An Open Letter to Slock.it

Dear Simon, Christoph and Stephan,

I want to start by congratulating you on a well planned and executed project. You have managed to help manifest something that is likely to be remembered as a watershed moment in the blockchain space; some would argue with your help, we are creating the first real DAO. I can only imagine the countless hours and sleepless nights that have gone into this effort. I am sure you are all proud and probably a bit surprised and the success of this momentous endeavor.

It’s very clear from listening to your presentations and your postings that you still have a lot to give to the community. I am grateful for your contributions to date and look forward to what we can expect in the coming years. Let me make this clear, the primary reason I invested in The DAO was on your reputation and the contribution you have already made to the Ethereum space. I believe in you guys and support the USN and Ethereum Computer project wholeheartedly. Any disagreements over the details can and will be worked out. There is no doubt in my mind that you deserve the opportunity to benefit from proposals to the DAO.

The DAO is your baby as much as everyone else who has invested in it. I acknowledge as you have said that you will continue to work tirelessly for the growth of The DAO and the Ethereum ecosystem in general. But I question the wisdom of submitting a proposal for funding immediately at the end of the creation phase. Surely you see the danger in this?

A significant amount of money (currently racing toward 150 million USD) has been invested in this project as of today. I know the reason I participated in such a substantial way, was knowing that the ability to split is always an option. If a potentially controversial proposal is the first thing we do without first having some confidence building measures, we are in all likelihood going to a major split in The DAO. I don’t doubt that you have the best intentions at heart, but I feel you may not be seeing the forest amongst the trees here.

Let me put it another way. Imagine building a beautiful hotel with the best materials from around the world. A project of love that has been your life’s long ambition. You have painstakingly gone over every detail, every material, down to the door handles and faucets. People start coming by and love it. The are in awe of it and all wanting to share the experience of sleeping a night in it right away. You know the rooms are not quite ready yet. Would you let them in without hanging the curtains? Arranging service? Or buying the 2000 count Egyptian cotton sheets? I think you would make then wait that little bit longer while you put your house in order. So why the rush to submit proposals to The DAO?

I propose a three-month moratorium on funding projects over 250 thousand USD while we do the following:

  • Talk to the likes of otonomos about a DAO platform for more than just voting but to include a way to manage the most common DAO governance and decision-making processes
  • To develop a vision and strategy for investing the funds we have. A starting point could be the excellent post by Jack du Rose titled “The DAO: How to not fuck it up.
  • Creating a framework for proposals that will be submitted to the DAO
  • Adding the “Split if yes wins functionality.” — This, in particular, would likely reduce the number of reflex splits to any controversial proposals that go to a vote.
    - Passing a couple of easy votes e.g. name change to get people used to the voting process

We need your help in getting there. People do not want to feel they are getting railroaded into a quick decision. Please remembers as the de-facto informal leaders of our DAO revolution, not only must I believe that you have The DAO’s best interests at heart (which I don’t doubt), but this has to also be apparent in your outward and visible actions.

Regards,

Enitan Williams
The DAO Token Holder