Chayn DAO

The constitution for a new social.

Introduction

The Chayn DAO (Decentralized Autonomous Organization) represents a network of Chayn token holders governed by rules encoded on the blockchain. The network will have no central authority or governing body. The Chayn DAO uses a collaborative effort enabling token holders to submit proposals to the Chayn DAO followed by other token holders approving the proposals by vote. We believe DAOs have the collaborative undertaking needed to illuminate the new standard of decentralized social.

Transparency & Immutability

Chayn will initially start in a centralized manner. Gradually, it will transition to an open-source project created to unite and enrich humanity. In order to achieve this enrichment, a framework that engenders accountability, transparency, and a democratic structure without hierarchies must be present. The blockchain offers this framework. Records of data and transactions in a decentralized and immutable form will be possible via blockchain. This creates a trustless and transparent environment where people collaborate openly as the best ideas get executed.

DAO Elements

Chayn tokens: The Chayn DAO will be powered by an underlying value in the form of tokens. The Chayn tokens will be tradeable; used as a medium of exchange; used as a reward feature, and used as voting power.

Consensus approach: Decisions regarding the Chayn project will be conducted using a democratic architecture without hierarchies. For instance, decisions about features, optimizations, bug fixes, token adjustments, sentiment tags, etc will be made via vote.

Proposals: Chayn token holders are encouraged to submit proposals to the Chayn DAO to stimulate new ideas and solutions. In order to prevent an overload of proposals, a fee (decided amount of Chayn tokens) will be required to submit a proposal.

Voting: This is a critical component to the Chayn DAO. Decisions such as feature changes, optimizations, money raising, etc can only proceed if a majority vote is reached. Unlike decision-making in a traditional company, Chayn token holders may rest assured voting will not be based on a hierarchical structure. However, there will be eligibility requirements to vote. Each Chayn token holder must stake a minimum amount of Chayn tokens (number decided by the community) in order to vote.

Smart contracts: The Chayn project will be based on open source code, transparency, and autonomous execution. Beyond that, Chayn will launch on the Casper blockchain as it offers proficient scalability, zero knowledge proof, multi-sig wallets for DAO functionality, and it fully supports updatable smart contracts.

The Chayn project is very ambitious with many moving parts. That said, smart contracts will allow these moving parts and other core functionalities within the Chayn ecosystem to self-execute when certain conditions are met.

Join the Chayn DAO: As we work towards a shared mission to make Chayn a success, we welcome skill sets ranging from marketing, thought leadership, coding, logistics, funding, data science, etc., to make it a fruition. A fee of $50 will be required to join the DAO.

DAO participants will be provided a non-transferable NFT once they join the Chayn DAO. The non-transferable NFT will also qualify DAO participants to be included in the Chayn profit-sharing initiative.

Full disclosure: The funds will be used to help support the Chayn project, future milestones and will be allocated towards areas of need in a transparent manner on the blockchain.