MyBit DAO Tutorial
The MyBit DAO decentralises the decision making process around actions taken within the MyBit ecosystem. It is specifically designed to let users easily control the direction of the products and services they use on the MyBit Network. In combination with the automation already leveraged within the MyBit Network, the MyBit DAO is a huge step towards creating the most efficient, effective, and responsive financial services ecosystem that exists in the world today.
By following the steps below, you gain the ability to shape the services made available through the MyBit Network, and in turn, help ensure a more abundant future for yourself and everyone else in the automation driven economy of tomorrow.
To start the process visit the MyBit DAO main-net here.
Verify your identity
The the first step is to verify your identity using the MyID app in the left of the task bar.
Click ‘Request Confirmation’.
These steps will lead you to the ‘Request Identity Confirmation’ form below.
Write your Ethereum address (or the first and last 7 digits) on a piece of paper and take a clear picture of yourself and the Ethereum address. Attach the file using the ‘choose file’ button in the box above. Then write a short introduction of yourself, and link any social media platforms where you Ethereum address is publicly associated with your identity. We also suggest making a post on one of your social accounts, such as Twitter, asking @MyBit_DApp to approve you on the DAO. Click ‘Submit’.
Click ‘enable’ and make sure to connect your Metamask when prompted.
Once your identity transaction is submitted please wait until the voters approve you (how long this takes is outside of our control). Then head over to ‘MyTokens’. This is where you can use your verified Ethereum address to lock MYB on the network to receive voting power on the DAO.
Click ‘Lock MYB’
Select from the voting power options based on the multiplier list below. Then press ‘Lock’. (keep in mind this process will lock tokens on the network where they cannot be removed until the selected time period has elapsed)
Now head over to ‘Voting’ to begin making propositions and voting on the DAO.
Here you can both make propositions and vote on the existing propositions on the MyBit DAO.
This is the process of proposing ideas that you think will improve the MyBit Network. These ideas can be voted on by other users, and if consensus is reached, they will be implemented by utilising various tools within the MyBit Network such as task.market, or through direct changes in the network infrastructure.
Start by clicking “New Vote’. It is important to understand that participants of the DAO can vote to burn anyone’s stake who is viewed as spamming the network or acting maliciously in any capacity.
You will then be able to enter your proposition in the box below. Make sure to be clear about the details of your proposition as possible so as to leave no ambiguity about the proposition you are making.
Additionally you MUST create a post on MyBit’s subreddit with the topic of your proposal and include the link to it after your question. This thread on Reddit will be the main way for voters to ask questions and discuss. If you fail to add in a link to the thread in MyBit’s subreddit it is most likely guaranteed your vote will not pass. Additionally, you may have your staked tokens voted to be burnt for not following this guideline.
Once you are happy with your proposition press ‘Begin Question’
Select ‘Create Transaction’.
Hit ‘Confirm’ in Metamask.
Now your question has been put into the DAO voting section and is up for review by the community.
Voting is where you as a user of the MyBit DAO get to form the consensus which drives the ecosystem forward.
Click “View Vote’, this is where you can get more details about the proposition and cast your vote on the network.
Make sure to read the proposition closely and think seriously about any opinion you have on the issue. This is a great opportunity to take the information you learned about the proposition and engage in the community discussion around the topic at the reddit townhall, or research the surrounding context of the proposition in the current business enviroment.
Once you have made your decision, click ‘YES’ or ‘NO’ and create transaction — confirm on Metamask as described in the proposing stage.
EASY! you are now a bonified contributor to the first DAO powered financial services in history! give yourself a pat on the back. Check out mybit.io to learn more about the products and services and get involved in our awesome community of innovators.
To learn more about the specific mechanics of the MyBit DAO visit here.
To view a step by step video tutorial visit here.
Until next time!
The MyBit Team.