The Settlement DAO: A BIOP-Governed Decentralized Autonomous Organization
Robust participation in the Settlement DAO is the ultimate aspiration of the platform’s design and incentive system. That stated, the DAO’s constituency should change markedly after the BIOPSET smart contracts have been launched. Thus, the DAO has two distinct natures:
- 1.Bootstrapping Phase
- 2.Continuous Organization Phase
Both phases embrace the following priorities:
- 3.Best Practices
- 4.Liquid Democracy
Security should be understood as an unrelenting obsession with keeping the funds stored in the platform safe. Having this as a top priority means auditing all mainnet smart contract deployments and establishing a bug bounty system.
Transparency means building transparent processes and fostering open discourse and public debate.
Best Practices should be understood as the continual search for and implementation of professional standards that improve the value and resilience of smart contract deployment and effective governance (timelocks, multi-sigs, forums, off-chain/on-chain voting, etc).
Liquid Democracy means that DAO members possess the privilege of voting directly or delegating that privilege to a delegate.
The Bootstrapping Phase differs from the Continuous Organization Phase in one particular aspect:
Taking the experience of the writer almost exclusively into consideration.
This was achieved by temporarily constructing a pure democracy where each DAO member possesses one vote. This interim governance structure will last until BIOPSET V4 is launched. During this time the membership of the DAO will consist of the brave group of erstwhile BIOPSET V2/3 Writers exclusively. These former contributors to BIOPset V2/3 liquidity pools have the privilege of submitting proposals to the DAO and voting on all initiatives.