TUIT Governance
Crystal Chain plans to utilize TUIT's Development Reserve to establish the Tuition Coin DAO, expected to launch in Q4 2023. The DAO is a decentralized autonomous organization that operates without a central authority and is governed by smart contracts. The Tuition Coin DAO will streamline complex workflows using Cardano blockchain's sidechain, which is set to launch in mid-2023, and smart contracts to facilitate tedious processes such as filing permits and granting approvals.
TUIT Governance Tokens (TGT) determine the decision-making authority on the TUIT DAO, with an individual's voting rights proportional to their TGT holdings. Educators will be rewarded with TGTs for their contributions to the Open Educational Resources library at a rate of 1 TGT per approved educational module. After the launch of the TUIT DAO, the community of educators will make decisions about the project's future, such as:
- TUIT reward rate
- Annual supply ceiling
- TGT reward rate
- Expansion of the TUIT ecosystem
- Airdrop bonuses for educators based on their TGT holdings
Educators will begin receiving Tuition Coins in Q2 2024, with early joiners receiving bonuses determined by the community. The TUIT rewards for new content creation will also be determined by community decisions after paying off arrears. 2024 and thereafter, educators will earn Tuition Coins normally at a rate determined by DAO. The DAO community will keep making recurring decisions on the reward rate and supply ceiling for every subsequent year. The Tuition Coin is an education-focused token, making it reasonable to hand over control of the project to a global community of educators. A DAO-governed TUIT ecosystem will:
- Democratize the Tuition Coin economy
- Promote stability by negating extreme sentiments
- Compensate for regional economic turmoil
- Prevent the creation of crypto whales
DAO members will create proposals about the protocol's future operations and vote on them, with proposals achieving a predefined level of consensus being accepted and enforced by the smart contract rules.