Governance Overview
Last updated
Last updated
At the time of this writing, DAOs are novel structures with no preceding legal wrapper. As such, care must be taken to protect the members of the DAO from legal liabilities. In the United States, , which does not protect DAO members from legal action from the state or individuals.
It is worth noting that, at the time of this writing in 2021, Wyoming does .
To protect their members, many DAOs are choosing to become either an LLC or a C-Corp.
Instead of becoming an LLC or a C-Corp, Friends With Benefits has opted to own a C-corp. This allows FWB to comply with current legal structures in place (for things like paying for events, filing and paying taxes, and insurance), while also allowing FWB to do things like offer the FWB Pro token so that new members can join at the Local(5 FWB) and Full(75 FWB) membership levels.
As of 2021, FWB is currently considering the pursuit of a not-for-profit legal wrapper for the DAO itself. Currently, the FWB DAO owns 100% of the C-corp.
Keep an eye on the channel in Discord for the latest.
There is a founding leadership team in place at FWB responsible for driving the organization forward and a voting mechanism to democratize decision making among members. You can find an .
FWB organizes its efforts by . A Season is three months long and includes predetermined goals or areas of concentration, and often introduces new governance processes. Once approved, new proposals are often launched with each Season. You can read more about Seasons .
Ideas for goals and areas of concentration are brought forward via . You can read more about the lifecycle of a proposal and who writes and reviews proposals .
Voting for proposals happens on Snapshot. Snapshot is a platform where organizations can let community members vote on open proposals using cryptocurrency. It is a decentralized voting system that uses an off-chain signing technique. This allows people to create and vote on proposals without having to pay gas fees. To use Snapshot, connect your wallet which holds 75$FWB and vote on an open proposal. Proposals will only be open to vote on for a certain period of time. Some proposals will come with a POAP (proof of attendance protocol) that you can claim within Snapshot after casting your vote.
To view governance proposals and snapshot votes visit the channel on Discord or head straight to the and see if anything is currently open for voting.
Once a proposal is voted in, a team is formed to take on that product or service. The team's roles, timing, and pay, if applicable, is organized within the team itself.
Proposal projects are often granted funding via the FWB treasury. Funding is typically disbersed upon completion of the project.
As with governance at large, this is an evolving space. for how FWB is structured. Skip to the of this wiki to learn more.
Visit the and channels in discord for the latest.