Genesis 1.0 | Update

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:

  1. Lock GEN for reputation (details forthcoming)

  2. 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

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Thanks for the update @Kate

I would love to explore what functions Reputation will have in Genesis 1.0 before we distribute it.

Will we use REP only for voting or also for access to certain resources, rewards, and perks?

I’m interested in diving deeper into other use-cases for REP :slight_smile:

Hi,

Sorry I missed this response from you. Rep will have the same function - it’s voting power.

I’m keen to hear more on your use cases for Rep thinking @Luuk

Some of us would appreciate a technical roadmap, with the gory details dialed to 11.

A technical roadmap is coming soon

We’ll have a high level technical roadmap of Alchemy that @Shiv is working nd also a much more detailed process on github - where features and integrations for Alchemy will be spec’d for our open source developer community. Next week the bounties integration should be live as well, enabling people to propose bounties within Genesis for features and improvements on Alchemy

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Simply wonderful!
Gotta love that Github and bounties.

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Thank you for this update.
Is there a short, one-sentence description of the utility of GEN?
(Asking for a friend :slight_smile:

Right now, it appears to me to be “staking and providing a prediction market for GenesisDAO proposals, to improve holographic consensus”

Kia Ora Kate and fam!

The above section is the most important section for Genesis’ future, we kinda urgently need to arrive at a value proposition for 3rd party funding sources for GenDAO to secure DAOstack success.

What we want to create is

  1. Thriving ecosystem

Autonomously propagating ecosystem: As Chris Burniske recently mentioned in his piece “Fire before Growth: The Likely Fate of Ethereum Killers”, a key to Ethereum’s ecosystem success is in that 3rd party funding sources are investing in developing tooling and ventures for Ethereum. This essentially lifts the burden from the EF (In GendDAO/Alchemy’s case, it’d be DAOstack tech ltd) and spreads it across various stakeholders which all have interest of their own. Their interest can be dependent or not.

What we wan to avoid is:

  1. Tragedy of the commons

If we don’t find 3rd party funding sources for GenDAO, essentially we’re letting DAOstack’s ICO treasury bleed till it’s gone, that isn’t sustainable.

Could summon/form a taskforce that will develop sponsorship packages, coordinate work output that is valuable to attract 3rd parties?

What comes to my mind is offering dHack style events that are instead longer, online and promote projects that need community and ecosystem acquisition, similar to how Gitcoin and Bounties Network are being used. cc @Eylon.

Anyone raises hands to join in that effort ?

Cheers,
Daniel

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