CIP 213 - Returning to a Community Driven DAO and Pursuing Real World Assets

TLDR: Administrators will be utilized with helping the DAO navigate the unwinding of Scott from all legal documentation, a voluntary buyback, a transition to a new Business Entity, as well as a return to putting real world assets on chain. This CIP intends to create the framework necessary to continue CITYDAO through a period of transition. This will authorize those mentioned in the CIP to have these positions starting May 25th till the end of 2024, as much of the work will take time to complete.

CITYDAO began as an experiment of putting land on chain. The excitement of such an idea was what provoked me to purchase a NFT in the middle of the night, after my sister told me about it. The strongest thing about the DAO has always been the ability to bring people together under the intrepid nature of not just ourselves, but the idea that we were venturing to do something different. David gave a strong example of this when he hosted the Friday Meet Ups. People from all walks of life, Turkey, EU, Nigeria, South America, and North America all got together and bonded over conversation and web 3 concepts and ideas. This time, for me, was when CITYDAO was at its peak. Despite all the calls on discord going on at the time, the one that was looked forward to the most was spending time together, as holders of a CITYDAO NFT, on Fridays. This CIP intends to bring us back to that time by bringing the community back together and continuing the intrepid nature of CITYDAO by pursuing Real World Assets (RWA).

Parcel 0 was an early first step of pursuing RWA. The very nature of the DAO is tied to RWA and I believe we can make a comeback pursuing RWA.

Below you will read a roadmap to transition the DAO away from its current LLC, an honed focus on Treasury Management, a voluntary buyback, a network state focused token launch, and a return to buying physical land in order to create and build tools to continue the RWA initiative of the DAO.

Thanks for your time,

Blackacres/Jonathan Reyes-Saulog

Personnel:

Administrators: Blackacres and Reeves

Primary Objectives:

Business Entity Transition:

This CIP authorizes the Admins to initiate the unwinding of Scott from all CityDAO LLC paperwork and accounts. Blackacres/Jonathan Reyes will be assuming the “in person” liabilities and accounts for CITYDAO going forward.

Blackacres will be tasked with working with H&K on ensuring proper transition of the Corporate Bank account, OTC Desk, Business License, and deeds on CITYDAO LLC owned property from Scott to Jonathan Reyes. The objective is not only to provide a legal framework going forward for CITYDAO, but also to ensure the removal of any direct/indirect liabilities that may follow Scott after his official departure. The projected end date for this objective is July 1st, 2024, in accordance with his resignation.

Along with the transition tasks, Blackacres will work with H&K on finding a new Business Entity for the DAO. The DAO will be given as much information as possible and a window to voice an opinion before the business entity is chosen by both Blackacres and Reeves. Benefits to CITYDAO NFT holders will also be considered when choosing the new business entity. This business entity will be based in the USA.

Treasury Management:

Staking ETH and Treasury Management will be led by Reeves.

He will be tasked with ensuring the staking of ETH is done efficiently and monitored regularly.

Any potential purchase of ETH will utilize our OTC desk account with SDM Inc, based out of Toronto, Canada. A cap of $300k USD will be placed on any purchase of ETH and ETH will be the only thing allowed to be purchased. Also, ETH can be sold if the DAO is in need of additional funds for its own operation and projects.

Along with Treasury Management, Reeves will ensure security for the discord and synergy between discourse, discord, and the citizenship NFTs.

Roadmap:

Shepherding the DAO through 4 major initiatives.

Business Entity
Choosing the best Business Entity for the DAO moving forward.
There will be multiple options presented to the DAO to voice an opinion on.
These options will entail a legal structure in the USA.
The option to go without a business entity will not be allowed.
The Admins will have the authority to choose the entity.

Buyback
Voluntary buyback of NFTs.
This will allow those who want to sell back their NFTs the opportunity to do so.
Each NFT will be purchased for no more than $250 USD…
Admins will look for the appropriate way to launch the buyback.
This buyback will state that any legal liabilities will be released on buyback.
Also, on buyback, the seller gives up any rights to the DAO after selling all of their NFTs.
Will not require someone to sell all NFTs.

Token Launch
Creation and Launch of a Token.
The theme will center around the Network State or something close to it.
An airdrop for all CITYDAO NFT holders will take place, along with a presale.
Full transparency will be given throughout the process.
All legal and practical considerations to be figured out before launch.

Real World Assets (RWA)
Returning to Real World Assets (RWA) for the DAO.
Utilize and create tools native to CITYDAO (including Parcel 0 and Harberger taxes)
Seek out real assets to utilize these tools on.
Purchase a physical property in the USA to use RWA tooling by the end of 2024.
If additional funds are needed to pay developers, a CIP will be presented to the DAO.
Purchase of property will need a new CIP.

Community Outreach:

A major lesson learned from the previous council is that lines of communication between leadership and the community suffered in multiple aspects. This led to a deterioration of the community as a whole.

Transition Away From Discord:

Blackacres will host a once (1) monthly meeting via zoom/google meet with the various communities in CITYDAO. They will be scheduled to accommodate the respective communities’ availability. Once scheduling is finalized, Blackacres will be tasked with finding personnel to help translate to the respective communities language.

Discord will be utilized mostly for Announcements.

Discourse (forum.citydao.io) will be utilized to have further discussions on various topics.

Additional Tasks of Admins:

Ensuring upkeep on taxes and any other fees owed by the DAO.

Ensuring multisig is filled with current and active members. Any swap to the multisig must be filled by someone based in North America.

Compensation:

$1,500/month for Admins

Budget for legal/administrative matters: $12,000

Budget for expenses: $50,000
Bounty developers as needed
Unforeseen expenses
Bounty for Social Media work
Bounty for Community Driven events

Total Budget is $74,000

Cap on purchasing ETH $300k USD

13 Likes

I definitely agree with the continuation of the DAO :star2:

2 Likes

This is great. Can you explain the need for a token launch? Feels out of place, but maybe I’m missing something.

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This appears to be a beneficial arrangement for everyone involved. For members who wish to exit and dissolve the DAO, this proposal provides a straightforward option. However, for those interested in continuing, shifting our focus to real-world assets (RWAs) would be the optimal path

5 Likes

The idea of a token launch came from some brainstorming by community members. They had a really interesting idea, a sort of burn mechanism based off of news, with a potential airdrop mechanism. This is a way to increase the value of holding a Citydao NFT.

And potentially skip over the issue of the nft being a security.

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It was brought up in conversation with a citizen that allowing the purchase of Bitcoin would be a good idea. I am willing to add this to the CIP, as BTC is the major cryptocurrency.

2 Likes

Yes I would suggest we also be allowed to hold Bitcoin (or it’s wrapped equivalent if on eth chain & verified on chain @ 1:1), USDC, any CBDC, eth or eth’s staked equivalent.

3 Likes

Sounds good to me!

Error in the budget, my mistake due to a miscalculation. Total budget is 86,000 USD.

1 Like

I’d support this :heart: :mechanical_arm:

2 Likes

Double tap

1 Like

I am open minded to a transition, I could not support it if a token launch is included

The idea of the token launch was brought up per the recommendation that community members wanted more value from the NFT. However, I’m willing to strike it from the CIP as it wasn’t in the initial drafts and at this point it comes off as more appeasement than not.

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“Choosing the best Business Entity for the DAO moving forward.”
Because the above is the root of CityDao failure, I believe this proposal should directly talk about the business entity that writers think is the right case for future of CityDao.
Without that we just postpone the main challenge.

I don’t want to see CityDAO die! – Decentralization should provide longevity.
For the accountable leadership: everything I’ve seen from Blackacres and Reeves shows me they can handle this. I’m happy to throw in my skills as a developer on bounties and maybe throw some events in Chicago, perhaps explore solutions with hackathon as is my wont (non-native english speakers: that’s an old school way of saying “I’m into hackathons and good at them”).

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I think it’s a decent play, also have some ideas re: citydao memecoins (IRL city subdao coins)

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Wen tittyDAO

I think if the community itself wants a token launch then the community can get it done. It truly wasn’t part of the original CIP, but something a community member pushed for repeatedly.

But in the end it doesn’t fit well with the primary objectives.

Benefits to the community are important, but other means will have to be explored.