A Deeper Look into the Promissory Token of SuperDAO.
Superneum Promissory token
The promissory token is a one to one, exchangeable token for the final Superneum tokens. Superneum tokens are voting tokens with multi-purpose functionality including “active” rights to claim excess cryptocurrency value (profits) from SuperDAO’s dapp products and services within the SuperDAO organization on a pro-rata basis. Promissory token is to be deployed with actual Superneum tokens at which point, participators can redeem the final Superneum for the promissory tokens claimed here. The promissory contract is to backed by the constitustionalDNA of SuperDAO at deployment. The constitustionalDNA of the superDAO is the social contract, terms, founding principles and definitions of the vision, mission, anti-missions, rules and operation guidelines of superDAO. The Promissory tokens contains 3,000,000 tokens representing 3% of 100,000,000 immutable number of SuperDAO Superneum tokens, which is the allotted budget of operation for the earliest development activities. Every promissory token does not constitute an investment and exchangeable for the real SuperDAO tokens on a one on one basis. Promissory contract address will be deployed during the second stage with the actual superDAO token contract. Early backers can call the “redeem” function on the actual token contract, which would look in the promissory token to exchange promissory tokens for the final tokens automatically.
Purpose & Promissory token design Intent
SuperDAO is decentralized autonomous organization that encapsulates the advantages of a traditional startup with the best attributes of crowd swarming dynamics and intelligence. It has state, representing the progressive decentralization from a single founder to multiple co-founders and collaborators to the final fully decentralized organization controlled by a crowd. The promissory token represents the initial stage of collaboration between founders and early backers furthering a shared interest. As that, trusted human relationship at this state leverage smart contracts for more efficient automation and or payouts. Its is important to understand that the promissory token is not a completely trustless system, rather it enables a small group of people to work well together based on already established relationships. The purpose of the Promissory contract is to fund and continue initial development of SuperDAO and it’s early Dapps, in a fair and transparent way, for faster to market delivery and to crystallize the organization’s value proposition. The following design considerations where a forethought while understanding the objective implication of doing so.
Offline historical price discovery & attestation
The history of SuperDAO project dates back a time that neither the Ethereum platform existed. The initial concepts were discussed through informal channels and the furthering of the idea was put into motion by trusted mutual agreement on some price. The price agreed to by founder and backer Offline historical price discovery through backer negotiation. As that there needed to be some future way that a backer and founder could mutually agree to some shared information and that it will not be changed. The promissory token represents this concept with an offline mutually pre-hashed shared secret. In this scenario both parties agree offline to some plaintext phrase as well as an hashing algorithm to obfuscate the text. The resulting digest is then used by the founder to set the mutually agreed on price in the promissory token and all subsequent backers agreeing with the methodology. The circumstances then make it so that the backers have to use the same values to agree to the already set price or risk losing their tokens. Likewise the founder cannot set random values not agreed on beforehand with the backers in order not to risk loosing empirical data from price history. This is a perfect mechanism to bring an offline agreement to an online ledger like Ethereum’s. This is exactly how each backer has attested to historical price negotiations by claiming their tokens as seen here, here, here and here by validating initial price discovery. The Superneum token itself is temporarily stable, but it loses stability once it hits the public exchanges after the membership distribution event.
Trusted offline to online team coordination mechanism
The above mechanism is also useful for helping teammates to recover lost access as shown in the promissory contract. Offline shared pre-hashed phrases for lack of a better term, can help restore personnel access safely in the case of accidental damage to equipment. In a scenario where a contract holds a considerable amount of funds, self replacing mechanisms where; if msg.sender == owner are no longer sufficient. We decided to implement a friend/teammate authentication mechanism, a behavior replication which is seen everyday when a neighbor is locked out of the house for instance. With an additional mechanism to hash unique personnel phrase together with a shared one, we can be confident that access can be replaced safely and no one can gain unfair access.
Threshold funding approval through shared risks
This is a big one on shared interest and backer confidence. We love what we do at SuperDAO and want backers to understand that our goal is to successfully achieve our goals. So it makes sense that all backers or a portion, have a say in the spending process of the team. As that the founder of the project can request payment for team members, but 65% of the total backer stake have to approve such withdrawal request. This way every spending request is justified fair and beneficial for progress.
Brief functionality digest
cofounderSwitchAddress :Enables another co-founder to switch his multi-factor address.founderSwitchRequest :Enables request by original founder to switch to a new address.cofounderApproveSwitchRequest :Enables cofounder to approve founder address switch.setPrepaid :Set batches of offline prepaid tokens by founder.claimPrepaid :Enables backer claim and approval of offline prepaid tokens.claim :Freely participating action of backers during the current round.withdraw :Action requesting pre-scheduled spending.approveWithdraw :Approval of withdrawal request by a majority of backers.redeem :Called automatically by main token contract to enable 1 to 1 token redemption.
What’s Next?
SuperDAO’s membership driven crowdfunding is but a month away. In the mean time SuperDAO just completed internal and external audits for community confidence of its promissory token, so if you are one of the people that likes early bird 40% discounts you can follow this tutorial to get some Superneum promissory tokens. hopefully there are some still left. good luck :)
