Function of DAO
COJAM PREDICTION GROUP
1. Validation
Quest approval follows above process by the DAO members. Members can add more conditions or criteria on approval process. Sample criteria is as below: - The correct prediction period must be set e.g. voting should be closed before the event date - The prediction results must be clearly presented e.g. Yes/No, all possible multiple choices or all possible scalar - There should be no overlapping quests e.g. screen out same events - There should be no content that violates public morals or other laws. e.g. images, links, contents will be screened in all aspects When the DAO rejects the quest, there will be no refund for a content creator but individual feedbacks by the DAO members who have participated in the content approval process will be given to the creator. If the DAO approves the quest, it goes through draft, answer & approve transaction. Each of transactions will be recorded both in COJAM's cloud server and blockchain network to match supported data like images, videos, texts, links with the market smart contract. Members who have participated in this process will be rewarded when the quest is resolved according to their level or number of COJAM DAO NFTs.
2. Confirmation (Judgement)
When the quest ends, the COJAM DAO will be involved to resolute the quest. The members will work collectively to confirm the result (selecting correct answer that majority of participants would agree with) to resolved the quest and get rewarded according to the reward scheme. After the quest end date is reached, the confirmation process begins among the DAO members. Once a quest enters confirmation process, DAO members who have participated in the validation process will have 48 hours to submit a report on the quest’s outcome. At least 90% of the votes cast with at least 25% of DAO member's participation is required for the final confirmation. This is to ensure the quality of confirmation process and to follow the principle of collective intelligence. If the resolution does not meet the requirement then it goes to reconfirmation process to all DAO members to judge the correct answer. At this time, at least 90% of the votes cast with at least 50% of DAO members participation is needed to decide whether the quest gets resolved or adjourned. *Adjourn: market smart contract will pay back all deposits by participants.
3. Season
One of the main activities carried out by the DAO is to set a season every month. All figures from the season is reflected on the market smart contract and plays a big part in the whole COJAM prediction. Main criteria for the season is as below: - min/max vote by participants - Platform Fee - number of quests per month Members will put on a vote for the new season every month. They will come with the best figures of the season with their collective intelligence as it is directly related to the reward part of the prediction process.
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