Gnoken DAO Governance 1.2
Introduction to GNOKEN DAO
GNOKEN is the token associated with the GNO City game and the collection “gnomeseries” on AtomicHub. GNOKEN DAO is the decentralized autonomous organization tasked with maintaining GNOKEN governance, tokenomics and promotion of the token, decoupled from the devs behind the Gnome Series NFTs and GNO City. The purpose of this organization is to avoid conflicts of interest between the devs and the token, while also adding transparency into how the token is being operated.
The GNOKEN DAO will serve three overall purposes
- Ensure that the token is managed responsibly in accordance with federal and state laws and statutes inside the United States.
- Maintain a constant interface with the developers and creators of GNO City and GnomeSeries to ensure that the players’ and collectors’ opinions are heard and implemented when reasonable and when voted upon by the player base.
- Function as a marketing apparatus for GNOKEN without having financial ties to the inherent successes or failures of the token.
What GNOKEN DAO is not.
- We are not technical support for GNO City or GnomeSeries related NFT issues.
- We are not employees or contract workers for GNO City or GnomeSeries.
- We are not part of the leadership/captain’s model inside the GNO City game.
DAO Elections and Board Members
Who is eligible to run?
- Any GnomeSeries/GNO City fan or collector with a wallet balance of less than 1% of the total circulating supply of GNOKEN (50,000,000 GNOKEN)
- GnomeSeries unpaid mods and admins.
Who is ineligible to run?
- The GnomeSeries Creator, Nick Gnome; GnoCity Devs; and; GNOKEN holders with more than 1% of the total supply of GNOKEN, 50,000,000 GNOKEN.
What are the requirements of the DAO board of directors?
- Attend bi-monthly scheduled open meetings. (Time and dates TBD)
- Bi-monthly Board meetings will be recorded but closed, only share the meeting’s summary to the community.
- Be an open source of information for other GNOKEN holders
- Promotion of the GNOKEN DAO via social media, future in-person events, etc.
- Be willing to verify identity and sign a contract with GNOKEN DAO.
- Have Telegram to stay up to date with the rest of the board members via locked private group chat.
What are the GNOKEN disclosure requirements of DAO Board Members?
- Any Board Member who holds 1%, or more, (50,000,000 GNOKEN) of the total supply of GNOKEN must disclose that to the Board at the time of acquisition, with a 24 hour grace period.
- Failure to disclose this acquisition or purchase of tokens will result in immediate dismissal from the DAO Board upon a 50%+1 vote of the other members of the Board.
How long are Board Terms? And Term Limits for Board Members
- GNOKEN DAO Board members will serve 12-month terms.
- Terms begin after an election has taken place and the first bi-monthly meeting has occurred.
- DAO Board Members can serve up to a maximum of four (4) complete 12-month terms, with a maximum of two (2) 12-month terms in succession.
Penalties for GNOKEN DAO Board Members
- For failing to report a balance of over 1% of GNOKEN’s total circulating supply.
- For market manipulation
- For being absent, without cause and/or prior notice, to four (4) bi-monthly meetings in succession
- For intentional actions that cause significant monetary or perceptual damage to the GNOKEN token, GNOKEN DAO, GNO City, or the GnomeSeries NFT Collection.
- For unintentional actions that cause significant monetary or perceptual damage to the GNOKEN token, GNOKEN DAO, GNO City, or the GnomeSeries NFT Collection.
- Documented Discrimination or Abuse based on race, class, gender, sexuality or another protected group in accordance with US Federal Law.
- This section applies to actions taken on behalf of the GNOKEN DAO only.
- This may include personal social media if the DAO Board Member has easily associable signifiers connecting them with GNOKEN DAO.
The Proposal Process and DAO Interface
- Users can stake their GNOKEN to vote on DAO Governance Proposals
- When staked, users will earn GNOKEN passively.
- There is no unstake window, but if you unstake while a vote is active, your vote will be rescinded.
- GNOKEN Holders are the ones to determine the future of the token and being active in the community by voting on proposals will make for a more efficient DAO.
Making A Proposal
- You must stake a minimum of 1,000 GNOKEN to the DAO to make a proposal
- Proposals have 7 days to get 2% of the total staked GNOKEN voting to move beyond the Proposed stage to the Accepted Stage.
- Proposals that pass through the “Accepted” status will have the proposal fee of 1,000 GNOKEN returned to the proposer. If the proposal does not move on, the GNOKEN is forfeited.
- After a proposal has reached the Accepted status, users will have 3 days to vote on the proposal. The proposal must reach 10% of total staked GNOKEN in voting for it to be either Approved or Rejected.
- If a proposal does not reach the 10% staked threshold, it enters the Expired Status and the proposal is dead, but the original proposer will get their 1,000 GNOKEN back.
- If a proposal does reach the 10% staked threshold of votes, it enters the Approved Status and the proposal has 48 hours of open voting. This is to ensure that a large holder cannot impose their will on the entire token in the dead of night.
- The final stages will be Implementation-Queue and Rejected statuses.
- A Implementation-Queue Proposal will be taken up by the DAO during their next bi-weekly meeting and will be discussed on how it will be implemented.
- A Rejected Proposal will be discussed, but will not be implemented. This is to ensure that both sides of the proposal get fair treatment.
States of a Proposal
- Proposed (default state, max 7 days or until 2% staked has voted)
- Accepted (max 3 days, moves to the next stage once 10% staked has voted)
If Approved, the Proposal stays in this state for 48 hours.
- Implementation-Queue (A successful proposal, goes to the DAO board for implementation meetings)
- Rejected (A failed proposal, goes to the DAO Board for debrief)
GNOKEN held by the DAO General Fund and the purpose.
The GNOKEN Dao Board will be responsible for the funds transferred in and out of the gnokendao.gm account during voting and governance. Funds raised during voting and proposal submission are to be allocated in this way
- 50% Burned
- 30% Redistributed to Voters via Airdrops
- 10% DAO operational funds
- 10% DAO Board Members volunteer bonus split equally.
Cryptoassets raised by the DAO and their purpose.
The Gnoken Dao will be self-funded via governance votes and promotional NFTs. Sales of the NFTs will be split amongst board members on a case-by-case basis. These NFTs are going to help promote the token, events, and giveaways that the DAO facilitates on behalf of GNO City inhabitants.