WINGS Specification Series #3: How DAO proposals work

Turning ideas into reality

The WINGS platform vision is to become a decentralized launchpad for creators to spread forward their ideas of new products and services, so they could be discussed and evaluated by the community by the means of forecasting on their crowd-sale potential. The ones with the highest one are then graduated into DAO projects, and able to start collecting funds, get promoted by the community and be governed via decentralized consensus. WINGS aims to make this process as fast and as simple as possible, encouraging the creators and the community jump right in bringing these ideas to real projects.

The birth of a project

The first step for a project creator would be to submit a new proposal to the WINGS platform, via an easy step-by-step wizard. The creator enters the proposal content via rich formatting editor, uploads media such as photos and videos, and attaches any other documentation, in order to deliver to the WINGS DAO community as a complete and clear description of the project as possible. The description includes the product highlights, unique selling points and competitive difference, the unique technology used, and of course, the team behind the project. 

At this very time, the creator also has to specify the initial governance system to be used by the new project (which initially will include direct democracy, futarchy, and liquid democracy), and can be later changed by community majority consensus.Additionally, the creator selects the total supply of coins and the portion to be allocated to advisory funds, whether WINGS token owners will be compensated for their forecasting services by the new project token or a mix of token and portion of collected Bitcoins (or the other currencies), the crowd sale running time and the early bird bonuses rates. If the creator plans to use a milestone-based funding, he also enters the milestones deliverable and funding portions to be released on each milestone completion.Finally, the creator pays a listing fee in WINGS tokens to list the proposal and initiate the discussion and forecasting period.

Responding to community feedback

Following the listing, the project creator has a certain period of time to modify the proposal description and terms, in order to improve it following the community feedback. Once this period has ended, it will be no longer possible to change the proposal anymore, and the remaining amount of the proposal period time will be used to let the community decide via forecasting whether the final proposal will graduate into a full-fledged DAO project.

The magic of smart contracts begins

Once the proposal period has ended and the community has favorable forecast on the project crowd-sale potential, the WINGS platform generates a new unique set of smart contracts, that in turn generate a new token dedicated for the project and the smart contract blockchain address for the fund’s collection. The WINGS platform also promotes the graduated proposal into active projects area on the WINGS platform, launches a dedicated bounty cabinet for the project, and begins the countdown to the crowd sale start.Once the crowd sale has started, the platform publishes the fund’s collection blockchain address and starts providing statistics and live updates regarding funds amount collected and tokens distribution.

A new project is born

After the crowd sale has completed, the WINGS token owners are rewarded according to their forecasts. The project is switched into live projects area, with the chosen governance model becoming active. The project creator and the tokens owners are now able to submit new proposals regarding the project, and decide on them via the forecasting.

It’s all about the forecasts

In addition to governance layer, WINGS platform also provides a decentralized forecasts mechanism, enabling the token holders to estimate certain events possibility in the project life-cycle, such as:

• amounts raised during the project crowd-sale period
• certain milestone deliverable fulfillment (for example, project delivering a working prototype)
• the price of the projects tokens at a certain point in the future

There are various methods through which the forecasts can be resolved and distribute the rewards to participants, for example:

• using blockchain immutable facts (like the amount of BTC collected)
• by a set of blockchain Oracle mechanisms, connected to external APIs
• via user reported outcomes (such as the REP system used in Augur)

Coming up

In our next post in the series, we will write in-depth about how curation, reputation, and rewards work in the WINGS platform.

Repost from the Wings Blog.