I was looking at the initial token creation specifications which I found here:
trying to understand how only 600,000,000 out of 1,000,000,000 tokens have been created. Where are the other tokens? And under what circumstances do they end up in circulation? is this the 400m that belongs to “the workshop” so it is now possible for these tokens to be spent/sold?
When created a DAO which is basically made up of investors, or people otherwise using a token of value to perform some sort of systematic action, users of this token need to be able understand it’s value to even approach the system fairly. If this is obscured it is never for a good reason.
In a system where whales matter, token holders need to understand what the initial distribution was like, how distribution has evolved through time, and any major events happening in the future.
There is nothing wrong with a DAO which has 10-20 whales holding 90% of the supply, but for those 100’s or thousands buying up that other 10% they need to understand what they can accomplish and how they can contribute in a system where they realistically have almost no vote.
If SNGLS DAO wants to be taken seriously by future contributors, it needs to make serious efforts to keep users up to date with how the system is working financially.
On the STEEM blockchain (now most of the community has forked to HIVE) any user can make a financial report and submit it, and if people find it useful the are rewarded with stake in the system. They have an abundance of (and a range of quality) reports on the state of the system. also essays or Conversations on how to create the system better. For anyone who has spent time on steem it might be obvious that the system has serious flaws, and i don’t think snglsdao should base itself on steem but i think it’s interesting to note how these types of reports can come organically from how the system is designed. There are definitely lessons to be learned from what are some of the oldest DAOs in this space. Steem, Dash, who else? Where have they been successful where have they wasted vasts amount of resources? Who are really making all the decisions?
There has been lots of good insight on how the snglsDAO will be designed, but is there any thought into the larger business aspects that go into maintaining a cooperative decentralized organization like this?
I realize solutions to these things can come out of proposals in the DAO interface and it can be built out this way, but it’d be good to get conversations going about some of the larger infrastructure so we can hit the ground running.