So, this is largely an ad hoc piece, but let’s come up with some steps to move the DAO forward assuming the votes pass. The company and its leaders abstained from voting, fyi. This endeavor will be entirely community driven, so be conscientious of timelines, deliverables and inconsistent governance as we all figure this out. Big picture, the goal would be to get the DAO’s charter officially approved, get the project funded in a regulatory compliant manner, establish a legally bound NFT attached to a recognized legal entity, and use the DAO’s discretionary treasury to purchase or principally invest in a U.S.-Treasury chartered bank, credit union or thrift. Further Treasury usage would be incumbent upon the community based on an elected Operating Agreement. RSRV will be the currency of the DAO, and eRSDL benefits because the DAO will initially backstop unFederalReserve’s products, thus generating additional licensing fees. (See also: LaaS and eRSDL)
Let’s assume there’s a few tracks to consider:
- Finance & Accounting
- Operations (Treasury)
The immediate next step would be to wrap up vote, and publish results of voting. Dev is putting together the sprint(s) budgets, and we’ll lay out estimates for the legal and vendors, etc.
We’ll then look for a vote on that budget (all using eRSDL and uneRSDL tokenhodlers as voters.) All spending that Residual Token, Inc. incurs to help ReserveDAO become viable will be billed to the DAO.
If the budget is approved, then we’ll need to vote on whitelisting criteria and get that set.
Once whitelisting criteria is approved, then Residual Token, Inc. will pay to set up WY DAO legal entity. We can have our custodian partner multi-sig an escrow wallet for a fee that will be included in the budget. We can offer SAFTs (Security Agreement for Future Tokens) and folks can invest using fiat or crypto, and we can discount pricing based on whitelist tier.
If SAFT gets fully subscribed, then Vlad’s team pushes to production RSRV and staking/bonding UI. The WY DAO somehow distributes notifications to RSRV holders of their ownership (not sure how that works.)
So SAFT round has to be fully-subscribed and the DAO likely needs 2 FTE paid by the DAO to execute the DAOs decisions and manage Treasury. Also, a couple of marketing contractors, tech resources and a $100,000 budget for legal. Would love if folks have other suggestions to correct my thinking.
More to come as we’ll just edit/re-publish this document as we go.
We will not advance this program without community contribution and support. We appreciate the power having a dedicated treasury vehicle is for the other unFederalReserve products and hope that the DAO can set reasonable return expectations and then exceed those expectations. Have a great day and assume the DAO, unless otherwise selected by it’s governance process, will live under the same five core principles as unFederalReserve: Safety, Courtesy, Inclusion, Efficiency and Experience