RFC: PhIP-05: Multisig Signer Election Process

Meta-Governance
1

Summary

As part of our mandate, the Phonon DAO Bootstrapping Group (PDBG) is expanding control of the DAO treasury. This process will expand Phonon DAO multisig wallet holders to nine.

Process

  • A Discourse post will be made for DAO members to nominate themselves.
  • After 7 days, the application period closes. If there are not 9+ applicants, applications will remain open until 9+ applications are received.
  • A new post will be created for voting on our Discourse site. Voting will last for 7 days. DAO members will be allowed to vote for 9 candidates.
  • The 9 applicants with the most votes are submitted to the DAO for approval via a snapshot vote, voting lasts for 7 days and quorum is 20%+ of PHONON (from circulating supply).
  • If the vote passes >> new multisig wallet holders are added.
  • If the vote fails >> PDBG gets feedback from the DAO and ensures the feedback is disseminated. The election process takes place again. Anyone is free to reuse an existing application and the existing multisig wallet holders remain until new holders are elected.

Eligibility

  • Any DAO member is eligible to apply.
  • There are no term limits.

Removal of a Signer

  • If a multisig wallet holder becomes inactive or acts against the best interests of the DAO, they can be removed with a two-thirds super-majority vote from the other multisig wallet holders.

Special Elections

  • Multisig wallet holders can initiate a special election to fill any vacant seats, provide the special election would not overlap with regularly-scheduled DAO governance elections.
  • Special Elections would follow the same process as this election, except the election would be for the number of open seats, and DAO members would get votes equal to the number of open seats.

Financial Implications

  • The DAO will have to pay a transaction fee to update the signers.
  • The current DAO members that have the authority to distribute treasury funds will change.
  • Multisig wallet holders will be reimbursed out of the DAO treasury for their DAO multisig transactions.

Application:

Nominees will need to answer these prompts:

  • Discord handle
  • Reason for applying
  • Describe your involvement thus far in the Phonon DAO
  • Qualifications - What will you bring to the multisig group?
    • We are looking for reliable individuals who will not otherwise conspire to steal the DAO’s money.
    • Diverse geographic locations would be desired for timing and security.

Next Steps

  • Conduct election for new multisig wallet holders
  • Update multisig
  • Approve
  • I like the idea but think this proposal needs updating
  • Disapprove

0 voters

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Nice work @AndrewB , appreciate you!

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