5. Galaxy DAO

a. Why a DAO

Galaxy DAO is built on the ideals of decentralization and community governance, with a progressively decentralized approach to ensure efficiency and expediency in release of its services, in order to best and most quickly serve its community with the view of becoming fully decentralized over time.

The world is entering the phase of Web3 - the third iteration of the internet where digital assets and data can be individually owned & controlled (via the blockchain, and distributed governance ensures fairness and transparency across the web.

Galaxy DAO have decided to adopt a DAO structure because of these ideals and the direction of the world in terms of looking to the future. In the DAO’s opinion, distributed control and decentralized governance are the future of the internet, and therefore much of society at large.

We believe in the overall principles of decentralization, distributed control, fairness and community participation in order to reach common goals.

b. Governance Token

Galaxy DAO will launch its own governance token. This token will be separate from any other token in the ecosystem or any other token connected to the DAO. The token will be publicly tradable and have the utility of voting rights within the DAO, and voting rights will be given based on an individual’s total token governance token holding.

As Galaxy DAO is working on a progressive DAO structure (see section 3: Vision, above for more details) the governance token will be released prior to phase 2 of the progressive decentralization model (community participation). This will be to encourage and involve the community in decision making once Galaxy DAO’s products reach market fit, and voting within the DAO will progress toward DAO community ownership.

The Galaxy DAO governance token’s name, ticker and chain will be announced before launch and the community, DAO participants and Trade Planets users will be informed of launch and details before this time. Galaxy DAO may grant/airdrop governance tokens before or during launch to existing users, the dynamics of which will be decided and participants informed beforehand.