TomoMasterDAO — Telegram AMA — October 12
On Tuesday, October 12, we had the pleasure to welcome to our Telegram chat:
Lakrisen Haricharan, Ecosystem Coordinator
We asked him questions about the development of TomoMasterDAO.
Some sentences have been slightly edited for readability but the meaning has been conserved.
TomoMasterDAO is implementing a system of governance for grants with the public’s input. They believe that letting the community take part in the decision-making process alongside an incentive program, would benefit both sides of the scale. TomoMasterDAO is offering grants for projects and community initiatives relating to the TomoChain network. The decision of who gets funded lies with you.
The trustless model of a distributed ledger allows the community to run the network and removes the need for a central authority to wield the power. The network and its members are able to make decisions through a governance system known as a Decentralised Autonomous Organisation (DAO). DAO’s are predominately used for governance over a project’s treasury and making changes to a protocol. Users can cast a vote on a protocol’s proposal by using the related token.
TomoMasterDAO has designed a governance model to optimize the user experience.They are conducting votes using the Snapshot platform through their governance website. Casting a vote doesn’t require you to pay gas. You simply connect your wallet, choose an active proposal, then cast your vote. Not to mention, you’ll receive a reward just for voting on a proposal!
Projects can easily apply for funding by submitting a proposal through their governance website. The scope for proposals includes building on the TomoChain network, running community initiatives, marketing campaigns, and partnerships. TomoMasterDAO is releasing a new governance token to be the based of their voting system. This token will be distributed to the community through airdrops for masternodes and stakers, and providing liquidity on LuaSwap . Holding this token will allow you to cast a vote on your favorite proposals. They aim to make their governance platform a place where you can discover hidden gems as they are being created.
Q — Ayeley from GAINS: Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?
A — Lakrisen from TomomasterDAO: To start I’ll tell you a little bit about myself. Before I was in the crypto field I was a Robotics Engineer working in autonomous systems. I grew up in Australia and went to university in Newcastle. I’ve spent some time living in the Rocky Mountains, Canada. This is where my crypto journey started a little more than 5 years ago. My interest first peaked through learning about the tech, then the investment opportunities that followed. After moving to Hanoi, Vietnam I got my first official role as a product manager of TomoMasterDAO. I have carried some freelance work prior mainly with data analysis in Python in the crypto space.
Q — Ayeley from GAINS: Tell us about the project. What is the TomoMasterDAO project about in a few simple sentences? What was the inspiration behind it and what sets it apart from the competition?
A — Lakrisen from TomomasterDAO: TomoMasterDAO brings governance for grants to the TomoChain ecosystem. It’s a place for promising projects to get a helping hand with funding for their ideas. The community is the one that ultimately decides whether or not the project gets funded through voting on proposals.
We’re giving power back to the community to steer the TomoChain network in the direction they want to see. With TomoMasterDAO we’re making a concerted effort to get the everyday investor involved in the governance process. With most of our governance competitors, its often inaccessible for the casual investor.
We have a reward scheme just for voting on proposals which very few governance platforms have. Our proposals will focus on building on top of the network rather than changing the network parameters. We envisage TomoMasterDAO as a place for users to discover hidden gems as they are being created.
Q — Ayeley from GAINS: What are the requirements if an investor wants to join?
A — Lakrisen from TomomasterDAO: So there are a few different ways to participate in TomoMasterDAO. These can be for projects that want to apply for funding, active voters in the community, and also the TomoMasterDAO Board.
For investors wanting to join grabbing some tDAO tokens and having your say on proposals is the best way!
Q — Telegram user AMA LoL: What was your motive behind making your project?
A — Lakrisen from TomomasterDAO: The motivation for TomoMasterDAO is to build a great community. The users underlying each project enrich the entire ecosystem. We want to give back to teams that are working hard to develop new and interesting projects, as well as the users that support the system. Supporting both ends will lead to some serious growth and development in the TomoChain ecosystem!
Q — Twitter user @KevinSalom1: Reading your documentation I noticed that voting within TomoMasterDAO will be done off-chain through an instant voting system. Why have you decided to implement this methodology? Do you think the community can still rely on this system? Can this be modified in the future?
A — Lakrisen from TomomasterDAO: Voting was decided to be conducted off-chain for a few different reasons. On-chain voting requires the smart contract code to be written in the proposal. This is great when you’re changing the parameters of a network. Unfortunately, voting incurs gas fees and opens up smart contract vulnerabilities.
This can often de-incentivize users to participate in governance. Off-chain voting has the benefit of no gas fees. Users are required to hold the tDAO tokens in their wallets. It’s as simple as connecting your wallet, choosing an active proposal, and casting your vote.
No staking or transfers are required. Once a vote has been cast, it can not be undone. In addition to this, you’ll receive a reward just for voting on a proposal!
This can be modified if required in the future using the Governor Alpha smart contract, but we will keep it as is and take feedback from the community as the project develops
Q — Twitter user @godpelpa: I understand that you have developed a treasury for your governance but I would like to know if this treasury is currently locked? What would be the functions of the treasury? Can the governance members manage the treasury funds as they see fit?
A — Lakrisen from TomomasterDAO: We added a governance treasury to our tokenomics model so that we can scale TomoMasterDAO far into the future. The treasury is in a timelock smart contract for 2 years.
This is to allow the price of tDAO to stabilize and organically grow over time. The treasury will be controlled between the TomoMasterDAO Board members and the voting members. Some of the roles of the TomoMasterDAO Board include vetting the project teams, assessing proposals, and determining funding for the TomoMasterDAO ecosystem based on the Foundation Fund and the governance treasury.
Once the funding for the year has been determined, it’s up to the public to choose the projects and incentives they would like to fund.
Q — Telegram user Sir DeFi 🤵🏻: Could you tell us a little bit about the TomoChain Foundation Funds? Where are these funds actually obtained from? What are the criteria for deciding that a project is interesting and can access funding?
A — Lakrisen from TomomasterDAO: So the TomoChain Foundation Fund is supplied through a portion of block rewards from the MasterNodes. Currently, there is about 1 million TOMO in the Foundation Fund, approximately $2.15 million USD. Funds can apply by submitting a proposal to the board.
The Board will assess the team applying to make sure they are a legitimate entity, assess the relevancy to TomoChain and the amount of funding request. As long as this is met proposals should be successful!
Q — Telegram user Anitax: In terms of massification and scalability, smart chains such as BSC or Solana attract a larger number of developers and users. So, can you explain how you plan to attract developers and users to the TomoChain ecosystem? Is your smart grid really scalable over time?
A — Lakrisen from TomomasterDAO: The great thing about developing on TomoChain is it was one of the first projects to address scalability. TomoChain has 2000 transactions per second and near-zero gas fees. It also uses the Ethereum Virtual Machine (EVM) so it is very developer-friendly. Our aim with TomoMasterDAO is to bring over some of the great developer talents and utilize them to continue to develop one of the leading blockchains in the Asian market.
Q — Telegram user Super-Girl Says 💬: 🟢 Most users do not find it attractive to participate in the governance of the projects, how do you encourage the TomoChain community to join TomoMasterDAO? What strategies have you implemented to achieve this in a sustainable way?
A — Lakrisen from TomomasterDAO: There are a few roadblocks associated with getting users to participate in governance. That’s why we have chosen a system that doesn’t incur any gas fees. Rewards for each proposal will be split evenly between voting members regardless of the size of their vote. We want everyday users to be involved not just the large investors
Q — Ayeley from GAINS: What role does the token play in the TomoMasterDAO ecosystem?
A — Lakrisen from TomomasterDAO: The tDAO token forms the foundation of our governance platform. It will be used for voting on proposals, proposing bounties during bounty grant rounds, generous farming rewards, and funding projects in the future. The total supply is 100,000,000 tDAO. There will be 4% out at the IDO and we are airdropping 12% for different sections of our community.
We’ve also included a governance treasury to boost funding for proposals. There are two sources of funding for TomoMasterDAO; the TomoChain Foundation Fund and the TomoMasterDAO treasury. We have a ten year plan for funding projects.
In the early stages, this will mainly be with TOMO, then after 2 years, we’re transitioning to using tDAO to boost funding.
Q — Telegram user Ana Manzano: I could read that they will have a totally different native token than all Tomo network tokens, but really why? Being the same project and the same founders, shouldn’t they use the same tokens? or for DAO to work properly it must be a separate token from other utilities?
A — Lakrisen from TomomasterDAO: In order for our governance system to function smoothly, it was decided that a separate token would be the best way to go about this. TomoChain has some governance functions in relation to master nodes and we wanted to keep our function separate as a new launchpad. We can increase our incentives to the community and give more to projects with a new token.
Q — Ayeley from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
A — Lakrisen from TomomasterDAO: TomoMasterDAO has an IDO on LuaStarter on 15 of October. This is a public sale of 4% of the total supply of tDAO. Users can participate in this IDO by staking LUA on LuaSafe or providing liquidity for the TOMO-LUA pool on LuaSwap. This allows users to be guaranteed an allocation at the IDO. If you miss out on the IDO you can always buy the tokens on the market on LuaSwap.:
We chose not to do a private sale for TomoMasterDAO. Instead, we’re choosing to give an airdrop to the loyal members running the network and make the token easily accessible to buy for the everyday investor.
TomoMasterDAO is about community involvement and building a strong network together. We want to limit the influence of big players taking control over the DAO and have the final say on decisions.
Q — Ayeley from GAINS: With respect to your roadmap, what should we expect in the next weeks and months?
A — Lakrisen from TomomasterDAO: So after the IDO, tDAO will be added to LuaSwap with a TOMO-LUA pair. If you missed out on the IDO this will your chance to grab some tokens. We will be conducting an airdrop for MasterNodes and the Stakers for those nodes. We also have applications open for external Board members. The TomoMasterDAO Board will be made up 4 external members and 3 internal members.
Elections will be held to determine the external Board members. Before the end of the year, you’ll see the first proposals for projects live. Coming into next year we will be running our developer bounty grant rounds.
Lakrisen, thanks for coming into our community, and taking the time to answer our questions about TomoMasterDAO. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS
Thanks for having me on the channel. It’s been an absolute pleasure to get to know you and your community. The best way to keep up to date is through our Telegram Announcement Channel, Forum, and Twitter. Here’s our Whitepaper for those of you who want to have a deep dive into governance and tokenomics! — Lakrisen from TomomasterDAO