Election of One New Vault Multisig Signer

Governance
1

Author: Rowan
Editors: trewkat, 0xZFi, Hiro Kennelly
Date Created: 11 September 2024
Submission Period: 11 September 2024 - 25 September 2024
Election Period (Snapshot): 26 September 2024 - 3 October 2024

Relevant Links: BanklessDAO Constitution; Season 8 - BanklessDAO Vault Multi-Signature Wallet Signers Election Application Submission; BanklessDAO Multi-sig Wallet election

Summary and Process

The DAO Vault multi-signature wallet, or Vault Multisig, contains the primary DAO assets. The Vault Multisig is managed by a team of seven DAO members, and requires four of the seven members to sign in order for any transaction to be executed.

0xLucas, one of the existing Multisig signers, has requested they be replaced. This post serves as the initial step in the application and election process. Individuals who meet the criteria identified below may apply by replying to this post during the Submission Period. At the end of the Submission Period, an election will be held in the form of a tlBANK Snapshot.

Important Considerations

The BanklessDAO Constitution details the Vault Multisig Signer Elections process, including the necessary criteria prospective applicants must meet. As our community membership and governance processes are in a state of transition, the BanklessDAO Constitution does not currently provide pertinent information on the criteria and processes for Vault Multisig Signer Elections. The Transition Council has made some modifications to the election process and applicant requirements to ensure they reflect the current state of governance and membership of the community. Please note, any changes made were intended to reflect equivalent requirements and processes, including but not limited to: applicants’ legitimacy, level of trust within the community, and value alignment.

Vault Multisig Signer Rights, Responsibilities, and Required Criteria for Election

According to the Constitution, Vault Multisig signers have the following rights and responsibilities:

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To be considered for election and to retain the role, Vault Multisig signers must meet all the following criteria:

  1. tlBANK holder at block height 18,652,139 (same as the tlBANK Snapshot).
  2. Previously held a leadership position in this organization (equivalent to former Guild or Department Coordinator, Project Champion, former Grants Committee member).
  3. Experience as a signer on a multi-signature wallet.

To submit your application, reply to this post and include the following:

  1. Discord handle
  2. Reason for applying (i.e. why you would like to be a signer of this multisig). As the ideal candidate can demonstrate value alignment, please include information about your active participation in this organization to date.
  3. Qualifications - proof of criteria above.

Please note that the Transition Council may disqualify a candidate if their application does not meet the requirements above. The TC will provide rationale for any disqualification.

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User discord : @LiviuC#7835

I have been involved in the DAO in various positions and on multiple vaults across the Bdao. I have strong knowledge how to operate vaults and consider myself an active signer.

The only issue that ai have is that I do not have the locked bank, although my bank is in my wallet for sucha long timw and most probably will be from now on.

Hope my application will be considered. Thank you!

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  1. tlBANK holder at block height 18,652,139 (same as the tlBANK Snapshot).

As @LiviuC noted, people who qualify for 2) & 3) may not have bothered … Given the … err … paucity of talent retention, perhaps it may be worthwhile relaxing this … It’s basically a (social) signal of commitment, so there may be multiple ways to ensure the screening for this trait. ome suggestions …

  1. Keep the threshold but allow a (short) grace period to lock in eligibility (however this creates a gap for opportunists so perhaps a secondary criteria is to increase the minimum period of lock … ??? 5 years???
  2. The alternative for plutocrats is to significantly raise the threshold but look at the prior holding period and transaction patterns. You don’t want passive HOLDers but people that satisfy your commitment test
  3. Professional trustees … Ask 3rd party independents to buy-in as escrow and use that as earnest “fee” so you deduct for non-feasance (non-attendence of signers meetings) but progressively unlock portions as the trust relationship builds up. This is akin to reverse retainer but with smart contracts governing good/bad leaver provisions (death vs bad faith).

Also consider carefully whether tlBANK is a worthy signal per se (for whatever you are screening for). Because it can be bought, given sufficient incentives it can be gamed.

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Discord handle: paulitobankless

Reason for applying: I have a been an active member of the DAO since S4 and i am very committed to the growth and development of the DAO. I have served in a various capacities across the DAO and have experience when it comes to handling the multi-sig. I am active and always ready to respond when called upon.

Qualifications: Current TL BANK Holder. I served as a member of the Grants committee in S9, education department coordinator, and also accounting of the writers guild. These are just a few of the positions I have held in the DAO. I have in active in the governance discussions and voting’s that has been going to restructure the DAO.

It would be my privilege and an honor to serve as a member of the bDAO vault multi signers.

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User discord: @eren_targ5

Currently a tlBANK holder.

Was the social media coordinator at Marketing Department - BanklessDAO for over a year and later was the Marketing Department coordinator for 2 seasons where I oversaw the overall operation of the department and made sure there is a smooth flow of work taking place , held regular meeting with all stakeholders.

I am also currently one of the Multisig signers for the Marketing Department Multisig.

Thank you for considering my application.

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user discord: cyclistRS

regarding qualifications, being a tlBANK holder on tlBANK snapshot, BanklessDAO member since S1and Banklessadria IMN champion for 3 years, as well as BanklessIMN Polygon multisig signer.

reason to apply is to see some progress on BanklessDAO transition and growth, since we are entering important period in web3 development, and would be sad to see bDAO lagging on it

all the best,
cyclist

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I’m applying to be the new vault multisig signer!

Discord handle: TheThriller
Socials: Farcaster / Twitter / LinkedIn

I’m applying for the position because I want to find ways to contribute more to bDAO (or whatever we end up calling ourselves!), I have a lot of relevant experience for this type of role, and I can commit to doing a great job at what is required.

I joined the bDAO Discord server on December 28, 2021, when I spent my entire 2-week holiday vacation researching DAOs before deciding to leave my job at Capital Group (one of the world’s leading TradFi companies) early the following year to start a DAO technology company. I later ended up coming across the opportunity to start and lead MIDAO, where I’ve co-written three laws and one regulation creating the world’s first DAO legal entity offered by a sovereign nation, the Marshall Islands. At MIDAO, I’ve had the opportunity to speak with folks at over 1,000 DAOs, and we have almost 200 DAOs as customers.

I bought my 35,000 BANK in April of 2022 to officially become a level 1 member and later aped into much more BANK, eventually locking up into tlBANK in mid 2023. I always considered myself a proud member of bDAO, despite never having led any projects, guilds, or other initiatives. During the fateful Thanksgiving of 2023, when it seemed like our entire organization was at risk of failure, I recommitted myself to being more active in the DAO and finding a way to contribute in more meaningful ways as we saved and reimagined our organization. Since then, I have attended most community calls & governance calls, participated in most forum conversations & snapshots, and provided input and positive vibes wherever I can.

Much of my relevant experience comes from being a leader of organizations in Web3/TradFi and serving on governance bodies including the boards or sub-committees of the boards of several 501(c)3s, and I also have experience as a mult-sig signer for one major DAO in web3. Here is an extensive list of what I believe is relevant experience:

  1. I have started many companies in my life, starting with a computer consulting company when I was 13 years old in 1998. I started a tech start-up incubator in 2007, incubating 3 companies (2 of which were later acquired) before deciding to become CEO and of one of the companies and shut down the incubator in 2008. I led Abroad101 as CEO and Chairman of the Board until we sold the company in 2014. I also invested in over 10 start-ups during that period. I served on the board of several of these companies, and I feel that board governance is similar to the type of governance required by a multi-sig signer at bDAO.
  2. I served on the board of the following non-profit 501(c)3 corporations: The Rashi School (6 years), A Window Between Worlds (3 years). I also served on sub-committees of the boards of The Combined Jewish Philanthropies of Boston and the Jewish Federation of Orange County.
  3. I am CEO of MIDAO and serve on the board of the company as well as the board its subsidiary company.
  4. I have been one of the Managing Members and multi-sig signers of Admiral DAO, the DAO for the Clipper DEX, which was a top-200 protocol in Web3 for much of 2022 and 2023. I have always been available in short time to review transactions on a near weekly basis.
  5. I am also a member of Purple DAO, Nouns-Builder DAO, and Beaver DAO (the MIT alumni DAO).

I have been available on a 24-48 hour basis consistently over the course of multiple years for the Admiral DAO multi-sig and can commit to the same response time for multi-sig issues and transactions for bDAO. One of my traits as a CEO, board member, and multi-sig signers has been my ability to make myself available for the time-sensitive and high-priority issues that always emerge in these positions. Even though I am very busy with my day job, I can always re-arrange my schedule or prioritize roles such as being a multi-sig signer, and I am always available, no matter where in the world I am, because it’s required of me for my existing commitments.

If elected, I promise to hold true to the constitution of bDAO, balancing the “letter of the law” with the spirit of the new organization that is springing up within bDAO and the novel roles & responsibilities being put on its multi-sig signers and members more broadly.

7 Likes