When will BLOCKS be Fully Decentralized?
BLOCKS, DAO LLC will have two classes of interests: (a) membership interests; and (b) BLOCKS tokens. Token holders will not be considered members of the DAO LLC, but rather will be members of the token community. The members of the DAO LLC will have limited rights to perform basic administrative functions as set forth in the operating agreement so as to leave maximum autonomy and control of the BLOCKS network to the token holders. Shortly after launch, the DAO will enter a period of progressive decentralization that will result in the token holders assuming full control of all material decisions with respect to the governance and management of the BLOCKS network. To accomplish this, the DAO will implement a combination of community tooling for DAO members to collaborate in a decentralized manner. This entails On-Chain voting and the implementation of multi-signature wallets. Once On-Chain voting goes into effect, the DAO will effectively be governed by token holders of the community. Token holders will have the right to create proposals for the community to vote on, requiring a minimum token balance above a predefined threshold to submit. This token threshold will be defined by the community post launch and be incorporated into the operating agreement once determined. Once a proposal is submitted, all token holders will have the right to vote. For the sake of voting under the BLOCKS DAO, one token will equal one vote.