, the implementation phase begins and lasts for the remainder of the month. The ops team works on making modifications to the existing products or works on the launch of new products according to the approval given by the council.

However, a project doesn’t need to complete within the stipulated time, but most projects are supposed to complete within this duration. The live status of implementation shown on the Staker Agora page.

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