Welcome back to our series on Cryptosi DAODAO! In this episode, we recount the details of our first meeting, held on Discord on May 21st, 2023. Despite a small turnout, our discussions were profound, covering several topics fundamental to our emerging DAO structure.
During this inaugural Discord call, we delved into tokenomics, the DAO structure, our plans for the future, and some of the potential risks we might face. All of this provided a solid starting point to a project we believe will revolutionize the cryptocurrency space.
Laying the Groundwork
As our first-ever meeting, we discussed the long-term vision of the project: building a venture DAO, developing decentralized apps (dApps) on the Juno blockchain and other platforms, and using the proceeds from these dApps to finance the creation of more. This vision may evolve as our DAO membership grows and decisions are made collectively.
Our short-term focus is to lay the groundwork for this venture. This includes establishing tokenomics, determining who’s in charge, and outlining our short- and long-term roadmaps. One critical point we’re considering is how to safeguard against risks like 51% attacks, a concern that came up during our meeting.
Defining Governance and Tokenomics
We debated the most appropriate governance mechanism for our DAO. We considered an NFT-based governance system or a token-based model where governance power would be determined by token ownership. The plan is to initially start with a token-based method, transitioning to NFT-based governance once the NFTs are created and distributed.
In designing our tokenomics, our main goal is inclusivity. We opted for a high number of tokens to ensure even those with minimal holdings can have a vote. This approach contrasts with earlier DAOs where a masternode—a substantial amount of currency—was required to gain voting rights.
Planning for Future Development
Part of our discussions focused on community building and creating more dApps within the Juno ecosystem and other Cosmos-based chains. We also touched upon creating a fund for public goods, seeking more partnerships, and other long-term growth strategies.
To help drive our project, we’re considering partnerships with validators, where they would promote our DAO and in return, we would stake any tokens we hold with them.
A short-term plan within the next six months includes token distribution, creating documentation, and building a basic website to give a brief overview of what our DAO intends to do and how people can get involved.
While this first meeting might have been small in scale, the ideas and plans discussed were significant, setting a clear and exciting path forward. As the Chinese proverb goes, “A journey of a thousand miles begins with a single step.” For us, this meeting was that first crucial step.
In our next meeting, scheduled for two weeks from now, we aim to finalize our DAO structure, explore potential partnerships, and get our token distribution on track.
This first Discord call was indeed a productive one, despite its low turnout. Remember, the DAO is all about the community—so feel free to join us in the next meeting and become part of this exciting journey! Until then, stay tuned!