VitaminCoin Whitepaper
  • Introduction to VitaminCoin
  • Meat and Potatoes
    • The Vite Platform
    • Decentralised Autonomous Organisation (VITCDAO)
    • Community
    • Faucets
    • Proof of Sweat
    • VITC ‘Let's Get Moving’ App
  • Nerd Zone
    • Tokenomics
    • Concurrent SBP Rewards
  • Products and Partners
    • VITCSwap
    • VITCStake
    • VITCStartup
    • VITCVault
    • eDAO
  • Passed DAO Props
    • VITCeDAOBurn
    • VITCRewards
    • VITCLabor
  • Summary
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  1. Meat and Potatoes

Decentralised Autonomous Organisation (VITCDAO)

PreviousThe Vite PlatformNextCommunity

Last updated 2 years ago

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The Vitamin Coin Decentralized Autonomous Organization (VITCDAO) is the first of its kind on VITE. It aims to be a community-driven platform using VITC as a governance token. Registered DAO members will receive income from two sources: one is the aforementioned SBP daily rewards and the other, a split of the 2% sale fee from the proposed NFTVite market (NFTVite). This market will be on the VITE network, which will enable fee-less NFT transactions. The distribution structure is outlined in the chart below. This approach allows the DAO to be self-sustaining, by using VITE itself to power the DAO.

From January 2022, the distribution of daily SBP rewards (in terms of VITE) will be as follows:

  • 50% will be sent to VITE holders who vote for the Vitamin Coin SBP

  • 25% will be reserved in the Treasury

  • 25% will be sent to the DAO pool In addition, 2% of the fees from NFT sales on the upcoming NFTVite platform will be sent to the DAO pool.

These funds are then distributed in the following way:

  • 55% to holders / DAO members. The amount that each holder receives is proportionate to the amount of VITC they hold.

  • 30% to registered voters. Votes will be held at regular intervals, and holders / DAO members will have to register at each voting cycle. A significant portion of funds is reserved for registered voters, in order to incentivize voting and participation in DAO governance.

  • 15% for various initiatives. These can include donations to charities and other organizations that DAO members select during each voting cycle.