BanklessDAO Weekly Rollup #9 | July 2nd
Season 1 kicks off, Introducing Tuesday Talks, BED Logo design contest, a new episode of Making $BANK and more!
This week kicks off the start of Season 1!
With the Grants Committee Snapshot vote this week, guilds will start getting funded and the real work of onboarding billions to the Bankless mission will begin.
Authors: Bankless DAO Writers Guild (Frank America, siddhearta, frogmonkee)
This is the official newsletter of the Bankless DAO. If you were a Premium Member of the Bankless Newsletter as of May 1st, 2021 you have been subscribed to this newsletter at launch.
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Community Highlights
🔥 BanklessDAO NFT Drop: This week's drop features a piece by artist Daniel Keogh called "Meme-chain technology", highlighting the ways blockchain technology and decentralization impact finance, art, and culture. 🎭
🎧 Making $BANK: Listen to the fifth episode "Where Cubicles Go to Die", where we talk news and upcoming events, the gig economy, and how ETH will eat the world.
📺 Sovereign Health & Wealth: Watch the fourth episode "Are you consistent?", and learn about the six week onramp program designed by @nerodrigo3. 💪
🏔 DAO Summit: BanklessDAO was one of the sponsors for the Virtual DAO Summit featuring leaders in crypto! The focus of the summit was identifying the most pressing issues DAOs are currently facing and providing community strategies for resolving those issues.
What’s New
🛌 BED Index Logo Design Contest: The BED Index is expected to launch July 20, and BanklessDAO and the Index Coop are opening up a competition to design the BED token logo. The contest is open to all and must be submitted by midnight PDT on Sunday, July 11. The prize is 35,000 BANK and 45 INDEX.🤑
🎛 Solidity Learning Group: What do you need in order to write, compile, and run Solidity code? The Dev Guild has been aggregating material and contributing to Prad's Solidity Cookbook. If you are interested in learning to code smart contracts, join the crew in #🎛-solidity.
🎙 Tuesday Talks with Brantly Millegan: This week the Crypto Sapiens podcast, hosted by Humpty Calderon, features Brantly Millegan, Director of Operations at ENS Domains. Join us in the Amphitheater on Tuesday, July 6 at 1pm EDT, where we will introduce this distributed, open, and extensible naming system based on Ethereum PLUS and show you how to get started using it.
🙏 Sponsor: UMA — Diversifying DAO Treasuries. DAO Better.
WTF is Gnosis Safe and why are we using it?
As BanklessDAO grows, we continue to look for products that match our ethos of #gobankless. We're pro-noncustodial wallets, pro-AMMs, and pro-decentralized finance in general. We envision a world where financial sovereignty is not only obtainable but inalienable. That's why we're using Gnosis Safe to manage BanklessDAO's assets, both in the main 🏦 treasury and within ⚔️ guilds.
Gnosis Safe is a smart contract housed on the Ethereum blockchain that enables a greater level of security than an individual wallet with just a single private key. 🗝 As explained in their own words,
"Gnosis Safe gives you complete self custody over your funds. There is no risk of a bank giving you a hassle for running a crypto business and the smart contract that is deployed is completely trustless and in your control."
So how does a Gnosis Safe work?
Most addresses on the Ethereum network are externally owned addresses, meaning they are tied to a single private key. While this is much better than a password, it still creates a single point of failure if the private key were to be compromised. However, Gnosis Safe is a contract address that requires a certain threshold of signatories to send a transaction. For example, a Gnosis Safe can have five whitelisted addresses, of which any three must sign before a transaction is authorized to go out from the Safe (or 4 of 7, 5 of 9, etc) and reduce the risk of centralization.
This way, if one or two private keys are compromised, the digital assets remain secure because a third signatory must also be present. This multi-sig (multiple signature) capacity already exists from other products, but Gnosis Safe has improved upon its features. For example, they offer DeFi integrations, NFTs, and gasless transactions (on xDai). Gnosis is also one of the most popular applications on Ethereum. At the time of writing, Gnosis Safe has a TVL of 18,326,524,300 USD in assets in over 23,000 Gnosis Safe contracts.
Gnosis Safe aims to support The Internet of Value. Their vision is to enable digital ownership of currency, stocks, data, ownership rights, art, and even identities in a decentralized manner - "To create, manage and exchange digital assets freely." Their parent company, Gnosis.io, (GNO) works with prediction markets and had a big ICO in 2016. Their team is captained by Martin Köppelmann.
Gnosis Safe core smart contract was audited by Runtime Verification in February of 2019, and formally verified. Gnosis Safe has subjected itself to five audits since inception, the most recent being May 5th, 2021 by G0 Group, wherein, "No serious issues [were] discovered".
BanklessDAO finds Gnosis Safe to be a forward-thinking Web-3 products with a strong use case that will serve our community well. If the threshold of signers were to lose their private keys, the digital assets in said safe would become inaccessible. Fortunately, DAO Treasury dispenses BANK on a Seasonal basis, and evenly across its Guilds.
If a loss of keys or a security breach were to occur within a Guild, it would only be for a fraction of the DAO's funds secluded to that specific Guilds' allocation. Regardless of how unlikely that event is, it is good to know that our risk is—in a word—decentralized.
Live Proposals
🚨 Season 1 Grants Committee Snapshot Vote: Ratify the results from the Season 1 Grants Committee election for a 4 of 7 Gnosis multi-sig. The Snapshot vote closes at the end of day July 4.
Proposals in Discussion
🌆 Bankless Sponsored Events: This proposal would establish Bankless sponsored events to increase engagement & interest in the Bankless vision. Sponsored events would provide opportunities to host larger events at proper venues, where we could host guest speakers, organize launch-parties & networking events, create pop-up NFT galleries, and so on.
Action Items
🖊 Post-Coordinape Survey: If you participated in the Season 0 Coordinape distribution please complete this survey.
🚨 VOTE: For the Season 1 Grants Committee.
🤖 Claim ROBOT: ROBOT rewards are ready to claim from MetaFactory purchases!
❓ Ask a Mentor: Questions about crypto can now be answered by our Bankless Mentors in the #🏫-mentors Discord channel.
🏃♀️ Catch up: Review this week's community call notes or listen to the recording.
🙏Thanks to our sponsor
UMA
UMA helps DAOs build products to diversify their treasury. Most DAOs treasuries are imbalanced. By using UMA’s range tokens, KPI options, and call/put options, DAOs can prepare their treasury for any market.
👉 Join the #bankless Channel in the UMA Discord.
👉 Tell UMA What DAOs you belong to.
👉 Earn KPI Options. Go to the Discord to learn more.
