Some of you might be aware of the Proof of Chaos project. For those that are not: since Referendum 181 referendum voters have been rewarded with NFTs for their participation. You may have heard about the NFT Shelves? Check out this article for more info.
TL;DR:
The current system is centralised. Whenever a referendum ends, I prepare the NFT send-out and fire off the script. With gov2 we may have a “somewhat simple” solution to move the send-out logic on chain and decentralise core decisions of the project with it.
Here is my idea…
Prerequisites:
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Gov2
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RMRK3 pallets
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A dedicated Governance Track for Participation Rewards
Explanation:
The idea is that (at least initially) the Proof of Chaos wallet could get a considerable amount of votes delegated to it in Participation Rewards Track, allowing us to act as Project Manager for the rewards. Referenda in this track would determine the rewards send-out through rmrk3 pallet calls.
What a rewards send-out would look like:
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I run a script locally that pins any required data (images, metadata) to ipfs and returns all the rmrk3 pallet calls required for a send-out (mint calls, resadd etc.).
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I put up a referendum (on the Participation Rewards track) from the ProofofChaos wallet in which an anonymous proxy account will be set as origin and execute the calls generated in the previous step.
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The referendum goes up for vote. The ProofofChaos wallet has a significant amount of delegated votes and votes “aye” on it.
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Unless there is a problem/community is not happy with the send-out and votes are undelegated, the referendum would pass and execute.
Benefits of this solution:
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Anyone can make “Participation Reward Proposals” and reap the benefits that come with it
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Anyone can become a Project Manager (by getting enough delegated votes)
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Competition amongst Project Managers will drive innovation
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Power remains with token holders without requiring continuous attention + involvement
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Project Managers are able to guide the direction without the project being overly centralised
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An anonymous proxy account (can ONLY be controlled by governance) is issuer of any NFTs, Bases, Collections etc. (all referenda should be executed through this account!)
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Any collection, bases etc, are owned by a governance controlled account (anonymous proxy)
Why become a PM? Why propose referenda?
Definitions:
Project Manager: This is a wallet that has majority backing (through delegation) for the rewards track. It thus has considerable power in passing or not passing referenda and is in a position to guide the rewards project as long as the token holders deem them worthy of this honour.
Referendum Proposer: Anyone (not just the PM) can propose referenda in this track. Which proposals end up passing is up to the PM/community.
While both roles could be exercised by the same wallet, they don’t necessarily have to be.
Financial incentives that come with these roles:
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Referendum Proposers can set their wallets as the royalty recipients of the NFTs that get minted through their proposals. They would earn whenever the reward NFTs get traded.
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PMs can earn through secondary collections. PMs could get referenda passed that make secondary collections equippable to the Rewards collection. E.g: Add-ons for purchase.
This list is definitely not exhaustive and there are many other creative ways to make the roles financially attractive.
What do you think? Is this on-chain governance rewards experiment worth a shot? Do you think this is a great way to showcase gov2?
Happy to hear any and all feedback. Would also be great to get confirmation whether my technical understanding is correct.