TLDR: This proposal enables the t0wn team to reallocate the resources from Stage 1 of the t0wn project toward building two apps that will more immediately and concretely benefit the t0wn project and CityDAO as a whole. The overall plan for t0wn has not changed.
This proposal asks for only $1 of additional funding to secure a quorum of 250 votes. Other than that, we are merely asking for the ability to reallocate funds that have already been sent to our treasury. We have removed our request for additional funding based on the responses in the forum, which we take very seriously. To us, t0wn is a community made of its valued members, and compromise is the language of cooperation.
OVERVIEW
The t0wn team has been meeting weekly for months. We’ve had several meetings with the Próspera team about possibly acquiring real estate in it’s first tower as a first physical hub for t0wn. Those discussions remain ongoing. We’ve had all sorts of contact, discussion and meetings with potential member DAOs. Our aim is to reallocate the remaining funds toward building apps that will help push this project forward.
As of today, a little over $54,000 remains in the t0wn treasury. Our initial CIP called for $32K in t0wn team compensation and $20K in discretionary funds. $1K compensation has been paid out per team member ($4k total) and no other money has been spent. Based on our internal weekly discussions, meetings with other DAOs and projects, Twitter spaces and independent research, we are clearer on how we think the discretionary funds should be spent.
FUNDING
We would like the ability to reallocate the remaining funds toward:
PROJECT DETAILS
Assurance contract: Our initial t0wn STAGE 1 plan was to have DAOs sign LOIs stating their intent to contribute to a t0wn treasury to buy land for a “DAO hub.” We decided it would not only benefit t0wn, but also CityDAO and the web3 community at large if we figured out how to program the essence of an LOI into a smart contract. Utilizing Alex Tabarrok’s Dominant Assurance Contract idea, we will create a smart contract where entities can pledge money toward a public good (like t0wn). If the funding threshold is hit by a certain deadline (which is programmed into the smart contract when it is deployed), the project gets funded. If the threshold is not hit by the deadline, everyone gets their money back and those that contributed the earliest get a small monetary “prize” for having been the first movers / believers. Details around the prize mechanics will be sorted out during development, one key component being the prize is big enough to incentivize early contribution but small enough to disincentivize entities wanting the project to fail.
Building a dominant assurance smart contract will not only be a boon to t0wn and CityDAO, but also to anyone who wants to fund a public good on the blockchain without using methods such as Juicebox that take a significant percentage of funds.
Identity Verification: Part of having a community is ensuring that people are not sybils, that identities can be verified. Rather than using a method such as NFT + Gitcoin Passport or Proof of Humanity, we would like to offer individuals the ability to KYC to global banking standards, verify ownership of a wallet address, and then marry the two with a soulbound token. We plan to use the ERC-5484 standard for soulbound tokens which allows both the issuer and the holder to burn the token - the former being necessary in case of identity fraud and the latter being necessary in case the holder wants to disconnect or move their identity to a different address.
RELATIONSHIP TO THE ORIGINAL t0wn CIP (IPFS #QmWXdW6)
This proposal augments STAGE ONE of the original proposal by allowing additional uses of the funding allocated by that proposal. It also adds an additional potential STAGE TWO trigger—a deployed assurance contract that successfully raises at least $750k will automatically trigger STAGE TWO. The t0wn team will determine which avenue to pursue (ie signed LOIs or raising via assurance contract) following development of the latter.
BENEFITS TO CITYDAO CITIZENS
OWNERSHIP OF WORK PRODUCT