The BLXM Cooperative: a semi-DAO
The first steps towards the decentralization of BLXM
In what is probably the most BLXM important update for a while, we provided the background and rationale of the “Decentralization of BLXM”.
We are fundamentally and radically moving the structure of the project to that of what we will calling a semi-DAO:
- a fully decentralized project — i.e. operating in most ways as a DAO — which however,
- interacts with the regulated, non-crypto world through a corporate, non-profit entity being legally registered and regulated in an actual nation state (Singapore).
Decentralizing BLXM: Purpose and Objectives
Why decentralize: regulation and sustainable scalability
For bloXmove, decentralization is part of our mission and mindset. We believe that decentralized technologies (web3 and self-sovereign identities (SSI) and DID) provide infrastructure which empowers independent owner operators as well as prosumers (producing consumers).
On the other hand, there are also very firm reasons for centralized exchanges (CEX) to insist on decentralization. The main two are:
- The token must clearly NOT be a security and NOT an investment product.
- The token must have intrinsic utility (to a non-financial service).
A longer rationale with links to the actual requirements by Coinbase can be found here.
Roadmap and Outcomes: the “semi-DAO”
The roadmap to decentralization has been published as a Twitter thread here.
Having achieved one of the two core regulatory requirements: that of self-evident utility for the token, our next steps, which will be the focus of our work over the next 3–6 months, are:
- Spin-off corporate entities: bloXmoveNG and bloXlab.
- Ensure that no core team controls the project (this is a core requirement to avoid regulatory issues related to being classified as an investment product).
- An independent and self-sustained community of developers drives the protocol and and tech stack forward — in line with the objectives and targets set by the semi-DAO.
- bloXlab to serve the community in consulting or development — if so required by the governing body.
- Fulfil the necessary requirements for possible listing Coinbase.
(Pls. refer to the Disclaimer here)
Overall workstreams: Governance and development
The main workstreams will be highly iterative and will start in earnest in the first half of August.
We will bootstrap along two independent workstreams:
- Community Governance (the “cooperative”).
- Developer Community (the “source code”).
This article is written for the general public and focuses on how we will set up the BLXM “cooperative”, a.k.a. the semi-DAO.
What’s a semi-DAO?
We use this artificial term to describe a hybrid organisation which combines two core requirements:
- Be decentralized in its governance (DAO-like).
- Be a recognized legal entity in the world of nation states.
We will work in sprint-like iterations towards the first requirement.
These iterations will start by acquiring a core group of community members through our online communities. In close collaboration among the founding team and these core community members, we will propose the mechanisms and tools for:
- Voting
- Governance of the BLXM treasury
- Process for Grant and Improvement proposals
We will also set up a token-gated discord channel, specifically for the developer community. Within that channel, code will be shared and the path towards full open-sourcing determined.
In order to fulfil the second requirement, we choose to operate under the umbrella of a Singaporean entity (the “BLXM Token Foundry Ltd.”), which is registered as a Company Limited by Guarantees (CLG) in the beautiful nation state of Singapore.
The roadmap in milestones
The above roadmap must be seen as a draft. We will be posting updates every month for the next months.
