Founder’s DAO Improvement Proposal - Procedures and Mechanics
Created Date: March 7, 2022
This proposal offers a minimum “Founder’s DAO Improvement Proposal” framework to enable community governance over decisions affecting the Founder’s DAO. This updated framework empowers the Founder’s DAO community to make changes to, and execute on the behalf of, the Founder’s DAO in a transparent and efficient manner. Furthermore, this proposal ratifies the decisions made by the parties listed below in connection with the formation of the Snapshot page and voting parameters.
Founder’s DAO Informal Committee
This proposal and the relevant Snapshot page were put together after discussions among Pixel Vault, Inc. (“Pixel Vault”) and a community elected panel of the Founder’s DAO members, listed below. The members representing the Founder’s DAO were chosen by the Founder’s DAO via a poll on Discord. Minutes from the meeting of these parties can be found here.
Pixel Vault Team
- Sean Gearin, Chief Executive Officer
- Jacob Wittman, General Counsel
- Arrahatteck, Project Manager
- Chuba, Lead Solidity Developer
- Arr00, Solidity Developer
- VGF, Director, Marketing
- Potamus, Community Manager
- Krunch, Community Moderator
- Keef, Community Moderator
Members of the Founder’s DAO
- Rusty Sailor
- Richerd [MetaHero No. 5]
- Ned Ryerson
What is a Founder’s DAO Improvement Proposal (FDIP)?
A Founder’s DAO Improvement Proposal (“FDIP”) is a document describing a potential improvement to the Founder’s DAO, for the decentralized community’s consideration. FDIP Procedures are the official mechanism to create community discourse and vote on decisions regarding the Founder’s DAO.
What can be proposed in a FDIP? While there is no limit to what can be proposed, here are a few examples of community proposals:
- A proposal to establish incentives using NFTs or other tokens from the Founder’s DAO treasury.
- A proposal to change voting parameters or governance methods.
- A proposal to hire service providers to help develop, further decentralize, or otherwise enhance the Founder’s DAO.
Is there an FDIP Template? What belongs in a FDIP? A successful FDIP should have the following characteristics, however, each can be drafted differently from another:
- Title - Simple and informative.
- Preamble - Headers should include; Author(s), Type, Implementor, Created Date.
- Summary - A short 2-3 sentence description of the FDIP. Suggested word limit - 50
- Abstract - Detailed summary that touches on technical aspects and how the Founder’s DAO will change. Suggested word limit - 250
- Motivation - Explain why this is being proposed and what the outcome of implementation will be. Suggested word limit - 100
- Specification - Describe full technical details of how this improvement will function and what will be affected. Suggested word limit - 1000
- Benefits - Explain what the explicit benefits of this proposed change are. Suggested word limit - 100
- Drawbacks - Analyze explicit and potential drawbacks of implementing this update. Suggested word limit - 100
- Outcomes - Explain how we will know whether the proposal was successful or not. Please provide specific metrics that will be tracked, the timeframe for those metrics and how they will be made available to everyone in the community. Suggested word limit - 100
How are Founder’s DAO votes taken?
Votes are currently taken using the Founder’s DAO Snapshot page and will be implemented by the community and/or the multisignature signers as directed by the relevant proposal. In the future, following a successful Snapshot vote, votes can be submitted (as a single vote or a batch of topics) for an on-chain vote. This allows votes to be vetted prior to on-chain voting, which uses gas.
Who can put forth a vote and what are the voting/quorum thresholds?
- Proposal Threshold: Any holder with at least 1 PVFD may put forth a proposal.
- Voting Requirement: Majority vote (50%+1) of votes cast to pass.
- Quorum Requirement: 490 PVFD
- Minimum Voting Period: 7 days total, where there is a 2 day voting delay period for discussion and a 5 day period for voting. This initial FDIP proposes that the official channel for proposal discussion should be https://forum.foundersdao.app.
- Voting System: Ranked-choice voting.
These thresholds and other voting mechanics may be changed by a successful vote of the Founder’s DAO.
What is ranked-choice voting?
Rather than voters choosing their top option only, ranked-choice voting allows voters to rank their options in a sequence of 1st, 2nd, 3rd, and so on. The votes are first tallied based on the first choice on every ballot. When ranked-choice is used to elect a single option, and if no single option wins a first-round majority of the votes, then the option with the lowest number of votes is eliminated and another round of vote tallying commences. This process continues until one of the proposed options holds more than a majority of the votes cast.
For the various voting mechanics used on www.snapshot.page please visit this link. The voting mechanics can be changed by a vote of the Founder’s DAO at any time.
[End of Proposal]