017 - bitGAN Collabs

Each day the bitGANs tell us a little more. The latest revelation:

What began as daoGANs turned into bitGAN Collabs - turns out DAOs are sus.

More soon.

The bitGANs are forming into a DAO on Rinkeby Testnet.

This new set of bitGANs, which have revealed themselves to be called daoGANs, will be a collaboration between them, their owners, and the community.

How will the daoGANs work?

That will be for the owners to decide, but as the DAO figures it out, here are some seed concepts.

1: All daoGAN owners will have a vote in the DAO. (including bitGAN, nounGAN, & podGAN owners)

2: All daoGAN owners will be able to collaborate to make the new bitGANs.

3: The DAO will decide which of these newly created bitGANs will be minted in each release.

4: DAO selected daoGANs will then be available to mint under a new custom contract.

5: 33-50% of the proceeds will go to the collaborator (you!) that helped create it.

6: 33-50% of the proceeds will go to a fund controlled by the DAO. Details below.

The daoGAN Fund

As envisioned, the DAO will have two purposes.

1) Curate which new bitGANs will be minted as daoGANs

2) Provide liquidity for bitGAN owners from a DAO controlled fund.

The DOA will do this by voting to purchase underpriced bitGANs and relisting them at fair market value. This will provide upward pressure on the value of bitGANs, to counter the downward pressure coming from the increased supply of each drop. This fund will also provide quick exit liquidity for bitGAN owners that urgently need to sell a bitGAN. They could list at floor and if the DAO has funds, they could vote on whether or not to buy the bitGAN.

As the DAO will be experimental and on the Rinkeby Testnet until the details are ironed out, it will begin by only controlling the funds, not owning them. The funds themselves will be in a wallet controlled by me, though I will take direction from the DAO on how the ETH in that wallet is spent. The next steps of how the DAO works, and how it can take ownership of the funds will be determined as we (and the rest of the ETH community) figure out the specifics of DAO governance. When this happens, the DAO will be moved from Testnet to Mainnet and become a true decentralized autonomous organization.

This should be awesome.