Version 0.3 of the MyBit DAO has been released. This version enables the management of finances (in crypto) via the MyBit DAO.
This is a major milestone in the migration of finances from the MyBit Foundation’s control to a decentralised set up where MyBit stakeholders can control the finances.
Currently the MyBit Foundation has sole discretion and control over MyBit funds. Additionally, the recipient of nearly all of the funds is MyBit AG, which is contracted by the Foundation to develop products and other mybit-network related tasks.
Our vision is for this to change throughout 2019 to migrate away from a centralised structure that relies too much on just a few individuals and one entity. Where funds transfer from the Foundation’s control the the MyBit DAO. Additionally, we hope that MyBit AG is only one of many companies receiving funding from the DAO to help develop the overall MyBit ecosystem.
To begin this transformation, 50 ETH (approximately worth $10,000 at the time of writing this article) and 1,000,000 MYB have been deposited into the DAO. Over the next several months, more funds will be migrated over to the DAO in stages to help ensure a safe transition.
How does managing funds via the DAO work?
It’s relatively simple. All funds deposited with the DAO can only be withdrawn and distributed through a proposal which is then passed by a community vote.
Currently the flow would most likely look as follows:
- Issue a proposal to have work completed. i.e Pay Peter $500 worth of ETH to implement the asset manager page designed by Konstantin (here).
This could be broken into multiple proposals. i.e 1. Should we add in a new asset manager page on Go? if passed -> 2. Should we pay Peter $500 to complete the work? if passed -> 3. Once finished, Peter posts a link to the work and issues a proposal to receive the $500.
Since Peter is known by the MyBit community and has always delivered quality work, it may make sense for efficiency to package this all into one vote. If the circumstances are different then the process can be adjusted, but at the end of the day, it is fully up to the community to decide this process by approving/rejecting proposals until a sort of standard is created.
In the future this process will change. Once we have integrated a workflow application into the MyBit DAO, one proposal will be initiated such as, “pay someone $500 to implement this design.” This will then automatically move $500 from the DAO treasury to the specific smart contract for this task. Once work has been completed then the individual who completed the task, can ask to receive the funds. This can either be done via a community vote, or through a person in an elected position to specifically approve or reject the work. We think having a person in an elected position makes the most sense, because not everyone has expertise in every field, as well as having everyone vote on everything may lead to severe inefficiencies.
To join the MyBit DAO and begin participating please follow this tutorial.
