DIA — December DAO Vote & Community Proposals
With our first DAO Vote we want to lay the groundwork for deeper community involvement, starting with a vote on the usage of 9.15 M DIA tokens from the association reserve.
Creating a fully autonomous organisation is DIA’s long-term goal and we appreciate the need to enable inclusive proposal- and decision-making processes and extend voting rights to the token holder community. The transition towards full DAO governance requires a gradual approach, DIA is working towards that goal. Until a full DAO is implemented and operational, the team maintains some central decision making processes that will gradually be replaced by DAO structures. The first vote will be held via Snapshot.
To introduce the voting process, a short message from DIA’s association president, Michael Weber:
The Road to DAO Implementation
We begin by shedding light on the high-level process of implementing the DIA DAO. For this we are taking a gradual approach, structured in 3 main stages:
Stage 1: Enable a first binding DAO vote to be implemented
- Timeline: December-2020.
- Vote on 9.15 M DIA tokens from reserve
- Objectives: A) Community: First binding decision to be implemented by team. B) Development: DAO test, tech set-up and UX interface and voting process.
Stage 2: Develop DAO inclusion on tokenomics, data feed governance and strategic decisions
- Timeline: 2021
- Objective: Enable the binding vote on multiple aspects of tokenomics, as well as decentralised interaction with the curation, maintenance and arbitration of data conflicts.
Stage 3: Make legally binding DAO votes on governance structure, usage of company funds, HR decisions as well as strategic decisions
- Timeline: 2022, 2023
- Objective: Achieve a DAO infrastructure that enables token holders to make legally-, and commercially binding decisions under Swiss law.
2020 Proposals & Voting Process
In the 2020 DAO vote, the usage of the first association reserve tranche is open for community proposals. Functionality to submit proposals via our Snapshot page will be available starting Wednesday November 11.
Submitted proposals must meet the following criteria:
- Topic: Proposals must pertain to the use of the 2020 association reserve tranche.
- Description: Describe the objective and reasoning for proposed usage of 9.15M $DIA. Include timelines and any other relevant information.
- Token distribution: Provide numerical details on proposed token distribution for 9.15 M DIA tokens.
- Voting options: Voting will always answer the question “Should this proposal be implemented?”. This means that voting options must be binary, i.e. are limited to the options ‘Yes’ and ‘No’.
- End of vote: December 6 2020, 11:00 PM UTC
Voting right and threshold
In order to mitigate a decision making dominated by large token holders, votes are based on wallets. At the same time a minimal threshold is required:
- 1 DIA DAO vote = wallet with ≥10 DIA tokens
- 0 DIA DAO vote = wallet with <10 DIA tokens
Determination of the Winning Proposals
Only proposals that have more ‘Yes’ votes than ‘No’ votes will be considered. From these, the winner will be the option that has the most ‘Yes’ votes.
- Threshold: Yes votes > No votes
- Proposal with most Yes votes
2020 DAO Vote Proposals
The lively discussion on DIA’s tokenomics and usage of the association reserve has already brought up one proposal from the community. We encourage the creation and submission of further proposals from the community. Starting Wednesday, November 11 the process will be open and proposals can be submitted at https://snapshot.page/#/diadata
I. Community proposal
The first community proposal has been submitted and can be studied in depth here: https://t.me/DIAImprovementProposal/452. In summary, the proposal posits two actions:
- Team do not unlock DIA for development in 2021.
- The team burns tokens / reduces future supply of tokens.
While parts of the proposal that to not pertain to the association reserve will not be considered in this voting round, we appreciate the needs to address certain concerns such as team token vesting. We will share an update on this in the next few days.
Protection of existing investors from dilution (i.e. increasing circulating supply) is a major concern and we appreciate that increasing circulating supply by 9.15M DIA may not be the best course of action. At the same time, the team requires resources to grow DIA into further blockchain ecosystems, new dApps, incentivise key employees with an upside in $DIA, and be able to use the reserve for further airdrops and staking programs for long-term incentivisation of $DIA hodlers.
- We therefore propose to burn 50% of the reserve tranche, i.e. 4.575 M DIA and use the remaining 4.575 M DIA, for growth of the team and the product.
- Under this proposal, all non-burned tokens will be released over a time period of 1–24 months for the following purposes.
– Ecosystem tokens: 3–12 months // Data bounties, Cross-chain capabilities, dApp integrations, financing oracle usage, further DIA use case development
– Airdrop/Staking tokens: 1–12 months // Community rewards and incentivisation. Usage to be decided by DAO.
– ESOP tokens: 2 year vesting, 1 year cliff, starting from employment // Growth of the team in key areas like IT or Business Development
- The proposed release schedule and volume refer to the maximum possible amounts and shortest possible periods of a potential release. This is not to say that the full amount will be released under the shortest time periods.
DIA team proposal snapshot: https://snapshot.page/#/diadata/proposal/QmRvA2k73xEJNaLPd1A7srFR2URDkc4xxJZE6DyFdaZ1WF
III. Further Proposals
We explicitly welcome further proposals and encourage community members to formulate, submit and discuss any ideas. The formal structure via Snapshot is now available here: https://snapshot.page/#/diadata
DIA DAO goals for 2021
2021 DIA DAO will see more interaction in the context of tokenomics, but also product development and market demand identifications. While we will provide the community with the tools to make more binding decisions on the company and product, we will also rigidly monitor the governance voting process so manipulation and potential influencing decision making factors can be mitigated and made transparent. Additionally, the broader and deeper DIA dataset will also be opened for community governance for curation, analysis as well as error-spotting and in particular improvement proposals.
In summary, the goals for the development of the DIA DAO are:
- Enabling more community decision making and governance tools.
- Decentralising decision making on staking and airdrop programs.
- Decentralise decision making for a potential forking/exceptional decision making resulting out of an event like exchange hacks.
- Monitor quorum and voting mechanisms for optimisation.
While we will open these decision making options to the community in 2021, we will maintain a degree of central control over security, legal and compliance aspects in DIA daily operations and provide transparency towards these aspects to the community.