PIP 3: Phuture ecosystem improvement proposal

Name of Proposal: DAO Proposal
Creator/s Name + Telegram/Discord ID: Sir Erudite/ Otobong Sunday + Sir_Erudite#9256/OTEE#5279
Creation Date: 01-12-2021
What’s needed (financial, additional help, please specify): Community input and approval on the proposal in the forward.

Proposal goal

This proposal aims to evaluate the current community dynamic and look to introduce a new way of governance, as well as building the community and the Phuture network with ecosystem growth, token holders and people willing to stake their token.
One of the key aspects this proposal addresses is the benefits of good governance and importance of expanding the token holders with emphasis on the number of people that stake their token in the Phuture community
This proposal suggests implementing a gated DAO system into Phuture, as showcased by AlchemistDAO. For AlchemistDAO, the system allows them to hold their $CQT token (minimum of 1 $CQT) to a participant but for the Phuture ecosystem we recommend a higher standard of 1000 PHTR tokens or ePHTR to be a participant. We posit that this gated system will be effective in growing not only the Phuture ecosystem but network as well.
The question remains what this proposal would achieve if passed by the community?

A. It increases the number of Phuture token ($PHTR) holders, which in turn helps meet criteria to be listed on good exchanges

B. It brings in people who are willing to contribute to the growth.

It has also been observed that AlchemistDAO has a bot (https://collab.land/) which checks every wallet at random once in a while to confirm if the participants still hold the token.
Current challenges this solves
This proposal looks to address the issue of short term individuals who are here for their individual benefits and not to help build the Phuture ecosystem. With this proposal we look to kill two birds with one stone; growing the Phuture ecosystem and increasing the number of the ($PHTR) holders. We aim for it to be implemented into the Phuture ecosystem because it guarantees the intent of the community members not to just earn and move away but to grow the ecosystem and network.
The last month saw some community members paid for no work done. This propels DAO funds in an ineffective direction which doesn’t benefit Phuture or its ecosystem. Governance would be a very good way to regulate the work of everyone, and this is addressed in the execution plan below.

Execution plan

From the market, Phuture is currently at a good entry price so anyone who believes in the Phuture project could easily have at least 1000 PHTR tokens or ePHTR ($PHTR) to be able to participate in the PhutureDAO. If an eager participant can’t afford it, that person can participate in impression mining program or Phuture bounties so as to earn $PHTR token. It is also possible for some participants in the community to sell off all their tokens after some months of working benefits, which is why it is important to have a bot that can check every wallet at random once in a while to confirm if the participants still hold the token.
Once the bot is added to the Discord guild, it will manage the members into the working groups depending on the minimum token holdings. If they sell, and don’t meet the minimum of 1000 PHTR tokens or ePHTR amount the bot boots them.
The users go into the bot guild, link their wallet to the bot to gain access to the working groups and also get the colour tag assigned to the working group. I have done research on how to set up the bot into the server that would be best shown on screen.
The bot will first have to verify the individual in order to gain access to the working groups (Product, Business Development, Marketing Growth and newly added Quora & Twitter also sub channels like Notion and Coordinape). The bot which will be configured will give access only to the working groups as the general group will remain open to everyone to access.
Here is a walkthrough on setting up the collad.bot into the server:

Document: Discord Bot Walkthrough : Collab.land Support

YouTube: How to Set Up Collab.Land Bot on Discord for NFTs and DAOs - YouTube

For the issue of governance; we found out that Covalent created leadership roles. Covalent is seeing growth because they have great leaders who have been there from the beginning. These leaders monitor what everyone is working on and motivate them to carry on and do more. The Phuture team should either appoint or the community members should vote for, the leaders who can monitor if there is a situation whereby there was little or no work done but a certain individual on the PhutureDAO for that month.
Summary of the execution plan:

To be a participant of the PhutureDAO:

  • Participants should have at least 1000 PHTR tokens or ePHTR and hold them.
  • Impression mining programs and bounties once every quarter of the year for eager participants who may not be able to afford the token
  • A bot (https://collab.land/) checks every wallet at random once in a while to confirm if the participants still hold the token.

For Governance

  • Phuture core team members select community members who they believe could be good leaders, then ask the community members in the DAO to vote for the leaders.

Conclusion

‌The proposal goal is to improve the PhutureDAO with our research on AlchemistDAO and its gated system, which can be said to be successful. This proposal solves the challenge of community members we term “short term individuals’ ', who may do some jobs, get paid, sell their $PHTR and move to another DAO to execute the same act without wanting to grow the ecosystem. It also looks to solve the issue of governance and work integrity. The proposed ideas will not only greatly grow the Phuture ecosystem, it will improve work ethics and coordination, and will look to increase the number of Phuture holders and stakers.

  • For
  • Against

0 voters

1 Like

I think the minimum $PHTR held should be $50 instead of $100. Looks $100 might be difficult especially for non crypto individuals just coming into the space

My view is the reverse of OTEE, the level should be higher - but perhaps that’s because the price has dropped. I think we could forget calculating USD equivalents every day, the ‘start’ level should be a fixed quantity of PHTR. 250 or 500 PHTR, this is easily verified in collabland.

I don’t agree with making it lower in USD terms - I mean, if an individual cannot afford the costs to cover even one ETH main transaction, they are not the customers who will be using our platform or able to actively participate in the crypto space? We have to move away from giveaway culture to one where the DAO members are also those who we expect to use the platform

I’d also suggest adding higher tiers - goals - for DAO members to attain.
e.g.
500 - DAO Tier 1
1000 - DAO Tier 2
5000 - DAO Tier 3
10000 - DAO Tier 4
25000 - DAO Tier 5
100000 - DAO Tier 6
250000 - DAO Tier 7
500000 - DAO Tier 8

Ultimately, the decisions based on voting allocation if done by snapshot, will be determined by quantity held and we should begin to identify those with most ‘invested’ in the ecosystem.

This doesn’t suggest exclusion of good ideas from any member all have an equal ‘voice’ in creating and discussing, or indeed affect the reward for a good idea, but it gives people targets and a reluctance e.g. to drop tier and over time perhaps tiered benefits can be extended to trading fee discounts or access to exclusive pairs etc…

7 Likes

I think $value is good if we don’t want to have to manually constantly change the amount of token a user has to hold often (unless price is super stable - which not sure if that would be a good thing or bad, depends on the price I guess…lol) I’ve seen this issue with other similar loyalty programs, and they usually end up doing it in $ terms. Worst case we would adjust as the market does - there is a nuance/nostalgia in doing token amounts vs $

Once we are on cheaper chains, this would also dampen the concern of a higher $value for lowest tier.

1 Like

DAO Masters here is an overview of other gate tool as alternative.

I am in agreement with dgen.eth, I think a dollar amount becomes cumbersome to maintain as the price fluctuates. I think working in PHTR tokens is a more definitive and clear way of assessing ones DAO tier/loyalty. Further, this model scales as Phuture grows which means that as the PHTR price increases the cost of contributing to a working group also increases. This is beneficial because you would loosely expect the value of the ecosystem to be tied to the price of the token, thus as the ecosystem becomes more valuable and the consequences of decision making become greater, the cost of contributing increases commensurately.

3 Likes

I’m in agreement and believe the amount of $PHTR needed to participate should be between 500-1,000.

If someone is staking all their PHTR and hold ePHTR will the bot recognize that and allow to join the working groups?
Or will they have to keep 1,000 PHTR for this purpose in their wallet and allocate rest of the tokens in staking?

No the bot only look at held tokens so it’s advisable not to stake all token. Though more research on that to be sure.

1 Like

I was also going to propose moving to a DAO governance system-- Web 3.0 has begun :slight_smile:

However, I was going to suggest using DAOHaus instead of AlchemistDAO, and migrating some assets to Gnosis Chain and establishing the DAO there. I will follow up with another proposal that includes rationale, but the jist of it is that ETH fees are just too expensive for governance to work through a DAO on the ETH blockchain. I.e. MakerDAO governance is on Ethereum network, and they have been struggling to find engaged voters for some time because each vote requires an ETH gas fee.

To touch upon one point-- Let’s be honest, we are all in crypto to make money. I want Phuture to grow, and for that reason am happy to contribute to the Phuture ecosystem, because then I will make money. There’s nothing unethical with being ‘short term’, if that is what benefits you as an investor or worker most. But, I agree that governance should be reserved for those holding assets.

This has been solved now. ePHTR are also recognised by the bot :slight_smile:

1 Like

For voting we will be using snapshot which is gasless.

I am hesitant about adding more liquidity to other chains before we get robust liquidity on Ethereum. Our Bancor bid should allow us to fix our liquidity depth on Ethereum.