Proposal to create an SNS-DAO for IC GHOST

[GHOST]

Summary

This is the proposal for the NNS to create an SNS DAO to govern the IC GHOST.

Purpose

IC GHOST is the first meme coin and one of the leading projects within the ICP ecosystem!

At IC GHOST, we are deeply committed to realizing the vision of Satoshi Nakamoto and fostering a community driven by selflessness and dedication. With the launch of our SNS-DAO, we embrace the spirit of collective decision-making and invite our community to actively participate in shaping the future of our project. Together, let’s harness the power of DAO!

Through this strategic move, we are relinquishing control and entrusting the leadership and governance of the IC GHOST project to you, our valued community members. Our decentralized autonomous organization (DAO) empowers each individual within the community to play an active role in shaping the direction and success of IC GHOST.

We are committed to creating tangible value for all ICP users. Our ultimate goal is to establish a fully decentralized and self-governing organization where every $GHOST holder becomes a respected stakeholder, contributing to the growth and prosperity of the project.

Together, let’s pave the way for a new era of decentralization and community-driven innovation. Join us on this exciting journey and be part of shaping the future of IC GHOST!

Every penny from SNS sales will be used for the liquidity of GHOST/ICP, which will be added through proposals.

Proposed Token Distribution

Total token supply: 10 billion GHOST tokens

Token distribution:

• 75.92%: Reserved for the SNS treasury & under control of the IC GHOST DAO. A portion of it is allocated for a 1:1 exchange between GHOST (EXT) and GHOST (ICRC1).
• 20%: To be distributed by the NNS run decentralization sale, Every penny from here will be used for the liquidity of GHOST/ICP, which will be added through proposals.
• 4.08%: Allocated to the IC GHOST team which vests 1 year

Ledger transaction fee: 1 GHOST token

For more information on the token allocation please read here.

Governance

Each decentralization sale participant will receive their tokens in neurons with dissolve delays is 0

Why is the dissolve delay set to 0? Firstly, this decision was made based on the request of the IC GHOST community users. Secondly, we want to avoid imposing mandatory governance on users. Instead, we encourage active participation from IC GHOST users. Once the sale is completed, and token conversion is finalized, every GHOST token holder can stake their tokens through Internet Computer Loading and gains voting rights to participate in the DAO governance of IC GHOST.

The IC GHOST team will receive their tokens in neurons with a 1 year dissolve delay.

The governance parameters for IC GHOST are proposed to be initially set as:

• Min stake: 10,000 GHOST tokens
• Min staking period for voting: 7 Days
• Max staking period: 1 Year
• Voting Rewards: 1.25% of GHOST token supply minted annually

Max staking bonus (for 1 year): 1.25x Max age for age bonus: 6 months Max age bonus: 1.25x These parameters can be verified by querying the governance canister’s get_nervous_system_parameters method at Canister: 6nh4s-5yaaa-aaaaq-aaaxq-cai - IC Dashboard

Decentralization Sale

20% of the total supply of tokens are proposed to be distributed via an SNS decentralization sale. If the proposal is adopted, the sale will start after the specified delay. If the maximum number of ICP configured below is raised before that date the sale will conclude earlier.

Sale participation parameters:

• Min participation: 1 ICP
• Max participation: 100 ICP
• Max to be raised: 20,000 ICP
• Min to be raised: 10,000 ICP
• From Community Fund: 0 ICP
• Min participants: 100
• Sale due: 1 week
• Sale delay: 0

The sale is open to anyone. Participation is either via the launchpad in the NNS front end: https://nns.ic0.app/ or on the command line using quill.

Ghost dapp

The Ghost platform consists of 3 dapp canisters.

• IC GHOST official website canister: yadjb-mqaaa-aaaan-qaqlq-cai
• IC GHOST NFT Collection canister: xzcnc-myaaa-aaaak-abk7a-cai
• IC GHOST Token (EXT) canister: fjbi2-fyaaa-aaaan-qanjq-cai
• sns_governance: 6nh4s-5yaaa-aaaaq-aaaxq-cai
• sns_index: 46y7s-vaaaa-aaaaq-aaaza-cai
• sns_ledger: 4q2s2-oqaaa-aaaaq-aaaya-cai
• sns_root: 6kg2g-qaaaa-aaaaq-aaaxa-cai
• sns_swap: 4x3uo-diaaa-aaaaq-aaayq-cai

[gatsby_esp]

Lets be honest… Every ecosystem needs a memecoin by definition. Joy & fun can bring a lot of interest that turns after in new developers and users coming to the ecosystem. This guys have shown over a year that they’ve been honest. Plus I like the NFTs.
Thus, i’m voting yes.

[FranHefner]

@gatsby_esp

Joy & fun

Joy & fun For those who buy before, for those who buy later, it’s sad and it’s not fun. Without earning money, what would be the fun for the project?

Let’s use SNS for non-MEME projects please.

Vote no, excuse me, I don’t want to sound bad, I just prefer the SNS for other types of projects…

[bjoernek]

At genesis, the dissolve delay for sale participant neurons is set to zero, while the dissolve delay for the single dev neuron is set to one year. This configuration implies that the SNS is not decentralized at launch. Solely the dev neuron will hold voting power, and as such, it could potentially be used to transfer treasury funds.

[GHOST]

We understand your concerns and appreciate you pointing this out. However, allow us to clarify some key aspects.

Firstly, even though at the initial stage, the dissolve delay for the team neuron is set to one year, it is important to note that community members have their neurons without a dissolve delay, meaning they are free to stake their tokens thereby amplifying community governance.

Secondly, the one-year dissolve delay on our team’s neuron is a clear commitment to the community: we have a long-term belief in this project. We firmly believe that our objectives align with those of the community within this period - that of building a robust, fair, and transparent decentralized community.

Lastly, we will always respect and protect the interests of the community. We would never undertake actions that harm or potentially erode the trust of the community. This is our principle and our pledge.

Thank you again for your scrutiny; we welcome and appreciate all such discussions as they are crucial to our progress.

[jwarner]

Hello, is there a website, Discord, Twitter, Instagram, Telegram, Facebook, or any other place to find information on the community you’re building? Thanks!

[DHemingway]

I’m curious what the monetary value of launching a token on the SNS is?

Dragginz took over the SNS-1 Dao because they wanted to be an SNS Dao and bought their way in instead of jumping through the hurdles (proposals/voting). I can’t recall how much they spent to gain access to the SNS.

Ghost wants an SNS and wants to raise 10,000 ICP. Is Ghost a $50,000 market cap before an SNS or because it’s an SNS Dao is it a $1,050,000 hypothetically.

It seems like SNS has intrinsic value that isn’t priced in.

For examples Cig Dao would like people to launch DAO’s on their platform. Catalyze seem like they want to go down this road to and have projects launch on its platform. I assume for good reason. There is value in the SNS and I don’t think it’s reflected correctly in the market cap of the projects that have launched on the SNS already. Maybe I’m wrong.

But if just by launching on the SNS that monetary value for a project is created - it seems like all projects no matter how big or small would want to launch in the SNS.

So if value is created by launching on the SNS shouldn’t we be charging fees to that project to do so, in addition to going through the normal proposals etc.

Edit: I would vote Yes to any project that is willing to pay the SNS launch fee in ICP that we would subsequently burn. Value is created for the project that launches on the SNS and value is created for ICP holders by burning the fee. Depending on how big the swap is, we could have a sliding scale of fees to charge. No project is too big or small. I voted no for Ghost SNS launch. But if they were going to pay a fee that would have been burned, I would have voted yes. There is nothing wrong with Ghost just the SNS. In my opinion.
(Hot or Not is raising 1 Million ICP currently in the SNS, 1% swap fee or 10,000 ICP should be collected by the SNS post decentralization swap and burned for example)

[GHOST]

Hello and thank you for your interest! We hold a strong belief in decentralized community-driven developments, and as such, we have chosen not to establish any “official” social channels. However, there are non-official communities where enthusiasts and supporters of $GHOST gather, share information, and engage in discussions. You can find these communities here: https://twitter.com/ghost_icp/status/1576958345545940992.

We also have a website where you can find more information about us: http://icghost.org.

While we encourage community interactions, please exercise caution and due diligence while participating in these platforms to avoid any potential scams or misinformation. Remember, our community is about trust, cooperation, and shared vision. Let’s contribute positively to the growth and success of $GHOST together!

[slq016]

It’s great. With ghost’s pioneering spirit, I believe sns will gradually become prosperous and out of the circle… 100% support

[gatsby_esp]

lol this applies to any project. Respect your opinion though

[borovan]

@DHemingway

Dragginz took over the SNS-1 Dao because they wanted to be an SNS Dao and bought their way in instead of jumping through the hurdles (proposals/voting). I can’t recall how much they spent to gain access to the SNS.

I dunno I was drunk. Dragginz DAO started after a karaoke session with a load of germans. Die Toten Hosen and Kraftwerk, good times.

The idea started when SNS-1 launched, I had 250 locked up for 100 years anyway just thought if I didn’t do it somebody else would.

[FranHefner]

Thanks for respecting the opinion. The key is to invest in a project not just because you think you are going to earn money later, but because it is useful for something. That serves to improve some aspect of people’s daily lives.
Likewise, if someone wants to invest in a ponzi, they can also do it. Everyone does what they want with their money. When I say ponzi is an example, I don’t mean this. But I think that all the meme coins, shiba, doge, ghost, only serve as a casino, they are useless.

[jwarner]

@GHOST

While we encourage community interactions, please exercise caution and due diligence while participating in these platforms to avoid any potential scams or misinformation.

Of course! I try my best. Here are a couple more quick questions.

On the web site it says the total supply is 10 billion tokens, and of that, about 200 million has been burned.

When I hear the word “burned”, I think that means those tokens have been removed from the total supply. But I see on the Twitter account that “2% of the total $GHOST (EXT standard) has been burned and this part will exist in the #SNS DAO.”

Does that mean that 2% isn’t removed from the total supply of 10 billion? It is just moved somewhere else?

Also, if the entire 10 billion has been distributed already using this info from the site:

Where is this 20% of the total supply coming from?

Last question, the team took 4.08% of the original 10 billion, and now the team will be taking 4.08% of this 2 billion? Thanks!

[bjoernek]

@GHOST

Firstly, even though at the initial stage, the dissolve delay for the team neuron is set to one year, it is important to note that community members have their neurons without a dissolve delay, meaning they are free to stake their tokens thereby amplifying community governance.

That’s correct, swap participants do have the ability to increase their dissolve delay at any point after the launch. However, this process requires some time. Consequently, there will be a period immediately after the launch where the SNS is fully under the control of the single dev neuron. It’s crucial that swap participants are thoroughly aware and conscious of this circumstance.

Secondly, the one-year dissolve delay on our team’s neuron is a clear commitment to the community: we have a long-term belief in this project. We firmly believe that our objectives align with those of the community within this period - that of building a robust, fair, and transparent decentralized community.

Other projects have taken advantage of the vesting period functionality for developer neurons. This approach creates an additional lock-in, demonstrating a tangible and long-term commitment from the developers without causing a substantial increase in their voting power.

Final note: Other projects have utilized the forum for pre-submission discussions, gathering community feedback, and fine-tuning parameters. This approach might have been beneficial in preventing vulnerable setups.

[slq016]

I don’t agree with your point of view. Isn’t your point of view that btc is also useless?The original form of encryption originated from meme, and then various forms were continuously created.

[NFHX]

Eisgekühlter Bommerlunder?

[krzysztofzelazko]

@FranHefner

If someone wants to invest in a ponzi, they can also do it.

This proposal is something like “How to make $100k in the easiest way possible”.
Given the chance of such decent funding, I’d love to get the group together to run a few more cash grabs. Let’s make next e.g. ICSmurfs! Zero utility, 100% pump&dump.

[infu]

Well, I am happy you aren’t asking for 5mil$ in ICP.

@bjoernek

Consequently, there will be a period immediately after the launch where the SNS is fully under the control of the single dev neuron.

That’s an attack vector you probably want to take care of. Trust is not something you should be asking for. You can probably fix that by setting min 30 days dissolve delay for all tokens (that depends on the staking bonus). Otherwise, devs can create a proposal and nobody can react (If others stake their neurons after the proposal has been made, they can’t participate in it)
Also, someone who buys >5% of the tokens will have more than devs and will be able to do that quickly. Basically few seconds after the swap is complete, they can have the treasury in their accounts.
That is basically a script that swaps for 5k ICP at most and a few sec later has 20k ICP and 80% of your new tokens.

There will probably be interest if you can clearly explain or prove a fair EXT token distribution and also how much of the new tokens will be given to EXT token holders. I am not getting it yet “A portion of it is allocated for a 1:1 exchange between GHOST (EXT) and GHOST (ICRC1)” How much is the portion? Even if you write a % now, why would the new DAO neurons vote for it later?

Saying that, I did get 20$ worth of GHOST airdropped to me by a friend, so you may have done a good job distributing it. But can you somehow prove it (at least approximately) and show us you don’t own 90% of the EXT tokens?

Edit: Ugh, you already made the proposal to launch. Well, gl. I guess that’s probably 180T cycles wasted.

[plsak]

Right, following actually means that @GHOST already decided how the every penny from SNS sales will be used

@GHOST

Every penny from SNS sales will be used for the liquidity of GHOST/ICP, which will be added through proposals.

[charm]

I support ghost dao, it’s about to take off