As has been discussed previously, there needs to be a reputation readjustment moving into Genesis 1.0. We propose that Genesis adopt a reputation structure whereupon its members have a vested interest in spreading the adoption of DAOs, the DAOstack platform, and use of the GEN token. Genesis 1.0 should be structured so that anyone with skin in the game of the DAOstack ecosystem can join and receive reputation.
Why do we need a reputation adjustment?
In order for Genesis DAO to grow into a mature ecosystem, we need to move beyond our small community dynamics. Specifically, teams and groups and individuals with skin-in-the-game should be given more reputation in the network, since they have something to lose.
Specifically, we are looking to enable the following two groups the ability to earn reputation in Genesis:
- GEN investors (groups who hold GEN tokens and stake these tokens in exchange for reputation)
- Genesis Funders (groups who send money to Genesis DAO in exchange for reputation). Note that this reputation distribution mechanism will be implemented after the implementation of 1) above. There are details here that have not been worked out (DAOtalk forthcoming immediately on why this is so).
At the end of the day, a reputation readjustment is needed to make better decisions, by allowing those with skin in the game to partake in our governance process. Those with skin in the game have the most to lose, and are incentivized to make decisions that will lead to the growth of our ecosystem as a whole.
Proposed reputation distribution of Genesis 1.0
Below are the proposed immediate changes to reputation distribution for Genesis 1.0. In order to minimize confusion, Genesis Alpha will be renamed to Genesis 1.0. Genesis Alpha members will not need to do anything, and will automatically be a part of Genesis 1.0.
We (DAOstack team) propose:
- That the existing Reputation issued by Genesis Alpha is of ~47K. Reputation will be diluted at a rate of 5,875 Rep per month to those who have locked GEN.
- That new members in Genesis will not receive reputation in Genesis 1.0 without completing work
- Along with the suggested changes suggested to our reputation allocation, the social cap of 2% on Rep will be removed.
These changes could lead to the following reputation adjustment over the course of 24 months (Note: the exact rate of dilution depends on how much reputation is distributed to to proposers for their work). The examples below use a 5% growth rate in reputation distributed to Genesis 1.0 proposers.
In conclusion, Genesis 1.0 aims to reward those with skin in the game. This shift should better align our ecosystem, and allow us to make better decisions that align with our long term objectives. We hope you agree and would love to hear your thoughts, let’s discuss here
This post was written in collaboration with @eric.arsenault