euler~Foundation Aragon ceremony
by serejandmyself on 2020-04-15
Once we accept our limits, we go beyond them. Albert Einstein
A few days ago we launched euler~Foundation to Aragons mainet and released the euler~Foundation Aragon ceremony setup guide. This is an epic event for Cyber and in this post, I will briefly explain what it is and why is this step can be considered epic.
To understand the importance of euler~Foundation we need to understand the importance of governance.
Cyber is a decentralized Google. Cybers mission is to decentralize the services and the infrastructure of the internet via the use of blockchain technology and cyberlinks. Cyber is an innovative search protocol. Such a protocol should not be owed by one company, but rather be governed by its stakeholders, that can decide on its development via the use of governance mechanisms.
We are concerned about following the principles of decentralization and believe that DAOs are a vital ingredient in achieving it. We use Aragon-bred DAOs for governance within our project.
In other words, euler~Foundation is a DAO, launched by another DAO, for the community that will govern the cyber protocol. This means, that it is the stakeholders that will decide on the fate of the protocol via voting on proposals.
euler~Foundation is the testing of the Foundation DAO. It is deployed to ETH’s mainnet during GoL (a gamified part of cybers distribution process). Its main purpose is to test everything, that can be tested, before the launch of the mainnet and provide the initialization for the security audit on the initial stage, plus obtain feedback from the community.
To put this even simpler, the goal of euler~Foundation is to test things and to bring us to cyber~Foundation.
cyber~Foundation will be the community governing DAO behind cyber in the mainnet. It will consist of stakeholders that wish to be part of the governing process. The Foundation, apart from everything, will be in charge of the ETH pot donated to it during cyber~Auction (part of cybers distribution process). Making it is a true Decentralized Autonomous Organisation in charge of its own funds and decisions via reaching consensus.
The auction app in euler~Foundation acts as a test for the real auction and as a faucet described below.
The ceremony guide is published in the repositry made for the future cyber~Foundation. Where overtime, more and more important docs will be added to help to ease the community take over the governing process.
The inside of euler~Foundation
The Foundation DAO consists of 3 dapps:
- cyber~Evangelism: With the help of web3 tech, turns masters to project evangelists and can earn rewards
- cyber~Auction: Allows masters to acquire GOL tokens via this faucet to participate in the Game of Links, the intergalactic tournament from cyber
- cyber~Vesting: Lets master vest acquired GOL tokens until the end of the Auction, this gives vested GOL tokens the superpowers to turn GOL into EUL
Of course, the launch of euler~Foundatin means that users may start testing the governance using GOL tokens and vote for proposals using Aragon’s frontend.
The setup ceremony
The core ideas behind making the guide is transparency. To show future stakeholders the process of making the Foundation. That there were no hidden tricks.
The guide can also be used by other teams that wish to follow the process of setting up a decentralised community DAO.
When we think about a DAO from a technical perspective, we see smart contracts and accounts as technical tools that shape the DAO. The account that creates the DAO can get extra power and is not fully compliant with trustless principles.
Currently, only a limited number of people can start a DAO, but put into consideration, decentralization is the main principle of our project and this situation should be changed. Another important point is the take-off of the project. It’s not a moment, it is a time-consuming process. Both points bring us to the realization of the point zero problem.
To overcome this restriction we create the community foundation DAO via a two-level setup. The zero-step here is the cyber~Congress DAO and the second step is the cyber~Foundation DAO. The Foundation DAO is an entity created to manage and develop the Cyber project. The cyber~Congress DAO is an organization with one simple aim, to launch the project itself and to work on it as one of the shareholders, including the setup of the Foundation DAO.
Detailed information about the tasks of both DAOs can be found in our homestead documentation
Why is all of this epic? Well, there are several reasons:
- This brings us to test the process of the community governing DAO
- We are launching a DAO, using another DAO and giving that DAO the handles to the protocol
- That DAO brings us a step closer to having the community govern the project without any bureaucratic hassle
- That DAO will be in charge of its own pot of ETH. It will not be just a bureaucratic entity, it will be a real decision-maker
- We are creating a faucet for GoL and attracting more users to participate in the protocol
- We have created 3 new dapps that anyone is free to use
- We are testing a full spectrum of contracts, security issues, protocol possibilities, etc
- This will help us to launch OBEP, the projects evangelism program with rewards
Don’t Believe, Don’t Fear, Don’t Ask - cyber