Genesis 1.0 Update
We’ve been talking about the move from Genesis Alpha to Genesis 1.0 for a while now. A lot of work has gone on behind the scenes and it’s about time the community was updated. This post seeks to give some insight on how the transition will occur, and what to expect, when. Please note that proposals will be made to the Genesis Community on all proposed changes.
Blog Post One | Incentives and Structure
The Mission and Principles of Genesis 1.0
Includes details on proposed 7 principles for Genesis that guide action, in conjunction with a proposed mission statement.
Might as well just post this here now, as it’s not new but it will have more detail in the blog:
Our proposed mission statement for Genesis is to expand the DAO ecosystem through the adoption of DAOstack software and the increasing utility of the GEN token.
Aligning Incentives | Reputation Reset
The key to achieving a mission like Genesis’ lies in aligning its stakeholders through common interests. In that light, 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.
In the next couple of days we’ll put forward a DAOtalk with some initial thinking on rep dilution and allocation going forward in order to have a discussion about this.
Genesis 1.0 should launch with an initial reputation distribution made up of Genesis Alpha members and other people and teams that have done work for the ecosystem. It will also launch with a mechanism that allows anyone to lock GEN and receive some reputation for doing so, the mechanics of which we will discuss in more detail.
Aligning Incentives | Funding
Genesis needs funding in order to attract a strong community of developers and contributors. At its current stage, Genesis receives monthly funding of $30,000 USD equivalent from DAOstack Ltd. The goal, shared by both DAOstack Ltd and Genesis, is to increase funding up to above $75K/month by the end of Q2’2020 with contributions from other entities. Members of Genesis 1.0 will govern these funds in line with the mission of the DAO.
To do this, we’ll introduce two ways for participation, both involve a combination of locking GEN tokens and receiving reputation (voting power) in Genesis 1.0:
Lock GEN for reputation (details forthcoming)
Contribute DAI directly in exchange for locked GEN tokens (LGN) TBC
Blog Post Two (beginning of November)
This blog will dive deeper into the crypto-economic mechanisms to do this in detail. It will also set out the thinking behind the formation of a Genesis Alliance – a group of highly aligned stakeholders in Genesis 1.0.
Blog Post Three (late November)
Will announce a call for proposals (basically a high level ideation rather than a list of what we want) that support the Genesis Mission, accompanied by detailed KPIs and tactical objectives. We would like to see these KPIs and objectives passed by proposal as well by Genesis as is, to certify our alignment.
Genesis 1.0 Soft-launch (late November)**
New reputation model passed and enacted (probably by moving to a new DAO instance)
Genesis Manifesto published (December)**
Basically the White Paper of Genesis 1.0