{"id":14308,"date":"2022-02-20T11:27:05","date_gmt":"2022-02-20T08:27:05","guid":{"rendered":"https:\/\/mozartcultures.com\/en\/?p=14308"},"modified":"2022-02-20T12:09:58","modified_gmt":"2022-02-20T09:09:58","slug":"afrofuture-dao-tokenomics-a-launch-token-for-african-creatives","status":"publish","type":"post","link":"https:\/\/mozartcultures.com\/en\/afrofuture-dao-tokenomics-a-launch-token-for-african-creatives\/","title":{"rendered":"Afrofuture DAO Tokenomics: A launch Token for African Creatives"},"content":{"rendered":"

Introduction to Decentralized Autonomous Organization (DAO)<\/b><\/p>\n

DAO can be architecturally decentralised (independent actors run different nodes) and are usually geographically decentralised (subject to different jurisdictions), but they are logically <\/span>centralised (the protocol). That is what could be said of this new social token DAO that is bridging Web 3 and African cultural assets. Afrofuture DAO has both internal and external governance components. Its internal governance is characterised by non-hierarchical modes of governance and quasi-democratic features with part-time contributors, bounty hunters, and token holders. External governance relies on clusters of servers and individual nodes for the seamless operation of the network and decision-making.<\/span><\/p>\n

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Governance in DAO<\/b><\/p>\n

The discussions about DAO in crypto often round up on the theme of governance. Decentralised autonomous organisations leverage the functionalities of blockchain for offering self-enforcing protocols or rules. The <\/span>smart contracts<\/span><\/a> of the blockchain take care of storing the rules, and the native tokens of the network help in securing the network and voting on the rules<\/span><\/p>\n

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Understanding Afrofuture<\/b><\/p>\n

Strong alliances were formed on August 21, 2021, to tokenize Afrofuture, a mission-driven social currency backed by a vault of highly valuable digital African assets. These were created with the belief that by transferring the Mohamed Amin Collection to Ethereum via NFTs, we\u2019d unlock new funding and distribution opportunities for African artists while also sparking discussions about the continent’s rich and cultural past.<\/span><\/p>\n

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Afrofuture Token<\/b><\/p>\n

It has been argued over time that those who control nodes and server capacity can exert undue influence on decision-making, and in a stronger way than other actors. Andrew, the Co-founder of Social Stack \u2014 a DAO that is providing the social tokens on which Afrofuture as DAO operates explains, \u201cit is a social token that allocates a transparent governance power to its holders to join Afrofuture DAO in unlocking the value of Africa’s history on the web. It also allows the holders to enter the DAO’s token gated metaverse spaces where the DAO hosts her NFT drops and events.\u201d<\/span><\/p>\n

Social tokens are a way for crypto-based communities to incentivize working together on projects. More than the tokens themselves, it’s the growing ecosystem around them that is valuable. To understand how this might work one needs to think about what an organization is. From a structural perspective, an organization is a set of agreements between different actors and entities (e.g., people, other organizations, machines). These agreements take the form of contracts and internal rules, formal and informal agreements, guidelines, processes, and procedures. Collectively, this \u201crulebook\u201d regulates the conduct and relations between different organizational entities (e.g., management, employees, owners) specifying responsibilities, property rights, payments, and other elements of the organization’s operation. They also define relationships with third-party entities such as suppliers, customers, governmental authorities, and other stakeholders. These agreements would be open, secure, and provide accountability and transparency when applied in a DAO. Furthermore, each party could be sure that commitments would be kept.<\/span><\/p>\n

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How The Afrofuture Token works:<\/b><\/p>\n

According to Osinachi, Africa\u2019s Foremost Crypto Artist, owning Afrofuture Token grants the holder access to the DAO\u2019s Vault, unlimited access to token-gated Discord governance channel, access to the Metaverse Club to enjoy early drops, exclusive viewing & auction parties, a coveted visit to the Decentraland -> to experience African art in the Metaverse\/unique works by African artists.<\/span><\/p>\n

AfrofutureDAO on Ethereum is open sourced with an ERC20 governance token that has a Ticker Symbol of<\/span> AFTR<\/b> and a Total supply of<\/span> 100,000,000. Anyone can acquire Afrofuture tokens on Uniswap by pasting in the contract address: 0x56dfa98f363edb99240b63f8a5141d8b64cfaf6e and how many tokens they wish to swap and just like that the tokens are interchanged.\u00a0<\/span><\/p>\n

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What is the utility?<\/b><\/p>\n