LegenDAO: Statement of Purpose
Pre-DAO Governance Disclosures
LegenDAO is not technically a DAO yet. The $LGND token hasn’t dropped. The smart contracts are not in place for executing decisions. And the LegenDAO Universe hasn’t yet launched.
But our current DAO iteration is built with principles of transparency, accountability and decentralization already in place to prepare for the future.
It will never be completely decentralized.
In light of this article, we want to share a few things with you:
Legendao’s mission has remained the same since its inception: to build Legendao for Secret Network’s community with an appeal to the wider crypto audience.
Legendao is split into two utilities:
- the Mint Lab — a launchpad for top-grade blue-chip NFTs
- the Legendao Universe — a gamified NFT collecting and $LGND staking platform
Legendao is an independent project under the auspices of SCRT Labs, the core development team behind Secret Network. This is the team that brought Quentin Tarantino and Kevin Smith’s NFTs to the blockchain.
SCRT Labs is founded and led by Guy Zyskind, an MIT Media Lab Alum and a top 15 co-cited blockchain research author. The team was assembled in 2015 under the name Enigma-MPC. They have worked since then to build groundbreaking privacy solutions.
The goal is simple: to improve the adoption and usability of decentralized technologies for the benefit of all.
Secret Network is open source and anyone can contribute via their Github.
How LegenDAO is run
LegenDAO is a dApp whose proposals will be executed by smart contracts.
But the core team reserves the right to hold the finger over the “shiny red button” in case something happens that could damage the project.
Before the platform drops and the DAO is activated, voting (which will only be private) happens in Discord.
The community will be presented with a list of proposals. There will be a vote to decide if a proposal becomes an actionable vote. There will also be a list of pending votes. And there will be a forum for open discussion regarding these.
The idealized DAO where every decision that’s made is completely decentralized is something that does not exist in practice.
“If DAOs are to remain true to their nature where the community is able to make decisions equally, decentralization needs to happen in stages. However, providing a certain level of control is required so that common prosperity is maintained among the organization. While involved communities should be given the power to make proposals and decisions, gatekeepers or councils may be required that can effectively maintain the core values of the company.”- Kevin Tai, Cointelegraph
We will not engage in DAOwashing to push our project and make it sound trendy and utopian. We feel the countless projects that have done this and subsequently fail are a significant impediment to Web3 adoption.
But we’re a legitimate company based in reality that needs to be compliant with regulations. So, we can’t leave every choice to our community. We add the DAO-like layer for community interaction. But there’s no way we can become completely decentralized.
We have to keep some level of centralized control because we, the core team, are here for a reason. It’s to navigate this project. If something is wrong, we’re going to take care of it.
We’d like to live in an ideal utopia where all that glitters is gold and people are of the highest moral caliber with butterflies dancing ‘round their heads who would never harm a soul.
So, we do not want to deal with content moderation whatsoever or open ourselves up to involvement with anyone who has an agenda.
For example, if someone decides to create a proposal to move every Council of Gyld NFT to his wallet and somehow gets enough people to approve it, we are not going to let that happen.
We also don’t want to deal with any sort of content that can get us in trouble (i.e. hate speech, child abuse, etc).
So, to remain completely transparent and accountable to our community, we have codified this basic Statement of Purpose.
Council of Gyld holders and other Legendao community members can use the Statement of Purpose to check us and make sure we’re living up to what we are promising the community.
Decentralization and transparency
Until the technical aspects of the DAO are released, decision-making on Legendao will be of a semi-centralized nature.
This means until the actual DAO is put into effect, proposal implementation will be at the discretion of the Legendao core team.
Here is where the community will be able to exercise their impact:
Three storylines are presented to the community. Through private voting, the community chooses which thread will be developed into the Legendao Universe game. This choice will be fully executed in accordance with the will of the community.
Voters will be randomly rewarded $SCRT tokens.
After the storyline is chosen, the community will be invited to submit relevant quests as per a given template. We need a lot of quests. This means that due to expediency a community vote on each quest will not be effective. Quests chosen by the core team to be integrated within the game will receive payment of 10 $SCRT each.
In our Discord there is a channel called #governance-suggestions.
We want to hear anything the community has to say about topics such as governance committees, norms around making governance proposals and what should be governable.
This is integral to the future of the DAO.
$LGND token holders get to decide most of the platform’s aspects.
Besides the tokenomics, which will be addressed in a future article, $LGND stakers will vote on the following:
- Solving minimum guarantee: We all know that many NFT deals guarantee a certain amount of money for an artist partnering with an NFT platform. We want this process to be transparent and reflect the choice of our community. $LGND stakers will vote on projects they want to see minted. Together, they will decide what kind of minimum guarantee they want to provide these artists.
- Community projects applying to launch on Legendao: Though the core team will have final say on the blue-chip NFT collections, community and artist projects that aren’t of Hollywood/million-dollar caliber IP will participate in Legendao by results of a community vote.
- Significant parameters affecting the protocol’s day-to-day operations
Governance decisions are expected to be executed by either the dev team or a designated committee established by the community.
Executing decisions related to tokenomics (stay tuned for more on that) will be handled through a multi-sig account.
Any governance proposal is valid, but a code-of-conduct and format to discuss proposals and the process behind introducing and approving them will be implemented.
Again, we invite community discourse in the #governance-suggestions Discord channel to decide what these will be.
Any proposal called to a vote in Legendao will allow $LGND stakers to vote ‘YES’, ‘NO’ or ‘ABSTAIN’, with the usual convention of 1 $LGND = 1 vote.
At least 25% of the staked $LGND would need to participate in a vote in order for it to go into effect.
Questions, comments, suggestions or other feedback?
Join our Discord and post in the #governance-suggestions channel.