Title: bDIP-08: Selection and Election of BanklessDAO Vault Multi-Signature Wallet Signers Authors: senad.eth#8782, links#7868, Trewkat#1933, HiroKennellyᵍᵐ#0001 Working Group: HiroKennellyᵍᵐ#0001, jengajojo#5896, links#7868, senad.eth#8782, thinkDecade#7181, Trewkat#1933 Scope: Minor Change

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BDIP SUMMARY

Based on the feedback received from the Swapping BanklessDAO Multi-Signers [Temp Check] , this bDIP seeks to modify the BanklessDAO Constitution to include text regarding the selection criteria, mandate, and election procedures associated with the role of a BanklessDAO Vault multi-signature wallet signer.

BDIP BACKGROUND

• In S1, BanklessDAO members agreed to transfer control of the DAO treasury from the Genesis members to the DAO. The results were then ratified via Snapshot.
• Via Forum post, DAO members applied to become BanklessDAO Vault multi-signature wallet signers. An election was held on the Forum, and later ratified via Snapshot.
• The current cohort of BanklessDAO Vault multi-signature wallet signers are: Icedcool, frogmonkee, Above Average Joe, RedVan, 0xLucas, Eagle, and Kouros. Only Above Average Joe and Icedcool remain active in the DAO.
• The recent Temp Check indicated a desire to codify the mandate, selection, and election of BanklessDAO’s multi-signature wallet signers.
• This bDIP seeks to enshrine the mandate, selection criteria, and election procedures for BanklessDAO’s multi-signatue wallet signers in the Constitution.

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BDIP SPECIFICATION

Current Form of “DAO Organizational Units”

There is no mention of the BanklessDAO Vault multi-signature wallet signers in the Constitution.

Proposal

[Text to be included immediately before the Grants Committee section of DAO Organizational Units]

BanklessDAO Vault Multi-Signature Wallet

The BanklessDAO Vault multi-signature wallet (vault multisig) is the holder of DAO funds, and disburses BANK to DAO Organizational Units. It is managed by a team of seven BanklessDAO members, and requires four of the seven members to sign in order for any transaction to be executed.

Vault multisig signers have the following rights and responsibilities:

|Rights (can do)|Responsibilities (must do)| | --- | --- | |Can create transactions for consideration by other signers.|Must work to ensure the perpetuity of the DAO’s existence in alignment with the DAO’s mission, vision, and values.| |Can approve or reject transactions at their own discretion.|Must sign and execute transactions in a timely manner.| ||Must vet all transactions to make sure that they align with agreed decisions.| ||Must validate the individual transactions of mass payouts to ensure they are legitimate.| ||Must monitor the vault multisig’s activity.| ||Must manage access and permissions to the multisig.| ||Must keep their own software and hardware secure and up-to-date.| |Can post proposals to the BanklessDAO Snapshot.org space.|Must vet Snapshot proposals to confirm compliance with established governance procedures.| ||Must steward the process of moving proposals to Snapshot.|

Vault Multisig Signer Elections

To be considered for selection and to retain the role, vault multisig signers must meet the following criteria:

1. Recognition as a Level 2 Contributor of BanklessDAO.
2. Active membership of BanklessDAO for at least one year.
3. A previously held leadership position in the DAO (equivalent to Guild Coordinator, Project Champion, Grants Committee).
4. Experience as a signer on a multi-signature wallet.
5. Current knowledge of BanklessDAO’s governance procedures.

Elections have the following procedure:

1. To kick off an election, any BanklessDAO member can post a formal proposal to check the level of support to hold a vault multisig signer election. This proposal must have a poll which passes the Minor quorum thresholds.
2. When the formal proposal reaches quorum, the member may then post a Forum post to gather candidates. In this post, candidates must provide evidence that they meet the eligibility requirements. This proposal must stay up for at least one week.
3. After one week, the veracity of each candidate’s eligibility evidence must be validated by the member who posted the proposal. This member will then post the final candidate list in a comment on the proposal.
4. The current vault multisig signers must then post a token-weighted poll on Snapshot with the list of candidates specified above as well as a list of the current vault multisig signers as options (barring any signer who wishes to step away from the role). This poll must stay open for at least one week.
5. The seven candidates with the highest proportion of support will become the new vault multisig signers. The current signers must take the steps to add/remove members as needed to ensure the group of vault multisig signers reflects the will of the DAO.

Removal of Vault Multisig Signers

Vault multisig signers can be removed if:

1. a vault multisig signer has violated any of the mandated responsibilities.
2. any member in the DAO gathers consensus via Forum on the no-confidence state of a vault multisig signer or the vault multisig signers as a whole.

There is no term limit for vault multisig signers, however continuation in the role is subject to the community vote.

EXPECTED IMPACT

This change will mean the DAO has adequately documented procedural information about the role of a BanklessDAO Vault multi-signature wallet signer. It is anticipated that if enacted, this update will be followed with an election for a new team of BanklessDAO Vault multi-signature wallet signers.

ANALYTICS

After this bDIP is ratified, we hope to hold an election to increase active multi-signature wallet signers from 2/7 to 7/7.

NEXT STEPS

Achieve Minor quorum to add bDIP to Constitution, then run an election.

WORKING GROUP BACKGROUND

HiroKennellyᵍᵐ🏴#0001 - Guild and project coordinator, BC Associate, contributor to various projects. jengajojo🏴#5896 - Contributor in governance and project management. links#7868 - L2 Contributor, PM Guild Coordinator, Bankless Card Champion, governance enthusiast. senad.eth 🏴#8782 - L2 Contributor, Member of the Grants Committee, ex-DAOlationships Guild Coordinator and Project Champion of B Labs. thinkDecade 🏴#7181 - L2 Contributor, GC member, project management. Trewkat#1933 - L2 Contributor in Writers Guild and several other projects and teams.