DAO Toolset Project Press Release

FOR IMMEDIATE RELEASE Contact: ErgoPad Marketing
Email: ergopad.marketing@gmail.com

The ErgoPad team is proud to announce a DAO Toolset project in early-phase development. This project will launch as an IDO through ErgoPad on the Ergo blockchain, and eventually expand to other blockchains. The team is currently putting together a landing page, planning the social media presence, and conceptualizing the software and UX for the project. A draft of the whitepaper is in the works and will be released in the coming weeks.

The Problem

Ergo offers some advantages over other blockchains in terms of multisig wallets with things like Schnorr proofs, but there are no tools built for anyone to access them. If someone wants to have a wallet that requires more than one approval to spend, how do they do this? If someone wanted to create a DAO, launch a token or tokens, and manage that organization, there’s no place to do this on Ergo. Even with other blockchains, many of the tools are not robust, or are too costly to use.

The solution

We intend to offer a platform that allows users to create a DAO under whatever governance structure they choose, distribute voting shares in the form of tokens or NFTs, generate proposals to be voted on, and allocate funds accordingly. This dApp will be available on all platforms (android, iOS, desktop), and will give users access to a suite of decentralized DAO management tools. A DAO can represent hundreds of users, but can also be used to help small teams allocate shared funding, and this dApp will give them the ability to do so.

The toolset will be completely open source and provided as a Blockchain as a Service, with small fees for certain functionality. DAOs will be able to add plugins and additional features as needed, and as they become available.

This project will be launched with a native token as an IDO, where token holders will be able to stake their tokens to receive a percentage of the fees collected by the services provided.

Feature-set

This is by no means an exhaustive list, but some of the features proposed for this software are as follows:

Multisig wallets: allows users to require more than one signature to spend shared funds

Governance management: management tools to determine which tokens hold which voting rights, and how they’re distributed.

Token creation: all tokens can be generated by the platform.

Staking tools: if you want to allow users to stake their tokens, the software can produce an API with end-points to do so, or generate & host a front-end if needed.

Airdrop tools: allows you to add a list of addresses and automatically airdrop specific amounts. Users will be able to provide a .csv file or other database files.

Token sales tools: various methods of distribution will be available.

User validation tools: a tool to verify each user is a unique person. This will be created with consultation of the Ergo platform and community alongside a new EIP for DIDs.

Landing page creation tool: DAOs will be able to generate their own themed websites if they wish, rather than going directly through the platform.

Vote proposals: Anyone with the appropriate token can submit proposals to be voted on by other members of the DAO. The methods used will be based on the consensus mechanism selected by the DAO creators. Some of the preset functionality to submit for voting is as follows:

• Payouts: add or import csv for payee details. This can be for things like payroll, so that a proposal can vote on the entire csv of payouts rather than one at a time.
• Automated Recurring Payouts: Schedule payouts at a predefined time, select to pay in token value or sigUSD worth. This contract can be voted in place by DAO members, then cancelled later by DAO proposals as well.
• Yield Management: options to earn interest by providing liquidity or other treasury management options which can be proposed to the DAO.
• Token Buyback option: the DAO can vote to buy back tokens at specific market rates on specific DEXs.
• Change in the governance: the structure/consensus mechanism of the DAO can be changed after initiation via a proposal

Governance Mechanisms

When a DAO is created, founders will be able to choose from the various consensus mechanisms available. Some of the proposed mechanisms include:

• Delegated Representative
• Permissioned Relative Majority
• Holographic Consensus
• Token-based Quorum Voting

These mechanisms will be thoroughly detailed and explained, and each will have their own options and settings. Settings are all chosen at initiation of a DAO, but can be altered through voted-on proposals after the fact.

Token Issuance Mechanisms

There are multiple ways to raise funds and issue tokens in the crypto space. The toolset will offer various methods to issue tokens to the community.

• FCFS token sale
• Interactive token offers (similar to a dutch auction)
• Refundable ICO which can have various parameters such as milestones and vesting time-frames

Next steps

This project is large in scope, but the team has broken it down into smaller deliverable chunks. These will be outlined in detail in the whitepaper, along with vesting periods and the tokenomics. Please stay tuned for further updates.