This is a general article that provides basic information about the Echelon DAO.
Echelon DAO (Decentralized Autonomous Organization) is a transparent organization that is governed by smart contracts and fixed protocols, controlled by the Echelon team and board members (Token Holders), on the Binance Smart Chain. All of Echelon DAO’s financial transactions and development decisions are performed and maintained on the Binance Smart Chain. Echelon DAO provides a transparent digital ledger for any members, investors, or outside parties to view the workings of the DAO. All decisions made in or by the Echelon DAO will first be proposed and voted on by the Echelon DAO team members and community token holders and then implemented by the Echelon team through following certain fixed protocols.
ECHO is the governance and utility token distributed to the community through the Echelon DAO. The different ways in which ECHO can be obtained and utilized will be discussed in the Echelon DAO whitepaper. Each individual ECHO represents one governance voting right on the Echelon DAO. The tokenomics on ECHO will also be discussed in the whitepaper. ECHO enables the Echelon DAO to function in a fully decentralized manner with no central authority making decisions regarding the DAO’s actions and products. Participating ECHO users will also receive incentives for the input into the DAO. Future uses cases for ECHO will also be touched on such as claiming a unique founder NFT.
Echelon DAO structure
The Echelon DAO is set up to prevent the principal-agent dilemma. “Principal-agent dilemma” — This dilemma occurs when the agent of any organization has the ability to make decisions on behalf of another person or entity in the organization which could lead to impacting that entity or person in a negative manner. This dilemma usually occurs when an agent acts in his own interests in contrast to that of the organization. The Echelon DAO consists out of a main team and board members (token holders) and is thus known as an assembly type DAO where a large number of members interact in decision making with an agency via smart contracts. The Echelon main team are a set of people whose interactions are governed by a set of self-enforcing open-source protocols and smart contracts. The main team and Echelon members are not bound together by any legal entity or any formal legal contract but completely motivated and incentivized by the ECHO token utility and rewards. The only governing law present in the Echelon DAO is the decentralized and transparent protocol and smart contracts regulating the actions taken by the Echelon team and none other. The Echelon DAO has no single point of control, or failure. There is no central management but only indirect coordination between DAO members which is triggered by incentives and controlled by code.
The above figure is a very basic representation of the Echelon DAO structure. Note: This is not a hierarchy structure but rather a loop cycle.
Echelon DAO Roadmap
Where to find out more