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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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DP53: Pool District. Enabling small fish to become a whale #53

Open adamoo1 opened 7 years ago

adamoo1 commented 7 years ago

Name

Pool District

Purpose

To create a modular district that users are able to spin up for certain ICOs, projects or staking coins that require a minimum amount of funding which these users couldn't reach on their own. Similar to an office pool for everyone to spring for pizza. This pool would then buy into the project and the resulting coins would be split up proportionately to the funds received.

Description

Create a district where users can pool their funds together so they are able to reach minimum funding levels of certain ICOs (FileCoin, Enigma Catalyst, ChainLink or Monkey Capital), projects or staking coins. Any funds returned to the pool will be split proportionality to the funds received. Multiple pool districts will exist, 1 for each project that interests users, and they can be spun up by users. There will also be a entrance fee of 0.001 ETH to cover gas costs, but when a user wishes to leave the pool

• if they leave before the main transaction to the ICO then get their remaining entrance fee (minus gas costs to send to the pool address).

• If they leave after the main transaction to the ICO then get their remaining entrance fee (minus gas costs to send to the pool address + gas costs to send to the ico)

Example

John and Craig want to buy MNY tokens and they have learned, using due diligence, that if they have 1 CoEval before the MNY ICO then they are sent 10,000 MNY tokens while still retaining their 1 CoEval. John forms a MNY Pool District and funds it with 0.6 CoEval, and Craig funds it with 0.4 CoEval. At the end of the MNY ICO, those 10,000 MNY coins are sent to the MNY Pool District address and then split 60% to John and 40% to Craig.

Slack username = Adam

ibalina commented 7 years ago

Love this, let's make it happen!

bullbits commented 7 years ago

Great idea

drisaac commented 7 years ago

great Idea! Im in

SovereignPleb commented 7 years ago

Cool idea. I think ICO is a solid and relevant initial use case, and you can imagine spinning that up to any "fund pooling" exercises.

You will probably still need one person to "curate" the money, potentially even holding the private keys to the address which creates risk. For instance, an ICO "XYZ" spins up that requires a certain amount of funding commitment before a certain time and date. It's doubtful that you will be able to program a smart contract to automatically enforce the "go/no go" decision. Or what if XYZ's CEO is found guilty of creating a ponzi scheme just a week before the ICO, and everyone in the pool wants to withdraw their funds. Someone will need to execute that decision. Have you put any thought into how that might work?

adamoo1 commented 7 years ago

@okmrponcho I have thought about that, having a governance model vs some centralized authority, its not an easy decision. Perhaps we could speak with /u/cintix, he proved he can be trusted with thousands of eth and has built a business around his ICO smart contract while giving users of this contract the ability to not pay fees

thedbn commented 7 years ago

i like this idea

chrisbewley8 commented 7 years ago

Time to develop a system for the little people like me, working together to achieve more, like Ants

imprefect commented 7 years ago

Seems pretty darn awesome and lucrative. I'd love this.

luffy7 commented 7 years ago

would love to have this.

esam345 commented 7 years ago

Good idea, would love to see it soon

drisaac commented 7 years ago

Love it!!!

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On Aug 7, 2017, at 7:13 PM, esam345 notifications@github.com wrote:

Good idea, would love to see it soon

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EndymionJkb commented 7 years ago

This is a great concept and I certainly wish this existed! But I have some of the same concerns as okmrponcho -- it would be extremely difficult to implement. You could probably design out the reliance on a trusted third party for the most part (if you really trust random other people voting on where your money goes -- though I guess it's not that different from any government system :-)

These sales are very fluid and time-sensitive. Often the details and addresses are hidden until right before the sale, so you wouldn't have time to test and deploy before all the people not going through this system already participated. To avoid that, you'd have to be collaborating with the team enough to have enough advance knowledge to write and test the "meta-contracts," and you still couldn't publish them in advance without revealing that knowledge.

You have situations like REX, which initially published the wrong contribution address! Many of these sales go off without a hitch, but sometimes there will be a very volatile situation where they need to publish a new contract, change the terms somehow, pause or freeze the contract, etc. Or it could have a bug and get hacked or frozen, possibly even inadvertently. Or the Ethereum network could bog down as all the nodes struggle to simultaneously execute thousands of complex contracts. What would happen then? There would have to be some kind of insurance or bonding or something.

You also have the issue of all the rules regarding US citizens. A third party taking funds to contribute to other third parties might be held to a higher standard and need licensing, KYC, etc. Like most things, probably couldn't be done in the US.

It would be very technically challenging, and fun to work on though.

cintixverum commented 7 years ago

Meta-contracts can be as simple as sending ETH to an address, perhaps calling a specific function. It doesn't necessarily reveal vital information about the sale contract.

ITYANEHYRE commented 7 years ago

i'm in too, upvoted!

by the way, what do you think about

132 DP: Certified Tokenized Crypto Education for ICO Investors?

ITYANEHYRE 0x901b68e2099f83DCD6e443C86146969Ef837eD37

DreMation commented 7 years ago

luv it!

NetraDnt commented 7 years ago

Created an account so I could vote! Hope this takes off soon!

Bradymck commented 4 years ago

Hey there,

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.