Last week I had a Q&A with some bears regarding what we should do in regards of Hibernation, or bear locking.
Here are the best next steps we found:
- Implement bear locking
- Have no plans to distribute revenue until we seek legal counseling.
After bear locking gets implementing only locked bears will be able to vote in the DAO. This has two benefits:
- Even without revenue sharing bear locking aligns the incentives of the voters by making sure they are affected by their choices.
- People that don’t want to have anything to do with the DAO or be liable by it’s actions can simply just hold a ERC721 token (JPEG) and be sure it is only a piece of generative art.
We have people working daily on the DAO that live in wildly different legislations but a majority is concentrated in the US. As community members take up more responsibility they also take on any extra possible liability. So in order to make sure we keep our bears protected and the future of our community protected we must show our willingness to abide by the applicable laws and consult with industry leading firms like Fenwick
This is not how I planned to do things when I first started. Now seeing the scale of the organization we are building I must recognize that I was wrong and overly optimistic.