ElCoco.eth🌪🪶🦇🔊🚀| ElCoco.lens🌿Ukraine Farmer DAO
The goal of this DAO is to get money into the pockets of Ukrainian farmers who need the help. Our thesis is that this is more long-term viable if we structure it as an investment opportunity as opposed to a charity. In other words, we want to allow people to invest in fellow humans similar to how we invest in companies today, but in a decentralized way that optimizes for speed. The challenge is structuring this so that investors are paid back and the project isn’t taken advantage of by people...
ElCoco.eth🌪🪶🦇🔊🚀| ElCoco.lens🌿People Like Me
(Light Paper) In this world, communities exist on a continuum between those forced on us and those we opt into. Forced communities (like the town you were raised in) are beneficial in that they teach us how to interact with people we may not agree with, but they can also be stifling. To find communities of like-minded people, we used to have to move to cities, but now the internet has allowed us access to so many more people. We can search for subreddits that interest us and meet like-minded ...
ElCoco.eth🌪🪶🦇🔊🚀| ElCoco.lens🌿Ukraine Farmer DAO
The goal of this DAO is to get money into the pockets of Ukrainian farmers who need the help. Our thesis is that this is more long-term viable if we structure it as an investment opportunity as opposed to a charity. In other words, we want to allow people to invest in fellow humans similar to how we invest in companies today, but in a decentralized way that optimizes for speed. The challenge is structuring this so that investors are paid back and the project isn’t taken advantage of by people...
ElCoco.eth🌪🪶🦇🔊🚀| ElCoco.lens🌿People Like Me
(Light Paper) In this world, communities exist on a continuum between those forced on us and those we opt into. Forced communities (like the town you were raised in) are beneficial in that they teach us how to interact with people we may not agree with, but they can also be stifling. To find communities of like-minded people, we used to have to move to cities, but now the internet has allowed us access to so many more people. We can search for subreddits that interest us and meet like-minded ...
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Overview
The purpose of this DAO is to try to create our own best piece of the world, both online and on-land. It is to care for the land and to set an example doing so. It is to create a community of like-minded people from around the world who can come together online and share ideas and influence something tangible. It is also to create an in-person, localized community of people who are bolstered by both the pocketbooks and the knowledge well of the larger global community. It is to give the opportunity to all involved to enjoy the land, work the land, and even potentially to live on the land. It is a way to co-opt the tools currently being used to create the metaverse, but use them to create something in the real world. The big difference here is that instead of working only within the parameters of code, we are working within the parameters of nature.
To put it more plainly, this project aspires to use the global reach of the internet and the speculative nature of crypto to generate funds and add value to the project. We also plan to use blockchain-based governance to facilitate the coordination of finances among such a disparate group of people from around the world. Finally, and most grandly, our purpose is to embark on a great experiment that can hopefully be copied and pasted (quite literally) to other parts of the world. If this works the way we hope, it is not a stretch to foresee a network of communities that are connected perhaps by reciprocal privileges but different enough that they can learn from one another, conduct experiments of their own, and adapt to their specific localities.
Land
When we buy the land, we plan on putting it in a conservation land trust so that it can never be developed in ways that a detrimental to the environment. We will structure it so that the land can never be used in environmentally-extractive ways (required % of forested land, no strip mining allowed, etc). If the restrictions are sufficiently environmentally-friendly in nature, it should save us in property taxes and also be an added level of protection against any hostile takeovers of the project. And this way, even if our fantastic DAO doesn’t survive, the worst case scenario is that the land will become something like a national park and never developed.
We will decide where to buy our plot of land as a group. It might be anywhere in the world, but a major determining factor will be where people are willing to live. We figure we will need at least 5 residents to start the community, so joining the group early may help secure a spot in your neck of the woods. Just know that we will structure funding in a way that always sets aside 10% of revenue for future projects (the Pay-It-Forward Treasury), so if you have your heart set on a location but don’t have enough people to start the in-real-life community now, there should be opportunities down the road.
Vision of a Global Network
The Pay-It-Forward Treasury will be continuously funded with 10% of any money we raise. Allocation of this treasury will be determined by the DAO, but the purpose of it will be buying NFT’s from sister projects. A requirement for obtaining funds from this treasury is that the receiving project must also have a similar Pay-It-Forward Treasury. This is how we sprout a network of these worldwide at an ever increasing speed.
While each project will obviously determine the price of its own NFTs, a stipulation of being part of this network is that all NFTs bought in this way must cost the same amount: $500. This helps level the playing field a bit for all projects regardless of the socioeconomic situation they find themselves in. In other words, a rich group in California may be able to charge a premium for their NFTs and thus end up with a large P-I-F treasury. A less-wealthy group in Panama (selling their NFTs for only $200 and therefore with a smaller P-I-F treasury) who wants to buy one of the California group’s NFTs may not be able to afford them. The $500 peg allows the California group to give extra help to the Panama group ($300 more per NFT) and allows the Panama group to more easily afford the California group’s NFTs.
NFTs bought in this way must be locked forever in a smart contract so they can be used but never sold. The whole point is to use the P-I-F treasury to financially support other groups and to strengthen ties by giving members access to each others’ communities. If a community can just buy the NFTs with their P-I-F Treasury and turn around to sell them on the open market, it negates both of these objectives.
Our view is that newer projects that are eligible for these funds will be projects based (at least loosely) on our design, with their own native token and their own NFTs for sale that grant access to their community. When we speak of our vision of a network of these communities around the world, we envision each of these as being their own DAO. Our hope is that our model will be used as an example so that new projects don’t have to reinvent any wheels. They can essentially copy and paste our project and make whatever tweaks they desire based on their own idiosyncrasies. If our DAO helps to bootstrap one of these by buying some NFTs, our DAO members would be able to use these NFTs to visit the new project, which would allow us to earn that project’s native tokens, which would effectively intertwine the members of the two projects. This is what we mean when we speak of forming a network of these internationally. This is why our logo is a spider web of nodes that spirals up from a central node. There is no hierarchy. Only a decentralized upwards flywheel of connected DAOs.
Funding
Funding will primarily come from the sale of two types of NFTs:
-Event NFT: At first, we will sell these for 100 DAI apiece. After the first 100 are sold, they can be alternatively bought for either 100 DAI ~or~ 100 NTENT tokens (more on NTENT tokens later).
-Mycorrhizal Fun Guy NFTs:
These will be sold in tiers so that they are more expensive over time.
~The first 500 sold will include 50 NTENT tokens.~
1–50 for 200 DAI (to reward early community members and incentivize early investment)
50–100 for 400 DAI
100–200 for 500 DAI
300–500 for 600 DAI
500–1000 for 800 DAI ~or~ 800 NTENT
1000–2000 for 1,000 DAI ~or~ 1,000 NTENT
These NFTs will be the main source of our funding. We will have a mechanism for selling NTENT tokens, but more as a pressure-release valve meant to keep the NTENT value within a reasonable range, which we will want in order to keep our incentive structures working properly. More on this later.
NTENT Tokenomics
We will start out with a 20,000 NTENT token airdrop (we may alter this depending on the size of our early community), which we’ll dole out to early contributors. This will happen before we start selling the NFTs.
After that, we’ll have an inflation rate of 75 NTENT per day (27,375 per year). This inflation will be split the following way:
-25 for the DAO to split up among members at regular intervals via a Coordinape method. We can allocate a certain amount per day for people who go to the breathing bar for example (our meditation room in Discord), or for people who work to maintain the website, etc. (Remember, land residents will be members of the DAO, so they’ll likely get a share of this allocation as well as their resident’s allocation.) These tokens will come with reputation.
-25 to put in the DAO treasury to be used however (primarily for non-land stuff, but can be anything). In contrast to the 25 NTENT split among the DAO members at regular intervals, this treasury can be allowed to accumulate over time to be used for big payouts to members who offer developer or legal services for example.
-12.5 to be distributed to the residents. These tokens will be deposited into a treasury in Colony controlled by the “Resident sub-DAO”. The residents will have control over the specific allocation of the tokens, but a typical distribution might be equal allocation among all residents.
-12.5 to put into a wallet controlled by the “Level 4 sub-DAO” within Colony. As the name implies, this group will be composed of any member who’s role is a Level 4 (which will include all residents). This wallet is specifically intended to fund bounties related to the land (incentivizing labor for large projects). Non-residents Level 4's are meant to be passive members of this sub-DAO, so that residents alone decide how to use the tokens. The rule here is that residents must not allocate these tokens to themselves. The reason that non-resident Level 4's are included in this sub-DAO is to ensure this rule is followed. If a resident makes a proposal to allocate these tokens to themselves or a fellow resident, a Level 4 should oppose this proposal. If the residents overpower the opposer and vote to uphold the self-allocation, the opposer may (and should) appeal this decision to the parent DAO (the IntentionalDAO colony). With the combined weight of all DAO members, there should be enough reputation to defeat the proposal.
The reason for this check on the residents in the last paragraph is that if the residents chose to allocate this 12 daily token inflation to themselves, this, combined with the 13 daily tokens already allocated to them, could give the residents an almost absolute hold on governance decisions. We want the residents to have a large say in all matters of the DAO, but no group should be able to dictate everything.
All of these NTENT tokens should be paid to people who share the ethos of IntentionalDAO, as these payments will come with reputation points in Colony. The reputation points will be used in making (and voting on) proposals. In other words, reputation equals governance power. When the DAO pays people in NTENT tokens, it is basically signaling that these people deserve to play a more major role in DAO governance. Reputation points will degrade over time, which ensures that the people who have been contributing the most — and most recently — are in control of the DAO. In this way, one can envision power as a slow-moving amoeba blob that intentionally moves towards the most active (and valued) members. Thus, no one can take the project over by buying our tokens. They must be given control gradually by existing members as they put in more work and prove their value and value-alignment to the DAO.
In contrast, payments to “outside people” (contract workers), should be paid in dollars from our treasury (stablecoins ideally), so as not to assign reputation where it should not go.
SIDE NOTE: This inflation model of 75 new tokens per day (akin to how Bitcoin grew into existence as opposed to a big airdrop or ICO) is preferable because it allows us to grow at a slower, more measured pace and reward people reputation as they come into the fold of IDAO. There’s no temptation to throw a huge chunk of tokens to anyone which could skew the balance of reputation or affect the value of the tokens in unforeseen ways. This way, we can feel our way through this process as we go.
Mechanisms to Control NTENT Token Value
As stated before, we will have a small distribution of NTENT to initial community members, some given to early NFT buyers, and then we will have daily inflation. To counteract the ever-increasing supply, we will have burn mechanisms in two places: (A) people who mint our NFTs with NTENT will be burning most of those tokens (discussed below); and (B) people who stay on the land will pay 20 NTENT per day which will be burned (unless forgiven by residents — more on this later).
There is obviously a balance that we want to strike here. We don’t want NTENT tokens to be too expensive or people may not want to (or be able to afford to) come to the land. We also don’t want them to be too cheap because then they’re worthless as motivation to entice people to participate in the DAO and on the land. This section will talk about how these two extremes are mitigated.
As noted in the table above, the first 500 MFG (Myccoryzal Fun Guy) NFTs will be sold only for DAI (to go into the DAO treasury for purposes of land purchase and all the initial stuff we’ll need to pay for). After that, we will sell them for either DAI (to fill our treasury) or NTENT (which we’ll burn). The option will be up to the buyer, and will naturally hinge on whether DAI or NTENT tokens are more valuable at the time, because the value of 1 NTENT, when it comes to buying NFTs, will always equal 1 DAI. In other words, a $500 NFT can be purchased with either 500 DAI or 500 NTENT tokens, regardless of the value of NTENT.
The benefit of burning NTENT tokens is to make them more valuable (because they become more scarce). Making NTENT more valuable makes it worth the grind for people to try to earn them, meaning more labor/participation for the DAO. If NTENT drops in value (say 1 NTENT = 50 cents), people who want an NFT will buy NTENT from the open market and use them to buy their NFT at half price, which burns those NTENT tokens and thus drives up its value. When NTENT value exceeds $1, it is more cost effective for people to buy the NFT with DAI, which adds money to our treasury and takes the foot off the gas if the value of NTENT is becoming too high.
To continue, let’s say the value of NTENT drops too low and it is almost worthless. Two things will prop it back up.
As just discussed, people who are interested in our project can buy NTENT on the market and mint our NFTs at a discount. 90% of those NTENT are burned, reducing supply and thus increasing NTENT value. (The other 10% will go in the Pay-It-Forward Treasury).
Residents may decide to throw a huge party, attracting a lot of visitors who are each paying (and burning) 20 NTENT to stay on the land. A party with 50 people lasting 3 nights will burn 3000 tokens, which equals 40 days of issuance, not to mention all the potential NTENT burned from new people having to mint their NFTs in order to come to the party. (Residents can also choose to return these 20 tokens to visitors, but more on that later). Residents will have an incentive to throw an event like this because they are getting paid daily in NTENT tokens. If they can burn a lot of them by attracting visitors, NTENT gets burned which puts upwards pressure on the token’s value and increases the value of the residents’ tokens.
In addition to all of this, the fact that the value of INTENT is not actually pegged to anything and can fluctuate will motivate people to buy low and keep a stash of it on hand just in case they want to come to the land in the future. With a vibrant community, there should be pretty strong demand for it.
Speaking of potentially strong demand, what if the token becomes too scarce? If 1 NTENT is worth $10, people would have to stake/pay $505 worth of tokens just to stay one night on the land (50 NTENT and 5 DAI is required — more on this later). No one would do that, so we need a way to put an upward bound on the token, and ideally this mechanism would allow the project to benefit from the upside in value as opposed to speculators.
In this high-token-price scenario…First of all, as mentioned before, no one would buy new NFTs with NTENT tokens because using DAI would be much cheaper. So no NTENT is getting burned there, and inflation is still happening all the while. Also, since less people are willing to pay that price to stay on the land, less NTENT is getting burned from visitors. For the people who do come and hang out, residents always have the ability to forgive the 20-NTENT-per-day visitor fee if they choose to do so. More on this later, but with a highly valued NTENT token, visitors will be very incentivized to perform chores on the land so that the residents will refund this fee. In this way, the land benefits from more labor, hopefully creating a community that is more attractive for people to visit, and this cycle will continue until inflation causes the NTENT value to drop and the residents are incentivized to burn more visitor fees instead of forgiving them to prop the value back up.
Also, remember that the residents have their own NTENT treasury that grows at a rate of 12.5 NTENT per day. With a highly valued NTENT price, they can use this to bribe visitors to get all kinds of great stuff accomplished, which sends more NTENT into circulation, diluting the market and putting downward pressure on the token price.
But even still, what if demand outpaces inflation and there isn’t enough NTENT to go around? What if the price skyrockets? What if we throw a huge party and tons of people need tokens, but there aren’t enough to go around?
This is why we will have one more pressure-release valve, in the form of a token issuance curve. We will use Coin Machine on Colony and just set the floor price around whatever we want the maximum NTENT value to be. Let’s say 3 DAI for the sake of this example. If the value of NTENT is lower than $3, no one will buy it from the Coin Machine (because they can get it for less on the market). If the market value rises above $3, people will start arbitraging it by buying it from Coin Machine and selling it on the market, earning an instant profit and putting downward pressure on the value of NTENT.
But because Coin Machine issues tokens on a curve that’s based on demand, the more that is bought, the higher the price will go. In other words, as people buy NTENT from the Coin Machine at 3 DAI and turn around and sell them on the market for, say, 10 DAI, this puts downward pressure on the market price and upward pressure on the Coin Machine price (because of its algorithm.) The result will be an eventual equilibrium with an NTENT market value closer to $3 and potentially a lot more money in the DAO treasury from the Coin Machine purchases. This curve basically ensures that the magnitude of the arbitrage opportunity doesn’t completely go to the arbitrageur. The DAO gets some of that upside cheddar as well.
One more thing to note here. A high token price is obviously good for the project for all the reasons just outlined. A major contributing factor to an increased token price is the desire for token holders to hold onto their tokens. If the token price can never rise above $3, what incentive do NTENT holders have in holding onto their bags? The incentive is that every Coin Machine sale will split the revenue in half: half going to the DAO treasury and half going to DAO members proportionate to how many tokens they have staked. We can get fancy here and base this allocation on how long someone’s tokens have been staked to further encourage long-term holding, but that’s a discussion we can have later.
Land Access Mechanics
DAO members will complete quests to gain roles (we will have 4 levels), and these roles will come with different privileges.
In order to come to the land, a visitor has to have an NFT, be at least a Level 1, and have at least 5 DAI and 50 NTENT tokens (only 30 if they are Level 4 because the 20 NTENT visitor fee is waved) staked into a smart contract.
30 of these 50 staked NTENT tokens are collateral in case the visitor leaves a mess that has to be cleaned up by someone else. After a visitor leaves, a resident can choose to commandeer these 30 tokens (meaning they are added to the resident treasury). If they are not commandeered, the tokens will be automatically unlocked to return to the visitor’s wallet 24 hours after the visitor leaves. If the tokens are commandeered, the idea is that the resident can clean up the mess and keep the tokens, or the residents can farm out the task to another
visitor and pay them. It’s up to the residents to decide what to do with their treasury.
So the way it works in action is: the visitor will stake however many tokens they choose (but a minimum of 5 DAI and 50 NTENT) and then click “Access Land” on the app, which locks up 5 DAI and 50 NTENT out of what they have staked. If the visitor leaves the land before 8 hours, they click “Leaving Land,” and all 55 tokens are unlocked the next day. (Caveat: if they leave the land and return within 24 hours from their initial “Land Access” activation, the “Leaving Land” click is simply disregarded and it’s like they never left.) So less than 8 hours of hanging out costs nothing.
After 8 hours of being on the land, the 5 DAI is moved to the residents’ multisig in order to keep toilet paper stocked and replenish anything else that the visitors use. In practice, the residents can do whatever they want with this as they control the wallet, but the intention behind it is to keep things stocked and make sure visitors have a good experience and want to come back.
Now let’s say the visitor is staying for more than a day. After 24 hours of being on the land, 20 of the 50 locked NTENT tokens (the visitor fee, briefly explained above) are burned forever. This 20 NTENT is the price of staying on the land.
By 24 hours, if the visitor plans to continue hanging out on the land, they have to re-up their staked tokens (or just make sure they have enough staked to begin with) as every 24 hours 5 more DAI and 20 more NTENT are locked up and the above process repeats. If they don’t have the required funds staked, their (decentralized) ID shows up on a “visitor has left” list and everyone knows they shouldn’t still be there.
The catch with this 20 NTENT visitor fee, as explained before, is that a resident can unlock it and effectively refund the visitor if they so choose. Maybe the residents have a chore list, and if a visitor completes a chore, they get their 20 NTENT tokens back. It’s like day-to-day work trade. In this way, as long as the residents need the help, a motivated visitor can stay as long as they want for only 5 DAI per day.
An important thing to point out here is that all of this is in the hands of the residents. The residents can opt out completely and never even utter a greeting to the visitors, in which case it will cost each visitor 20 NTENT and 5 DAI per day to stay. Residents might opt for this if they’re tired of playing host, thereby increasing the cost for visitors to stay and probably reducing the number of visitors on the land. In fact, the more NTENT tokens visitors are forced to burn, the more scarce they will become on a macro level, making it even more expensive to stay every day.
But there is a balance here. If this goes on too long, visitors will stop coming around, the residents will stop having access to help, and the whole place could go to pot. But in the meantime, the residents will have been growing their stash of NTENT token reserves (they get 25 per day remember), which are getting more scarce on the market because of the burn from the visitors, so they could decide to throw a big work party and dole out a lot of tokens to get things going again. If residents use their tokens to improve the community, more people will want to come, creating an upward flywheel effect.
It’s important to note that the 20 NTENT tokens do not go directly to the residents. If they did, this could create a misalignment of incentives between the residents and visitors. The residents would be more likely to force visitors to pay as opposed to using their fee-forgiveness ability to procure help on the land. Paying the visitor fee directly to the residents would only benefit the residents, whereas burning NTENT benefits everyone who holds NTENT, as does incentivizing labor to make the IRL community a better place to be. By burning the tokens that aren’t forgiven, the most impactful way for residents to benefit from this fee is to get motivated to put the visitors to work.
But on the other hand, if a visitor has a bunch of tokens and doesn’t want to work, that’s fine too. They don’t have to. Their 20 NTENT/per day will just get burned and increase the value of everyone else’s tokens, rewarding past contributors who hold NTENT and also making it more lucrative to contribute to the community in the future.
Exception: Level 4 DAO members are exempt from the 20 NTENT per day requirement to stay on the land. These people are basically the core group of the DAO, have demonstrated a large commitment to the project, and have put in a lot of work. They should be able to enjoy the land without having to cater so much to the residents. However, they will still be required to stake 30 tokens as collateral and pay their 5 DAI per day in order to not be leaches on the community.
Attaining a level 4 role basically means someone has the full approval and trust of the DAO, and are cleared to petition the current residents to become a full resident themselves.
There is one more mechanic that is baked into the system for residents to earn money. 10% of all proceeds from selling NFTs (after the land is purchased and initial structures are built) will go to the resident multisig to do with what they will. This encourages residents to help create a welcoming environment and an awesome experience for visitors so that more people want to join.
Land Access as it Relates to Roles and NFTs
Event NFT: Even with an Event NFT, someone must have attained a Level 1 role to come to the land. At this level, at least we can know that they understand the thrust of who we are and what we expect of members/visitors. It will also mean they’ll have their decentralized ID in the system so we can identify them (important for residents doling out rewards or commandeering collateral, or even banning people if need be.) Event NFTs are for people who are testing the waters to see if they fit, or for people to have the ability to more easily earn NTENT in order to buy a MFG NFT later. If they resell their Event NFT on the open market, 10% of the proceeds will be redirected to the DAO treasury.
MFG NFT — Level 1: Have the same access rights to the land as Event NFTs holders. Part of attaining Level 1 is connecting your web3 profile (Proof of Humanity, BrightID, etc) to your NFT. This will be essential in determining who has land access rights at any given time.
MFG NFT — Level 2: Can come to the land at any time, but no cabin access.
MFG NFT — Level 3: Same as level 2 plus the ability to reserve cabin use for any shared cabins that we build. Can also vouch for two Level 1 guests to join them during their stay (they still have to pay their rates and put up their collateral.)
MFG NFT — Level 4: same as level 3, but don’t have to pay the 20 NTENT per day. Can also vouch for up to 4 guests at any level (including Event NFT people). Can apply to be a resident.
Once you attain level 4, you can blow your NFT up if you want (meaning it becomes no longer usable in the DAO — maybe the image turns into a burnt-up mushroom or something) and 400 NTENT tokens fall out and are deposited into your wallet. You’ve put in a lot of work to get to level 4, so this is our way to say: “We appreciate your contribution. If you no longer want to be involved, here’s a parting thank-you gift.” Depending on the value of NTENT, people can actually make money doing this, especially if they buy their NFT early, with the result being we get a lot of participation out of people in the process as they level up.
Overview
The purpose of this DAO is to try to create our own best piece of the world, both online and on-land. It is to care for the land and to set an example doing so. It is to create a community of like-minded people from around the world who can come together online and share ideas and influence something tangible. It is also to create an in-person, localized community of people who are bolstered by both the pocketbooks and the knowledge well of the larger global community. It is to give the opportunity to all involved to enjoy the land, work the land, and even potentially to live on the land. It is a way to co-opt the tools currently being used to create the metaverse, but use them to create something in the real world. The big difference here is that instead of working only within the parameters of code, we are working within the parameters of nature.
To put it more plainly, this project aspires to use the global reach of the internet and the speculative nature of crypto to generate funds and add value to the project. We also plan to use blockchain-based governance to facilitate the coordination of finances among such a disparate group of people from around the world. Finally, and most grandly, our purpose is to embark on a great experiment that can hopefully be copied and pasted (quite literally) to other parts of the world. If this works the way we hope, it is not a stretch to foresee a network of communities that are connected perhaps by reciprocal privileges but different enough that they can learn from one another, conduct experiments of their own, and adapt to their specific localities.
Land
When we buy the land, we plan on putting it in a conservation land trust so that it can never be developed in ways that a detrimental to the environment. We will structure it so that the land can never be used in environmentally-extractive ways (required % of forested land, no strip mining allowed, etc). If the restrictions are sufficiently environmentally-friendly in nature, it should save us in property taxes and also be an added level of protection against any hostile takeovers of the project. And this way, even if our fantastic DAO doesn’t survive, the worst case scenario is that the land will become something like a national park and never developed.
We will decide where to buy our plot of land as a group. It might be anywhere in the world, but a major determining factor will be where people are willing to live. We figure we will need at least 5 residents to start the community, so joining the group early may help secure a spot in your neck of the woods. Just know that we will structure funding in a way that always sets aside 10% of revenue for future projects (the Pay-It-Forward Treasury), so if you have your heart set on a location but don’t have enough people to start the in-real-life community now, there should be opportunities down the road.
Vision of a Global Network
The Pay-It-Forward Treasury will be continuously funded with 10% of any money we raise. Allocation of this treasury will be determined by the DAO, but the purpose of it will be buying NFT’s from sister projects. A requirement for obtaining funds from this treasury is that the receiving project must also have a similar Pay-It-Forward Treasury. This is how we sprout a network of these worldwide at an ever increasing speed.
While each project will obviously determine the price of its own NFTs, a stipulation of being part of this network is that all NFTs bought in this way must cost the same amount: $500. This helps level the playing field a bit for all projects regardless of the socioeconomic situation they find themselves in. In other words, a rich group in California may be able to charge a premium for their NFTs and thus end up with a large P-I-F treasury. A less-wealthy group in Panama (selling their NFTs for only $200 and therefore with a smaller P-I-F treasury) who wants to buy one of the California group’s NFTs may not be able to afford them. The $500 peg allows the California group to give extra help to the Panama group ($300 more per NFT) and allows the Panama group to more easily afford the California group’s NFTs.
NFTs bought in this way must be locked forever in a smart contract so they can be used but never sold. The whole point is to use the P-I-F treasury to financially support other groups and to strengthen ties by giving members access to each others’ communities. If a community can just buy the NFTs with their P-I-F Treasury and turn around to sell them on the open market, it negates both of these objectives.
Our view is that newer projects that are eligible for these funds will be projects based (at least loosely) on our design, with their own native token and their own NFTs for sale that grant access to their community. When we speak of our vision of a network of these communities around the world, we envision each of these as being their own DAO. Our hope is that our model will be used as an example so that new projects don’t have to reinvent any wheels. They can essentially copy and paste our project and make whatever tweaks they desire based on their own idiosyncrasies. If our DAO helps to bootstrap one of these by buying some NFTs, our DAO members would be able to use these NFTs to visit the new project, which would allow us to earn that project’s native tokens, which would effectively intertwine the members of the two projects. This is what we mean when we speak of forming a network of these internationally. This is why our logo is a spider web of nodes that spirals up from a central node. There is no hierarchy. Only a decentralized upwards flywheel of connected DAOs.
Funding
Funding will primarily come from the sale of two types of NFTs:
-Event NFT: At first, we will sell these for 100 DAI apiece. After the first 100 are sold, they can be alternatively bought for either 100 DAI ~or~ 100 NTENT tokens (more on NTENT tokens later).
-Mycorrhizal Fun Guy NFTs:
These will be sold in tiers so that they are more expensive over time.
~The first 500 sold will include 50 NTENT tokens.~
1–50 for 200 DAI (to reward early community members and incentivize early investment)
50–100 for 400 DAI
100–200 for 500 DAI
300–500 for 600 DAI
500–1000 for 800 DAI ~or~ 800 NTENT
1000–2000 for 1,000 DAI ~or~ 1,000 NTENT
These NFTs will be the main source of our funding. We will have a mechanism for selling NTENT tokens, but more as a pressure-release valve meant to keep the NTENT value within a reasonable range, which we will want in order to keep our incentive structures working properly. More on this later.
NTENT Tokenomics
We will start out with a 20,000 NTENT token airdrop (we may alter this depending on the size of our early community), which we’ll dole out to early contributors. This will happen before we start selling the NFTs.
After that, we’ll have an inflation rate of 75 NTENT per day (27,375 per year). This inflation will be split the following way:
-25 for the DAO to split up among members at regular intervals via a Coordinape method. We can allocate a certain amount per day for people who go to the breathing bar for example (our meditation room in Discord), or for people who work to maintain the website, etc. (Remember, land residents will be members of the DAO, so they’ll likely get a share of this allocation as well as their resident’s allocation.) These tokens will come with reputation.
-25 to put in the DAO treasury to be used however (primarily for non-land stuff, but can be anything). In contrast to the 25 NTENT split among the DAO members at regular intervals, this treasury can be allowed to accumulate over time to be used for big payouts to members who offer developer or legal services for example.
-12.5 to be distributed to the residents. These tokens will be deposited into a treasury in Colony controlled by the “Resident sub-DAO”. The residents will have control over the specific allocation of the tokens, but a typical distribution might be equal allocation among all residents.
-12.5 to put into a wallet controlled by the “Level 4 sub-DAO” within Colony. As the name implies, this group will be composed of any member who’s role is a Level 4 (which will include all residents). This wallet is specifically intended to fund bounties related to the land (incentivizing labor for large projects). Non-residents Level 4's are meant to be passive members of this sub-DAO, so that residents alone decide how to use the tokens. The rule here is that residents must not allocate these tokens to themselves. The reason that non-resident Level 4's are included in this sub-DAO is to ensure this rule is followed. If a resident makes a proposal to allocate these tokens to themselves or a fellow resident, a Level 4 should oppose this proposal. If the residents overpower the opposer and vote to uphold the self-allocation, the opposer may (and should) appeal this decision to the parent DAO (the IntentionalDAO colony). With the combined weight of all DAO members, there should be enough reputation to defeat the proposal.
The reason for this check on the residents in the last paragraph is that if the residents chose to allocate this 12 daily token inflation to themselves, this, combined with the 13 daily tokens already allocated to them, could give the residents an almost absolute hold on governance decisions. We want the residents to have a large say in all matters of the DAO, but no group should be able to dictate everything.
All of these NTENT tokens should be paid to people who share the ethos of IntentionalDAO, as these payments will come with reputation points in Colony. The reputation points will be used in making (and voting on) proposals. In other words, reputation equals governance power. When the DAO pays people in NTENT tokens, it is basically signaling that these people deserve to play a more major role in DAO governance. Reputation points will degrade over time, which ensures that the people who have been contributing the most — and most recently — are in control of the DAO. In this way, one can envision power as a slow-moving amoeba blob that intentionally moves towards the most active (and valued) members. Thus, no one can take the project over by buying our tokens. They must be given control gradually by existing members as they put in more work and prove their value and value-alignment to the DAO.
In contrast, payments to “outside people” (contract workers), should be paid in dollars from our treasury (stablecoins ideally), so as not to assign reputation where it should not go.
SIDE NOTE: This inflation model of 75 new tokens per day (akin to how Bitcoin grew into existence as opposed to a big airdrop or ICO) is preferable because it allows us to grow at a slower, more measured pace and reward people reputation as they come into the fold of IDAO. There’s no temptation to throw a huge chunk of tokens to anyone which could skew the balance of reputation or affect the value of the tokens in unforeseen ways. This way, we can feel our way through this process as we go.
Mechanisms to Control NTENT Token Value
As stated before, we will have a small distribution of NTENT to initial community members, some given to early NFT buyers, and then we will have daily inflation. To counteract the ever-increasing supply, we will have burn mechanisms in two places: (A) people who mint our NFTs with NTENT will be burning most of those tokens (discussed below); and (B) people who stay on the land will pay 20 NTENT per day which will be burned (unless forgiven by residents — more on this later).
There is obviously a balance that we want to strike here. We don’t want NTENT tokens to be too expensive or people may not want to (or be able to afford to) come to the land. We also don’t want them to be too cheap because then they’re worthless as motivation to entice people to participate in the DAO and on the land. This section will talk about how these two extremes are mitigated.
As noted in the table above, the first 500 MFG (Myccoryzal Fun Guy) NFTs will be sold only for DAI (to go into the DAO treasury for purposes of land purchase and all the initial stuff we’ll need to pay for). After that, we will sell them for either DAI (to fill our treasury) or NTENT (which we’ll burn). The option will be up to the buyer, and will naturally hinge on whether DAI or NTENT tokens are more valuable at the time, because the value of 1 NTENT, when it comes to buying NFTs, will always equal 1 DAI. In other words, a $500 NFT can be purchased with either 500 DAI or 500 NTENT tokens, regardless of the value of NTENT.
The benefit of burning NTENT tokens is to make them more valuable (because they become more scarce). Making NTENT more valuable makes it worth the grind for people to try to earn them, meaning more labor/participation for the DAO. If NTENT drops in value (say 1 NTENT = 50 cents), people who want an NFT will buy NTENT from the open market and use them to buy their NFT at half price, which burns those NTENT tokens and thus drives up its value. When NTENT value exceeds $1, it is more cost effective for people to buy the NFT with DAI, which adds money to our treasury and takes the foot off the gas if the value of NTENT is becoming too high.
To continue, let’s say the value of NTENT drops too low and it is almost worthless. Two things will prop it back up.
As just discussed, people who are interested in our project can buy NTENT on the market and mint our NFTs at a discount. 90% of those NTENT are burned, reducing supply and thus increasing NTENT value. (The other 10% will go in the Pay-It-Forward Treasury).
Residents may decide to throw a huge party, attracting a lot of visitors who are each paying (and burning) 20 NTENT to stay on the land. A party with 50 people lasting 3 nights will burn 3000 tokens, which equals 40 days of issuance, not to mention all the potential NTENT burned from new people having to mint their NFTs in order to come to the party. (Residents can also choose to return these 20 tokens to visitors, but more on that later). Residents will have an incentive to throw an event like this because they are getting paid daily in NTENT tokens. If they can burn a lot of them by attracting visitors, NTENT gets burned which puts upwards pressure on the token’s value and increases the value of the residents’ tokens.
In addition to all of this, the fact that the value of INTENT is not actually pegged to anything and can fluctuate will motivate people to buy low and keep a stash of it on hand just in case they want to come to the land in the future. With a vibrant community, there should be pretty strong demand for it.
Speaking of potentially strong demand, what if the token becomes too scarce? If 1 NTENT is worth $10, people would have to stake/pay $505 worth of tokens just to stay one night on the land (50 NTENT and 5 DAI is required — more on this later). No one would do that, so we need a way to put an upward bound on the token, and ideally this mechanism would allow the project to benefit from the upside in value as opposed to speculators.
In this high-token-price scenario…First of all, as mentioned before, no one would buy new NFTs with NTENT tokens because using DAI would be much cheaper. So no NTENT is getting burned there, and inflation is still happening all the while. Also, since less people are willing to pay that price to stay on the land, less NTENT is getting burned from visitors. For the people who do come and hang out, residents always have the ability to forgive the 20-NTENT-per-day visitor fee if they choose to do so. More on this later, but with a highly valued NTENT token, visitors will be very incentivized to perform chores on the land so that the residents will refund this fee. In this way, the land benefits from more labor, hopefully creating a community that is more attractive for people to visit, and this cycle will continue until inflation causes the NTENT value to drop and the residents are incentivized to burn more visitor fees instead of forgiving them to prop the value back up.
Also, remember that the residents have their own NTENT treasury that grows at a rate of 12.5 NTENT per day. With a highly valued NTENT price, they can use this to bribe visitors to get all kinds of great stuff accomplished, which sends more NTENT into circulation, diluting the market and putting downward pressure on the token price.
But even still, what if demand outpaces inflation and there isn’t enough NTENT to go around? What if the price skyrockets? What if we throw a huge party and tons of people need tokens, but there aren’t enough to go around?
This is why we will have one more pressure-release valve, in the form of a token issuance curve. We will use Coin Machine on Colony and just set the floor price around whatever we want the maximum NTENT value to be. Let’s say 3 DAI for the sake of this example. If the value of NTENT is lower than $3, no one will buy it from the Coin Machine (because they can get it for less on the market). If the market value rises above $3, people will start arbitraging it by buying it from Coin Machine and selling it on the market, earning an instant profit and putting downward pressure on the value of NTENT.
But because Coin Machine issues tokens on a curve that’s based on demand, the more that is bought, the higher the price will go. In other words, as people buy NTENT from the Coin Machine at 3 DAI and turn around and sell them on the market for, say, 10 DAI, this puts downward pressure on the market price and upward pressure on the Coin Machine price (because of its algorithm.) The result will be an eventual equilibrium with an NTENT market value closer to $3 and potentially a lot more money in the DAO treasury from the Coin Machine purchases. This curve basically ensures that the magnitude of the arbitrage opportunity doesn’t completely go to the arbitrageur. The DAO gets some of that upside cheddar as well.
One more thing to note here. A high token price is obviously good for the project for all the reasons just outlined. A major contributing factor to an increased token price is the desire for token holders to hold onto their tokens. If the token price can never rise above $3, what incentive do NTENT holders have in holding onto their bags? The incentive is that every Coin Machine sale will split the revenue in half: half going to the DAO treasury and half going to DAO members proportionate to how many tokens they have staked. We can get fancy here and base this allocation on how long someone’s tokens have been staked to further encourage long-term holding, but that’s a discussion we can have later.
Land Access Mechanics
DAO members will complete quests to gain roles (we will have 4 levels), and these roles will come with different privileges.
In order to come to the land, a visitor has to have an NFT, be at least a Level 1, and have at least 5 DAI and 50 NTENT tokens (only 30 if they are Level 4 because the 20 NTENT visitor fee is waved) staked into a smart contract.
30 of these 50 staked NTENT tokens are collateral in case the visitor leaves a mess that has to be cleaned up by someone else. After a visitor leaves, a resident can choose to commandeer these 30 tokens (meaning they are added to the resident treasury). If they are not commandeered, the tokens will be automatically unlocked to return to the visitor’s wallet 24 hours after the visitor leaves. If the tokens are commandeered, the idea is that the resident can clean up the mess and keep the tokens, or the residents can farm out the task to another
visitor and pay them. It’s up to the residents to decide what to do with their treasury.
So the way it works in action is: the visitor will stake however many tokens they choose (but a minimum of 5 DAI and 50 NTENT) and then click “Access Land” on the app, which locks up 5 DAI and 50 NTENT out of what they have staked. If the visitor leaves the land before 8 hours, they click “Leaving Land,” and all 55 tokens are unlocked the next day. (Caveat: if they leave the land and return within 24 hours from their initial “Land Access” activation, the “Leaving Land” click is simply disregarded and it’s like they never left.) So less than 8 hours of hanging out costs nothing.
After 8 hours of being on the land, the 5 DAI is moved to the residents’ multisig in order to keep toilet paper stocked and replenish anything else that the visitors use. In practice, the residents can do whatever they want with this as they control the wallet, but the intention behind it is to keep things stocked and make sure visitors have a good experience and want to come back.
Now let’s say the visitor is staying for more than a day. After 24 hours of being on the land, 20 of the 50 locked NTENT tokens (the visitor fee, briefly explained above) are burned forever. This 20 NTENT is the price of staying on the land.
By 24 hours, if the visitor plans to continue hanging out on the land, they have to re-up their staked tokens (or just make sure they have enough staked to begin with) as every 24 hours 5 more DAI and 20 more NTENT are locked up and the above process repeats. If they don’t have the required funds staked, their (decentralized) ID shows up on a “visitor has left” list and everyone knows they shouldn’t still be there.
The catch with this 20 NTENT visitor fee, as explained before, is that a resident can unlock it and effectively refund the visitor if they so choose. Maybe the residents have a chore list, and if a visitor completes a chore, they get their 20 NTENT tokens back. It’s like day-to-day work trade. In this way, as long as the residents need the help, a motivated visitor can stay as long as they want for only 5 DAI per day.
An important thing to point out here is that all of this is in the hands of the residents. The residents can opt out completely and never even utter a greeting to the visitors, in which case it will cost each visitor 20 NTENT and 5 DAI per day to stay. Residents might opt for this if they’re tired of playing host, thereby increasing the cost for visitors to stay and probably reducing the number of visitors on the land. In fact, the more NTENT tokens visitors are forced to burn, the more scarce they will become on a macro level, making it even more expensive to stay every day.
But there is a balance here. If this goes on too long, visitors will stop coming around, the residents will stop having access to help, and the whole place could go to pot. But in the meantime, the residents will have been growing their stash of NTENT token reserves (they get 25 per day remember), which are getting more scarce on the market because of the burn from the visitors, so they could decide to throw a big work party and dole out a lot of tokens to get things going again. If residents use their tokens to improve the community, more people will want to come, creating an upward flywheel effect.
It’s important to note that the 20 NTENT tokens do not go directly to the residents. If they did, this could create a misalignment of incentives between the residents and visitors. The residents would be more likely to force visitors to pay as opposed to using their fee-forgiveness ability to procure help on the land. Paying the visitor fee directly to the residents would only benefit the residents, whereas burning NTENT benefits everyone who holds NTENT, as does incentivizing labor to make the IRL community a better place to be. By burning the tokens that aren’t forgiven, the most impactful way for residents to benefit from this fee is to get motivated to put the visitors to work.
But on the other hand, if a visitor has a bunch of tokens and doesn’t want to work, that’s fine too. They don’t have to. Their 20 NTENT/per day will just get burned and increase the value of everyone else’s tokens, rewarding past contributors who hold NTENT and also making it more lucrative to contribute to the community in the future.
Exception: Level 4 DAO members are exempt from the 20 NTENT per day requirement to stay on the land. These people are basically the core group of the DAO, have demonstrated a large commitment to the project, and have put in a lot of work. They should be able to enjoy the land without having to cater so much to the residents. However, they will still be required to stake 30 tokens as collateral and pay their 5 DAI per day in order to not be leaches on the community.
Attaining a level 4 role basically means someone has the full approval and trust of the DAO, and are cleared to petition the current residents to become a full resident themselves.
There is one more mechanic that is baked into the system for residents to earn money. 10% of all proceeds from selling NFTs (after the land is purchased and initial structures are built) will go to the resident multisig to do with what they will. This encourages residents to help create a welcoming environment and an awesome experience for visitors so that more people want to join.
Land Access as it Relates to Roles and NFTs
Event NFT: Even with an Event NFT, someone must have attained a Level 1 role to come to the land. At this level, at least we can know that they understand the thrust of who we are and what we expect of members/visitors. It will also mean they’ll have their decentralized ID in the system so we can identify them (important for residents doling out rewards or commandeering collateral, or even banning people if need be.) Event NFTs are for people who are testing the waters to see if they fit, or for people to have the ability to more easily earn NTENT in order to buy a MFG NFT later. If they resell their Event NFT on the open market, 10% of the proceeds will be redirected to the DAO treasury.
MFG NFT — Level 1: Have the same access rights to the land as Event NFTs holders. Part of attaining Level 1 is connecting your web3 profile (Proof of Humanity, BrightID, etc) to your NFT. This will be essential in determining who has land access rights at any given time.
MFG NFT — Level 2: Can come to the land at any time, but no cabin access.
MFG NFT — Level 3: Same as level 2 plus the ability to reserve cabin use for any shared cabins that we build. Can also vouch for two Level 1 guests to join them during their stay (they still have to pay their rates and put up their collateral.)
MFG NFT — Level 4: same as level 3, but don’t have to pay the 20 NTENT per day. Can also vouch for up to 4 guests at any level (including Event NFT people). Can apply to be a resident.
Once you attain level 4, you can blow your NFT up if you want (meaning it becomes no longer usable in the DAO — maybe the image turns into a burnt-up mushroom or something) and 400 NTENT tokens fall out and are deposited into your wallet. You’ve put in a lot of work to get to level 4, so this is our way to say: “We appreciate your contribution. If you no longer want to be involved, here’s a parting thank-you gift.” Depending on the value of NTENT, people can actually make money doing this, especially if they buy their NFT early, with the result being we get a lot of participation out of people in the process as they level up.
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