IMPORTANT MESSAGE REGARDING COFFEE DAO!
The BEAN Roast will commence March 26th, 2022 and will run until June 1st, 2022 (to give everyone enough time!)
All BEAN tokens can be burned to redeem an equal amount of Coffee DAO membership NFTs (a mint of 10,000 generative NFTs created by DAO member LionsWrinkle). Each Coffee DAO membership NFT will carry the same rights as the original BEAN token (i.e., access to and future governance over the community donated meta-museum), but none of the complexities of a fungible token. We also felt that representing membership through unique NFT artwork more appropriately represents the collaborative art community we want to see flourish on Algorand.
The BEAN Roast will happen at pixtrate.com/beans
Coffee DAO is governed by 10,000 CoffeeDAO Membership NFTs. To become a member of the DAO you must hold at least 1 NFT. 1 NFT= 1 vote. The NFTs DO NOT represent fractional ownership of the NFTs held in the multi-sig account. The multi-sigs have pledged to donate all assets in the multi-sig wallet once on-chain governance, treasury management and curation is in place.
To propose a vote you must hold 100 CoffeeDAO Membership NFTs. No votes regarding the vault will be conducted until an on-chain voting system is in place. Currently proper DAO tooling is lacking in the Algorand ecosystem and we are eagerly awaiting its arrival.
Check in the DEGEN discord for more information.
DEGEN & Coffee DAO share a similar ethos in being opensource, decentralized, and ultimately building the tools needed for the ALGO NFT ecosystem. If you are a developer or creator and would like to work on these open-source projects, please hop in the DEGEN discord! We would love to have you.
DAOs, much like NFTs, are bigger than any one single project and require collective effort. While no other project is building the exact tools we need as a collectively-governed VR gallery, we can use bits and pieces from others' open-source projects to fit our use cases. A few projects already working on DAO tooling are Reach, Prismatic, XBacked and Headline. If possible, we will rely on existing tools. However, we may need to contribute to building them, or build them ourselves. The main tools we are focused on:
Token-gating system – The main utility of the NFTs is access to and governance of an Algorand-based VR gallery, or 'meta-museum', made up of donations from the community. To gate access into the VR gallery we are working on a bot that can poll a certain Algorand wallet address frequently and allow/deny access based on that wallet holding a certain ASA. This is being developed as a Discord bot first, and later will be added to the VR gallery when completed. True to the ethos of Degen and Coffee DAO, all code developed for the gating system will be open-sourced and free for the rest of the community to use. The DAO may use third-party tools which are not open-sourced.
Asset curation – DAOnations needs to be automated. Someone needs to be able to pledge an NFT -> the community needs to vote -> then there should be automatic acceptance or denial based on the result of the vote. This is a tool that needs to be uniquely built for Coffee DAO.
Vault asset management – Assets in the vault must move without anyone touching them, or being able to touch them. This means that based on a proposal and subsequent vote, an asset must be sent automatically based on the result of the vote.
Proposals & voting – Ultimately the whole decentralized nature of a DAO rests on a robust voting and proposal system. While a proposal and voting system aren’t that hard to build, you still have a tremendous amount of centralization when it comes to carrying out the result of the vote. This means that a voting and proposal system alone are not enough on their own to have a functional decentralized autonomous organization. To be autonomous, the result of the vote must be carried out automatically with code, unable to be interfered with. For example, if the vote was to send X NFT to Y wallet, when the vote closed, a smart contract would automatically send X NFT to Y wallet if it met the parameter of passing.
There’s a lot of work left to make Coffee DAO a true DAO. We are not shying away from the challenge, and see Coffee DAO as an in-real-time test case for the Algorand ecosystem. If you’re an experienced coder, or just looking to get your feet wet and try something new, we highly recommend you try to tackle one of issues listed above!