6 out of 10 tokens in circulation - Financial clarity around the DAO

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?

Financial Clarity
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.

1b token been created but 400mil been frozen for 2 years. And being unlocked not so far by the way.

These are the founders tokens.

You have to join the DAO to be able to vote so people can see who you are and how much you have. We are using 3Box identity protocol, but users can be anonymous.

I think in the long run a lot of SGT will end up being sold off by whales to other people who want to have a say in the protocol. There is a self guided interest in them wanting to do that because it’s all open source. Anyone could just come along and fork it from them if they misbehave.

Since the whole system is transparent anyone can make tools to track what is going on. We have basic financial information presented but people could go deeper. There is also an entire subinterest group of people that do that in Crypto.

These are VC funded projects that simply do tracking. We will also be listed on other places that do tracking, more on that later.

That is cool and I would like to look into that. Would be a great integration to build into DAOstack/Alchemy for every DAO to use.

Yea, there are a lot of neat integrations we are working on with DAOstack like Defi integration for the Treasury with