ICVC is preparing to launch its SNS DAO and will put forward a SNS proposal to the NNS on 22/07/2024. This forum is an opportunity for the community to discuss the ICVC SNS and ask the founding team any questions.
VISION:
ICVC’s vision is to augment traditional venture capital models by leveraging decentralised contributors to access broader and deeper expertise, streamline due diligence and ultimately provide early stage venture capital to exceptional founders building products that will define the future of the internet.
PROBLEM STATEMENT:
Currently, companies and projects within the Internet Computer ecosystem can suffer from a lack of funding options past their nascent funding stage, such as a Funded campaign or angel investment, and rely on early SNS launches to fund their development.
ICVC DAO:
ICVC aims to bridge this funding gap for exceptional companies and founders and provide projects with the early stage funding required to build a mature working product and a strong community prior to their SNS launch. This ensures that promising projects can continue to grow and innovate without prematurely relying on community funds or early decentralisation.
By operating as one unit, ICVC can make meaningful investments into companies and projects, thereby gaining access to opportunities and terms not usually available to retail investors. The ICVC platform provides a medium to make clearly defined investment decisions as a community through a diligent investment process designed to help our token holders make informed investments decisions, facilitate community debate and truly engage with project founders.
PROJECT SUMMARY:
ICVC is a community-governed venture capital fund dedicated to identifying and nurturing high-potential early-stage ventures within the ICP ecosystem.
$ICVC will be the native token of the ICVC DAO. $ICVC token holders will decide the governance and investment decisions of ICVC through the ownership of $ICVC tokens and the voting rights they guarantee.
The ICVC DAO will control the $ICP raised during its SNS decentralisation sale and use the treasury to invest in early stage ventures through a diligent step-by-step investment process.
In return for its investment, ICVC will receive equity and a claim towards any future ICO, token launch or SNS of accepted ventures. ICVC will distribute exit returns to ICVC token holders through a process designed to bring traditional VC methods on-chain.
100% of the $ICVC token supply will go towards SNS decentralisation sale participants.
ICVC is incorporated in the Marshall Islands as a DAO LLC which allows ICVC to obtain corporate personhood, enabling the signing of term sheets and the execution of enforceable contracts with companies seeking funding.
TOKENOMICS OVERVIEW:
Proposed Token Distribution:
Total Supply: 20,000,000 $ICVC tokens
Initial Distribution:
100%: Allocated to decentralisation sale.
Decentralisation Sale Configuration:
ICVC token supply at Genesis
20,000,000 $ICVC
Minimum direct contribution target
1,000,000 $ICP
Maximum direct contribution target
2,000,000 $ICP
Minimum participation
1 $ICP
Maximum participation
1,000,000 $ICP
Minimum number of participants
10
Community fund contribution (as of 23/06/2024)
92,593 $ICP
Initial SNS Parameters:
Transaction fee
0.0001 $ICVC
Rejected governance proposal cost
10 $ICVC
Rejected investment proposal cost
10 $ICVC
Minimum neuron stake
1 $ICVC
Maximum voting period for a proposal
4 days
Proportion of voting power needed for a proposal to be accepted
It is recommended to review these documents before asking questions, as they may already contain answers. We will endeavour to answer questions on the forum or please reach out to the team on OpenChat.
ICVC is committed to ensuring a high-level of liquidity for its token. To ensure this, negotiations were carried out with committed LPs prior to the announcement.
Committed LPs will loan up to 100k worth of ICVC tokens following the SNS swap. This will provide adequate liquidity on DEXs to support trading.
No ICVC tokens will be used from other participants in the SNS swap.
Congratulations on the launch @Isaac_ICVC! I know you and your team have been working on this concept for a while, great to see such a comprehensive output for your efforts.
So…does this mean Plug is going to get even less attention now? We really need a functional wallet in this space that isn’t buggy and asks for access to your clipboard data.
The ICVC whitepaper is well worth reading all the way down actually, appears to be a well considered mapping of the SNS model of governance and treasury management onto a standard GP+LP venture capital model.
We will put forward a proposal to the ICVC DAO to provide the ICP required for liquidity provisioning from the treasury following the SNS Swap. The exact amount depends on the total amount raised in the decentralisation sale.
Thanks for announcing this project. Could I ask for some elaboration regarding the problem statement?
The heart of the problem (as it’s described) seems to be that up and coming projects are often forced to…
Can you explain more about why this is problematic?
Can I also ask if you’re aware that multiple rounds of SNS sales for a single project will soon be possible (it’s how WaterNeuron will be proceeding - assuming the existing DAO formed from the first SNS sale decides to proceed in that way).
Not directed at ICVC but I wish projects would use SNS for decentralizing finished projects. Right now it seems to be a knockoff of gofundme and team dont seem to be held to actually providing a working project…
Would you also be able to elaborate on the problem statement when you get a chance (in the context of multi-SNS sales per project being an upcoming NNS feature). This makes me uncertain of what problem this project is solving (given that further funding can be raised through subsequent SNS sales).
Many founders in the ICP space actually find it quite hard to get to a stage where they can launch their SNS. There is a ton of work to do: legal, community engagement and ofcourse a need to learn and engage with the ICP tech stack, which to new developers can be confusing and hard to navigate.
We’ve seen many projects fall short of SNS launch because they haven’t felt like there is support for early funding and guidance in their embryo stage.
We want to help founders with funding and development, so that there can be more SNS launches and high quality ones. ICVC will serve as a space for projects to share their ideas with the wider community, who can help shape how the project turns out by providing feedback and guidance.
I feel projects should have some form of working product before doing a decentralization sale. If it is being used as a fundraiser on promises of a product, there is nothing holding those teams to their whitepaper after they have the funds. Previous SNS typically have most neurons following the dev neuron which can lead to auto-approving votes due to aggregate VP. Midnight treasury transfers passing in 2 minutes have already happened.
Not to fud any projects but icx has done the above. They’ve since made progress to show that the treasury is still in place and being used for project.
Estate Dao is a great example of having no working product. They’ve had very poor communication with token holders after launch. They purposely turn off comments on 90% of all twitter posts and don’t answer on any of their social channels.
Icpcoins is an example of a project that seems to be dead 90% of the time. Token prices have been wrong for days at a time. Wrong canister addresses for tokens. Dev teams seems to not be active, hence the current motion proposal looking the token holders about transferring the treasury.
There are several options for strictly fund raising. Funded, NFT launches, 8yeargang.com, ICO’s / presales like Taco Dao did and now it seems the upcoming ICVC.
Many people participate in SNS under the impression that projects will be controlled by Daos and that their votes actually carry weight. It seems the autonomous part of Decentralized Autonomous Organization ends up not being true for many projects.
This may be why so many people view SNS as a scam / grift. Projects raise 200k ICP, vote to pay themselves 15k ICP for development and in return, provide a webpage that doesn’t get updated.
