Bankless

Bankless DAO is a decentralized community to coordinate and propagate bankless media, culture, and education. Its goal is to drive adoption and awareness of truly bankless money systems like Ethereum, DeFi, and Bitcoin. It achieves this goal through the collective participation of its community.

What is bankless DAO?

Ever thought of eliminating the commercial and central banks from the financial ecosystem? Well, Bankless DAO has the mission and vision for the same! Bankless DAO is a decentralized autonomous organization that coordinates and propagates bankless media, culture, and education. The primary objective is to promote adoption and awareness of truly bankless money systems like Ethereum, DeFi, and Bitcoin.

It is a DAO that acts as a steward of the Bankless Movement progressing the world towards the future wherein greater freedom would exist.

A decentralized autonomous organization that acts as a steward of the Bankless Movement progressing the world towards a future of greater freedom.

They believe that with the invention of Ethereum and the subsequent crypto-money system, banks will become an outdated model for money management in the modern world and the blockchains would assume their position quite efficiently. Thus this would reduce our reliance on central banks and commercial banks.

About the company

BanklessDAO is the organization behind the Bankless brand. The Bankless is the mandate which acted as a centralized media outlet; it has now been handed to the BanklessDAO. Together, the BanklessDAO community collaborates to create user-friendly onramps for people to discover decentralized financial technologies through education, media, and culture.

Bankless is a movement for pioneers seeking liberation from the tyranny of the traditional financial system. It hails from the collective conviction that going bankless is a journey towards achieving freedom, self-sovereignty, security, prosperity, and financial independence.

Going Bankless means adopting decentralized, permissionless, and censorship-resistant technology.

Members in Bankless DAO

Community building is one of the most crucial parts of a DAO. Gaining support and enhancement of the members in a DAO depicts the success rate and arouses the interest of people. in becoming a part of the DAO.

Bankless DAO has more than 5000 members. This clearly portrays the popularity of the Bankless DAO. Moreover, the engagement rate and the consistently knowledgeable discussions is another appreciable point in bankless DAO

How to become a member/ Membership criteria

Anyone in the DAO can be in one of two positions: Member and Non-Member

Non-Members are also known as Participants. Their role is to participate. Members have four roles

Member : 35,000 BANK
Contributor: 35,000 BANK + Nomination/Vote process
Whale: 150,000 BANK
Liquidity Provider: 250 Uniswap V2 BANK/ETH LP tokens

Here’s how to join and participate to become a member in the genesis season of the Bankless DAO.

Check your eligibility - Any address that holds a 2020 or 2021 badge is eligible!
Claim BANK tokens -If you have an Ethereum address that meets the eligibility requirements go to the Bankless DAO website, connect your wallet using Metamask or WalletConnect, and claim BANK participation tokens.
Note: BANK tokens are valueless tokens — they are only used for access to the DAO discord and to vote in DAO proposals
Join Discord - The Bankless DAO discord is a platform where DAO members congregate to discuss the talents they can bring to the DAO as well as to coordinate around governance and proposals. This discord requires a specified amount of BANK tokens to access all the channels
Share your skills - Tell the DAO how you can help it achieve its mission. When you join the Bankless Discord go to the #intros channel and share your skills and how you can contribute to the DAO. We expect the DAO to need developers, planners, writers, content producers, analysts, meme artists, and community managers and who knows what else!
Vote on Genesis Proposal - After claiming BANK and joining the discord you can vote in governance proposals. The first item for a vote is the Genesis Proposal which has been put forward by RSA and David Hoffman. Read the proposal and vote YES or NO using SnapShot.

How to become a contributor?

Contributor has a special status in the DAO. It is not a hierarchical position with direct power over others. Rather it is a comprehensive role that you assume. Contributors are community members that have created something of value for BanklessDAO through their hard work and passion. For being a contributor, some of the reasons are-

Author and pass a proposal that will be a landmark decision for the DAO (it's early, this isn't hard!)
Help others in the community above and beyond what is asked of you
Hop in on projects and start taking on tasks/responsibilities
Attend weekly guild meetings

You can claim your BANK by visiting the Bankless DAO website . You can begin participating in Bankless DAO today if you have a Bankless Badge.

To qualify for a BANK claim you need to have:

Claimed your Bankless badge before May 4th, 2021
Donated to Bankless through Gitcoin grants
Owned a BAP0 before May 1st, 2021

Timeline

BanklessDAO was launched on May 4th, 2021 by the company bankless. On this day retroactive allocation of BANK went out to those that have already participated in the bankless community. Here’s the genesis distribution:

30% Retroactive distribution (liquid)
30% Treasury distribution (liquid)
40% vesting Treasury distribution (vested linearly over 3-years)

On may 7, 2021 the banklessDAO voted on its first proposal, which went to allocate 25% of the Genesis Treasury to Bankless LLC (the incorporated company that owns the BanklessHQ brand) over a vested period.

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Voting

The voting mechanism is a vital element of every DAO. This helps to apprehend the diverse opinions of the community members. The BANK renders the right to vote on governance proposals. All the proposal’s brainstorming, discussions, and signaling occur in the Discord’s #proposal Section. You can monitor any new proposals that move to an on-chain Snapshot vote in the #snapshot-votes channel. Here, DAO communities evolve the governance into the most optimal system.

Here’s how to vote:

Head to the Bankless DAO Snapshot
Connect your wallet that holds BANK tokens. (Voting is based on the number of BANK tokens a person owns)
View active proposals
Read, consider, and vote!

Projects and proposals.

Here, we will discuss how novel initiatives are proposed. Initially, governance proposals begin as discussions in the #proposals channel or through ideas generated on community calls. From there, any good initial ideas and initiatives can be shown support by reacting to the message with a 🔥 emoji along with an encompassing discussion.

If there’s a significant amount of support or discussions around the topic, the author(s) can draft up a more formalized spec. Once written, a moderator will open up a specific channel for that discussion, signaling, amends, and more.

Now, let's discuss the project. Projects are the initiatives organized around specific outcomes that benefit the DAO. Some prominent features of the project include-

They require cross-guild resources
They often require funding
They are spearheaded by a champion(s) and a squad who are willing to commit their time
They have measurable outcomes
They impact DAO revenue streams or brand image

Steps to propose a project

Step1 - Gain feedback about your idea

Getting feedback from DAO members is of utmost priority. This would not only save you from wasting your time on ideas that won’t receive support, but also because feedback from a diversity of individuals will improve your idea to the best it can be. You can also poll for community feedback.

Step 2 - Informal consensus check

This is an intermediate step that stands between brainstorming and the formal consensus check. The formal consensus check has rigorous requirements in order to maintain accountability and clarity. Going from brainstorming to formal consensus will be a challenge. This step sits in the middle to make sure the authors are on the right path.

Step3 -The formal consensus check

After you have successfully gone through the informal consensus check, you have received feedback, and scoped out work you are now ready for a formal consensus check. Having made it to this step signals to the community that your proposal has some serious weight to it and should be comprehensively considered.

Formal consensus checks will happen in a separate forum category

Once your proposal has been formally checked, it is ready to be submitted to the Grant’s Committee for funding.

Founding members

Ryan Sean Adams- R. Adams is a Crypto investor. co-Founder of Bankless and a member of Bankless DAO. Ryan Sean Adams is the Founder of Mythos Capital, an investment company that holds crypto assets and services crypto networks. Adams lives in Charlottesville, Virginia. Adams is a graduate of Brock University, where he majored in Business Administration.

Check out his Twitter handle- https://twitter.com/ryansadams.
David Hoffman- David Hoffman is the co-founder of Bankless, a podcast and YouTube channel focused on education on how to live a life without banks. David is the former COO of RealT, the first and largest tokenized real estate platform, as well as the Co-Host of POV Crypto, a podcast focused on debating and dissecting nuanced conversations between Bitcoiners and Ethereans. In 2020, he helped to accumulate over 15,000 followers for Bankless.