JokeDAO Briefing Document
-- PRE-CALL CHECKLIST ---
General Discovery
Researched by: yusufxzy
About the event
- Project: JokeDAO
- Guests: David Phelps, Cowlaborator at Cowfund, Core at JokeDAO, EcoDAO
- Topic: Reimagining DAO Governance
- Event schedule: 10/4/22
- NOT FINANCIAL ADVICE
About our guest speaker
- Include guest name(s); try to include name pronunciation.
- David Phelps
- Write a short bio about the guest(s) including their role at the project they are speaking about.
- Find one or two things that are unique or interesting about our guest. Little known facts are great! i.e. owns two Shiba Inus in real life so bought a lot of SHIB.
- Meme - David is a Cowlaborator (Each person’s desire to build upon others)
- Describe their crypto journey thus far. i.e. graduated from college in 2016, got their first bitcoin as a graduation gift, fell down the rabbithole of Ethereum, launched a DeFi protocol in 2020.
- David ran a startup called Felix, that helped with Automated payments and invoicing for freelancers but shut down due to credit card fees. These pain points are what helped make web3 sensible to David. (David also spent many years as a tutor and a translator (French, Spanish, Portuguese).
- David ran another startup called Forum Education, around tutors and educators where had kept low take rates (15%), giving the tutors and educators more incentive to work compared to their competitors (70%). This is similar to DAOs in the sense the way workers/contributors are incentivized to contribute.
- David got into web3 in mid 2017.
- How has their crypto journey impacted their decision to join/launch the project they work on today?
- David started EcoDAO, where artists come together to conserve the enviornment, while working on EcoDAO, David came across governance issues. David realized that governance in DAOs was greatly similar to that of existing corporations and then started JokeDAO as a way to reimagine DAO governance.
- What are some notable achievements that increase their web3 reputation?
- David cocreated JokeDAO and EcoDAO
- JokeDAO - A DAO where people can propose a joke and others can vote on those jokes, for or against it by staking their $JOKE Tokens. Top jokes will be minted as NFTs and the ones that stake in winning jokes win more tokens and the ones that stake against losing jokes, lose tokens.
- The purpose of JokeDAO is to reimagine/rework DAO governance that is actually different from a “Core team - shareholders/community” structure.
- Daivd started JokeDAO as a way to figure out issues related to EcoDAO
- EcoDAO - DAO of human artists trying to support the environment 1 NFT at a time.
About the project
- What is the general positioning of the project? i.e. DeFi, NFTs, DAOs, governance.
- JokeDAO - Community building bottom-up, on-chain governance platform (aka jokedao contests)
- Cowfund is a web3 angels collective covering all sectors in crypto, including DAOs, DeFi, NFTs, L1s, modular blockchains, and data infrastructure.
- What is the value proposition of the project? How does it clearly differentiate itself from others in the web3 space?
- JokeDAO - Jokedao is bottom-up, on-chain governance for communities to submit entries and vote on favorites. Instead of central teams putting proposals to their community, communities vote on their own ideas. it's actual decentralized governance.
- Value prop for angel investors - Angels share deals, share diligence and thoughts, and can choose whether or not to meet with the rest of the group when they’re interested in a deal— but are expected to clear time on a weekly basis.
- Value prop for founders - Instead of pitching a bunch of angels individually, founders can pitch web3’s top angels all at once, take the checks they like on an individual basis—and, of course, get that sweet sweet validation of announcing that cowfund was in the round.
- How does it benefit it community members and general web3 communities at large?
- JokeDAO - jokedao enables bottom-up, on-chain governance, letting token-holders submit proposals and vote on their favorites—enabling community-set governance for user-generated roadmaps, grants, endorsements, bounties, curation, and contests. It flips the way governance has been done: now it’s the community itself that can respond to prompts by submitting ideas and voting on them. For the first time, the community is incentivized to raise their voice, and governance becomes truly decentralized—as well as gamified and fun.
- Cowfund not only supports web3 founders with capital, but as cowfund is collective of accomplished web3 folks, it is strong value add even in terms of guidance and network.
- Is it bridging blockchains, protocols, tools, communities, etc.?
- JokeDAO - Tokens and contests are smart contracts you can deploy to any EVM-compatible chain. Including
- @0xPolygon
- @optimismPBC
- @arbitrum
- @FantomFDN
- @avalancheavax
- @gnosischain
- Cowfund is an angel collective that supports web3 founders.
- Does it bring a unique vision or approach to solve challenges in web3?
- JokeDAO -
- Cowfund - There are 15 members at Cowfund and each of them have a strong and unique background through which they can support their portfolio projects. The list of the members can be found here - https://cowfund.co/
- How does it improve the web3 ecosystem?
- JokeDAO -
- Cowfund - It brings in a great set of angels that are experts in various domains and allows web3 founders to reach all of them at once.
- Generally, how does the product work?
- Provide basic information about the product
- Details of product stemming off high level overview
- Outline a few mid to high-level topics about the product
- Results of the product so far
- JokeDAO - Two Components
- JokeRace (Proof of Concept) - People submit jokes and vote on other jokes using tokens. JOKE tokens can be sold on Uniswap
- On joining Cowfund - cowfund is invite-only. a member of cowfund has to nominate new members, and at least 80% of the voting members have to vote in favor. On how Cowfund works - The members share deals and collectively meet and invest individually.
- Practical applications of product.
- Detail current functionality of project, where it is deployed, TVL.
- Jokedao was originally self-funded and has since received grants from @polygonstudios @0xPolygonDAO @AaveAave @juiceboxETH
- Current and potential use cases.
- JokeDAO -
- For grants - Let anyone submit proposals—your community can vote on favorites. instead of approving grants yes/no, you can allocate funds to the ones your community cares about most. JokeDAO is building more tools for commenting, forking, and reviewing too.
- Often proposals lose support because communities disagree about details (budget, timeline, etc.). hold a "drafts contest" for community to make and vote on different versions of a proposal—to see which goes to the next round.
- For creators - Share a voting token with fans, and hold contests on your content. what articles should you write? which guests for your podcast? what videos should you make? fans are incentivized to get your token to have greater say.
- To create DAOs - Lots of ways to create DAOs. One option is to have people drop their ens on twitter, then use @CoinviseCo to airdrop them a token. let them pitch and vote on ideas. Now you have a token and shared objective—you have a DAO.
- Cowfund - Funding web3 projects - Strategic assistance to web3 projects - Potential use-cases- Helping community/users to invest in projects
- Outline steps for a beginner to get started.
- JokeDAO - Acquiring $JOKE lets you vote on features in the future. collect a joke NFT and join athttp://guild.xyz/jokedao to command the jokerace and its treasury.
- Cowfund - Angels - There is no application process, though interviews may be requested (Currently not accepting new members). Founders - Founders can reach out to any of the cowfund members. (list of members)
- Token economy.
- JokeDAO - $JOKE = token of jokedao
- you can win $JOKE by playing the jokerace or get it on http://app.uniswap.org by inputting the token address.
- $JOKE lets you vote in jokeraces, propose and vote on new jokedao features, govern jokedao's treasury, and delegate to workers.
- Any recent, meaningful updates to the project.
- JokeDAO -
- Cowfund would want to level the web3 investing field so users/contributors/community would also be able to invest in projects they are a part of
joke NFTs let you govern the jokerace and jokerace treasury of eth & NFTs.
- Roadmap/future applications
- Technical updates
- Community updates or changes
- JokeDAO
- JokeDAO is designed to be a fully open source public good that can decentralize as we reach key milestones.
- Cowfunds looks forward to being more than an angel collective. Cowfund wants to make it possible for the community/users of the project to be able to invest in the project.
About the ecosystem
- Find one or two things the speaker has shared in the past about the future growth, impact of web3?
- David belives in the power of memes and how they are way to get messages across communities.
- How will their project(s) contribute to the evolution and adoption of web3?
- What are some web3 projects/tools that the project integrates to create a more robust ecosystem?
Anything else?
- JokeDAO colaborated with BanklessDAO back in the first week of September - https://twitter.com/jokedao_/status/1560291232202514433
- A proposal on Bankless Forum by TommyOlofsson, Grendel, Eagle - https://forum.bankless.community/t/defining-priorities-within-bankless-dao-ft-jokedao/4319
- Summary - We’ve experienced rapid growth in people and a reboot of governance during the last year. But did we manage to align the DAO on a long term target? This sentiment check would aim to first collect data on what areas members of the DAO see as the most important one. As a second step the DAO could then deep dive within any of these topics.
(97% voted Yes)
jokedao is a great tool for contests and governance, it allows all voices to be heard and members to vote on their proposal. We suggest sending the same voting weight to all BANK holders as to see what the active community values, not just the whales. Snapshot at 13th September 8:30pm CET
Polygon DAO will sponsor MATIC to cover the cost of airdrops to all BANK holders on Polygon, the only cost for voters will be the negligible gas fee on Polygon to submit the vote.
If the DAO finds the data useful we suggest implementing this as a part of future governance as a priority check.
Disclaimer, everyone in the project team is in some part engaged with Polygon and have an interest in Polygon ecosystem growth.
Resources
References
- Relevant project links including discord, website, twitter, podcast, medium, mirror, substack, gitbook, etc.
- Social media details of the guest.
- Guest Twitter - https://twitter.com/divine_economy
- Guest Linkedin - https://www.linkedin.com/in/david-phelps-40777859/
- Substack - https://davidphelps.substack.com/
- JokeDAO Twitter - https://twitter.com/jokedao_
- JokeDAO website - https://www.jokedao.io/
- Telegram group - https://t.co/CymeNDo6Qm
- Cowfund website - https://t.co/21Wx1vAWhF
Sources
- List every source used to curative the information in this outline. including blogs, tweets, sources of images, websites, youtube videos, interviews, podcasts, books, etc.
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