Just a heads up that I would not propose this until we have a better idea about the DAO's potential to make progress. We will know much more after the initial proposals reach their deadline. I also will not make a rash proposal. I would like to run with this idea by gather insight from the active community, and coordinating it into a single strategy document. Then, if TheDAO begins to struggle to reach consensus because of structural issues related to voting procedures, be ready to pull the trigger on something similar to what I present below.
Split with me to a new Sub-DAO. If the current DAO is "Genesis", then our new DAO will be called "Exodus"
We are in the final countdown to the first proposal results, and unless there are a lot of last minute holdout voters, it appears that the current DAO is falling victim to the Tragedy of the Commons; Quorum will not be reached. It appears we've got a very active group that constitutes about 10-15% of DAO members, and we have an inactive groups (the other 85%) holding tokens that include:
- Apathetic members just along for the ride.
- Exchange holdings (same as above)
- People who have not taken the time to learn how to vote (let's face it, it is not that hard)
- Contracts that aren't designed to vote.
These groups are dead weight, and they are bring the value of DAO tokens down.
A Natural Selection split contract to a new DAO called "Exodus"
(I hope you get the double irony in that statement, being that the first proposal questions was "Do you believe in god?").
If we can get 20% of active members to split to Exodus with their 1:100 ETH, we will have an organization that consists of only active members with an initial capital of about 2.3 million ETH (~$33.8 million). I would much rather be a part of an organization with active members with 30 million in capital, than a broken organization with $170 million in capital.
One issue is we may have to leave our extra balance behind, but we may be able to write into the contract that our proportion of the extra balance be taken out of the main balance and distributed to our own extra balance account. The curators would need to whitelist our Exodus extra-balance account. If they don't, we (as the active members) could fire any curator that does not whitelist the Exodus.
LOGIC OF THE CONTRACT:
VOTE YES, and you and your Ether will split to Exodus, a new DAO organization with only active members. How do we know they are active? Natural selection. Those who don't vote don't come.
VOTE NO, an you stay with a group of inactive members.
On Contract Execution, all those who vote YES will split to DAO Exodus and will be given Exodus Tokens (EXO) in the amount equal to their current DAO Tokens (Their DAO tokens will be destroyed). Ether will be transferred from DAO Genesis to DAO Exodus in the amount of 1 ETH per 100 EXO created. In addition, the current proportion of TheDAOExtraBalance to TheDAO is 3%. Therefore, an additional amount of ETH equal to 3% of the ETH that split to Exodus will be withdrawn from TheDAO and moved to an extra balance in Exodus. This is a fair deal, and curators should accept it.
Who's ready to come with me to DAO Exodus and as to all the inactive DAO members, "So long, and thanks for all the fish?"