The Foundation & Federations
The first piece of the Cardinal DAO is the foundation. It will serve as the parent government responsible for creating and maintaining new sub-governing electorate bodies, known as federations, which can autonomously approve issuers in their respective registries.
Anyone with a sufficient amount of CDNL will be able to submit a proposal to create a new federation, add a new representative to its electorate, or remove an existing representative from its electorate.
We can think of the foundation as the ecosystem of CDNL holders that facilitates the creation and operation of new federations, each of which is an electorate of representatives governing the registry of verified issuers that pertains to its domain.
The creation of the federation will coincide with the creation of a non-tradeable federation token of which each representative in its electorate will hold one to represent voting power. For example, the University federation would be an electorate that governs a registry of colleges that would like to issue tokenized certificates for their respective diplomas. In that case, the federation is the governing electorate, and each verified issuer in its registry is a university.
Being an issuer within a federation's registry means you will have the ability to distribute new NFTs of a given type that will be Cardinal-verified. The types of verified NFTs you can issue are stored in the smart contract for your federation.
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