My intention is to create a simple guide for people interested in the DXdao to learn its purpose, philosophy, and how to participate in this community. Surely there are edits and additions to be made. Would greatly appreciate some feedback. Some pieces were directly taken from the website and content pieces. Hope that’s ok.
V.1.0. May 17, 2020
The Index: A Governance Guidebook for DXdao Stakeholders
The DXdao is a decentralized community that develops, governs, and grows open finance protocols and products. It was initialized in May of 2019 and has over 400 unique stakeholder addresses. Their objective is to apply the innovations of blockchain to create simple, valuable, and decentralized finance applications to all humans. The DXdao at its core is composed of people recognized not by the letter “C” in their titles, but by the merit achieved and engraved in their hexadecimal identities.
1. Governance Philosophy
a. Decentralization First
We aim to incorporate all actions, procedures, product development, and community involvement under the notion that we are a collective that demonstrates leadership without a central authority. When building decentralized applications, we are conscious of implementing preventative measures that may eschew the balance of voting power among its reputation holders. As an evolving and amorphous collective, we are discovering what it means to self-govern, improve our workflow, and profitably scale. Our frame of mind is an openness to disrupting our present methodologies with new ideas and implementations that will lead to radical improvement.
b. Tactful Initiative
Because there is little barrier to entry upon participating in the DXdao, we welcome newcomers who are enthusiastic about contributing to our cause. Your role and applicability as a stakeholder is determined solely by you. You are encouraged to bravely share your thoughts if you believe they may have an impact on the collective. It is also a valued quality that you allow others to do the same.
c. Reputation Dynamics
We have implemented DAOstack’s holographic consensus mechanism as a way of gamifying participation and cooperation within this DAO. At its inception, DXdao underwent a Vote Staking Period, where participants completed various tasks to earn REP, a non-transferable asset sent to their respective Ethereum wallets. REP can be earned through participation in the DXdao through submitting proposals. The proposal must successfully pass through voting procedures encoded in DAOstack’s Alchemy smart contracts. Reputation is a continuous social asset that grows when productively applied, and atrophies from lack of use. Only those holding REP can vote, however creating proposals is open to the public.
d. Cooperation with Other DAOs
We are respectful of other communities and strive to be a top contributor to the decentralized finance ecosystem. We are believers in the aphorism, “a rising tide lifts all boats.” DXdao is open to all forms of collaboration with other DAOs and organizations that meet a common goal.
2. Product Ethos
DXdao is an organization that conducted a Continuous Token Offering as a means of not only providing capital to fund its ventures, but as a method of inclusivity of its stakeholders to earn yield from its future revenue streams. Our products are designed to be permissionless and devoid of central actors.
We value the Ethereum blockchain for its contributions to DeFi, and the vast potential of its smart contract innovations. Through Ethereum, we are enabled to quantify our reputation, and establish self-sovereign practices within our ecosystem. While we are open to future innovations that elevate the scalability of our products, we are firmly rooted in this protocol in particular for its long-standing technological benefits and network effect.
3. Proposal Guidelines
a. Communication Platforms
There are multiple mediums of discussion, the main ones being DAOtalk, Keybase, Jitsi, Telegram, and ultimately Alchemy. If an idea requires the participation or approval of the DXdao as a whole to execute, you are encouraged to speak about it in the group chat platforms, especially DAOtalk. DAOtalk is a very useful forum for condensing the community’s ideas and testing out a formal proposal without incurring gas fees. You will also have the benefit of getting perspectives from members of other DAOs. Topics that typically require a proposal would include website updates, organizational development strategy, requesting funds for execution of DXdao’s initiatives, etc. Proposals are created and voted on via Alchemy. For personal matters involving one individual, it would be best to address that person privately, and not in the group chat platforms.
c. Creating a Proposal
Visit Alchemy and click “+ New Proposal.” The Title must contain a summary of your proposal, with the amount of requested funds or reputation (if any) included. The description must contain a succinct explanation of your proposal, with evidence linked or attached wherever necessary. Do your best to eliminate the amount of trust that voters may have to apply in order to vote Yes for your proposal. Be sure to match the quantities, such as ETH Reward, Reputation Reward, with the asked rewards in your Title, so there are no discrepancies.
d. Quantifying Rewards
This is a sensitive procedure that demands personal judgment. Be mindful of the total budget in the treasury, as well as the amount of hours & effort put in for your reward as you attempt to quantify it. You may also search the History in Alchemy for similar proposals that successfully passed, and gauge accordingly. Rewards for development work and content typically manifest in ETH and REP, while smaller contributions (i.e. getting DXdao listed on a popular newsletter or a market data aggregator) may warrant only REP. It is encouraged that you run your proposed rewards by a couple of DXdao reputation holders first, to get feedback. Afterall, they are the ones who will decide whether or not your proposal passes.
4. Ways to contribute to the DXdao
a. Join Our Conversations
The DXdao depends on its development contributors as well as organizational development efforts in order to advance within the DeFi community. The easiest way to get involved is to join one of the community chat groups (mainly Keybase) or one of the weekly scheduled calls. Introduce yourself and your background, and ask a member how you can contribute. There are weekly calls where anyone can join the discussion, demonstrating tactful initiative.
b. Spread News of Our Products
We value not just new users to our products; we are open to suggestions for improving them, feedback is encouraged. Depending on the level of value and creativity in your acts of contribution (be it promotion, content, or organizational development opportunities), there is a likelihood someone from the DXdao notices your contribution, and encourages you to ask for a reward via a proposal. Please reach out to the DXdao if you have any ideas for promotion.
This is an Evolving Community
We are a collective that seeks to constantly observe and improve itself. There are many unknowns as to whether a truly decentralized organization can thrive at the scale of a traditional corporation. We are the very first to do this. Whether we intend it to or not, this project will set a precedent for DeFi, decentralized governance, and remote businesses for months and perhaps years to come. Without a frame of reference for how this is properly done, it is up to us to prove our credibility among the leading global brands in blockchain. Because we are who we are, all of this is possible.