What is Moloch DAO?
Let's find out Moloch DAO meaning, definition in crypto, what is Moloch DAO, and all other detailed facts.
The term Moloch DAO can be used to describe various frameworks and platforms such as a DAO framework, a DAO that uses the said framework, or the original grant-giving DAO framework deployed by Ethereum.
In general, MolochDAO has a fairly straightforward infrastructure when comparing it to the first attempts at developing DAO frameworks.
Moloch DAO framework offers highly decentralized and distributed power and is comprised of one smart contract per DAO. It brings its attention to ease of use, security, strong protection for minority members, extensibility, and support for efficient coordination.
Moloch DAO framework's core features include:
- Invitation-only. There is just a single way to join. You need to be invited in by a member and accepted by other members;
- Member votes are not equal meaning that some members have more power than others;
- Weighted voting system. Governance power can’t be transferred over to another member;
- Ragequit. Members have the option to take their shares in return for a proportionate amount of the assets in the DAO’s treasury.
Members can submit proposals in order to take action and make changes. These proposals need to acquire sponsorship from a DAO member. Then, based on the number of shares each member holds, they vote on the submitted proposal. The proposal is passed if the majority of the votes are favorable.
Since DAO does not have a set quorum, members who were not present during the time of voting are given a grace period where they can ragequit if unsatisfied with the new changes. It’s a way to protect minority members.
Furthermore, members can put forward a proposal in order to grant a number of shares to new members or to increase the number of shares that are already held by an established member. Proposals are also used to transfer assets from the DAO treasury.
Unfortunately, proposals in MolochDAO don’t have the ability to have direct interactions with various smart contracts. In order to overcome this issue, you can install a MolochDAO contract extension also known as Moloch Minion.
So far, there has been one upgrade in regards to Moloch DAO. The first upgrade, also known as Moloch V2, added new features like loot shares and a new type of proposal called Guild Kick that allows removing unwanted parties from the DAO by voting. Additionally, the first upgrade authorized Moloch DAOs to obtain and spend more than just one token.
The next version of the Moloch DAO is still in the works. However, enthusiasts envision an addition of new capabilities and functions as well as increased flexibility within Moloch V3.
An example of this framework is MolochDAO which is a decentralized autonomous organization that supports Ethereum infrastructural improvements. It is the first Moloch DAO.
Ever since the launch of MolochDAO, this framework has been adopted by many other DAO platforms. Among them are MetaCartel, Meta Gamma Delta, and Raid Guild.