Topic: The first DEC/DAO exchange! (Read 150 times)

Thank you for your feedback.



Capital won't be a problem. The main goal of this project is to find many individuals who are interested in being part of the first legal cryptocurrency company owned by the community. Since every shareholder has exactly one vote, the price of a share should be a value that many people can afford, but on the other hand not too low, so people don't just vote for the fun.
We plan to achieve this by setting the entry price for a share based on the country in which the shareholder currently resides.
If you want more dividends, you can buy several shares (e.g. 10 shares). In this case you have 10x dividends, but you still have only one vote.

You would go to the project website, go through the necessary KYC/AML process, pay the share and then receive your share as an non-fungible token. By receiving the token, you can vote on any business decision, review fanancial and other business information, create proposals, etc..
If you wish to become a legal member of the company, you must sign the cooperative statues digitally (or manually) in order to be a legal member of the cooperative (general meeting,...).
Any token holder can be a legal member of the cooperative. There may be some administrative costs, but they will be really low.

Yes, you must process the KYC/AML process. To be legally involved in the cooperative, you must sign the cooperative statues digitally or manually.

It will be a legally registered (international) company that anyone can join.
As a cooperative, there will be at least one annual audit.
As a cooperative, the shareholders can replace the board of directors at any time if they wish. Each member of the board of directors has only one vote. The voting rights of each member of the cooperative are the same.

There will be a website with a digital shareholder board. It will display all financial data (liquidity, customer funds, expenses,...), and proposals can be created and voted on. The financial data is updated in short form (daily or weekly). As a cooperative, we are obliged to carry out an annual audit. However, since shareholders are in a position to make a proposal on all business aspects, they can also make a proposal to carry out a further audit at any other time.

Initially, the board of directors is formed by the development team. However, the shareholders have the possibility to make a proposal for the board of directors at any time. On the first day of operation, shareholders could propose to replace any member of the board of directors.

The digital shareholder board will have a list with the description (tasks, working hours, salary) of each employee of the cooperative. So each shareholder can see who is an employee of the cooperative, what his duties are, what he has done for the cooperative, what his current tasks are and his salary.
Since the shareholders can decide on everything that concerns the company, they can also make proposals such as "Each member of the board of directors must prepare a monthly report on...".

While there are endless possibilities for the community to make proposals that would create more transparency, more security, more participation rights, etc., the board of directors should show the community which of these proposals are appropriate and which would only cost a lot of money and resources but bring little profit. But ultimately the decisions are taken by the community.

As the board of directors are legally liable, they have veto rights (e.g. they will never publish private customer data, private keys, break on purpose any law,.. based on a proposal). However, if they exercise their veto right, they could easily be replaced by shareholders.

is a good idea


I have questions:

let's assume that I have capital and want to invest in this project, how would I do it?

I have to hand over my documents, right?

How would I know you're not scammers?

how would I know about profits, losses, and balance of exchange?

what criteria would be used to choose the Administrative Council?

how would I know who is competent and who is incompetent on the Administrative Council?

Hello!
We are a small start-up that plans to create a DEC/DAO (centralized) exchange.
Since it will be a cooperative venture, we will only be successful if there is enough interest from the crypto community. I would appreciate your feedback.


Our vision is to create a fully transparent, autonomous and malleable company in which each member has insight into the finances of the company, the number of employees/salaries, etc., and can co-determine strategic goals and the use of capital^[1].
It should also be possible for the community, for example, to reduce the salary of the board of directors or to dismiss the board of directors as a whole.
Each member can buy several shares (e.g. 10 shares), whereby each member has only one vote. Each member's dividend payout is proportional to the number of shares he or she owns.


We are in the process of developing a DAC with a corresponding exchange.
The DAC will be a company that is legally fully owned and managed by members of the community.
It will be a cooperative and anyone can be a legal member (shareholder) of that cooperative. Through a digital board, each member can make proposals and vote on them (E-Voting). A board is initially designated at the start of the company, but can be removed and replaced at any time.
Business decisions that exceed a certain threshold (e.g. decisions that would exceed $10,000 in implementation costs) must be approved by the community.
Virtually all of these decisions (with the exception of some very risky or time-critical ones) should be confirmed by a community vote. The community should also have the opportunity to make their own suggestions and vote on them at any time.
In addition to some basic rules (to limit liability risks), rules could also be set by the community.

Each proposal must be reviewed and evaluated by the board. The results of this process will be presented to the community. After reviewing the results, the community can decide whether to accept or reject the proposal.
The board of directors must implement the proposal as long as it complies with some predefined rules (for liability reasons).


Do you like this idea? Would you become a member/shareholder of this company? Do you have any remarks on the general idea?

Please don't address any specific problems (e.g. legal implementation), as I would rather receive feedback from the community about the general idea.
The handling of the following issues is described in our whitepaper:

- liability of the board of directors and shareholders
- privacy statement
- voting system
- turnout
- legal transposition


As it will be a community project and each member (including me) has no more than one vote, anyone who wants to support the idea can always be in touch with me.
We are an open team, everyone can join and support us.

Contact:
Felix Maduakor
[email protected]

^[1] However, some sensitive data are not disclosed to shareholders (e.g. customer data, private keys, ....).