The Hive Images DAO (decentralized autonomous organization) is now live on hive.photo. Users can now make proposals and the community of staked PHOTO token holders can vote to fund the proposals from the DAO pool. This post is an introduction to help explain the DAO.
If there are any questions please feel free to post them in a reply to this post.
The first step in creating a proposal is to create a post on your own account describing your proposal. Your proposal post (permlink) is needed when filling out the proposal form on hive.photo.
There are currently no official requirements or standards for a proposal post but since you are asking the community to vote for your proposal some basic information which should be included in your proposal post would be:
- The start and end dates for your proposal's funding.
- The daily funding amount requested (in PHOTO).
- Total expected amount of PHOTO payout.
- Who is/where are the payments going to.
- Why the community should vote to fund your proposal. Any questions you might anticipate being asked in your proposal post's replies can also be addressed in your post.
Next go to https://www.hive.photo/proposals and select the "Create Proposal" button.
Before going on to the next step let's go over the numbers on https://www.hive.photo/proposals. Note: these numbers can change in the future as more PHOTO tokens are minted and put into circulation. Changes to the DAO cost 300 BEE. @hivephoto will propose funding from DAO when DAO changes are deemed needed.
Max Duration - All proposals are limited to one year of funding. If more than 365 daily payouts are needed a second proposal needs to be made and passed by the community to renew funding.
Max Payment Per Day - The maximum amount of PHOTO tokens the smart contract will mint each day can't exceed 100,000 PHOTO.
Vote Threshold - In order for a proposal to pass and receive funding the total vote weight of all voting users must be at minimum 1,500,000. This is a large number (currently around 23% of circulating PHOTO token supply) but not an arbitrary number. Besides encouraging more PHOTO token staking it keeps the "decentralized" part of Hive Images' DAO decentralized. THe founder of hive.photo and PHOTO token (@holovision) controls the @hivephoto and @holovision.cash accounts. The total vote weight if both accounts voted for a proposal would be around 1,272,000 at the time of this posting. Setting the Vote Threshold to 1,500,000 helps guarantee that not even the founder of PHOTO token can single-handedly pass a funding proposal without other community votes.
"Your Vote Weight" is different for each user account and depends on how much PHOTO token the account has staked. Any delegated out PHOTO tokens will lower the weight by the amount of delegated PHOTO.
After selecting the "Create Proposal" button on https://www.hive.photo/proposals simply fill out the form with the neccessary details for your proposal.
Proposal start date must be at least one day in to the future but it is recommended to set it at least one week in the future when possible. This will give you time to promote your proposal post and for the community members to vote for your proposal before the start date of funding is set to begin.
There is a proposal creation fee of 5000 PHOTO tokens which goes to @hivephoto for tribe funding.
That should cover the basics of Hive Images' new DAO. Please feel free to post any questions or comments.
It will be interesting to see what develops from this ... 👍
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