Am one of the early investors on ICPCC DAO, and have so far been refusing with my meager 4% VP to refuse this takeover of Dragginz + EXE team.
It’s true that the DAO has always struggled, but since the start, I am a big fan of the initial work and wished things have been more lucky to the team.
ICPCC DAO had great things:
was maybe the first one(s) to use Marshall Islands LLC for IC DAOs,
it was the first ones to have a well written constitution,
to have the concept of Council Members and elections,
the original founder stepped aside and allowed plenty of space for the community to lead, participate and contribute,
the voting power with exception of EXE investment, was quite well distributed.
From the ideals perspective, I love the ICPCC DAO. But reality has shown that:
0% voting rewards are terrible for incentivizing active voting (or following).
a valuable economical case, with strong demand is critical for the sustainability of any org (decentralized or not).
looking in retrospective, we needed to coordinate better the voting power. We even struggled with getting majority pass of update sns version proposals.
For future DAOs, on top of those lessons, another main lesson learned and recommendation is to establish a way for a significant DAO Treasury allocation to be on “election based” VP/Neurons, hopefully always compensating and balancing any misrepresented class (Contributors, Investors, Users). Instead of the Treasury being without use, it should have been deployed into significant Neurons and those Neurons follow elected people. And those elections not to be possible to be economically hacked.
With this letter, I also want to announce that I will start supporting the new core team and new direction of this SNS. I wish them the best of luck and hope they can use it well, I will be here manually (but quickly) checking the proposals and support in any way I can.
We’re working on a new marketplace for NFTs that’s going to be IC-only. Just much easier that way and other chains are poop anyway. This whole marketplace is going to be under MOTOKO DAO.
So this is going to be one of the first collections we’re going to launch. More info coming soon.
Basically the most powerful NFT collection code in the world. You’ll be able to merge Swampies, split them up, they can have state, rarity. Give us a few weeks to get it done
Hey @borovan since you clearly own enough voting power to control this SNS now and you are actively making changes without input from existing community members, why don’t you change the voting period so it doesn’t take 7 days to execute a proposal? You have the power to reduce that voting period to 1 day or 10 minutes or whatever is the minimum. Why not just get on with it if you are not concerned with decentralization or community input?
In fact, why not change the tokenomics so you can quickly earn enough maturity to actually own 51% without having to buy more tokens? Here is an example of the parameters you have the power to control that will give you max control almost immediately. Make it so expensive to submit a proposal so you are the only person who can afford to make a proposal. Then jack up the max dissolve delay so you are the only person who would be interested in maximizing rewards. Then enable governance rewards so you can pay yourself high governance rewards.
Or just mint yourself more tokens in one proposal.
My hope is that DFINITY (@lara@aterga@Andre-Popovitch) will use this SNS takeover as a case study for how to improve the SNS framework to help ensure that they remain decentralized over time. A large token owner can easily take over an SNS with way less than 51% token ownership. They can paralyze an SNS with just 20% token ownership as evidenced by NFID due to the definition of critical proposals and the fact that DFINITY and VCs are large token holders from the Neuron’s Fund who actively choose not to vote for legal/tax reasons. A large token holder can easily change the tokenomics parameters in their favor as described above. The type of proposal that enables these tokenomics changes is not even considered a critical proposal with a higher threshold to pass, but it is probably the only proposal type that really should be a critical proposal.
I am concerned about decentralisation, why wouldn’t I be?
The existing community members probably wouldn’t have much to say about a cute NFT collection of swamp creatures. I’m talking to the Motoko DAO guys about all of that.
I agree. The people that matter are well aware of how passionately I advocate for community engagement and properly incentivized governance as we work to advance decentralization. The people that don’t matter do nothing more than criticize everyone who is fighting the good fight. It’s not the critic who counts. If you need more than one account, not to mention about 30 accounts, to engage in a civilized forum, then you really should take a step back and do a self evaluation of your insignificance.
Fill me in, lol… what am I missing? Is @borovan not Neopets founder? Or is he is bad actor? From my perspective he’s passionate about being a part of the new frontier and contributing in the way he knows how, via gaming sector (which I still strongly believe will be the catalyst to mass adoption, just like the internet and computers… it was entertainment/gaming, because nobody could afford computers and internet for real world usecase). We’re all just larping in the “metaverse” building cities out of deserts with monopoly money.
it’s really a cool idea to recycle these daos into something useful, instead of making new ones. with your efforts, maybe when new people go through the launchpad they’ll see mostly live projects instead of a bunch of dead rugpulls. thank you for taking out the trash and restoring the dignity of the service nervous system.
