I am currently wondering if it's possible to set up a DAO with an ERC1155 as the governance token to vote, I am 90% sure it's not doable. Thank you for your time, enjoy your day.
It is possible to use an ERC1155 contract as a governance token for a DAO (Decentralized Autonomous Organization). ERC1155 is a standard for a class of smart contracts that can manage multiple types of assets within a single contract. It allows for the creation of both fungible (interchangeable) and non-fungible (unique) assets, and supports batch transfer of multiple assets in a single transaction.
To use an ERC1155 contract as a governance token for a DAO, you would need to set up the ERC1155 contract to represent the governance tokens and define the voting rules in the contract. You would then need to create a voting mechanism within the DAO to allow members to submit and vote on proposals using their governance tokens.
For example, you could define a function in the ERC1155 contract that allows token holders to vote on a proposal by transferring a certain number of tokens to a voting address. The number of tokens transferred would represent the weight of the vote. You could then use the results of the voting to determine the outcome of the proposal.
It is worth noting that implementing a DAO with an ERC1155 governance token can be complex, and it is important to carefully consider the design of the voting mechanism to ensure that it is fair and secure. You should also be aware that using an ERC1155 contract as a governance token may require additional gas costs compared to using a simpler ERC20 or ERC777 token, as ERC1155 contracts support more complex functionality.