PAC Governance Token
Toward Full Decentralization
TL/DR: Pac DAO’s new governance token is non-transferrable, it’s awarded by the DAO to mark reputation and provide governance votes.
Once PAC DAO has an army of millions, we’ll be unstoppable.
Not just a financial force, but an influential force in terms of sheer voting power. The rise of the single-issue cryptocurrency voter will bring millions into the system and potentially realign the political landscape as we know it.
In order to align our DAO with this new political movement, we are pushing rapidly for full decentralization. Our contracts are already managed by the treasury, at present a 5-signer multisignature wallet, ensuring our operations would continue even if two users were compromised. Yet this is not sufficient. We are a movement by the people, for the people, and we must be governed according to the democratic ideals of a DAO.
Therefore, this past week, we deployed our PAC-G Governance Token: https://etherscan.io/address/0x3459cfce9c0306eb1d5d0e2b78144c9fbd94c87b
The PAC-G governance token is a vanilla ERC-20 token, except with a few modifications. We have disabled all capability to transfer, except to send it back to the treasury. Securities regulations are intentionally ambiguous in many respects, so disabling transfer strongly prevents any capability of trading or speculating.
The only utility for the token is for voting. We are moving to deprecate the multisig wallet and convert all activity to an off-chain signal vote based on the governance token. At this point the ownership of the governance token will be the primary driver of our movement.
The PAC-G governance token also has a minting capability reserved for the owner. This could lead to a potential nightmare scenario, where a small bloc of voters use the minting power to reinforce their voting power by gifting themselves nearly infinity tokens.
Another nightmare scenario is that ownership of the treasury is assigned to a group of people that, for instance, did not vote. Therefore the first month or so we’ll be monitoring activity to collect data on how people actually act. Once we get enough of a dry run to make sure nightmare scenarios don’t manifest, we plan to transition control over the treasury from the multisignature to holders of the governance token in about a month.
At present, we are looking to get this token into the hands of as many people as possible. To view your token balance, you can add the token address - 0x3459cfce9c0306eb1d5d0e2b78144c9fbd94c87b - to your MetaMask wallet. Fifteen people have received the token so far, with two more queued up for when gas calms down.
If you would like to participate, simply join our Discord and ask how you can help. If you have already participated and don’t own any, please also contact us!