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district0x / district-proposals

Proposals for new districts to be built by the district0x Team.
https://vote.district0x.io/
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DP #35: Bona | Decentralized Token Sale Auditing and Due Diligence #35

Open ghiliweld opened 7 years ago

ghiliweld commented 7 years ago

Purpose As more blockchain startups launch their own token sales to fund their operations, token sale investors need a way to assure the legitimacy of the company they're investing in. Due diligence into the founders background and experience, and smart contract quality insurance will be needed going forward or else token sales will remain a breeding ground for scammers looking to make a quick buck.

ConsenSys, knowing this, has launched their own due diligence service.

The problem with this is that we're entrusting ConsenSys with evaluating the legitimacy of the latest token sales which defeats the whole purpose of decentralization within the Ethereum community. The power to make sure a company receives adequate funding or gets flagged as a scam shouldn't be held in the hands of one company but should instead be left to the people.

That's where Bona comes in.

What is Bona? Bona is a decentralized site for curating the latest token sales and determining their legitimacy powered by the District0x network.

How does it work? When a company decides to raise fund through a token sale they post an announcement to the Bona district announcing their token sale. People can either comment their findings or their opinion on their legitimacy or upvote a token sale announcement by staking their DNT as a way to back the company's token sale proposal. If you believe in a company or trust a person's assessment of an ICO you can back them with DNT to make it more visible in the community.

Companies can showcase legal compliance by demonstrating SAFT compliance. The SAFT is a new open source legal document meant to help token sales be legally compliant and accountable to ensure the security of the average investor's investment.

Companies can also reward people who check their smart contracts with their own tokens or in ether, so bug bounties and payment for tasks completed can also be completed on the Bona district (also powered by Aragon).

My Slack username is ghiliweld.

Alexand0x commented 7 years ago

This is a great proposal. We made a point when launching the district0x token contracts to employ Ethlance for a similar purpose, however, and I do see some overlap with that. There's the possibility of implementing some of these functions to Ethlance proper when we implement staking for that district.

ITYANEHYRE commented 7 years ago

wow, i should have read this closer (did not read at all, sorry). @Bradymck is right, my proposal DP# 198 is basically the same. i would like to add however that i believe it necessary to give a structured approach to the qualification of upcoming ICOs. To say, i agree with all your idea, but i'd extend it. Not only determine legitimacy but also rate and score the ICO as a startup. How high is the Risk? How big is the Business potential? How big is the hype factor? How Good or bad is factor xyz? etc...

i.e. it is not enough to say "it will mooooon!"

it is rather complex to say why my fancy ICO will moon or why not.

id like to see a well structured analysis covering the business plan as a whole, starting with the team, to the idea, competitors, addressable market size, Marketing, Timelines, project plan etc.

ITYANEHYRE 0x901b68e2099f83DCD6e443C86146969Ef837eD37

ghiliweld commented 7 years ago

Those are some great suggestions.

ITYANEHYRE commented 7 years ago

@Ghilia and @Bradymck : should we merge our proposals? i also read DP 82, but i see a conflict potential there because it proposes to "rate and invest".

i propose:

ghiliweld commented 7 years ago

Yes, that sounds great!

Bradymck commented 6 years ago

@ITYANEHYRE I apologize for not responding. I was going through quite a few during that time and was hard to keep up with. I will encourage you to merge proposals any chance you get. Also, looks like you have more eyes and interest on this proposal!

Bradymck commented 4 years ago

Hey @ghiliweld

I'm not sure if you're aware but we recently launched a new bounty to migrate your proposals to the actual District Registry: https://registry.district0x.io/

We're replacing the old voting app with the registry. Let me know if you need help but I would love to see you migrate this over so you can claim your DNT.

It does take a 10,000 DNT submit to submit your proposal but this gives you an extra 2000 you can stake in the registry beyond the deposit amount.

Hit me up on Telegram or Discord if you need help or have questions.

Telegram: https://t.me/district0x/75217 Discord: https://discord.gg/P9RQejv

PS, please excuse the canned response. I am encouraging everyone here to start migrating so they can claim their 12000 DNT.

DelmasHunt commented 8 months ago

Thank you