Autonomous Collective DAO
- Gitcoin Hackathon Project Page
- https://gitcoin.co/hackathon/tezos/projects/9485/autonomous-collective-dao
Autonomous Collective DAO is a whitepaper.
- Go to currently a whitepaper, soon to be a Dapp.
- Create your Kukai Wallet.
- Smart contract hash on testnet (Florencent)
- Contract address KT1JxYvFxCaf6ouNRnqG8Z1j7BjJfAwMJYcF
This app allows members of the DAO to fund each other by creating a contract called the "Pact". Pact are between a few members of the DAO. Being part of a Pact obligates each member to pay an agreed upon fee for an agreed upon period of time called a "Cycle".
What do you get by creating a Pact? Each member of the Pact is paid the total Pact value as a lump sum once per Pact. Each cycle one member is chosen to receive the full Pact value. This distribution started with the most senior member of the Pact and ends on the most junior member of the Pact. A senior member is one who has completed multiple Pacts successfully.
Some Pacts are for high income investors and other Pacts are for lower income investors. You can easily find your place by joining a league. Each DAO member joins a league to participate in Pacts. Leagues are deteremined by your funding threshold. Some members can only afford a Pact that cost $10 dollars a cycle. Other members need a Pact that will cost $1,000 dollars a cycle.
Basically each member agrees to pay the League funding requirement every cycle. There is one (1) cycle per member of the specific Pact created between those few members. So if three (3) members from the $100 League create a Pact with a cycle of two (2) weeks then each member will be paid $300 dollars once a Pact. Each member will pay $100 each cycle to the Pact contract address.
Additional information:
Each member of the DAO must have a twitter account so they can connect their Kukai (web wallet). This requirement adds social proof and pressure to the DAO. This social identity helps fosters community and networking among DAO members.
In order to join a league, and participate in those Pacts, there is a one time 10% fee (fee based on league funding value) per league to join and participate. This fee is used to fund insurance. Insurance is used to pay out fellow Pact members (called "comrades"). Intended as a protection if a comrade becomes hospitalized or dies before all the Pact are completed. If the fund is empty then no insurance is paid out. This is part of our known risks.
Leagues are based on member funding levels. Funding levels are the amounts that members of that league expect to pay for ANY Pacts created in this league. For example a $100 dollar Pact will mean each member MUST pay $100 each cycle to their Pact Comrades.
Cycles is the DAOs way of tracking funding windows. The cycle is agreed on by the Pact Comrades by accepting the Pact terms. Suggested cycles are 2 weeks or 1 month. But comrades can set ANY value they wish, even down to a day. This requirement means that the full term of the Pact is determined by the number of Pact members. For example a three (3) member pact with 1 month cycles will have a Pact term of 3 months total.
Pacts charges a 3% (increased from 1% to 3% to cover DAO badge rewards) fee (based on league funding level) to all comrades when they are created. Plus each comrade will make a 20% deposit (based on league funding level) to the DAO. This deposit is returned at the end of the Pact term. A comrades deposit will also be used in full to pay missed cycle payments and thus not returned to that comrade at the end of the Pact term.
Penalties or "Strikes" are given when a Comrade fails to pay during the cycle funding window. A member with one (1) strike has all their Pact deposits and fees doubled. The second (2nd) strike will ban that member (kukai wallet address) for life. A member can have strikes removed by paying his debt owed to the comrades plus "Apology" money which I call "Solomon's debt". The member will pay seven (7) times the amount they forfeited. This will be split amongst the Comrades they defaulted on.
Have you ever wanted to invest in a dream but didn't have all the money at the right time? AC DAO is here to the rescue.
- Connect a Kukai wallet to AC DAO
- Join a League
- Pick a Cycle
- Create a Pact...
It is just that simple!
Imagine you want to move into a new apartment but you don't have the money for down payment...
Who can come up with all that money at once!
Now You Can!
By joining a league that is affordable for you based on the cycle you can get that down payment and not break the bank. How? By spending what you can afford each cycle but knowing that you will be paid a large sum on a certain date. You can make big plans based on your pay-out date! Let me give you a concrete example based on moving into an apartment.
EXAMPLE:
Meet Geo, a hard working person like you and I. Geo's lease ends in six (6) months and they want to move into a bigger apartment. The down payment, of $600, on the "bigger" apartment is twice as much Geo's current place.
Geo starts planning by joining AC DAO!
- Geo joins a $100 League.
- Geo finds a Pact with 1 Month Cycles.
- This pact has 6 members (including Geo).
- Geo pays $100 a month, for the next six (6) months.
- Geo is the most junior league member in this pact.
- On the last cycle Geo is paid $600 dollars by the AC DAO Pact!
- The Pact is at term so it ends after 6 months. No more funding cycles after all members are paid out.
It is that simple. Get further with Comrades! Join the Autonomous Collective and govern your funds and future dreams. Don't rely on friends, family, or the government to take care of your Financial Independence. Rely on the Pacts you make with Comrades you meet in the AC DAO community!
See you Comrade, where communities prosper and ideas flourish.
- Minted tokens using fa2-bakery
- Create DAO on Homebase Dapp
- Block Explorer
- version badge for readMe
- berkeleytrue - Initial work - berkeleytrue
- Tre' Grisby - Initial work - trewaters
... No thanks to Mr.Humble on Discord.
This project is licensed under the MIT License - see the LICENSE.md file for details
- originally inspired by the Holy Grail
DESCRIPTION: Membership in the Autonomous Collective Decentralized Autonomous Organization “AC Dao” requires a pairing of your tezos wallet address and a social proof.
- “Connect” Tezos wallet.
- Currently only using social auth wallets.
- Example is Kukai wallet.
- Social Proof,
- currently only allow wallets that link to Social Media like Twitter,
- Future Features:
- Research Tezos social proof oracles.
- integrate a protocol/technology that enforces social profiles/ids on Tezos
DESCRIPTION: A member who supports the DAO with funds that can be used by AC Dao to mitigate risk in the contract. Lenders funds are used to helps pacts that are in default. They are also used as a extra member to any pact. Currently at a max of one lender per pact.
- Lender stakes funds for 30 days. While funds are staked AC Dao uses the funds to mitigate risk in the system.
- If funds are used by AC Dao then interest is paid back to the Lender for each use of their funds. Current interest is 2%.
DESCRIPTION: AC Dao members are encouraged to join leagues, one or many. Leagues are classified by their mandatory funding level of potential Pact contracts. Membership has a fee and forever connected to that member, they are unable to leave at a later date.
- Member joins a league that fits their Funding level. Each cycle of the pact the member will pay this league funding level unless they have penalties for defaulting on previous Pacts.
- AC Dao Collects a one-time 10% fee for members to join a league. This is based on the funding level of the league. So $20 league would cost $2 to join.
- • $100, Member Deposit held for duration of active membership in league. Look at how this money might be able to be used by the DAO and thus yield interest for the League. Must be used in order to create yield.
DESCRIPTION: AC Dao league members start Pacts by picking a timing cycle for the payments and payouts. The Cycle is a period of time like a day, week, or month(s). The members in the new pact, from now on called Comrades, will pay their league funding amount for one (1) cycle per member in the pact.
- Member that Creates the pact decides how many comrades can join this Pact. This could be a range, but it shouldn’t.
- Show Comrade Payout schedule.
- Date of all payments
- Amount of all payments
- Make it clear and easy to read.
- “Lobby” (area or time period) to allow onboarding of comrades to a newly forming pact.
- Time limit to hold funds for potential pact.
DESCRIPTION: AC Dao pacts are agreements between comrades to pay their league funding amount each cycle of the pact. One (1) cycle per comrade. Each member also agrees to accept a one time payout equal to the league funding amount per member in the Pact. So a ten (10) member pact will have ten (10) cycles and one (1) member each cycle gets a payout equal to ten (x10) times the league funding amount.
- Finalize the individual comrades (members) for this specific Pact
- Finalize the Payout order to each comrade in the pact.
- Start with (payout first) most senior member and end (payout last) on the most junior member. Show the dates explicitly with (projected) payout amounts.
- Show Comrade Payment schedule, Amount of all payments.
- Make it clear and easy to read.
- Collect 1% fee per comrade that goes into AC Dao insurance (“safety net”) fund.
- Comrades each pay a 20% deposit up front. Equal to percentage of a single payment. The deposit is returned at the end “term” of the Pact.
- Comrades accept terms of the Pact.
- Show entire time of pact. Really make this clear and help folks learn more about “banking”.
…time passes…:hourglass:
- Collect all member payments
- Access “Strike Penalty”, add/modify penalties, adjust payment amounts based on penalties.
- UX: send payment date reminders to comrades
- Payout most senior comrade
…(n) time cylces…
- Return deposit as part of final collection.
- Payout most junior comrade.
- Final distribution of remaining funds. All funds are distributed at this point.
- Wrap up all Pact Actions
- Assign final penalties, if any are needed.
- insurance balance
- (“safety net”)
- Viewable by all members of the Dao
- This is a known liability for all members
- Display data in a teachable way. Have descriptions of why things are working the way they do.
- Governance, voting Proposals
- Cycle term
- Payout dates, Payment Schedule
- collection dates
- Members in this pact, seniority
- Pact History
- Payment status
- League, payment amounts, could be modified by penalties
- members of pact, member seniority during this pact, league
- Pact history
- Name
- Wallet
- League Membership
- Image
- Social Proof
- Date of membership
- Funding level
- Member count
- Tezos funds and contract Navigation
- Regular wallet features
- Connect Tezos wallet
- Wallet balance
- Wallet address
- Send Tez ?
- Display NFTs
- Tezos transactions
- Clearly show Balances. Make it clear what is Loan, Fee, and Deposit. Also when they will get access to these funds.
- Pact balances
- How to join a Pact
- Voting (Participate) on governance
- Governance history
- Transaction history on AC DAO
- Goal: Make a modular DAO Style wallet. Something that is generally useful for any doa features.
- $100, Member Deposit held for duration of active membership in league. Look at how this money might be able to be used by the DAO and thus yield interest for the League. Must be used in order to create yield.
- $10, one-time fee paid to AC Dao
- $100, Pact creation (Genesis) deposit, “Good Faith” money
- $1, insurance payment to AC Dao
- $20, Deposit held for the duration of the Pact.
- $3, Add optional Lender at a 3% fee. Split 2% to Lender and 1% to AC Dao.
- $1, Pact Genesis 1% fee.
Lending to others of this league. Substitute for missing comrade. Funds the Pact in place of the missing member.
- $100, stake funds to be used by Pact Comrades or to cover Loan Defaults.
- Comrades have the option of a lender..
- if their Pact is going into Default,
- if their Pact is unable to find one (1) more member. Not meant to serve as more than one (1) missing comrade of a pact. For example if a pact has (n#) comrades but needs (n#) + one (1) to create the pact this is an option they can pay for. Risk is there won’t be a Lender available for every cycle of the pact. In that case the pact would default and the “creator” of that pact should get a penalty for risky behavior that resulted in a negative experience for the pact comrades.
- Staking could yield 24% APY (a year) on funds.
- $2, 2% interest paid back to Lender for staking resources
- $1, 1% fee paid to AC Dao by comrade in Pact (not to/by Lender)
- $100, League Deposit
- $10, 10% League fee
- $1, 1% Pact Insurance
- $20, 20% Pact deposit
- $3, optional Lender 3% service fee
- $1, Pact Genesis 1% fee
- $100, “Good Faith” Pact deposit
- $100, Cycle funding Pledge
- $10, Member league fee
- $1, Pact insurance payment
- $1, optional Lender service fee
- $1, Pact Genesis fee
- $100, League
- $20, Pact
- $100, Pact “Good Faith”
- $100, Pact Lending pledge
- $2, interest based on optional member service fee
- 24% APY
- Lock funds for a “standard” period/cycle of time. I like 30 days to start with.
yarn dev, starts localhost:3000