BRT holders approved a proposal to change the Bright Moments governance token from an ERC-20 to an ERC-721 token. As part of that conversion, the DAO needs a new governance model that allows 10,000 CryptoCitizens to collectively manage the organization and operations of the DAO.
- Bright Moments governance was originally denominated as an ERC-20 token called BRT.
- BRT was used to vote on several off-chain governance proposals using Snapshot.
- The CryptoCitizen community has used Mirror’s token race feature to conduct off-chain voting for CryptoNewYorker nominations using ERC-721 tokens.
- We’ve experienced issues with vote buying, specifically in situations where there is a financial incentive to do so (e.g. CryptoNewYorker nominations).
- Many of the core operating team’s day-to-day decisions are fuzzy or not well suited to a formal voting mechanism (e.g. what venue should we choose / what vendors to contract with).
- Bright Moments is legally represented by a Wyoming LLC. There is also an operating company based in New York that is used to fund fiat expenses (e.g. rent).
- At time of writing, Bright Moments has a burn rate of ~200 ETH / month due to ongoing operational expenses (e.g. lease, salaries, insurance).
- The voting system must support an ERC-721 governance token.
- Our CryptoCitizen NFTs are distributed across two smart contracts which need to function within a united governance mechanism:
- Art Blocks: 0xa7d8d9ef8d8ce8992df33d8b8cf4aebabd5bd270
- CryptoCitizens: 0xbdde08bd57e5c9fd563ee7ac61618cb2ecdc0ce0
- CryptoCitizens are constituted of many cities (and soon to be countries!), each of which will have distinct values and opinions about what to prioritize.
- Bright Moments needs to be able to operate internationally, including setting up off-chain structures that enable the operating team to act on behalf of the DAO (e.g. signing a lease).
- Our use of the PBAB contract includes a 10% royalty fee to Art Blocks on all primary sales.
- There will only ever be 10,000 CryptoCitizens.
- CryptoCitizens are represented by an ERC-721 token.
- All CryptoCitizens have an equal vote in DAO level decisions (i.e. 1 Citizen = 1 Vote).
- CryptoCitizens are split across two contracts with distinct Ethereum addresses and token ranges.
- CryptoCitizens prefer a gasless off-chain voting mechanism over an on-chain voting mechanism for most types of votes (e.g. Snapshot over Governor).
- brightmoments.eth is the primary multi-sig for the DAO and currently has a 3 of 7 signer policy.
- CryptoCitizens will be minted over the course of 10 cities between 2021-2023, after which point there will not be additional cities added with full Citizenship rights.
- CryptoCitizens are willing to meaningfully engage with the governance of the DAO.
Bright Moments will implement a phased governance rollout with distinct goals.
Goal: Give CryptoCitizens voting rights relating to aspects of DAO operations and governance
- Launch a community forum that supports threaded long-form discussion
- Develop and document a process that allows community feedback to be formalized into proposals
- Build and deploy an ERC-721 compatible voting system |
Goal: Align CryptoCitizen community around a shared goal and roadmap
- Draft and ratify CryptoCitizen constitution
- Develop a governance page on the marketing website that describes the function and purpose of the DAO
- Publish a blog post describing the mission statement and roadmap
Goal: Ensure continuity of governance
- Define roles and responsibilities of core positions
- Elect 7 core multi-sig signers
- Define term limits for signers
Goal: Empower local cities to independently operate
- Establish SubDAOs for local cities
- Develop SubDAO funding plan
- Elect or appoint SubDAO representatives to manage local operations
Goal: Enable Bright Moments to effectively execute it’s two year roadmap to mint 10k CryptoCitizens globally
- Establish legal framework and corporate governance
Q: Should our voting be primarily on-chain or off-chain? Should there be situations where one type of voting system is used over another?
A: The majority of our proposals will likely be “social” proposals, meaning that they take place off-chain and are enforced by a responsible group of humans, rather than programatically. ENS has a helpful breakdown of their proposal types here.
Q: Should we incorporate delegated voting? If so, should there be limits on the number of delegate votes an individual can receive?
A: Delegated voting costs gas to setup, so we should wait until we have a sufficient incentive to ask our users to delegate (e.g. an airdrop to claim).
Q: Where do we want to have conversations? What types of discussions should happen in Discord vrs. Discourse vrs. IRL?
A: Discourse will be used for proposals, feedback, and long-form discussion. Discord is used for general chatter and support.
Q: Who should be able to put forward proposals? Under what conditions should a proposal be accepted?
Q: What should the minimum quorum be for voting? Should this change over time?
Q: Should amendments to the Constitution have a higher bar for approval than basic proposals?
Q: Should cities have individual sovereignty? If so, what types of decisions should be made at the city level vrs. the DAO level?
Q: What types of decisions need to be made via proposal vrs. independently executed by the Bright Moments operating team?
Q: What is the right corporate & legal structure to support the operations of the DAO?
- Election system
- On Collusion
- The Most Important Scarce Resource is Legitimacy
- Coordination, Good and Bad
- Control as Liability
- Moving Beyond Coin Voting Governance
- Notes on Blockchain Governance
- Governance, Part 2: Plutocracy Is Still Bad
- Decentralized Governance In DeFi: Examples and Pitfalls
- Quadratic Voting
- The Social Contract
- A Declaration of the Independence of Cyberspace
- Reputation vs Tokens
- The Meaning of Decentralization
- The Mirrortable
- On Chain vs. Off Chain Voting
- Vote Delegation
- How to SubDAO
- Interfaces Between DAOs and the Legal System
- What I Wish I Knew Before Talking to Lawyers about DAOs
Off-chain governance examples:
On-chain governance examples:
- GEB Governance Minimization Guide
- ENS DAO
- Uniswap Governance
- ENS Delegates