by DbookDAO; Distributed Platform Ownership
By: Dbookdao, Distributed Platform Ownership
Tags: Autonomy, Bsc, Smart Contracts, Decentralization, Blockchain

Hi everyone! We’re still in the midst of planning for our presale and so, this might be a good time to educate our community about some of the things that we have.

As many of you reading this might have realized, we do things differently as compared to other projects. We don’t give out airdrops to anyone who ‘fills up the form’, we expect contributions from the community, the airdrops have to be earned, and not exactly free as many assume.

Some of you might know as well, we had a failed presale earlier this year in January. Despite that, we’ve continued to push on, developing our games for players, completing our protocol development, as well as the latest, getting ourselves audited on the $DBK token contract by Solidity.finance.

Announcement of presale cancellation on January 2021: https://dbookplatform.medium.com/updates-dbk-airdrops-239801e18a21

Our $DBK token audit by Solidity.finance:

https://solidity.finance/audits/DBook/

And so, as mentioned above, this should be a good time to educate our community. And Rugpull? What’s there to educate?

In Dbook Platform, from the beginning, we knew that it’ll be difficult to create the trust required, especially when we’re an anonymous team. And so, we’re constantly finding ways for us to be more ‘trustworthy’, or rather, for Dbook Protocol to be trust-less.

So, something we’ll go through today will be,

1. How do we ensure that the team won’t be able to rug pull.

2. What we did with the $DBK token allocation.

Multi-sig Treasury — 60% community controlled

And so, as the title suggests, we have a multi-sig Treasury powered by Gnosis Safe. As of now, we have created the Treasury, and 5 fund guardians have volunteered.

As of now, 3 out of the 5 fund guardians are on active duty, which means that, if there is any proposal to be passed, which requires the withdrawal of funds from the Treasury, they will need to be ready ASAP to approve the transactions. The team holds 2 other keys, so we have a total of 5 key holders, with 3 held by fund guardians, and the remaining 2 held by the team.

So, how can funds be removed from the Treasury?

For some of you who’ve contributed the airdrop tax a few weeks ago, your funds are currently held in our Gnosis Safe Treasury here: https://gnosis-safe.binance.org/#/safes/0xB73adAB413f264527059292D9e4A8A3791e4Bfd0/balances

In order for any fund in the Treasury to be released to any party, it will require a minimum of 4 keys for approval. With this condition applied, the team wouldn’t be able to rug pull the community, as the team only possesses 2 out of the 5 keys. While the fund guardians are holding the remaining 3 keys, without any of the team’s keys, funds cannot be removed as well.

Any rug pulling attempts by the team, or even the fund guardians, will result in an impasse, due to either party not gathering enough minimum keys.

Operating procedure

Team to raise a proposal within the community on potential fund use from the Treasury. A voting session will begin, and the community to be informed on Telegram. Once a voting session has concluded: If a fund use proposal is rejected by the community. Nothing happens. And, if an illegal fund use execution is carried out by the team, the fund guardians should reject the execution outright, ensuring that the team does not receive the required keys from the fund guardians for fund approval. *This would not be a smart move, as the team will erode the trust of the community for a malicious act, be it successful or not.

OR Once a voting session has concluded: If a fund use proposal is accepted by the community. The team will carry on, and propose a fund use execution on the Treasury. As the team only possesses 2 out of the 5 keys, at least 2 fund guardians will need to be approving the execution by signing on it using their wallet. *All fund guardians are KYC-ed internally as requested by the community in an earlier vote **All fund guardians should act on behalf of the community, and not individually. Thus, fund guardians should only act in response to the result of the voting session.

$DBK allocation

A complete allocation is available in our whitepaper document. You may refer to it here: https://dbookdao.gitbook.io/dbookdao-dbook-platform-protocol/usddbk-tokenomics

At this moment, we have 100,000 $DBK all minted and sent to the Treasury for safekeeping at the moment.

As advised by Solidity.finance, we’ve done the following once our $DBK smart contract was deployed on BSC main net.

All admin and minter roles have been renounced.

This means that nobody can further mint any $DBK in the future. All $DBK tokens sent to the Treasury.

This means that the $DBK tokens are under the custody of the DbookDAO Treasury. The team does not own any $DBK at this point. Any future movement of $DBK will require the approval of the community, and the keys held by fund guardians and the team.

So, what’s next?

With the Treasury and fund guardians up and ready. One of the very first official operations which involved fund guardians will be the approval of sending $DBK to a presale wallet/contract.

Subsequently, spending limits, approval of airdrop allocations, and so on will be next in line.

The proceeds of the presale will also be held in the Treasury. This simply means that the team will require the permission of the community in any fund release after the presale.

Everything that’s held in the DbookDAO Treasury will require the community’s approval before any fund movement can occur!