SGT AIRDROP
Snapshot of SNGLS Wallets at Block Height: 10272100
Countdown Timer: https://etherscan.io/block/countdown/10272100
Estimated Date of Snapshot: June 15th, 2020
Airdrop: June 19th, 2020
We are airdropping our snglsDAO Governance Token (SGT) on June 19th 2020, please be aware that in order to receive this token you will need to have SNGLS in a wallet you hold the private keys to at the block height of 10272100 on the estimated date of June 15th, 2020. If you have tokens on exchanges, and you want to participate in the airdrop, move your SNGLS to a wallet you control the private keys to BEFORE the snapshot. All tokens left on exchanges will have the airdropped SGT tokens sent to the snglsDAO Foundation Hotwallet. We have been in talks with exchanges that support SNGLS to support the airdrop, if anything changes we will pin a tweet to our Twitter explaining.* The governance token will be the token that controls the snglsDAO which is the governance layer of the SNGLS Media Distribution Protocol. If you hold SNGLS in a wallet you control the private keys to you will get 1:1 SGT tokens.
*since the publication of this article Binance has officially announced they will support the airdrop — https://www.binance.com/en/support/articles/31e67997e3a04dbd92ef6a273b8a2152
SGT tokens are your reputation in the decentralized autonomous organization (DAO). We are using a token weighted reputation scheme, so the SGT tokens you have staked in the DAO in comparison to the total amount of the SGT staked in the DAO will be your reputation. Your reputation allows you to vote on proposals and the more reputation you have the more your vote counts. This voting mechanism is incredibly powerful and will control the direction of the organization.
Let’s breakdown the three types of proposals that are built into the DAO:
Application Integration
The technology stack we are using allows for the DAO to interact with any other trustless WEB3 application or DAPP that is operating on the Ethereum blockchain. Some in the space have been calling this feature a “plug-in” but we choose to go with “application” because it’s understood easier by the mainstream.
You will need to have some technical prowess to be able to actually add these to the DAO or be able to hire people who can do that for you. The good news is that you will still be able to vote on proposals from people even if you don’t have the technical ability to actually add them yourselves. We will cover more about how we plan on streamlining some of this in the next installment on Medium and how the snglsDAO Foundation will help. On top of all this the DAO can build its own applications and implement them.
Possible Applications:
Protocol Parameter Changes
In the snglsDAO white paper we talk about the concept of an adaptable protocol. What we mean by this, is that was we want the system to be able to upgrade itself without needing constant injections of capital from outside sources or be operating on the backs of content creators. Remember the whole point of this is to return the power to the creator. The key to this is keeping the treasury stocked, therefore we developed a trustless way to do just that. The DAO automatically collects fees from the protocol using the Key Parameters of Transaction Fee, Listing Fee, & Validation Fee as explained in the Whitepaper. The community can vote on the establishment and alteration of parameters that affect and control the DAO’s treasury functions. We will explore the Membership Fee in the next medium article.
Grants
DAO members can propose different upgrades so that the protocol can always adapt to the needs of the creators through grants.
For example, currently the distribution protocol is built for .mp4 files but if a creator came along and wanted to offer some other form of content that was only supported in a different file type, let’s say VR for instance, the content creator could make a proposal and ask the DAO for capital to upgrade the protocol to allow for this.
Grants don’t just stop there though. If you are a 3rd party developer/content creator/etc. and you have a great idea for something that can bring value to the ecosystem, but it’s not directly integrated into the protocol (i.e. a new portal, a Crypto metric site for the protocol like Scout.Cool, and so on) you can submit a proposal and the community can vote on it.
Another interesting aspect of the grants system is that you can give people reputation in the form of SGT. If there is a specific member of the DAO who constantly goes above and beyond in helping out or proves themselves trustworthy, a member can ask the DAO to grant them SGT tokens and have the community vote on if they are deserving of this reputation.
For a deeper dive on the Tokenomics and Processes explained here please reference:
20 million SNGLS to the DAO Treasury
We are also announcing, here, that SingularDTV will be putting 20 million SNGLS into the DAO treasury. You can see our Gnosis Safe address here: 0x404475124bFD465c93e6E501a2E2EAbf19342217 for confirmation.
Troy Murray
snglsDAO Foundation Supervisor
QUICK REMINDER ON WALLETS
If you are confused about which wallet you should use to hold your tokens so you can receive the airdrop and also easily access the DAO we are providing a list of wallets based on your skill level in WEB3 private key handling.
Beginner
- Torus
- Fortmatic
- Trust Wallet (connect to the DAO using their Wallet Connect integration)*mobile
