May AMA Section Recap : BinaryX IGO platform & DAO team Plan
Every month, BinaryX has an internal conversation in the Discord channel Discussion, where the volunteer community can ask direct questions about the topic. Our Community Manager Olivia and Business Operations Head, CP, have been asked to AMA to speak about IGO this month.
Don’t worry if you didn’t have a chance to participate in this instructive event; we’re on your side. This AMA RECAP gives you another chance to review everything that transpired during the session.
sSection 1: DAO Team Plans
Section 2: Introduction on IGO
Section 3: Open Forum
****AMA Begins****
Section 1: DAO Team Plans
Olivia: For our BinaryX project, the strategy will be shifted to focus on surviving through the bear market. And it will be a good time to truly build something. Because most of the speculative and non-believers will leave the market.
Q1: We always believe crypto is something combined with tech, economy and politics. Today we are going to discuss DAO, which is an evolution of how people work in an organization. Imagine a company or working place is free to come and go. You work out of passion. You work at your own pace. You have the ownership. No pressure from boss or peers. You may even get incredible financial returns…..
Olivia: We classify DAOs into 2 types: First are those with a product, like us BinaryX. The DAO is mainly focused on the product itself. Proposals are put forward and votes are casted based on how much assets users hold. Most of the proposals are about the upgrade and suggestions on the product itself, such as game rules, token distribution ratio.
Second are those mostly owned by a community or media. Some of them raise money from the community and invest in some projects. Governance is established to decide how the money in the pool will be used. For this kind of DAO, people not only raise proposals and invest. They also do investment research like venture capital. They promote their DAO together. Investors work like a team.
Currently we have only a very simple proposal voting function. So we are going to explore our current DAO into more fields. And in the future, we are going to have a real DAO working team. We will have many departments and we give incentives to contributors. People in different departments will get their roles in Discord. I think we will be the first that kind of DAO team in the GameFi field.
It’s the draft for your reference. It may be updated later. If you are interested in designing the DAO structure, you can discuss it with me.
And I hope the organization can be flat, no hierarchy and permissionless which means people come and go freely. No intensive interview. People can do things on their own initiatives and out of passion. In a traditional company, people who commit 100% working hours receive monthly payment. In a DAO, people do things out of passion. They can stay for 1 month and leave next month. However, true believers will stay.
Q2:What will it bring?
A2: It will result in low conversion rate in terms of contributors／participants but since it’s open, the team size will grow much faster. The total participants number will grow as well. It will trigger community innovation and make it self driven, making a true ecosystem. And people who stay in the end, will be truly long-term team members. We have seen such permissionless ecosystem booms on the technological side like defi-lego in some public Blockchain. This is how crypto or web 3 works and why it succeeds.
Q3: How to become a core DAO member?
A3: We divided it into 2 parts — PoS (Proof of Stake) and PoW (Proof of Work). PoS is to buy some assets and you are in. For the PoW part, we may also release some task bounties on Discord channel. Whoever finishes it will get rewards. Everyone can view proposed tasks and carry them out. The tasks will be like raising proposals, holding community campaigns, content creating, research on IGO projects , etc.
A2 (follow-up): We will build a Notion tool for team work. And in this tool, we will share content assets like pitch deck, visual designs such as logos. But only core DAO members have access to edit the content. Core DAO members can review others’ work and edit most of the content without permission. Let’s collaborate together!
Olivia: We are entering a bear market. It may last for a rather long time. And it is a good time to pick up those projects who are truly building with a nice price. So basically, we are like venture capital to some extent. Let’s welcome CP to introduce the tentative plan for the collaboration with communities!
Section 2: Introduction to IGO
CP: I am excited to be here to share the IGO framework with you. Our vision for the IGO platform is not just to fund, but to incubate and grow the next generation of GameFi Products.
That would translate to investing time, knowledge and expertise on the projects we select, to provide them with the maximum chance of success and of course returns for our investors.
The team has settled with a general framework — getting from idea to launch. We also hope to tap into our vibrant community at every point.
1) Sourcing for Quality Games: While we are relatively new to the space of investing, we will be leveraging on different platforms such as PR, Community and BD to source for quality games. We are very open to ideas from the community, including introducing us to project teams, or even simply calling out big trends “certain Games Genres are really hot now!”
2) Research: After sourcing, we will actually go deep into the teams and projects. We take our responsibility seriously, and will employ rigorous standards when it comes to project selection. There will be thorough documents written for the due diligence process and team pitch AAR. These documents will cover many aspects from
1) Problem and needs
2) Product and Value Proposition
3) Team
4) Roadmap
5) Market and competition
6) Traction and Achievements
7) Go market plans
3) Community DAO: To be fully backed by BinaryX, projects need to be accepted by both team and community. That means they have to go through a DAO vote for confirmation. As the research savvy side of the community, we believe it is right to help the community and make an informed decision.
4) Post Community DAO : We hope these projects can be more partners than say. Clients who need funding. That means more cross collaborations, regular updates on the roadmap and so on before and after the IGO. At its core, the process will be largely open, of course it may not be feasible to get everyone in the same room for the investor pitch, but we will relay information around, So our volunteers can also make independent judgment and analysis.
5) IGO Model: Different projects have different funding requirements (different mix of NFT, total coin allocation), and thus the IGO model will change project to project. Our goal here is to maximize utility, fairness for our BNX hodler while recognizing the hard work of our contributing volunteers.
There are may be 3 main models for IGO:
1) Raffle model, this is chance based, while it’s usually contentious, it’s necessary, especially for projects with NFT and not token; Completing Tasks improve chances for every participant, and that would include volunteering during the research process.
2) Launchpad , a.k.a. Proportional Allocation , this is another model that comes to mind, much like Binance Launchpad, Investors are allocated with the new coin based on the number of BNX pledged vs total pledged. Usually there will be a Maximum allocation (up to XX USD), to thank our volunteers, will have an increased cap.
3) Launchpool, a.k.a. Mining/Staking, staking BNX for project’s coins straightforwardly.
CP: Thanks folks, that’s what I have for you for now!
Section 3: Open Forum
Question 1
Q1: When do you plan to release the fundraising IGO platform?
A1: We intend to launch this in Q3, but just to let you know that we are actively recruiting development teams. So, if you know someone who has worked on a web3 project and has game development experience, please refer them to us.
Question 2
Q2: As for the DAO team (Departments), will there be any expert groups as well (users with special and professional skills in marketing, law, finance and various skill sets to be used in the process)? These experts can also move back and forth between different groups when required and/or if necessary.
A2: Sure. Many of our users including myself would like to utilize our knowledge and expertise for this.
Question 3
Q3: DAO question: Is there a part of the DAO structure that focuses on Game Design? And if so, which one is it?
A3: Yes. We could have one. At this current juncture, I think we will majorly appreciate any referrals from the community. Appreciate everyone has their strengths in the different phases of the project.
Question 4
Q4: When will you start looking for volunteers for the IGO? Do you plan to announce our IGO plans after this AMA?
A4: We can do it within the next few weeks.
Question 5
Q5: Can anyone be volunteer?
A5: Volunteer/DAO team is always open to everyone.
Question 6
Q6: For sourcing do we already have targeted games? Or have we already discussed other projects?
A6: Yes. We are looking for game developers who are interested in entering the web3 gaming space.
Question 7
Q7: How can the new “flat organization of DAO group” that includes volunteers fit in the current DAO mechanism? For the current mechanism the DAO options are mainly decided by Devs or community spend 100 bnx to raise a DAO.
A7: It’s only a question of how well decentralization is managed. Many alternatives presented by the community and passed in prior DAOs, such as the hero upgrading rules, can be found if you look back. Since we’re talking to the devs and you guys at the same time. The upgrading system today would be completely different if they didn’t listen to you. However, some of the community’s suggestions were not approved and that is where the majority do not agree on that proposal.
Question 8
Q8: Will we consider accepting the GameFi project that has collapsed so far?
A8: This is difficult to accept. One of the key reasons is because they have already lost faith in their community. But if they want to prove something to their community, there’s always a possibility. It all hinges on their desire to make amends and listen to criticism in order to improve the game. However, on average, we would answer no.
*(Disclaimer: Please pay close attention to the most recent statement, as the specific policy will be changed in light of the present situation and community feedback.)
**** End of AMA *****
Why not join the BinaryX DAO team right now? Please check the link down below.
Link: https://discord.gg/X39jxym98p
Introduce yourself to the rest of the group! If we believe you are qualified to be a BinaryX DAO core member, we will contact you in person to discuss a possible partnership or position. Looking forward to meeting you!
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