[bDIP-08] Selection and Election of BanklessDAO Vault Multi-Signature Wallet Signers

[senad.eth]

Authors: senad.eth #8782, links #7868, Trewkat#1933, HiroKennellyᵍᵐ #0001
Working Group: HiroKennellyᵍᵐ #0001, jengajojo #5896, links#7868, senad.eth #8782, thinkDecade #7181, Trewkat#1933
Scope: Minor Change
Working Doc: Google Doc

BDIP SUMMARY

Based on the feedback received from the Swapping BanklessDAO Multi-Signers [Temp Check] , this bDIP seeks to modify the BanklessDAO Constitution to include text regarding the selection criteria, mandate, and election procedures associated with the role of a BanklessDAO Vault multi-signature wallet signer.

BDIP BACKGROUND

• In S1, BanklessDAO members agreed to transfer control of the DAO treasury from the Genesis members to the DAO. The results were then ratified via Snapshot.
• Via Forum post, DAO members applied to become BanklessDAO Vault multi-signature wallet signers. An election was held on the Forum, and later ratified via Snapshot.
• The current cohort of BanklessDAO Vault multi-signature wallet signers are: Icedcool, frogmonkee, Above Average Joe, RedVan, 0xLucas, Eagle, and Kouros. Only Above Average Joe and Icedcool remain active in the DAO.
• The recent Temp Check indicated a desire to codify the mandate, selection, and election of BanklessDAO’s multi-signature wallet signers.
• This bDIP seeks to enshrine the mandate, selection criteria, and election procedures for BanklessDAO’s multi-signatue wallet signers in the Constitution.

BDIP SPECIFICATION

Current Form of “DAO Organizational Units”

[There is no mention of the BanklessDAO Vault multi-signature wallet signers in the Constitution]

Proposal

[Text to be included immediately before the Grants Committee section of DAO Organizational Units]

BanklessDAO Vault Multi-Signature Wallet

The BanklessDAO Vault multi-signature wallet (vault multisig) receives BANK on a seasonal basis from the BANK token contract, and disburses BANK to DAO Organizational Units. It is managed by a team of seven BanklessDAO members, and requires four of the seven members to sign in order for any transaction to be executed.

Vault multisig signers have the following rights and responsibilities:

Vault Multisig Signer Elections

To be considered for selection and to retain the role, vault multisig signers must meet the following criteria:

1. Recognition as a Level 2 Contributor of BanklessDAO.
2. Active membership of BanklessDAO for at least one year.
3. A previously held leadership position in the DAO (equivalent to Guild Coordinator, Project Champion, Grants Committee).
4. Experience as a signer on a multi-signature wallet.
5. Current knowledge of BanklessDAO’s governance procedures.
6. (optional) Should ideally have a Chippi .

Elections have the following procedure:

1. To kick off an election, any BanklessDAO member can post a formal proposal to check the level of support to hold a vault multisig signer election. This proposal must have a poll which passes the Minor quorum thresholds.
2. When the formal proposal reaches quorum, the member may then post a Forum post to gather candidates. In this post, candidates must provide evidence that they meet the eligibility requirements. This proposal must stay up for at least one week.
3. After one week, the veracity of each candidate’s eligibility evidence must be validated by the member who posted the proposal. This member will then post the final candidate list in a comment on the proposal.
4. The current vault multisig signers must then post a token-weighted poll on Snapshot with the list of candidates specified above as well as a list of the current vault multisig signers as options (barring any signer who wishes to step away from the role). This poll must stay open for at least one week.
5. The seven candidates with the highest proportion of support will become the new vault multisig signers. The current signers must take the steps to add/remove members as needed to ensure the group of vault multisig signers reflects the will of the DAO.

Removal of Vault Multisig Signers

Vault multisig signers can be removed if:

1. a vault multisig signer has violated any of the mandated responsibilities.
2. any member in the DAO gathers consensus via Forum on the no-confidence state of a vault multisig signer or the vault multisig signers as a whole.

There is no term limit for vault multisig signers, however continuation in the role is subject to the community vote.

EXPECTED IMPACT

This change will mean the DAO has adequately documented procedural information about the role of a BanklessDAO Vault multi-signature wallet signer. It is anticipated that if enacted, this update will be followed with an election for a new team of BanklessDAO Vault multi-signature wallet signers.

ANALYTICS

After this bDIP is ratified, we hope to hold an election to increase active multi-signature wallet signers from 2/7 to 7/7.

Major/Minor/Patch language

NEXT STEPS

Achieve Minor quorum to add bDIP to constitution, then run an election.

Factor	Forum	Snapshot
Temp Check	Approved	Not required
bDIP-N	Awaiting vote	Not started
Application Submission	In progress	Not required
Multisig Signer Vote	Not started	Not started

WORKING GROUP BACKGROUND

• HiroKennellyᵍᵐ🏴#0001 - Guild and project coordinator, BC Associate, contributor to various projects.
• jengajojo🏴#5896 - Contributor in governance and project management.
• links#7868 - L2 Contributor, PM Guild Coordinator, Bankless Card Champion, governance enthusiast.
• senad.eth #8782 - L2 Contributor, Member of the Grants Committee, ex-DAOlationships Guild Coordinator and Project Champion of B Labs.
• thinkDecade #7181 - L2 Contributor, GC member, project management.
• Trewkat#1933 - L2 Contributor in Writers Guild and several other projects and teams.

Do you approve this change to the Constitution?

• Yes
• No

Include links to other polls conducted, such as Discord polls, to gauge support

• Swapping BanklessDAO Multi-Signers [Temp Check]

[BogDrakonov]

Another criteria that should be met is some kind of training or experience in securing the wallet and computer you use. Hacked signers is a problem to consider and something we’ve had reports of before.

[Icedcool]

Yea, I went back and forth on needing that and smart contract experience for a criteria.

Strong security practices and a degree of technical know-how are really important.

[links]

Good point! As a way to work this into the next election, I suggest when gathering candidates, we have a section where each candidate can explain their wallet security practices (as part of the multisigner experience section)

[iSpeakNerd]

quick plug for this article I wrote on personal security practices,
there is also a thread version on twitter

[Sprinklesforwinners]

Hi @senad.eth while I would normally have questions about this proposal, correcting the amount of signers supersedes any questions. In fact, I almost wonder if knowing this would need a change in the title, as seen in appendix A in this proposal [Draft 3 - Final] Firming Up Governance that was re-ratified after the constitution in a bDIP here: Snapshot

[codeman]

Perhaps this is an area that could involve Bankless Academy? While I personally trust the signers’ technical know-how just by the work contributions everyone has made, a -refresher- or a -high level- course could be built to verify that multi-sig signers have an adept understanding of security practices.

Most major industries require continued education for their most critical employees/members, and it would be interesting to see that continued education verified on-chain quarterly by Bankless Academy. DAO members can just search your wallet to see if you did your homework lol.

[links]

Great idea!

Bankless Academy actually offers free lesson creation platform for bDAO members, so anyone who feels up to making a course would be doing the DAO a service to take this on.

[Icedcool]

Some of the language on this bDIP is incorrect, so I’m updating it to fit what is accurate, and be conducive to the constitution.

Since the larger initiative of the bDIP has passed, I’m going to give this till Sunday, 4/9 to allow objection.

The changed areas are below:

---

Before

The BanklessDAO Vault multi-signature wallet (vault multisig) receives BANK on a seasonal basis from the BANK token contract, and disburses BANK to DAO Organizational Units. It is managed by a team of seven BanklessDAO members, and requires four of the seven members to sign in order for any transaction to be executed.

Change:

The BanklessDAO Vault multi-signature wallet (vault multisig) is the holder of DAO funds, and disburses BANK to DAO Organizational Units. It is managed by a team of seven BanklessDAO members, and requires four of the seven members to sign in order for any transaction to be executed.

---

Before

To be considered for selection and to retain the role, vault multisig signers must meet the following criteria:

1. Recognition as a Level 2 Contributor of BanklessDAO.
2. Active membership of BanklessDAO for at least one year.
3. A previously held leadership position in the DAO (equivalent to Guild Coordinator, Project Champion, Grants Committee).
4. Experience as a signer on a multi-signature wallet.
5. Current knowledge of BanklessDAO’s governance procedures.
6. (optional) Should ideally have a Chippi .

Change:

To be considered for selection and to retain the role, vault multisig signers must meet the following criteria:

1. Recognition as a Level 2 Contributor of BanklessDAO.
2. Active membership of BanklessDAO for at least one year.
3. A previously held leadership position in the DAO (equivalent to Guild Coordinator, Project Champion, Grants Committee).
4. Experience as a signer on a multi-signature wallet.
5. Current knowledge of BanklessDAO’s governance procedures.

[homie]

Side note:

Why bDIP-N? (Where’s the designation of the major minor patch)

[Trewkat]

It’s left as ‘N’ so that the bDIPs that make it to Snapshot can be numbered sequentially.
In other words only Snapshot bDIPs are numbered.
I remember a convo somewhere that acknowledged it would be confusing to have Snapshots with numbering gaps.

The change scope is right up the top:

[homie]

Ahhh cool!

Thank you for this!

[ernest_of_gaia]

I hate to bring this up but the constitution clearly states that any thing that changes rights responsibilities an procedures is a Major change. If rights, responsibilities, and procedures are absent in the current constitution and this bdip changes the absence of text than it introduces new rights, responsibilities, and procedures. this bdip requires is a major update to the constitution and needs a few more votes

[Trewkat]

the constitution clearly states that any thing that changes rights responsibilities an procedures is a Major change.

The Constitution doesn’t clearly state that yet
Our draft text does, but current wording is, as we know, vague and focused on ‘compatibility’.

I support this being designated as a minor change for two reasons:
1/ The Constitution does not currently have any text about the DAO vault signers so this change is about bringing the documentation up to date, not making procedural change.
2/ In support of the above point - although the proposed text does include things that have not been explicitly discussed as a community, I think it captures tacit understanding about the expectations and responsibilities of the role.

Even though the current wording is ambiguous, ‘compatible’ in this context means business as usual (BAU). Documenting the existing multisig signer role, including its previously invisible but community-aligned parameters, meets my definition of BAU.

[Icedcool]

Fyi, the election is going up soon!

As a reminder, to ensure we ALWAYS have enough Multisig holders, the previous members are part of the vote for the multisig.

New Electees:

• Rowan#3669
  • Application
• senad.eth #8782
  • Application
• Mr. V | mariokondo.eth#2771
  • Application
• jengajojo🏴#5896
  • Application
• Bananachain🏴 (Nanner)#6171
  • Application
• links🏴#7868
  • Application

Previous Holder Electees:

• 0xLucas#3124
  • Application
• Above Average Joe#5427
  • Application
• Grendel#3875
  • Application
• Icedcool🏴#4947
  • Application
• Kouros#2107
  • Application

Multisig Signers Stepping Down:

• frogmonkee#6855
• RedVan #0611