Introduction
Tokenomics
The Community Token (cToken) of NutBid is Bid Nut (BNUT) Token.
Economy
NutBid economy is modeled after Peanut.io but with several huge modifications.
Eligible members can propose various uses of the DAO fund such as investment, power up/down, token repurchase, token burning and etc., and passed proposals will be carried out by the DAO Committee accordingly (vide infra).
Operation, Maintenance and Development
Governance
NutBid DAO will operate through on-chain governance. After the stable operation of the project, all decisions related to the project will be voted on-chain. The implementation of NutBid Governance consists of a series of related contract modules, including:
Democracy
Democracy Contract can implement Crowdvest's on-chain proposal voting system and is the main module of on-chain governance. Democracy contains two Proposal Queues, namely Internal Proposal Queue and External Proposal Queue. Proposals submitted by Nutbox will enter the Internal Proposal Queue, and user-initiated Proposal will enter the External Proposal Queue. Different voting strategies can be set for the two types of proposals.
Collective
Collective Contract maintains a set of accounts and only accounts in the Collective set are eligible to vote.
Elections
Elections Contract can implement a decentralized voting system based on dynamic weights. The user's voting weight is a combination of the amount of staking funds and other
conditions.
Membership
Membership Contract manages the accounts in the Collective Contract account set and sets the restrictions in the Collective account set.
Treasury
Treasury Contract manages the funds of Nutbox DAO and each fund needs to be signed by the relevant Nutbox Multisig account.
Multisig
Multisig Contract is used to implement Nutbox's multi-signature accounts.
Sudo
Nutbox Sudo is used to manage and set up Nutbox contracts, such as configuring LTBSV, TEG signature verifier, etc.
The DAO Constitution
The DAO Constitution lays out all the exact rules of DAO governance, including eligibility criteria, Committee elections and proposal voting.
Below is the full text of the latest version of the NutBid DAO Constitution:
The Constitution of NutBid DAO
Preamble
We the Holders of Bid Nut Token (BNUT), in Order to form a more perfect Community, establish DAO Governance, ensure
, provide for the continuous development, promote the growth of our DeFi Ecology, and secure our place in the Universe of Blockchains, do ordain and establish this Constitution for the NutBid DAO.
Article I: The NutBid DAO Committee
All Administrative Powers herein granted shall be vested in the NutBid DAO Committee.
The First NutBid DAO Committee consists of the founding team of Peanut.
The First NutBid DAO Committee shall set the Election Rules of the Second NutBid Committee at a time deemed appropriate.
The NutBid DAO Committee has the right to appoint Regional Ambassadors, Moderators and Affiliates as deemed appropriate.
The NutBid DAO Committee has the right to use the NutBid DAO Fund as deemed appropriate.
Article II: Proposal Submission and Voting
Any account that is Delegating more than 1000 SP/HP to @nutbid.mine is Eligible to submit a Proposal to Peanut DAO.
A Valid Proposal to NutBid DAO Must contain the following information:
- Background
- Abstract
- Benefits to the Community
- The Schedule of Funding and Project Plan
- Project Team Members
- #nutbid-dao Tag Must be used in the Proposal post
Eligible user Must send 10 STEEM/Hive to @nutbid.dao with the Proposal post link in the Memo to officially declare Proposal Submission. The 10 STEEM/Hive declaration fee will be returned to Eligible user whether the submitted Proposal is Qualified or not. The 10 STEEM/Hive declaration fee will be forfeited if the proposer violates any of the Submission Rules and Eligibility.
Submitted Proposal will be reviewed by the NutBid DAO Committee in 24 hours to decide if it is Qualified for Voting. Qualified Proposal will be re-blogged by @nutbid.dao
All holders of BNUT tokens are Eligible to vote on all Qualified Proposals.
Voting Period is 7 days from the Publication of the Proposal Post, that is, before Post Reward Payout.
Proposal Voting adopts the Principle of Simple-majority, that is, a Proposal is passed if the Total Voting Weight for 'Yes' exceeds that for 'No', and vice versa.
After the Proposal Voting is over, NutBid DAO (@nutbid.dao) will announce the results of the Voting, preferably within 5 days.
Article III: Proposal Funding and Execution
Once a Proposal is passed, NutBid DAO will allocate funding in three rounds according to Schedule and Progress Assessment during the Project Execution.
The first, second and third round of funding allocation will carry 30%, 30% and 40% of the total approved fund for the Project respectively.
Constitutional Amendment
The NutBid DAO Constitution can be amended by the following process:
Eligible member who meets the following requirements can submit a CONSTITUTIONAL AMENDMENT Proposal:
- Accounts Delegating AT LEAST 2500 SP/HP to NutBid, or
- Accounts Holding AT LEAST 10,000 BNUT#nutbid-dao and #nutbid-amendment Tags MUST be used in the Amendment Proposal Post.
Community members (BNUT holders) discuss and vote on the CONSTITUTIONAL AMENDMENT Proposal.
Constitutional Amendments require 2/3-supermajority basis to pass.
If the 'YES' votes weighting is LESS than TWO times that of 'NO' votes weighting, the AMENDMENT is rejected;
If the 'YES' votes weighting is MORE than or EQUAL to TWO times that of 'NO' votes weighting, the AMENDMENT is approved and enacted;
Amendments
-/-
Rules of Proposing and Executing SP Power Up/Down (Staking/Unstaking), Buy Back of BNUT Tokens, and BNUT Burning
Eligible Members according to the criteria stated in the NutBid Constitution can submit proposals for Power Up/Down of Steem/SP, Buy Back, and Burning of BNUT Tokens with the DAO fund.
Rules of Upvote Bidding
Upvote Bidding will be held on Steem and Blurt daily respectively.
Users bid for upvote by stating the bid price (BNUT / % upvote) on the interface.
Only posts that are published within
Every day, 20% Voting Power will be dedicated to upvote the posts with highest bids.
Rules of Betting
- NutBid will hold betting sessions regularly
About NutBid
NutBid is a cross-chain DeFi platform based on Steem and Hive blockchains that hosts upvote bidding and prediction market to community members.