Bisq DAO paper published


#1

Finally the paper about the Bisq DAO is ready and open for comment.

Very contrary to the infamous ICO models where people ask for a lot of money for whitepaper-ware we have a working platform developed by altruistic contributions and donations which is out since more than a year and we will distribute the ownership and management to those who have contributed to the project - those who helped to make a decentralized exchange reality!

So just to make it completely clear:
We are NOT doing an ICO and not selling tokens!

We distribute the tokens to many contributors (probably 200-400) who have supported us. Many of you who read this and who have used Bisq that will be part of that. More details about that process will be announced very soon.

As soon the DAO has launched the DAO tokens (BSQ) can be traded like any other crypto currency in Bisq.

We are also working on further material for communicating the DAO model (e.g. info graphics, one pager, web page text).
Any help very appreciated (and would help me to get earlier back to development tasks)!

The DAO itself will come in several phases. Phase 1 is basically implemented but needs a bit extra work and testing. I hope we can release it in a few weeks. The second phase which will include voting and periodic issuance is expected to be ready in about 3 months.

We have split the content in 3 documents:

Please let us know what you think about it and if you see any issues with it or if you have any questions.
If some areas are unclear please feel free to comment in the document (please read all before - probably many things get more clear after you have finished reading).

Thanks a lot to Mat-Erik Pistol, Mihail Mihaylov, Nozomi Hayase, Chris Beams and others who helped improving and reviewing the paper!

[1] https://docs.google.com/document/d/1bl0GxRYDBkvcxzbgc8FR3dtHra-LJ4HmcZnG3itamQw
[2] https://docs.google.com/document/d/1jj7bABnf9apjhaa99VQUoRsIHa7I2nlcUu2sNnIReFs
[3] https://docs.google.com/document/d/1DXEVEfk4x1qN6QgIcb2PjZwU4m7W6ib49wCdktMMjLw


Securing BSQ tokens
#2

Please check out that document with instructions [1] if you have contributed to Bisq and are applying for a compensation request.

Deadline for requests is 14th of July!

[1] https://docs.google.com/document/d/1QBOLWV8zZbBV7iuw2avM1U14YJtcM7ln2k1MrfKGuwM


#3

#4

Can’t really evaluate what my contribution was worth, and in any case it was done without thought for reward. So I won’t be making a claim.


#5

I know most have contributed without expecting any reward and it is hard to estimate for everybody.
But the idea behind the Bisq DAO is that those who contributed voluntarily based on altruistic motives become the owners and the managers of Bisq.

We want to break up those unhealthy incentive structures that people are getting paid for jobs where they usually don’t do what they value but they don’t get anything in return if they do things which are valuable for them.
We want to invert that pathological system.

Those who are not driven by narrow financial motivations but who do what they belief in become owners and managers of Bisq - quite different to the ugly greed what drives the ICO bubble.


#6

I dont see the claimed BSQ as a monetary “reward” really. Sure, you could use it that way. But, as I understand the DAO paper, the BSQ tokens also give you a vote on the future directions of this ecosystem. I will make a claim, although my contribution was mostly complaining (and being a market-maker), because I very much want to be part of shaping the future directions of bisq. I will probably also buy up a lot of tokens to do so, at my own expense, if the staking/voting process is promising.

I think it will be far better if YOU make a claim @coinstash than the tokens ending up with someone whose visions for bisq may not be aligned with yours.


#7

Exactly!
The monetary incentive to get cheaper trade fees (90% discount) is one thing but the more important aspect not only for you but for the project is that those who have proven that they care about the project without monetary motivations should be the ones who steward the project in future.
The genesis distribution is an important starting point. Over time the distribution will get influenced by the market activities and then those who have more money might have more influence (at least in the early phases before the reputation is implemented).

My role as project founder and lead dev will fade out over time. The details how that will happen is not defined yet but I know that my presence will prevent that the project becomes completely decentralized as it is intended.
Same as with many crypto coins, if the founder is still there the project is not really decentralized (Ethereum, Litecoin,…) even if the founder wants to give up power/influence. Only those projects where the found left (Bitcoin) or it got bootstrapped from a fork (Monero) it becomes a real community project. I even think if I would try to keep my position it would provoke a fork some day, so it is even in my economic self interest (as stakeholder) to give up power and hand it over to the community.
So before I fade out I want to see the project in the hand of those who have proven in the past that they care about the core values like protection of privacy and openness.


#8

Couldn’t agree more!


#9

If our DAO model succeeds it makes an interesting inversion of the normal business models. Here those who did not care about money will get the most out. Greed was not the success factor but commitment to an idea. Hope we can proof that this can work.


#10

I realized I’m surly not the only one how would be shy, at least at first, to post “what I did” and ask for $BSQ for it, especially if it’s not writing code or doing design -participating in the forum, posting on twitter, posting to other forums and reddits etc (without spamming),writing and publishing promotional material …
but I will.
I think that in revolutionary and high-minded efforts, there is sometimes a fear of the appareling self interested, or worrying about if the compensation will hurt the altruism minded spirit and atmosphere (thought using these words is a bit weird- as one of the great advantages of contributing to this kind of project is that you get a feeling of fulfillment by doing a worthwhile thing, a feeling that can’t be bought with moar money. - thought it can be bought with free time… I digress…) .

Bottom line I believe it is empowering and important not to taboo self interest!
I love this win-win aspect of Bitcoin (it’s social benefit is also it’s value proposition)
and I hope and expect it will come to fruition in Bisq as well, so I hope as many people as possible sign up for the genesis distribution request!

I do think the Bisq token has a huge value proposition, especially when Bisq has a decent and nice enough user experience (as technically it seems superb!!). I’ll try to help with this aspect…

I do except to Hodl the token, not just for voting and supporting the project, but also for sheer long term investment/speculation, sorry, ha!


#11

I get your point, and it would be cool to have an input in the direction of the project. But without knowing how many coins will be distributed and the total number of claimants (and their input to the project) it’s impossible to estimate.

Guess a number and assign them to me, I’ll be grateful for anything really.


#12

There will be 2.5M tokens. The rough percentage of distributions to which group (contributors, past expenses, legal contingency fund, reserve for paying salaries until we reach phase 2) will be announced once done. Detail distribution is kept private to protect privacy of contributors.


#13

Do you think I can found in 5-15 years a metal processing company with a model similar to this DAO?
I really hope to fund and lead my own business powered by the cryptoworld. I don’t want to take a bank credit and I want that my co-workers and investors can vote. This is my longterm goal. And whats happening here are the first steps.


#14

Yes hopefully we will see DAOs expanding outside of the cryptospace some day.


#15

Go for it man. Be sure to let us know so we can cheer for you :smiley:


#16

Manfred,

Would you be able chat on a more private forum?

Best,
Jason


#17

soooooo, what’s the status on the DAO bisq distribution? been a while since that was a topic. original plan was to distribute the tokens a month ago, but since that was stopped for undisclosed reasons, I wonder what’s up.


#18

We’re hard at work planning the DAO rollout. Apologies for the extended quiet period, but it’s just because we’ve got our heads down! Stay tuned, there will be plenty of news soon.


#19

Hi,

congratulations to this great project! I’m looking forward to seeing how it develops.

Since you requested for comments, here’s an issue i see with the voting system:

When I understand correctly, every vote needs a transaction on the bitcoin blockchain, which has been getting quite full lately. Currently 1 vote would cost roughly between 0.1$ and 1$. I don’t see a strong incentive for the voters that would compensate that cost.

It would probably be possible to move the voting transactions off chain only using a constant number of 2 transactions. What I have in mind would be much more like a petition. The first transaction would simply open the voting/petition (e.g. the compensation request). Then the opener would collect collect the vote proofs (similar to current voting transactions) out of band. When the collected votes exceed the success threshold (voter participation, positive vote ratio) the opener would produce a second transaction containing the collected votes. If the size of the voting data becomes too big, it could be split into multiple closing transactions.

In this case the transaction fees would be put up only by the opener of the request, and every token holder could participate free of charge. Also the total cost of the voting would be smaller because the grouping of the voting transactions saves space on the blockchain.

Greetings


#20

Voting is considers a managing task and should only be executed by those who are well informed to make reasonable decisions. Most things will be compensation requests from contributors (developers, arbitrators,…). Only those who are active in the process should vote and those are likely contributors by themselves. I don’t think that the mining fee and the voting fee (in BSQ) will be a problem. In face we uses the voting fee to find the optimum that only those vote who really care and take enough time. It is a meritocratic approach not a democratic.