Title: Vote to Ratify Transition Council Authority Authors: Hiro Kennelly, trewkat Forum Post: Transition Council Authority

SUMMARY

The Transition Council, which was established to guide our community through this period of change, is seeking BANK-holder ratification of its authority to implement a broad set of changes within the DAO, as described in this Forum post.

Six Transition Council members were appointed at the June 24, 2024 Governance meeting, per a tlBANK Snapshot vote. To date, the six appointed members have proceeded with work around purpose and branding, but before we move forward with officially implementing these changes and making additional decisions that will further shape our future, we believe it’s crucial to have the broader community’s formal and documented backing.

SPECIFICATIONS

If ratified, the Transition Council will have the authority to:

• Implement its selected new name and brand identity for the DAO (Black Flag DAO) across social media accounts and web presence.
• Decide on the role of the BANK token and issuance of new token(s) within the new Black Flag DAO.
• Change the Black Flag DAO membership requirements and organizational structure.
• Decide on the tooling necessary to operationalize these changes.
• Update DAO governance processes to reflect membership and/or token ownership rights.
• Produce a replacement Constitution that reflects these changes (and any others necessary to effectuate these changes). While the replacement Constitution will be written and implemented by the Transition Council with consideration of community feedback, the text will include a process by which members can later suggest and enact revisions to the new Constitution. (After community feedback, the language of this bullet point is slightly different than the Forum post).

DISCUSSION

Any discussion related to this Snapshot vote should take place on the Forum post.

POLL

Do you support the Transition Council’s authority to implement the changes listed under Specifications? This token-weighted Snapshot vote will run for seven days and requires ≥ 66% approval (Yes vote) to pass.

BanklessDAO Constitution: Link

BDIP SUMMARY

This change is required to enable a timely Season 6 transition. Established procedures through Season 5, including the Season 5 Specification process, were superseded by the Constitution, which was ratified during Season 5. As a result, the governance processes around the season transition require clarification.

This bDIP proposes new wording to the Funding section under Seasonal Budgets to accurately reflect current Seasonal Process. Its passage will allow seasonal funding to continue as intended, given the short timelines leading up to Season 6. Future bDIPs will be developed to further clarify the Constitution in this respect.

It is our intent to minimize the delay of funding disbursement for Season 6. If this bDIP passes, a seven day delay is expected. If this bDIP does not pass, the delay is unknown.

BDIP SPECIFICATION

This is intended to be a Minor Change to the Constitution, as the proposed revision simply aims to provide procedural clarity for the seasonal funding process. As such, the Constitution would be updated to v1.1 if this bDIP passes the Forum and Snapshot votes.

|Current Form|Proposed Change| | --- | --- | |Old text in Funding, under Seasonal Budgets:|Revision to Funding, under Seasonal Budgets:| |New seasons are initiated by all guilds and projects submitting proposals for funding. If these proposals pass Forum approval, they are packaged together in a single seasonal budget approval Snapshot vote. If this budget is approved, then the DAO multi-signers are responsible for issuing disbursements in line with the approved budget.|Before new seasons begin, all previously funded guilds and projects must submit a funding proposal to the forum for the Grants Committee to review. Funding proposals that pass the Grants Committee review process are packaged together in a single seasonal budget Snapshot vote. If this budget is approved then the DAO multi-signers are responsible for issuing disbursements in line with the approved budget.|

EXPECTED IMPACT

Passage of this bDIP would clarify and align the Constitution to current operations and enable the seasonal funding for Season 6. This would establish the operational procedure through which seasonal budget requests are approved going forward.

ACKNOWLEDGING RISKS

If this proposal does not pass on the Forum, we will be holding up the season transition and the funding requests that have already been approved by the Grants Committee. This bDIP would need revision until it passes. Only then could we continue with the seasonal funding round.

NEXT STEPS

This bDIP will be posted to the Forum for 7 days. If it passes on the Forum, it will be posted on Snapshot for 7 days. In order to facilitate timely Season 6 funding, the Season 6 Specification will be posted to Snapshot the day after the bDIP is posted and the votes will run simultaneously. Assuming the bDIP passes, the Season 6 Specification can also pass, and funding will be disbursed.

This is the BanklessDAO Season 6 Specification. It has been reformatted to adhere to the procedure of governance changes as defined by our newly codified Constitution. If this Seasonal Specification passes Snapshot, the following timeline will be ratified. Special considerations for focus in Season 6, as indicated through the Season 6 Community Vote, are included here as well.

Background

After Draft 1 of the Season 6 Spec had been posted to the Forum, it was brought to the attention of the author that the Seasonal Specification process was superseded in Season 5 by the Constitution.

As such, the Seasonal Specification has been limited in scope to operational timeline ratification including community-indicated direction with bDIP suggestions.

Season 6 Timeline

• Season 6 will start on Monday, November 7, 2022.
• Season 6 will end on Sunday, February 5, 2023.
• Formal gap week will be February 6 through February 12, 2023.

Delayed Transition Timeline

• The Season 6 Budget Proposal will be posted to Snapshot November 4, 2022.
• The Season 6 Specification will be posted to Snapshot November 4, 2022.

Community-Indicated Direction

These changes have acquired consensus on the Forum but do not require addition to, or alteration of, the Constitution. They simply express the direction the Community has indicated they would like to take for Season 6 as a result of the Community Vote.

• The community has signaled an interest in increasing the utility of BANK tokens. Any guilds, departments, or projects whose purview encompasses this topic are encouraged to develop ideas and collaborate on this throughout Season 6.
• The Otterspace verifiable credentials pilot will begin in Season 6.
• The Grants Committee shall be allowed to remove an inactive and unreachable member with a unanimous consensus among other Committee members.

Changes that Require a bDIP

Any potential changes to our Constitution would require a bDIP. bDIPs for the items below will be drafted for a formal voting process in Season 6.

• Member-Based Guild Funding (previously called Automatic Guild Funding) will begin to apply for Season 6. Guilds, as categorized in Season 5, are to choose between continuing as a Guild or a Department, as defined by the taxonomy post here, and to submit funding requests accordingly.

The full Season 6 Specification post can be found here.

POLL

Approve the Season 6 Specification, disapprove, or abstain.

Per current operating procedures, Department, Guild, and Project funding requests were reviewed by the Grants Committee and were approved for a total of 22,032,292 BANK.

Of this amount, 50% of project funding (6,037,828.50 BANK) will be held by the Grants Committee Multisig to disburse mid-season, based on KPIs being reported.

This proposal seeks to ratify the distribution of these budgeted allocations.

SPECIFICATION

Department Funding = 3,730,635 BANK

• Operations Department = 1,869,985 BANK
• Marketing Department = 993,000 BANK
• Education Department = 472,650 BANK
• Treasury Department = 395,000 BANK

Guild Funding = 6,226,000 BANK

• Writers Guild = 1,000,000 BANK
• Research Guild = 833,000 BANK
• Legal Guild = 733,000 BANK
• DAOlationships Guild = 663,000 BANK
• Design Guild = 650,000 BANK
• AV Guild = 643,000 BANK
• Translators Guild = 638,000 BANK
• Dev Guild = 573,000 BANK
• Project Management Guild = 493,000 BANK

Project Funding = 12,075,657 BANK

• Bankless Africa = 1,590,000 BANK
• Newsletter Team = 1,569,000 BANK
• Bankless Academy = 1,430,000 BANK
• EPA = 1,268,000 BANK
• Crypto Sapiens = 1,200,000 BANK
• International Media Nodes = 1,084,000 BANK
• The Rug = 1,035,000 BANK
• Podcast Hatchery = 708,000 BANK
• Decentralized Law = 639,000 BANK
• bDAO@Global Events = 590,000 BANK
• Infosec Team = 562,657 BANK
• DAO Dash = 400,000 BANK
• Making Bank Podcast = 0 BANK

Total Seasonal Funding Request: 22,032,292 BANK

POLL

Approve the Season 6 Seasonal Funding and distribute funds as per the specifications, disapprove, or abstain.