Meet the Swash DAO

Choosing a winner and next steps for the DAO

With the DAO Ignition campaign coming to a close, it’s time to announce the winner and — more importantly — to celebrate the official launch of the Swash DAO.

DAO Ignition was designed to kickstart the Swash DAO, the goal of which is to enable Swash token holders to get more involved and have their say about the future of the project.

Everyone who participated in the DAO Ignition campaign and has qualified status — those who successfully met the criteria of the DAO Ignition campaign — will automatically be granted Early Bird Swash DAO membership, giving them the opportunity to vote on community, development, and token-related proposals, opening Swash up to more opportunities.

If a qualified participant held their Swash tokens for 60 days (the minimum requirement to qualify) then they will have two entries in the index. If they held for 90 days, then they will have three entries in the index, meaning their chance of winning increases 1.5x. The number of qualified participants determines the size of the prize, and the number of total entries will be used in the winner selection process as follows:

Choosing a winner

In order to select a winner at random in a transparent, verifiable, tamper-proof way, we will follow these steps:

1.

Late on February 15 2023, a file containing a list of all of the entries and their corresponding index number and wallet addresses will be prepared. The total number of entries will be n.

Then, this file will be uploaded to IPFS and the link to this IPFS file will be shared on Swash’s official Twitter profile. We will use IPFS because IPFS files are content-addressed and immutable, meaning that everyone can access it and, once published, no one can edit the file.

2.

On February 16 2023, we will obtain a random four digit number (r) by choosing the two numbers after the decimal of the opening price and the closing price of Bitcoin on CoinMarketCap.

For example, if the opening price is 22857.27 and the closing price is 23264.29, then the last two digits after the decimal of each figure will be 27 and 29. That would mean that r is 2729.

3.

As there are n entries in the DAO Ignition campaign and r is the randomly generated number from step 2, we will then find the remainder of r divided by n to determine the winner’s index number.

For example, if n = 850 (due to having 850 entries) and r = 2729 (as determined in step 2), then the remainder will be 179.

In this example, the winner is the person whose wallet address corresponds with index number 179 as defined in the IPFS file.

4.

The winner will be notified and the prize amount determined by the number of qualified participants will be sent to the wallet address they used to enter the DAO Ignition campaign.

This approach for choosing a winner is completely transparent and easy to verify, while being completely random to avoid any potential bias.

Alongside the launch of the DAO, Swash will burn 10% of the monthly average of the amount held by the community for the duration of the DAO campaign until burning a max of 5M $SWASH. The burn will take place on April 01 2023.

The Swash DAO: What to expect

As well as announcing the winner of DAO Ignition, the Swash DAO will also launch on February 16 2023. All qualified participants will be whitelisted for DAO reputation-based voting and will be able to start casting their votes. The DAO will be accessible via the Swash website, hosted through a platform called Snapshot.

The DAO will go live with several proposals on which people can vote straight away. Initially, there will be two methods for voting:

Token-based: Determined by how many tokens you hold within a specific time frame
Reputation-based: Determined by how active you have been as a community member

Later on, more advanced voting mechanisms, such as quadratic voting, will be introduced.

For the first version, the team will post proposals according to feedback gathered from the community and for suggested development deliverables. Over time, people will be able to post proposals once meeting certain criteria. Each proposal will have its own discussion channel on Swash’s Discord, so the community can share their thoughts with each other.

About Swash

At Swash, if it’s your data, it’s your income.

Swash is an ecosystem of tools and services that enable people, businesses, and developers to unlock the latent value of data by pooling, securely sharing, and monetising its value.

• People share their data to earn while retaining their privacy.
• Businesses access high-quality, zero-party data in a sustainable and compliant way.
• Developers set up and build systems within a collaborative development framework with ease.

As the world’s leading Data Union, Swash is reimagining data ownership by enabling all actors of the data economy to earn, access, build and collaborate in a liquid digital ecosystem for data.

Let’s connect:

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Swash has completed a Data Protection Impact Assessment with the Information Commissioner’s Office in the UK and is an accredited member of the Data & Marketing Association.

Nothing herein should be viewed as legal, tax or financial advice and you are strongly advised to obtain independent legal, tax or financial advice prior to buying, holding or using digital assets, or using any financial or other services and products. There are significant risks associated with digital assets and dealing in such instruments can incur substantial risks, including the risk of financial loss. Digital assets are by their nature highly volatile and you should be aware that the risk of loss in trading, contributing, or holding digital assets can be substantial.

Reminder: Be aware of phishing sites and always make sure you are visiting the official https://swashapp.io website. Swash will never ask you for confidential information such as passwords, private keys, seed phrases, or secret codes. You should store this information privately and securely and report any suspicious activity.