Hi DAOist, I’d like to share a primer for a life cover program using Alchemy DAO.
Conversations my friend Matthew Jackson and I had lead us to think about a DAO based cover program, powered by the community, serving the community and run as digital native autonomous cooperative.
Cases covered: Life termination
- ExtremeDAO program covers only cases a subscriber’s death .
- Members can subscribe as individual or for multiple people.
- While there aren’t any exclusions for membership, DAO members can chose not to accept a subscriber if they wish so.
Subscription: Monthly contribution of USD25 Equivalent in ETH
- The 1st version for how to subscribe will be described in the appendix.
Claims entitlement: The lower between 80% of the total DAO assets. and USD25k
- Extending these caps is something that may be done in the future in case the DAO’s AUM will allow.
Treasury (DAO holding): USD 49%, ETH 25%, BTC 25%, GEN 1%
- The DAO will manage a treasury with exposure to both fiat and crypto and will be rebalanced quarterly as described in the appendix.
These are the steps users will make to maintain the validity of their cover:
1: Subscriber sends a USD25 x worth of ETH to Extreme DAO’s address (N is the number of people covered in your subsciption).
- Subscriber submits a proposal to ExtremeDAO through Alchemy interface which includes the following items:
Hi ExtremeDAO, this proposal serves as proof for my monthly contribution of USD 25 x . (N is the number of people covered in your subsciption)
I started my subscription in .
The URL at the bottom links to my monthly contribution.
Here is a the link to my previous months contribution proposal: (include a url to previous months proposal taken from ExtremeDAO interface History section).
Claimees details: those are the people that I’d like to nominate as contacts that can claim the reward in case of my death:
(include a url to the block explorer where the value can be shown)
ETH Reward: 0
REP Reward: 1
External Token Reward: 0
DAO token (XDT) reward: 25
The role of the DAO’s native token (XDT)
XDT will be correlated to members share in the DAO’s holding for various cases.
As a subscriber: members will request XDT tokens from the DAO monthly in ratio of 1:1 per $ equivalent that they contributed. (e.g. 25 XDT if subscribing for 1 person 50 XDT for 2 etc).
The DAO will also hold XDT tokens that represent a 20% share of the DAO holding.
un-HODLing: Withdrawing membership and asking for 80% redemption. Subscribers can submit a proposal to terminate their membership and ask for a 80% of the total from their relative contribution by sending their XDT to a burn address. Admins will be able to liaise and suggest how to handle it.
Example scenario: I want to terminate and I’ve got 100 (total contribution is 4 months) XDT tokens and there are 100 members that started at the same time (total there are 100[members]25[monthly tokens]4[months] = 10,000. My withdrawal will entitle me to 0.8100[my total XDT]/10,000[total XDT pool](DAO assets)
Treasury management and DAO admin
The DAO will be managed by nominated DAO admins. Their general tasks will be:
Monthly review, approval or deny of contribution proposals
Quarterly treasury rebalancing:
Admins will ensure the treasury composition of the DAO are maintaining a composition of USD 49% (in Dai or other stablecoin), 25% ETH, 25% WBTC (or other BTC implementation in Ethereum), GEN 1%. The currency of denomination for the treasury will be USD. It may be proposed to change later on.
Admins and members may propose to modify the admins who run the DAO.
Admins will propose REP slash to subscribers who chose to withdraw.
*Post is duplicated from DAOtalk forum post I submitted previously