Resubmission of the Proposal for IC GHOST SNS-DAO Creation

Summary

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

Why the Need for Resubmission?

According to the design of the SNS framework and the parameters set for IC GHOST, the NNS community had concerns about the lack of lock-up for GHOST tokens in the SNS swap, which meant that participants in the swap would not immediately acquire voting powers, they would need to stake their tokens again to obtain voting powers. As a result, the NNS community was apprehensive that the IC GHOST team could exert control through arbitrary proposals after the SNS swap. Consequently, the NNS community did not approve the initiation of the SNS swap for IC GHOST (you can review the proposal here: Proposal: 123409 - ICP Dashboard).

We understand these concerns and have been discussing and incorporating feedback from the developer community and IC community to make improvements.

And now, if we (the IC GHOST team) make a second attempt at launching the SNS, we would need to start the SNS creation process from the beginning. This involves submitting a first proposal, installing and initializing new SNS canisters, and then submitting the second proposal for the SNS swap.

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:

Governance

Each decentralization sale participant will receive their tokens in two neurons. The first neuron can be dissolved immediately, while the second neuron has a dissolve delay of 30 days.

Why are the tokens divided into two neurons? 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 the Internet Computer NNS and gain voting rights to participate in the DAO governance of IC GHOST. The immediate dissolve neuron provides flexibility, while the 30-day delay neuron is designed to ensure that in the initial stages of operation, the community’s voting power outweighs the team’s.

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

Let’s discuss how this impacts voting power. A neuron’s voting power is determined by its token value, dissolve delay bonus, and age bonus. With no dissolve delay, the bonus starts at 1x and can linearly increase up to 1.25x for a neuron with a maximum dissolve delay of 1 year. Similarly, the age bonus also starts at 1x and can increase linearly up to 1.25x over a 6-month period.

Therefore, post SNS, the team’s voting power ratio would be 4.08% * 1.25 * 1.25 = 6.375%. For the community, considering an equal split between immediately dissolvable tokens and those with a 30-day delay, the voting power ratio would be 20% * 50% * 1 * 1 = 10%. But in reality, the dissolve delay bonus for 30 days would be slightly higher, marginally increasing the community’s voting power ratio beyond 10%.

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

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: 50 ICP

Max to be raised: 20,000 ICP

Min to be raised: 10,000 ICP

From Community Fund: 0 ICP

Min participants: 200

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/ 3 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

GHOST Tokenomics parameters in SNS initialization

These are the relevant parameters for the two proposals we are about to resubmit. If you have any questions or suggestions, please feel free to reply here!

4 Likes

If you are just using it for liquidity wouldn’t it be better to use a liquidity bootstrapping pool?

1 Like

nice,big support. :+1::+1::+1::+1::+1::+1::+1::+1::+1::+1::+1::+1::+1::+1::+1::+1::+1:

1 Like

nah go full SNS ill buy 100% of tokens in the decentralisation sale

2 Likes

Big brother does things cleanly . :+1: borovan

The fact that it’s possible is a problem.

image

1 Like

I love that this is the nickname for a wealthy IC investor.

Honorary family member in the east, despotic overseer in the west. What a beautiful world :rofl:

1 Like

Only 1 big brother in crypto.

1 Like

I hope, everything goes well :ghost:

1 Like

i will all in IC GHOST DAO

1 Like

@icprobot 01101000 01100101 01101100 01101100 01101111

01110111 01100101 01101100 01100011 01101111 01101101 01100101 @icprobot

Meme coins not allowed, also you need Mandatory KYC with Sonic. So SNS it is.

3 Likes

How do I do this playa

e the dfini

Is all I got

its not a very efficient wire protocol

Guys bravo for internalizing the feedback and resubmitting. You have my vote and I wish you best of luck with SNS.

4 Likes

I guess that makes sense, it be crazy to launchpad an anonymous project.

Well, we will see what the dao says.

We have always seen your efforts and this is great, you have become the most official meme token on the ICP blockchain

2 Likes