Personal DAO SNS Launch

[Jesse]

@timk11

In parts of this forum thread @Jesse has articulated a need to retain control of various aspects of the project and the reasoning seems fair enough, so perhaps the SNS model is just not the right fit for this project.

I’m confident that the SNS model is the appropriate model for this project. Allow me to shed light on why I’m of this opinion. Please bear with me, as I provide context:

In the traditional finance world there are banks of all shapes and sizes, and then there is a central bank that serves as the entity that sets the monetary policy and is the lender of last resort for the various private banks that are within the jurisdiction of the central bank.

My goal for personal DAO is to create a DeFi ecosystem within the IC that is even more robust than the TradFi ecosystems of countries like the UK, the US, etc… I intend to accomplish this by preserving the functional elements of TradFi ecosystems, while removing the elements that aren’t so functional.

The primary functional elements of TradFi ecosystems that I’m aiming to preserve are:

1. Distinguishable financial institutions that are flexible enough to meet the particular needs of the communities they service.
2. Independence for each financial institution so that each institution is able to create its own culture, strategies and directives which is necessary for the emergence of a robust, competitive and decentralized ecosystem.

The primary non-functional elements of TradFi ecosystems that I’m aiming to eliminate are:

1. The centralized nature of the central banks that set the monetary policies that private banks are subject to.
2. The extremely high cost barriers associated with establishing a private community bank.

With this project, the Personal DAOs fulfill the role of the independent, distinguishable, flexible financial institutions. Personal DAOs are to the ICP ecosystem what community banks are to the TradFi ecosystem. The difference is that Personal DAOs are governed by the communities that operate them and they cost less than $100 to establish rather than costing millions of dollars to establish as is the case with TradFi community Banks.

the SNS DAO fulfills the role of the central bank which sets the monetary policy that the Personal DAO DeFi ecosystem is subject to. The SNS DAO is to the ICP ecosystem what the central bank is to TradFi ecosystems. The difference is that the SNS DAO is a decentralized central bank- governed by a DAO, rather than being governed by an unelected group of people as is the case with TradFi central banks.