RomeDAO proposes 100% community token allocation, no VC funding

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RomeDAO proposes 100% community token allocation, no VC funding

RomeDAO is proposing 100% community token allocation, no VC funding, and a reserve currency that is stable by rock-solid governance.

RomeDAO is built by a team of developers, researchers, and community builders from the OlympusDAO community. It is based on the audited OlympusDAO contracts. The stable coin OHM with DAI and other criptocurrencies is backed by the stable coin based on the Ethereum-based algorithmic stable coin. If the value of OHM falls below the value of DAI, the algorithm buys back OHM on the open market and burns it if the opposite happens, it mints new OHM and sells it.

The team maintains that Rome isn't a fork per s, as it includes various changes to the contracts to make them compatible with Moonriver. The treasury of RomeDAO will be backed by three different bond types - Magic Internet Money MIM DAI and ROME MOVR Liquidity Position.

The experimental chain that was launched on the even more experimental Kusama was chosen to provide the project with a lot of freedom. The freedom provided by Moonriver will eventually allow the project to expand into Moonbeam on Polkadot.

It is an extremely challenging endeavor to launch a treasury-backed unpegged reserve currency. RomeDAO believes that there is a lot that can be improved, while OlympusDAO managed to position itself at the forefront of the movement.

The developers believe that DeFi is currently too centralized — it lacks community participation and has a low ratio of volunteers to output. RomeDAO is an experiment in gamification and an attempt to make governance fun and engaging. Rome's success won't be measured in its market cap or TVL - it will be measured in the percentage of ROME token participating in governance.

In order to provide as much incentive as possible to its users, the entire supply of ROME token will be allocated to the community. The developers said that they will not receive any venture capital money or reserve allocations to the team.

This move has set a foundation for a strong community around Rome. The DAO had self-organized into five different houses earlier this month, each of which was a sub-DAO within the greater RomeDAO. Users are able to stake their ROME with a house they feel most aligned with by self-moderate their own channels on Rome's Discord.

Houses will self-organize and perform internal governance to their house to determine who performs what tasks, what proposals are put forward to the DAO, and other key decisions, according to RomeDAO. Two representatives from each house will bring the ideas to a public senate voice forum twice a week after discussing policy decisions and proposals internally. Any contract changes voted in the forum are then executed by the community-controlled multi-sig.

The houses are built to participate in various campaigns. These campaigns are games that are inspired by titles like Crusaders Kings and Total War, all with a goal of capturing new territory on the Rome map.

Those who participate in the campaigns will earn NFTs based on the actions they take. These NFTs are essentially gear for each user's citizen identity within RomeDAO - think armor, weapons, and spoils of war. These NFTs are designed to provide their holders with various protocol benefits, according to the developers.

It is an expensive endeavor to develop and maintain Rome. Without any VC money or large allocations made to founders, the core developers had to come up with an innovative way to keep the project going.

The DAO will levy a 10% tax on bonds for the first two months after it was launched. This means that a percentage of the value created for the treasury will be used to encourage contributors, pay developers, conduct audits, and ensure that the protocol can continue to grow and innovate. The bonds provide bonds with underlying assets, which will result in a 10% increase in the value of the bonds. After the two-month period, the team will propose a tax reduction on Rome citizens to 5%.

The bonds will create more than just a simple treasury. The mechanisms of which this is called the war chest will be more transparent than existing treasury-backed reserve currencies. The team has a team of directors who will manage the treasury at launch. The community will have a governance process that will allow them to decide how the treasury is allocated soon after launch.

There are around 20 people employed by the DAO. While some were taken on to work in Rome part-time, the founding team said they preferred having developers on payroll. This will allow them to stick to their aggressive roadmap, which intends to ship products at two-week intervals.