Upcoming FuelDAO SNS Decentralization Sale

We’re excited to announce the launch of FuelDAO on the Internet Computer Protocol. This comes after more than a year of working discreetly. FuelDAO is a decentralized platform for vehicle ownership. Here, vehicles are tokenized for various purposes, ranging from personal use to deployment on ridesharing networks like Uber, Bolt, and Cabify. Users can own fractions of vehicles worldwide. Additionally, they can use their partially-owned vehicles and generate passive income from these Real-World Assets. FuelDAO uniquely secures vehicular assets with advanced blockchain technology, all powered by the Internet Computer Protocol (ICP).

Current Ridesharing Landscape:

Several issues continually challenge the global transportation sector:

  1. Trust Deficiency: High fees imposed on drivers and passengers are a common concern, resulting in dissatisfaction and a call for change. Additionally, the lack of transparency in the operations of these platforms makes decision-making processes and profit distribution unclear. This lack of clarity can breed mistrust and a sense of inequity. Consequently, drivers may feel undercompensated, and passengers might feel overcharged, fostering a system that favors the corporation over the individuals it serves.
  2. Environmental Impact: The environmental impact of these platforms is another significant concern. Most vehicles used in traditional ridesharing are petrol or diesel-powered, contributing to carbon emissions and worsening the environmental crisis. This issue is particularly alarming in a time where sustainable practices and carbon footprint reduction are increasingly emphasized.
  3. Low User Loyalty: In the shared mobility market, users typically don’t commit to one provider. They usually opt for the nearest or least expensive vehicle, showing no loyalty to any company. This lack of loyalty makes customer retention and long-term growth challenging for businesses. It also escalates the costs of acquiring new customers and limits opportunities to offer additional services to existing users.

How the FuelDAO Product Works:

Given the above issues, there is a growing demand for sustainable transportation options and decentralized solutions. These solutions would empower both drivers and users, creating a more equitable and transparent system. They would also potentially reduce environmental impact, aligning with global efforts towards sustainability. We believe we are solving for this efficiently through:

  1. :zap: Electric Car Fleet: Our fleet would primarily consist of Tesla electric vehicles, which make up a significant 80% of all cars available. These cars are renowned for their eco-friendly nature, thus promoting a greener and more sustainable method of transportation. This commitment to environmental sustainability does not come at the expense of enthusiasts who prefer traditional petrol or diesel cars. We would allocate 20% of our fleet to cater to this demographic, underscoring our commitment to inclusivity and variety in our service offerings.
  2. :dollar: Passive Income Generation: Car owners have the opportunity to become a part of FuelDAO by registering their vehicles on our platform (as a part of the future roadmap). As a token of appreciation for their contribution, they will receive FUEL tokens for every mile driven. These tokens will help cover essential costs such as maintenance and energy expenses, and additionally, owners can earn extra incentives based on user ratings and demand.
  3. :red_car: Advanced Ride Booking Platform: Our system allows users to conveniently request rides through our user-friendly and intuitive mobile application. Users can specify their preferences, such as vehicle type and driver rating, along with their destination. Our sophisticated algorithm will then match the user with the nearest available vehicle based on various factors including proximity, availability, and user ratings, ensuring a seamless travel experience.
  4. :coin: Innovative Token Economy: In order to incentivize participation and stimulate the growth of our network, FuelDAO will introduce a native utility token, known as FUEL. These tokens can be earned through a variety of ways such as providing rides, maintaining vehicles, and even contributing to the betterment of the FuelDAO ecosystem. Moreover, users can utilize the FUEL tokens they’ve earned to pay for rides, gain access to premium services, and participate in key governance decisions.

FuelDAO introduces a unique perk for FuelNFT owners – the ability to reserve complimentary rides (time-sharing benefits) in our newly acquired electric Tesla fleet. This exclusive benefit is facilitated through Fuel NFTs, granting owners a share of the time-sharing arrangement for the asset.

Proposed Token Distribution

Total Supply: 1 Billion FUEL Tokens

The Initial Distribution of FUEL Tokens at the SNS Sale is as follows:

  • 60%; Reserved for Treasury
    25%: Allocated to the Decentralization Sale
    15%: Allocated to the Founding Team

Funding Target

We are targeting a minimum of 1 ICP to a maximum of 250,000 ICP. The initial SNS configuration would be:
1

Why SNS at this Stage?

At the core of FuelDAO’s mission is the Community-First Approach. We aim to operate as a community organization that fosters organic growth, propelled by our dedicated community members.

Our community members are not merely users — they are part-owners of the platform. This is reflected in the nomenclature allocated to the existing founding team as well. No one has been accorded the title of Founders/Co-Founders since we believe that all the community members participating in the SNS Sale are an integral part of the founding team. Their part-ownership is critical to the expansion of our user base and revenue generation. This unique model circumvents reliance on traditional marketing expenditure. Instead, it taps into the power of community engagement and ownership, driving sustainable development and expansion.

In line with our community-centric philosophy, FuelDAO plans to actively promote the Internet Computer alongside. One method is by featuring prominent Internet Computer branding on all vehicles within our network. This strategy not only demonstrates our commitment to the Internet Computer but also amplifies the visibility of both FuelDAO and the Internet Computer Protocol (ICP). Our goal is to use on-the-ground efforts to raise awareness and understanding of our operations and the broader objectives of the Internet Computer.

We’ve also made firm commitments to our community-first approach regarding token distribution. We have opted against providing liquid tokens to the founding team. Instead, their tokens will be locked and vested over a four-year period, aligning team commitment with community interests. Additionally, in an unprecedented move, we have allocated zero shares to venture capitalists (VCs). This strategy prevents the formation of a single majority token holder, a common occurrence when ventures allocate 10-15% of tokens to VCs.

Visit our website and read our whitepaper for more information on the project. Thank you!

So who is donating the physical cars to this

1 Like

Thank you for sharing your plans @fueldao !
A few quick questions: Do you have a link to the code repository available ? Why did you pick a minimum funding target of only 1 ICP for this project ? Is the full SNS init file including the planned token distribution already available ? Do you plan to conduct a security audit ?

2 Likes

Thank you for your questions! We intend to use a part of the proceeds from the SNS sale for the acquisition of physical cars, starting with Tesla electric vehicles. Once the vehicles are listed on our platform, investors & members across the world would be able to purchase a stake in said vehicle. This would grant them part-ownership rights (in the form of FuelNFTs), which they can exercise in the form of timesharing, revenue share if the vehicle is listed on ridesharing platforms like Uber etc.

Our funding target is rooted in our community-first DAO based approach. We aim to operate as a community organization that fosters organic growth, propelled by our dedicated community members. We’ve also made firm commitments to our community-first approach regarding token distribution. We’ve allocated zero shares to venture capitalists (VCs) to prevent the formation of a single majority token holder. We’re also committed to being a very environmentally friendly organization, with 80% of our vehicle fleet being purely electric. As a DAO, we have the ability to be more focused on sustainable solutions for the long-term benefit of the community as a whole. This is very difficult for capitalist companies to be able to achieve, given their primary focus is profits. We pride ourselves on being solution centric & sustainable.

While conducting a security audit is a critical step in ensuring the safety and reliability of the platform, we believe it is more relevant for DeFi applications. Our platform primarily deals with NFTs being issued in return for investments, so our initial plan is to introduce a bug bounty system for the community. They could perform vulnerability assessments, penetration tests and help us meet global compliance standards. If the members of the community still believe we should get a security audit performed by an external third party agency, we shall work with some of the best in the business (CertiK, Quantstamp etc.) to help evaluate our codebase & infrastructure.

A link to our code repository & SNS init file will be made available to the public shortly. Keep an eye out for it in this thread!

Do you have an overview of the technical and legal architecture of the project?

What does the DAO own/control? What do NFT holders own/control?

4 Likes

At least the SNS proposal links to the repos… but they both appear to be under a month old :thinking: (initial commits on May 19th and 21st)

How much work has gone into this project? :confused:

1 Like


Not much considering that copy paste wasn’t even edited on the proposal.

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This:

And this:

Just ain’t adding up to me.

1 Like

Good point! It’s going to have to be a reject from me.

We intend to use a part of the proceeds from the SNS sale for the acquisition of physical cars, starting with Tesla electric vehicles…

… so they’ll sell the proceeds for fiat, taking it off-chain? What if they change their mind and spend it on something else. I’m not keen on the trust that this requires, and the project doesn’t come across as particularly well organised, and communcation is lacking.

1 Like

FuelDAO has been built completely on the IC blockchain, with all it’s components hosted on-chain (barring the KYC process). The technical architecture document offers a deeper look into our platform.

The DAO will control the treasury, the canisters, the intellectual property rights and all aspects of the dApp (investment platform, car booking platform etc.) associated with the project. NFT holders will have fractional ownership of the vehicular asset that they’ve invested in. This would give them timesharing rights as well as a proportional share of any revenue the platform makes. We’re also in the process of setting up a Non-Profit foundation in Zurich (similar to the DFinity structure), and working with the same set of lawyers and legal firms that they work with for implementation. The Non-Profit foundation will be a legal representation of FuelDAO because of the DAO-friendly Swiss regulations. The vehicles sold on the FuelDAO platform would be acquired under a Special Purpose Vehicle (SPV). The SPV(s) under the Swiss Non-Profit foundation would be responsible for everything related to the vehicle that it owns, including the management and maintenance of the vehicle plus distribution of the rental income. The NFTs issued to the DAO holders who participate in the sale of the vehicle would be representative of the shares of the SPV, thus providing them with the fractional ownership of the said vehicle. The expenses incurred in the maintenance of the vehicle (management fees, legal fees, compliance fees, etc.) would be adjusted in the rental income generated by the vehicle and the balance would be distributed to the NFT holders as dividends from the platform. As we expand into other geographies, individual SPVs would be setup to comply with the regulatory requirements of the specific region. There’s already a set example of legal structures with other RWA projects on IC, such as GoldDAO & EstateDAO. We’re in close touch with the EstateDAO team for a collaboration on the legal framework, given the similarity in business models. We’ve been ideating on the business model since 2022, before initiating development in stealth mode since last year. Please feel free to deep dive into the details of the first commit, which will show a working project with a significant set of lines of code. Our team has also been actively participating in AMAs with key thought leaders and projects in the IC ecosystem, where we’ve talked about our vision and motivation to start FuelDAO. You can see the links here-

  • Twitter Spaces with @Icpspace- x.com
  • Twitter Spaces with @CryptoEights- x.com
  • Youtube AMA with @icphub_PH- x.com
  • Twitter AMA Space with @WilliamLaurent3- x.com
  • Youtube AMA with @bitcoinr3negade- x.com

Furthermore, since our team members are long time contributors to the ICP ecosystem- growing the IC ecosystem is also one of our primary goals. We aim to achieve this by putting up IC logos & branding on all the vehicles that FuelDAO acquires. This will help in grassroots awareness about Internet Computer in all the cities we operate in, and help generate more interest.

Also, since we have been collaborating with the EstateDAO team, we took inspiration from EstateDAO’s SNS proposal to write our own, and in the process our team made this small error. Thank you for pointing this out, and our humble apologies to the community for the same.

Here’s a link to our Github repositories, and our sns_init.yaml file is attached below!

# UNITS
#
# This SNS configuration file version allows specifying the various
# fields with units that make configuration easier. For instance,
# in the previous version, all fields relating to token values
# had to be specified in e8s (fractions of 10E-8 of a governance token).
# In this version, similar fields can be specified in whole tokens,
# tokens with decimals, or e8s. Below is more information on the type
# of units that can be used.
#
# For fields that represent token values (such as `transaction_fee`
# or `rejection_fee`), devs can specify decimal strings ending in
# "tokens" (plural), decimal strings ending in "token" (singular),
# or integer strings (base 10) ending in "e8s". In the case of
# "tokens" strings, the maximum number of digits after the (optional)
# decimal point is 8. The "_" character may be sprinkled throughout.
# Whitespace around number is insignificant. E.g. " 42 tokens" is
# equivalent to "42tokens".
#
# For fields that represent duration values (such as `initial_voting_period`
# or `minimum_dissolve_delay`), devs can specify durations as a concatenation
# of time spans. Where each time span is an integer number and a suffix.
# Supported suffixes:
#  - seconds, second, sec, s
#  - minutes, minute, min, m
#  - hours, hour, hr, h
#  - days, day, d
#  - weeks, week, w
#  - months, month, M -- defined as 30.44 days
#  - years, year, y -- defined as 365.25 days
#
# For example, "1w 2d 3h" gets parsed as
#
# 1 week + 2 days + 3 hours
#    =
# (1 * (7 * 24 * 60 * 60) + 2 * 24 * 60 * 60 + 3 * (60 * 60)) seconds
#
# For fields that represent percentage values (such as `bonus`), devs specify
# the value as an integer with a trailing percent sign ('%'). For example,
# `10%`.
#
# For fields that represent time of day (such as `start_time`), devs specify
# the value as a string in form "hh::mm UTC". Where hh is hour, and mm is minute.
# Only the UTC timezone is currently supported.
# ------------------------------------------------------------------------------

# Name of the SNS project. This may differ from the name of the associated
# token. Must be a string of max length = 255.
name: FuelDAO

# Description of the SNS project.
# Must be a string of max length = 2,000.
description: >
    An electric car tokenization and leasing platform on Internet Computer, enabling users to invest in self-driving electric vehicles. 
    
# This is currently a placeholder field and must be left empty for now.
Principals: []

# Path to the SNS Project logo on the local filesystem. The path is relative
# to the configuration file's location, unless an absolute path is given.
# Must have less than 341,334 bytes. The only supported format is PNG.
# Consider that NNS dapp will render the image with a 1:1 aspect ratio and
# cropped to a circle.
logo: logo.png

# URL to the dapp controlled by the SNS project.
# Must be a string from 10 to 512 bytes.
url: https://fueldao.io/

# Metadata for the NNS proposal required to create the SNS. This data will be
# shown only in the NNS proposal.
NnsProposal:
    # The title of the NNS proposal. Must be a string of 4 to 256 bytes.
    title: "NNS Proposal to create an SNS named 'FuelDAO'"

    # The HTTPS address of additional content required to evaluate the NNS
    # proposal.
    url: "https://forum.dfinity.org/t/upcoming-fueldao-sns-decentralization-sale/31481"

    # The description of the proposal. Must be a string of 10 to 2,000 bytes.
    summary: |
        # FuelDAO Proposal for SNS
        Proposal to create an SNS DAO for the project FuelDAO.
        ## Token Distribution
        The total supply of FUEL Tokens at the time of the SNS Decentralization Sale is 1 Billion tokens.
        * 25% is allocated to the decentralization sale (250,000,000 tokens)
        * 15% is allocated to the founding team (150,000,000 tokens)
        * 60% is allocated to the treasury (600,000,000 tokens)
        ## Governance
        The governance model includes staking, voting, and other relevant details.
        The ledger transaction fee is 0.001 FUEL.
        The minimum amount of SNS tokens to stake a neuron is 5.
        The minimum dissolve delay for a neuron to cast votes on proposals is 3 months and the maximum dissolve delay is 4 years.
        ## Decentralization Sale
        * Minimum number of participants: 50
        * Minimum ICP raised through direct participation: 1 ICP
        * Maximum ICP raised through direct participation: 250,000 ICP
        * Minimum Contribution raised through direct participation: 1 ICP
        * Maximum Contribution raised through direct participation: 100,000 ICP
        * Neuron Fund Participation: Yes
        ## The Dapp
        The following canisters on FuelDAO will be governed by SNS post the SNS swap:
        * Frontend DApp - 67erj-tiaaa-aaaam-acnxa-cai
        * Backend (Asset) DApp - 6kdae-saaaa-aaaam-acnuq-cai
        * Backend (Asset_Proxy) DApp - 6ncgq-7yaaa-aaaam-acnua-cai
        * Backend (Provision) DApp - 7amc6-qqaaa-aaaam-acntq-cai
        ## Verification
        All information about the project can be verified in the [Whitepaper](https://fueldao.notion.site/FuelDAO-Whitepaper-8a43f3b69c04433fbc4499d25fd6aa28?pvs=25) and on [Github](https://github.com/Fuel-DAO).

# If the SNS launch attempt fails, control over the dapp canister(s) is given to
# these principals. In most use cases, this is chosen to be the original set of
# controller(s) of the dapp. Must be a list of PrincipalIds.
fallback_controller_principals:
    # For the actual SNS launch, you should replace this with one or more
    # principals of your intended fallback controllers.
    #
    # For testing, propose_sns.sh will fill this in automatically.
    - 5ptmx-dtkmo-ujaoi-yzezh-7cii2-7gx4h-6ub6a-4ooka-2hxri-o6ve3-tqe

# The list of dapp canister(s) that will be decentralized if the
# decentralization swap succeeds. These are defined in the form of canister IDs,
# for example, `bnz7o-iuaaa-aaaaa-qaaaa-cai`.  For a successful SNS launch,
# these dapp canister(s) must be co-controlled by the NNS Root canister
# (`r7inp-6aaaa-aaaaa-aaabq-cai`) at latest at the time when the NNS proposal to
# create an SNS is adopted (usually this is required even earlier, e.g., to
# convince NNS neurons to vote in favor of your proposal).
dapp_canisters:
    # For the actual SNS launch, you should replace this with one or more
    # IDs of the canisters comprising your to-be-decentralized dapp.
    #
    # For testing, propose_sns.sh will fill this in automatically.
    - 67erj-tiaaa-aaaam-acnxa-cai #Frontend DApp
    - 6kdae-saaaa-aaaam-acnuq-cai #Backend (Asset) DApp
    - 6ncgq-7yaaa-aaaam-acnua-cai #Backend (Asset_Proxy) DApp
    - 7amc6-qqaaa-aaaam-acntq-cai #Backend (Provision) DApp

# Configuration of SNS tokens in the SNS Ledger canister deployed as part
# of the SNS.
Token:
    # The name of the token issued by the SNS ledger.
    # Must be a string of 4 to 255 bytes without leading or trailing spaces.
    name: FUEL

    # The symbol of the token issued by the SNS Ledger.
    # Must be a string of 3 to 10 bytes without leading or trailing spaces.
    symbol: FUEL

    # SNS ledger transaction fee.
    transaction_fee: 100_000 e8s

    # Path to the SNS token logo on your local filesystem. The path is relative
    # to the configuration file location, unless an absolute path is given.
    # Must have less than 341,334 bytes. The only supported format is PNG.
    logo: logo.png

# Configures SNS proposal-related fields. These fields define the initial values
# for some of the nervous system parameters related to SNS proposals. This will
# not affect all SNS proposals submitted to the newly created SNS.
Proposals:
    # The cost of making an SNS proposal that is rejected by the SNS neuron
    # holders. This field is specified as a token. For example: "1 token".
    rejection_fee: 100 token

    # The initial voting period of an SNS proposal. A proposal's voting period
    # may be increased during its lifecycle due to the wait-for-quiet algorithm
    # (see details below). This field is specified as a duration. For example
    # "4 days".
    initial_voting_period: 4 days

    # The wait-for-quiet algorithm extends the voting period of a proposal when
    # there is a flip in the majority vote during the proposal's voting period.
    #
    # Without this, there could be an incentive to vote right at the end of a
    # proposal's voting period, in order to reduce the chance that people will
    # see and have time to react to that.
    #
    # If this value is set to 1 day, then a change in the majority vote at the
    # end of a proposal's original voting period results in an extension of the
    # voting period by an additional day. Another change at the end of the
    # extended period will cause the voting period to be extended by another
    # half-day, etc.
    #
    # The total extension to the voting period will never be more than twice
    # this value.
    #
    # For more information, please refer to
    # https://wiki.internetcomputer.org/wiki/Network_Nervous_System#Proposal_decision_and_wait-for-quiet
    #
    # This field is specified as a duration. For example: "1 day".
    maximum_wait_for_quiet_deadline_extension: 1 day

# Configuration of SNS voting.
Neurons:
    # The minimum amount of SNS tokens to stake a neuron. This field is specified
    # as a token. For instance, "1 token".
    minimum_creation_stake: 5 tokens

# Configuration of SNS voting.
Voting:
    # The minimum dissolve delay a neuron must have to be able to cast votes on
    # proposals.
    #
    # Dissolve delay incentivizes neurons to vote in the long-term interest of
    # an SNS, as they are rewarded for longer-term commitment to that SNS.
    #
    # Users cannot access the SNS tokens used to stake neurons (until the neuron
    # is dissolved). This field is specified as a duration. For example: "6 months".
    minimum_dissolve_delay: 3 months

    # Configuration of voting power bonuses that are applied to neurons to
    # incentivize alignment with the best interest of the DAO. Note, these
    # bonuses multiply each other, so the increase in voting power due to
    # the dissolve delay bonus is used in the equation to increase voting
    # power for the age bonus.
    MaximumVotingPowerBonuses:
        # Users with a higher dissolve delay are incentivized to take the
        # long-term interests of the SNS into consideration when voting. To
        # reward this long-term commitment, this bonus can be set to a
        # percentage greater than zero, which will result in neurons having
        # their voting power increased in proportion to their dissolve delay.
        #
        # For example, if the user has a dissolve delay of 6 months, and
        # the maximum dissolve delay duration (defined below as `duration`)
        # for the dissolve delay bonus is 12 months, and the maximum bonus
        # (defined as `bonus` below) is set to 10%, then that user’s voting
        # power will be 105% of their normal voting power based on staked
        # tokens (i.e. they will have a bonus of 5%). If the user increased
        # their dissolve delay to 9 months, they would get 107.5% of the normal
        # voting power of their tokens. And if they increased to 12 months, they
        # would get 110%. If they increase further, they get no additional bonus.
        #
        # If you do not want this bonus to be applied for neurons with higher
        # dissolve delay, set `bonus` to `0%` and those neurons will not receive
        # higher voting power.
        DissolveDelay:
            # This parameter sets the maximum dissolve delay a neuron can have.
            # When reached, the maximum dissolve delay bonus will be applied.
            # This field is specified as a duration. For example: "8 years".
            duration: 4 years
            # If a neuron's dissolve delay is `duration`, its voting power will
            # be increased by the dissolve delay `bonus` amount. 
            # This field is specified as a percentage. For instance, 
            # a value of "100%" means that the voting power will be doubled
            # (multiplied by 2).
            bonus: 100%

        # Users with neurons staked in the non-dissolving state for a long
        # period of time are incentivized to take the long-term interests of
        # the SNS into consideration when voting. To reward this long-term
        # commitment, this bonus can be set to a percentage (greater than zero),
        # which will result in neurons having their voting power increased in
        # proportion to their age.
        #
        # For example, if the neuron has an age of 6 months, and the maximum age
        # duration (defined below as `duration`) for the age bonus is 12 months,
        # and the maximum bonus (defined as `bonus` below) is set to 10%, then
        # that neuron’s voting power will be 105% of their normal voting power
        # based on staked tokens plus dissolve delay bonus (i.e. they will have a
        # bonus of 5%). If neuron aged another 3 months to have an age of 9 months,
        # the neuron would get 107.5% of the normal voting power. And if the neuron
        # aged another 3 months to 12 months, the neuron would get 110%. If the neuron
        # ages further, it get no additional bonus.
        #
        # If this bonus should not be applied for older neurons, set the bonus
        # to `0%` and older neurons will not receive higher voting power.
        Age:
            # This parameter sets the duration of time the neuron must be staked
            # in the non-dissolving state, in other words its `age`, to reach
            # the maximum age bonus. Once this age is reached, the neuron will
            # continue to age, but no more bonus will be applied. This field
            # is specified as a duration. For example: "2 years".
            duration: 2 years
            # If a neuron's age is `duration` or older, its voting power will be
            # increased by this age`bonus` amount. 
            # This field is specified as a percentage. For instance, 
            # a value of "25%" means that the voting power will increase by a quarter
            # (multiplied by 1.25).
            bonus: 25%

    # Configuration of SNS voting reward parameters.
    #
    # The voting reward rate controls how quickly the supply of the SNS token
    # increases. For example, setting `initial` to `2%` will cause the supply to
    # increase by at most `2%` per year. A higher voting reward rate
    # incentivizes users to participate in governance, but also results in
    # higher inflation.
    #
    # The initial and final reward rates can be set to have a higher reward rate
    # at the launch of the SNS and a lower rate further into the SNS’s lifetime.
    # The reward rate falls quadratically from the `initial` rate to the `final`
    # rate over the course of `transition_duration`.
    #
    # Setting both `initial` and `final` to `0%` will result in the system not
    # distributing voting rewards at all.
    #
    # More details on SNS tokenomics can be found in the developer documentation:
    # https://internetcomputer.org/docs/current/developer-docs/integrations/sns/tokenomics/rewards/#voting-rewards
    RewardRate:
        # The initial reward rate at which the SNS voting rewards will increase
        # per year. This field is specified as a percentage. For example: "15%".
        initial: 5%

        # The final reward rate at which the SNS voting rewards will increase
        # per year. This rate is reached after `transition_duration` and remains
        # at this level unless changed by an SNS proposal. This field is
        # specified as a percentage. For example: "5%".
        final: 2%

        # The voting reward rate falls quadratically from `initial` to `final`
        # over the time period defined by `transition_duration`.
        #
        # Values of 0 result in the reward rate always being `final`.
        #
        # This field is specified as a duration. For example: "8 years".
        transition_duration: 5 years

# Configuration of the initial token distribution of the SNS. You can configure
# how SNS tokens are distributed in each of the three groups:
# (1) tokens that are given to the original developers of the dapp,
# (2) treasury tokens that are owned by the SNS governance canister, and
# (3) tokens which are distributed to the decentralization swap participants.
#
# The initial token distribution must satisfy the following preconditions to be
# valid:
#    - The sum of all developer tokens in E8s must be less than `u64::MAX`.
#    - The Swap's initial balance (see group (3) above) must be greater than 0.
#    - The Swap's initial balance (see group (3) above) must be greater than or
#      equal to the sum of all developer tokens.
Distribution:
    # The initial neurons created when the SNS Governance canister is installed.
    # Each element in this list specifies one such neuron, including its stake,
    # controlling principal, memo identifying this neuron (every neuron that
    # a user has must be identified by a unique memo), dissolve delay, and a
    # vesting period. Even though these neurons are distributed at genesis,
    # they are locked in a (restricted) pre-initialization mode until the
    # decentralization swap is completed. Note that `vesting_period` starts
    # right after the SNS creation and thus includes the pre-initialization mode
    # period.
    #
    # For example:
    #  - principal: hpikg-6exdt-jn33w-ndty3-fc7jc-tl2lr-buih3-cs3y7-tftkp-sfp62-gqe
    #    stake: 1_000 tokens
    #    memo: 0
    #    dissolve_delay: 2 years
    #    vesting_period: 4 years
    Neurons:
        # For the actual SNS launch, you should replace this with one or more
        # principals of your intended genesis neurons.
        #
        # For testing, propose_sns.sh will fill this in automatically.

        # Dev Team Neurons - Founder 1
        - principal: 45uha-nnefe-yiih4-lcjg5-q3mm6-c2xsg-7xwxi-v37db-oliaz-qmovh-eqe
          stake: 6_250_000 tokens
          memo: 0
          dissolve_delay: 3 months
          vesting_period: 6 months
        - principal: 45uha-nnefe-yiih4-lcjg5-q3mm6-c2xsg-7xwxi-v37db-oliaz-qmovh-eqe
          stake: 6_250_000 tokens
          memo: 1
          dissolve_delay: 3 months
          vesting_period: 12 months
        - principal: 45uha-nnefe-yiih4-lcjg5-q3mm6-c2xsg-7xwxi-v37db-oliaz-qmovh-eqe
          stake: 6_250_000 tokens
          memo: 2
          dissolve_delay: 3 months
          vesting_period: 18 months
        - principal: 45uha-nnefe-yiih4-lcjg5-q3mm6-c2xsg-7xwxi-v37db-oliaz-qmovh-eqe
          stake: 6_250_000 tokens
          memo: 3
          dissolve_delay: 3 months
          vesting_period: 24 months
        - principal: 45uha-nnefe-yiih4-lcjg5-q3mm6-c2xsg-7xwxi-v37db-oliaz-qmovh-eqe
          stake: 6_250_000 tokens
          memo: 4
          dissolve_delay: 3 months
          vesting_period: 30 months
        - principal: 45uha-nnefe-yiih4-lcjg5-q3mm6-c2xsg-7xwxi-v37db-oliaz-qmovh-eqe
          stake: 6_250_000 tokens
          memo: 5
          dissolve_delay: 3 months
          vesting_period: 36 months
        - principal: 45uha-nnefe-yiih4-lcjg5-q3mm6-c2xsg-7xwxi-v37db-oliaz-qmovh-eqe
          stake: 6_250_000 tokens
          memo: 6
          dissolve_delay: 3 months
          vesting_period: 42 months
        - principal: 45uha-nnefe-yiih4-lcjg5-q3mm6-c2xsg-7xwxi-v37db-oliaz-qmovh-eqe
          stake: 6_250_000 tokens
          memo: 7
          dissolve_delay: 3 months
          vesting_period: 48 months
          
        # Dev Team Neurons - Founder 2
        - principal: lhqhf-7jmjt-midkb-nmzon-sglqg-4wu3r-63fup-7ajyq-7jihk-soeyc-7ae
          stake: 9_375_000 tokens
          memo: 0
          dissolve_delay: 3 months
          vesting_period: 6 months
        - principal: lhqhf-7jmjt-midkb-nmzon-sglqg-4wu3r-63fup-7ajyq-7jihk-soeyc-7ae
          stake: 9_375_000 tokens
          memo: 1
          dissolve_delay: 3 months
          vesting_period: 12 months
        - principal: lhqhf-7jmjt-midkb-nmzon-sglqg-4wu3r-63fup-7ajyq-7jihk-soeyc-7ae
          stake: 9_375_000 tokens
          memo: 2
          dissolve_delay: 3 months
          vesting_period: 18 months
        - principal: lhqhf-7jmjt-midkb-nmzon-sglqg-4wu3r-63fup-7ajyq-7jihk-soeyc-7ae
          stake: 9_375_000 tokens
          memo: 3
          dissolve_delay: 3 months
          vesting_period: 24 months
        - principal: lhqhf-7jmjt-midkb-nmzon-sglqg-4wu3r-63fup-7ajyq-7jihk-soeyc-7ae
          stake: 9_375_000 tokens
          memo: 4
          dissolve_delay: 3 months
          vesting_period: 30 months
        - principal: lhqhf-7jmjt-midkb-nmzon-sglqg-4wu3r-63fup-7ajyq-7jihk-soeyc-7ae
          stake: 9_375_000 tokens
          memo: 5
          dissolve_delay: 3 months
          vesting_period: 36 months
        - principal: lhqhf-7jmjt-midkb-nmzon-sglqg-4wu3r-63fup-7ajyq-7jihk-soeyc-7ae
          stake: 9_375_000 tokens
          memo: 6
          dissolve_delay: 3 months
          vesting_period: 42 months
        - principal: lhqhf-7jmjt-midkb-nmzon-sglqg-4wu3r-63fup-7ajyq-7jihk-soeyc-7ae
          stake: 9_375_000 tokens
          memo: 7
          dissolve_delay: 3 months
          vesting_period: 48 months

        # Dev Team Neurons - Founder 3
        - principal: ggrmo-ryedj-jfrie-orx5g-xlp4w-imjcm-l2nnc-3aqql-m257u-d2eje-fae
          stake: 3_125_000 tokens
          memo: 0
          dissolve_delay: 3 months
          vesting_period: 6 months
        - principal: ggrmo-ryedj-jfrie-orx5g-xlp4w-imjcm-l2nnc-3aqql-m257u-d2eje-fae
          stake: 3_125_000 tokens
          memo: 1
          dissolve_delay: 3 months
          vesting_period: 12 months
        - principal: ggrmo-ryedj-jfrie-orx5g-xlp4w-imjcm-l2nnc-3aqql-m257u-d2eje-fae
          stake: 3_125_000 tokens
          memo: 2
          dissolve_delay: 3 months
          vesting_period: 18 months
        - principal: ggrmo-ryedj-jfrie-orx5g-xlp4w-imjcm-l2nnc-3aqql-m257u-d2eje-fae
          stake: 3_125_000 tokens
          memo: 3
          dissolve_delay: 3 months
          vesting_period: 24 months
        - principal: ggrmo-ryedj-jfrie-orx5g-xlp4w-imjcm-l2nnc-3aqql-m257u-d2eje-fae
          stake: 3_125_000 tokens
          memo: 4
          dissolve_delay: 3 months
          vesting_period: 30 months
        - principal: ggrmo-ryedj-jfrie-orx5g-xlp4w-imjcm-l2nnc-3aqql-m257u-d2eje-fae
          stake: 3_125_000 tokens
          memo: 5
          dissolve_delay: 3 months
          vesting_period: 36 months
        - principal: ggrmo-ryedj-jfrie-orx5g-xlp4w-imjcm-l2nnc-3aqql-m257u-d2eje-fae
          stake: 3_125_000 tokens
          memo: 6
          dissolve_delay: 3 months
          vesting_period: 42 months
        - principal: ggrmo-ryedj-jfrie-orx5g-xlp4w-imjcm-l2nnc-3aqql-m257u-d2eje-fae
          stake: 3_125_000 tokens
          memo: 7
          dissolve_delay: 3 months
          vesting_period: 48 months
          
    # The initial SNS token balances of the various canisters of the SNS.
    InitialBalances:
        # The initial SNS token balance of the SNS Governance canister is known
        # as the treasury. This is initialized in a special sub-account, as the
        # main account of Governance is the minting account of the SNS Ledger.
        # This field is specified as a token. For instance, "1 token".
        governance: 600_000_000 tokens

        # The initial SNS token balance of the Swap canister is what will be
        # available for the decentralization swap. These tokens will be swapped
        # for ICP. This field is specified as a token. For instance, "1 token".
        swap: 250_000_000 tokens

    # Checksum of the total number of tokens distributed in this section.
    # This field is specified as a token. For instance, "1 token".
    #    150 million    (dev team)
    #    600 million    (governance)
    # +  250 million    (swap)
    # --------------
    total: 1_000_000_000 tokens

# Configuration of the decentralization swap parameters. Choose these parameters
# carefully, if a decentralization swap fails, the SNS will restore the dapp
# canister(s) to the fallback controllers (defined in
# `fallback_controller_principals`) and you will need to start over.
Swap:
    # The minimum number of direct participants that must participate for the
    # decentralization swap to succeed. If a decentralization swap finishes due
    # to the deadline or the maximum target being reached, and if there are less
    # than `minimum_participants` (here, only direct participants are counted),
    # the swap will be committed.
    minimum_participants: 50

    # Minimum amount of ICP from direct participants. This amount is required for
    # the swap to succeed. If this amount is not achieved, the swap will be
    # aborted (instead of committed) when the due date/time occurs.
    # Must be smaller than or equal than `maximum_direct_participation_icp`.
    minimum_direct_participation_icp: 1 token

    # Maximum amount of ICP from direct participants. If this amount is achieved,
    # the swap will finalize immediately, without waiting for the due date/time;
    # in this case, the swap would be committed if and only if the number of
    # direct participants (`minimum_participants`) is reached (otherwise, it
    # would be aborted).
    # Must be at least `min_participants * minimum_direct_participation_icp`.
    maximum_direct_participation_icp: 250_000 tokens

    # The minimum amount of ICP that each participant must contribute
    # to participate. This field is specified as a token. For instance,
    # "1 token".
    minimum_participant_icp: 1 tokens

    # The maximum amount of ICP that each participant may contribute
    # to participate. This field is specified as a token. For instance,
    # "1 token".
    maximum_participant_icp: 100_000 tokens

    # The text that swap participants must confirm before they may participate
    # in the swap.
    #
    # This field is optional. If set, must be within 1 to 1,000 characters and
    # at most 8,000 bytes.
    # confirmation_text: >
    #     I confirm my understanding of the responsibilities and risks
    #     associated with participating in this token swap.

    # A list of countries from which swap participation should not be allowed.
    #
    # This field is optional. By default, participants from all countries
    # are allowed.
    #
    # Each list element must be an ISO 3166-1 alpha-2 country code.
    restricted_countries:
        - AF # Afghanistan
        - AQ # Antarctica
        - BF # Burkina Faso
        - CI # Democratic Republic of Congo
        - CU # Cuba
        - IR # Iran
        - ML # Mali
        - MZ # Mozambique
        - MM # Myanmar
        - KP # North Korea
        - SD # Sudan
        - SS # South Sudan
        - SY # Syria
        - VE # Venezuela
        - YE # Yemen

    # Configuration of the vesting schedule of the neuron basket, i.e., the SNS
    # neurons that a participants will receive from a successful
    # decentralization swap.
    VestingSchedule:
        # The number of events in the vesting schedule. This translates to how
        # many neurons will be in each participant's neuron basket. Note that
        # the first neuron in each neuron basket will have zero dissolve delay.
        # This value should thus be greater than or equal to `2`.
        events: 5

        # The interval at which the schedule will be increased per event. The
        # first neuron in the basket will be unlocked with zero dissolve delay.
        # Each other neuron in the schedule will have its dissolve delay
        # increased by `interval` compared to the previous one. For example,
        # if `events` is set to `3` and `interval` is `1 month`, then each
        # participant's neuron basket will have three neurons (with equal stake)
        # with dissolve delays zero, 1 month, and 2 months. Note that the notion
        # of `Distribution.neurons.vesting_period` applies only to developer
        # neurons. While neuron basket neurons do not use `vesting_period`, they
        # have a vesting schedule. This field is specified as a duration. For
        # example: "1 month".
        interval: 6 months

    # Absolute time of day when the decentralization swap is supposed to start.
    #
    # An algorithm will be applied to allow at least 24 hours between the time
    # of execution of the CreateServiceNervousSystem proposal and swap start.
    # For example, if start_time is 23:30 UTC and the proposal is adopted and
    # executed at 23:20 UTC, then the swap start will be at 23:30 UTC the next
    # day (i.e., in 24 hours and 10 min from the proposal execution time).
    #
    # WARNING: Swap start_time works differently on mainnet and in testing.
    #
    # On mainnet:
    # - Setting start_time to some value (e.g., 23:30 UTC) will allow the swap
    #   participants to be prepared for the swap in advance, e.g.,
    #   by obtaining ICPs that they would like to participate with.
    # - If start_time is not specified, the actual start time of the swap will
    #   be chosen at random (allowing at least 24 hours and less than 48 hours,
    #   as described above).
    #
    # In testing:
    # - Setting start_time to some value works the same as explained above.
    # - If start_time is not specified, the swap will begin immediately after
    #   the CreateServiceNervousSystem proposal is executed. This facilitates
    #   testing in an accelerated manner.
    #
    # start_time: 12:00 UTC  # Intentionally commented out for testing.

    # The duration of the decentralization swap. When `start_time` is calculated
    # during CreateServiceNervousSystem proposal execution, this `duration` will
    # be added to that absolute time and set as the swap's deadline.
    duration: 15 days

    # Whether Neurons' Fund participation is requested.
    neurons_fund_participation: true

This is a completely unrealistic story.

If for no other reason than this, I will also reject.

Thanks for considering the Internet Computer. I will be voting in favor since I do not believe in the NNS gatekeeping projects from launching using the DAO framework, as long as no NF is being requested.

However, I would not invest in a project like this. There is too much vagueness. Plus, the fact that you would sell ICP to buy vehicles, which are off-chain components that the investors will have no ability to control, means I cannot support this from an investment perspective. Even if you were to use all the funds to buy Model 3 Teslas, you would only be able to afford 50 Model 3s. That’s not including taxes and legal fees to set up anything. I really don’t see how this succeeds. But if you have existing users and investors who are willing to support such a project, I don’t see any issues with using the SNS if that’s all you need.

Why vote to make a project SNS you don’t believe will succeed?

1 Like

The proposal requests a contribution from the Neuron Fund.

2 Likes

Initially, electric vehicles listed on the platform would be leased from automotive partners like Tesla, where we estimate the leasing price to be around EUR 500 per vehicle per month. A part of the proceeds from the decentralization sale would be used to lease only the first ten EV vehicles to kickstart our platform. Lease payments mentioned above would be paid out monthly, and as we continue to receive user feedback- we’ll iteratively tweak future parameters as and when investors can start participating in NFT sales. All future vehicles (post the initial sample fleet of 10 EV vehicles) added to the network would only be leased through NFT collections, where investors across the world can invest and get access to timesharing rights as well as a proportional profit share from the platform. The leasing strategy helps us significantly reduce our asset acquisition costs, and also helps us put the vehicle on ridesharing networks from day 1. The goal of this DAO is to have vehicles deliver more revenue per month than the lease fee and any related maintenance or upkeep costs. We hope to turn a profit within the first quarter of the vehicle being deployed on ridesharing services.

We truly believe in the potential of decentralized ridesharing, and it is heartening to know there are projects on other ecosystems that share our vision for the future. Teleport and Xride on Solana, Eloop on Peaq, and Drife on Polygon are just some of the few projects that are building the future of ridesharing. We strongly think the IC ecosystem and community should have a decentralized ridesharing project in it, and we’d love for FuelDAO to be the first mover in the space.

We’ve had a very close collaboration with EstateDAO for a couple of reasons: firstly, their country of operations to start with is also Spain (due to the crypto-friendly regulations in the country). They had already spoken to some of the best legal firms and lawyers in the land to set up their legal infrastructure. This was a great headstart for us to figure out our own legal structures. Secondly, our technical infrastructure is also quite similar. We both share a scalable backend multi-canister architecture for our NFT marketplaces (which is ICRC compliant). As we built it, we realized this could be of value to many members of the community, so we’ve decided that we will maintain a modular open source library which will be maintained jointly and help each others’ cause and future RWA projects. Community projects will be more than welcome to use our scalable NFT marketplace infrastructure if their project needs it.

We really have a long-term vision for contributing as much value as we can to the IC ecosystem, and we really believe that having shared resources across multiple projects will help grow the IC ecosystem much faster as compared to individual projects working independently. Our collaboration is a testament to the fact that this will help the IC ecosystem in the long run. While our projects may share a similar heritage, we differ significantly in our focus on the real-world assets we’re tokenizing. In extension, the regulatory landscape and operational strategy require a different approach, and this is exactly where we believe our team is the right fit to take this forward.

So you want the neuron fund to buy cars for your rental service?

Have you contacted normal lines of credit?
Have you considered utilizing normal business channels for a line of credit?
Whom holds the leases? If the dao votes to end a lease prematurely how will you handle that?

Have you ever operated a vehicle fleet before? Do you have any experience with rentals in general?

3 Likes

To vague for me as well and alot of good questions have been asked. I think the SNS at this stage of your project is not the way to go, should you not try some “fund me” page instead of a DAO framework?

1 Like

[Writing this on behalf of DFINITY]:

Thank you for sharing the detailed proposal for FuelDAO.

We believe the opportunity for decentralizing vehicle ownership and addressing key issues in the ridesharing landscape is a great RWA use case with a significant market potential. It’s certainly great to see it being built on ICP.

At this time, DFINITY would abstain from voting on the proposal and let the decision be in the hands of the community. Here are the reasons on why we are abstaining:

1: The project code appears to be at an early stage (essentially what we see is extremely similar to another project).
2: While the team did share the init file and the github link, it was only shared with the proposal submission instead of during the community syndication phase (missing the prescribed guidelines). In the future we would be declining proposals that do not adhere strictly to the timeline prescribed in the voting guidelines.

We wish the team well for their continued journey on building FuelDAO.

5 Likes