necDAO AMA 03 January 2020, 13:00 UTC. Post Questions Now

Hello everyone,

To celebrate the launch of Nectar DAO we will be hosting an AMA with the DeversiFi team behind the creation of necDAO including Will Harborne, Ben Wilson and Ross Middleton.

DATE: 03 January 2020, 13:00 UTC

Useful links:

Whitepaper
necDAO page

Post your questions below and we look forward to a thought-provoking discussion!

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5% of necDAO REP distribution via GEN auctions. Some of auctions participants dont own any NEC tokens. Is it possiblele during “burning event” distribute some NEC tokens to necDAO REP holders to be sure that all necDAO REP holders own some NEC?

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Hello team, I have a couple of questions:

  1. I wasn’t sure, is there a threshold of required Reputation someone needs to to propose to necDAO?

  2. “There is no limit, but to be a good fit for necDAO proposals need to be deliverable and convincing whilst producing a real benefit to the ecosystem.” This sounds really open. I just want to be sure, what kinds of proposals can be submitted? Do they need to relate specifically to Nectar and DeversiFi or can we use funds for the general DeFi world?

  3. Is the necDAO a legal entity of any kind? Is it a cooperative, a club, a non-profit, a corporation, an LLP? If not, how is it set-up and who takes liability?

Thanks

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Can I get get a token listed on DeversiFi through necDAO?

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To what extend will the DeversiFi team participate in the necDAO?

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Will proposals be passed according to the amount of reputation a user has, or the amount of unique voters, or a combination of both? Are there any mechanisms in place to prevent DAO manipulation? (i.e a whale distributing NEC between many accounts, gaining REP via locking, bidding GEN, and then voting in proposals they make themselves?)

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  1. Is there any plans to make the necDAO available on mobile?

  2. What will long-term success look like for the DAO?

  3. For someone unfamiliar with the workings of a DAO, what are the resources you would point them towards to get started?

  4. Is there any restrictions to what kind of proposals that stakeholders can submit to the DAO? If not do you see any potential issues arising from this specific to necDAO?

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Will it be permitted / encouraged to have a creative discussion about possible proposals within the community of REP holders before a proposal is submitted ?

for example:a user might wish to suggest an application such as: use some of the necDAO to provide/incentivise liquidity on specific token pair on DeversiFi

it may then be appropriate to have a discussion within the community about how best to do this and which pairs to support before specific proposals are submitted.

What would be the best way to approach this?

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Will necDAO have any control or influence over the development and future policies of DeversiFi ?

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Hi CryptoBadger, I’ll go through your questions one-by-one:

  1. Proposers do not need to have any Reputation whatsoever to make proposals to necDAO. Only members will need Rep if they want to vote

  2. We offer a deep-dive into the purpose of necDAO connected to the origin of funds on our landing page and whitepaper. In short, we have built necDAO to primarily serve the Nectar and DeversiFi ecosystem, hence the favourable Rep distribution for Nectar holders. We have designed it this way to incentivise voting members to pass proposals that will improve and help grow Nec/DvF. But fundamentally speaking, these funds belong to Nectar holding members of necDAO and can be spent however they decide.

  3. Nectar DAO isn’t an incorporated company. The closest thing it could be is a cooperative, but it isn’t that legally. Legally, members enter into a mutual agreement together. We considered various options here and ultimately decided that it is isn’t our place to prohibitively tell the necDAO where it sits legally and in which jurisdiction. We built the DAO with true autonomy in mind, owned in whole and governed by its Reputation holding members. You can read the finer print of the legal agreement here: https://nectar.community/dao#

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Great question! The short answer is yes, although we have to define this process first and it won’t be possible at launch. We will share more information on our channels in the near future but as a teaser, it is likely we will build upon and adapt the work of our previous system (using Kleros)

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This is an excellent question. The short answer is yes, groups are free to collaborate on proposals and discuss the best approach before submitting. This should help ensure thoughtful and comprehensive proposals are submitted, which benefit the ecosystem. The example you give is a good one for this purpose.

We would naturally encourage transparency and so the best place to do this would be either within Telegram or by creating a specific thread within DAOtalk and beginning/conducting the conversation there. This way the whole community has access and concerns/ideas can be shared.

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Hi, hopefully the below helps answer your questions:

  1. The necDAO is hosted on DAOstack’s Alchemy site, which is already mobile optimised and can connect with Portis and Fortmatic.

  2. We want to see necDAO successfully serve the Nectar and DeversiFi ecosystem with growth-initiatives including development work, marketing campaigns and more. Decentralisation of this kind is obviously still novel, but we believe it is the future of how we collaborate and harmonise as organisations, so we want to see necDAO prove this to be workable and to crystalise any learnings along the way to improve the processes. We want to see necDAO autonomously pass reasonable proposals, relevant to Nectar, DeversiFi and the wider DeFi ecosystem, with tangible, real-world results. We will be recording each proposal, along with reports and ‘journalling’ our journey.

  3. We have a working knowledge base visible here which currently includes various resources to help initiate new users. We plan to build upon this and make it a go-to resource for participants of necDAO and the wider DAO landscape. We also plan to share existing resources from DAOstack and the wider space, to help onboard users as well as funding educational events, research and content initiatives using the DAO.

  4. Fundamentally, there are no restrictions on what can be proposed to necDAO. We have built incentives to support the right proposals but the final call is on members to decide what does and does not pass. For example, up to 50% of DeversiFi exchange revenue will be pledged to buying back NEC tokens. We will be playing a role as voting members to assist in guiding the necDAO forward and staying vigilant to protect against any malignant proposals.

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Thanks for this reply. I would like to ask a follow up on the amount of DeversiFi revenue that will be used to buy NEC.

Is there a formula somewhere ? what can we NEC/REP holders do to increase the revenue and increase the % share used to buy NEC?

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another follow up question: this time specific:

what would it take to enable GEN trading pairs to be enabled on DeversiFi ?

this is quite urgent/timely for those who may want to participate in the REP auctions with GEN

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Yes, you can find a more detailed formula on the buy&burn section here: https://nectar.community

On the second point, that would be an example of a proposal which could be made as a suggestion but would require a final stage agreement from the DeversiFi team as it might affect the commercially sensitive functioning of the exchange

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Yes, that’s a good question. We are naturally very keen to add GEN and is something on our near roadmap. To answer your question more generally, i.e. how to use necDAO to list tokens, we would need to first define this process and as such, it won’t be possible at launch. We will share more information on our channels in the near future but as a teaser, it is likely we will build upon and adapt the work of our previous system (using Kleros)

For now, GEN is can be bought from Bitfinex or Kyber

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I am not sure where to read the mutual legal agreement. Is it the whitepaper or a separate agreement?

If NEC/REP holders wanted to change the agreement between ourselves what would be the proceedure and voting requirement/majority ?

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Apologies, that link could be more helpful. You can find the agreement by clicking ‘participate’ it will then pop-up. You can also see it here: https://support.deversifi.com/en/docs/64-necdao-legal-agreement

That would be possible but we would need to define the specific process. The proposal would need to be discussed as a specific thread here in DAOtalk and we can include the DAOstack team to figure out the best way to automate the change directly from the proposal once it passes (if it does). Would probably be based on hashes

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HI Necholder! In short, necDAO will be in majority control over the future of Nectar as a token and Nectar.community. Decision made by the DAO regarding the more sensitive, back-end operation of DeversiFi will be influential, however, there will remain a necessary final layer of approval from our technical and leadership teams - for any proposal that directly impacts the codebase, commercial aspects or functionality of the exchange itself. Less mission-critical areas such as content creation, research, marketing, third-party interfaces, such as the trader-leaderboard, or aggregation sites, or anything else, related to DeversiFi but not effecting the aforementioned asepcts, will be free to proceed. I hope that clarifies your question?