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4. Governance Protocols of Proof-of-Value
As mentioned earlier, within DAism's Proof-of-Value (PoV), there are seven major governance protocols：
- DAO Hardcore Protocol
- Decentralized Minting Protocol
- Protocol of Decentralized Autonomous Fundation
- Protocol of Valuation Token's Supply
- Protocol of Unit Token
- Protocol of Decentralized Exchange
- Protocol of Universal Payment
- DAO's Hardcore Protocol defines the basic information for a DAO such as the Organism's ID, name in English, logo image(in SVG format, recommended file size less than 6k), description(it can be a slogan), date of establishment, team members(in ETH address, anonymous), contract address of dApp, proprietary valuation token etc.
- When setting up a DAO, the creator has the option to manually add some addresses to the DAO as its initial members. The maximum limit for addresses is 64.
- The protocol also includes rules for upgrading the DAO.
Minting is a type of interaction between contracts and is the most fundamental action between smart contracts. DAism adopts a minimalist decentralized authentication method for creating DAOs. The creation of a DAO begins with a Minting request from a smart contract at a specific contract address, and is unrelated to any other "popular" DID solutions. The Minting protocol can prove which smart contract a DAO originates from, and this smart contract can let everyone know its function or purpose. The mechanism is very simple and absolutely authentic and reliable. This is the only way to create a DAO, and it can also serve as the genesis evidence of the DAO, resolving the issue of the association between the true information about the smart contract that the intelligent entity and its issued tokens and products (such as DApps) are based on.
At the same time, there's a sub-protocol in this protocol, which is a Smart Commons Protocol, meaning that the Minting operation announces that a specific smart contract or a dApp (a combination of certain smart contracts) has become a Public Good of Ethereum. We call a dApp as a Smart Common, which is under the governance of DAism.
SC0 v0.1Minting a DAO with a dApp under this protocol signifies that the dApp accepts this agreement as its exclusive protocol and acknowledges the anonymity of its owners and managers (referred to as members of the DAO). Due to this anonymity, no one can prove ownership of any rights, nor can anyone prove the assumption of any responsibilities.
The Proof-of-Value (PoV) consensus of DAism provides rewards for every valuable DAO. Each DAO also has a minimalist Decentralized Autonomous Foundation (DAF), which can adjust the distribution of rewards. This includes determining the respective percentages allocated to each account.
Any DAO can issue its exclusive valuation token. The primary function of valuation token is to engage investors in the assessment of the value of dApps and provide incentives for the consensus proof-of-value.
This procotol defines valuation token's name, symbol, logo, supply, price, etc.
This procotol is one of the key protocols of the IADD network. Every DAO that issues a valuation token follows the rules below:
- All the supply should be directly issued to the liquidity of IADD network. The DAO that issues its valuation token has no reserves. This is a specially designed rule that prevents the DAO from colluding with "whales" to manipulate the market. Therefore, this protocol fundamentally revolutionizes the longstanding irrational token market supply in the blockchain markets.
- Uniform issuance: Total supply of 10,000,000,000 tokens, with an issuance price of 0.000000000000000000 vita.
The unit token(Abbreviated as uToken) is a native token forged through Ether(ETH). In DAism's IADD Network (Decentralized Exchange and Decentralized Payment 2-in-1 network), it utilizes a constant product formula to price all valuation tokens.
This is a core innovation of DAism.
- 1.uToken is forged through ETH, meaning the pricing token has a unique issuance mechanism. It can be understood as a variant of ETH, deriving its value from the Ethereum. uToken is also a core element of the IADD Network, as further explained in the "Issuance of uToken: Forging with ETH" section in the "IADD Network" segment.
- 2.uToken is a highly unique token. It is defined by DAism as a price prototype, where 1 uToken is equal to 1 vita. Similar to the unit of mass in the well-known International System of Units, DAism has a set of price units for calculating the prices of valuation tokens, with vita serving as the fundamental unit of token prices.
- 3.In DAism every token is priced based on the algorithm CPMM (constant product market maker, or constant product formula) and is priced with a base unit "vita".
- 4.Vita is the base unit of any valuation token's price. uToken serves as the price prototype in IADD Network. Its price is denominated in vita, which means that whenever there is a valuation token exchange or payment, the pricing is consistently denominated in vita as the fundamental unit. For payments within tokenomics, the prices of all products and services are also quoted in vita. For instance: 1 ISM = 0.01 vitaThe price of a product: 0.5 vita/kgThe price for a service: 200 vita/hr
uToken is a groundbreaking pricing token in DAism's unique price system. It significantly reduces the complexity of valuation token applications and aligns seamlessly with the requirements of decentralized markets and decentralized payments.
- This protocol governs the exchange of valuation tokens.
- Still employs Bancor's innovative Automated Market Maker (AMM) The price discovery mechanism is similar to Bancor Network. The IADD Network serves as DAism's universal decentralized exchange and payment network, consisting of uToken as the price prototype (pricing token), DAO-specific valuation tokens, constant product formula, and smart contracts.
- Through the collaborative Protocol of Valuation Token Supply, smart contracts autonomously manage liquidity pools algorithmically, eliminating the need for human involvement.
- When any valuation token is exchanged on the IADD Network, a transaction fee (0.2%) is rewarded as a bonus to the respective DAO.
- 1.This protocol works closely with the Protocol of Decentralized Autonomous Foundation, Protocol of Unit Token, and Protocol of Decentralized Exchange.
- 2.Vita is the fundamental unit of price in DAism's consensus. All prices for products and services are quoted in vita.
- 3.When realizing investment, or purchasing products or services, automatic conversion of different tokens is facilitated through the IADD Network. And uToken serves perfectly as the settlement token for investment and merchants.
Our proposed standard for saving images onchain has great significance
- In order to better implement Token of Honor, we proposed an Ethereum standard EIP-2569(Saving and Displaying Image Onchain for Universal Tokens)
- This standard paves the way for exploring more possibilities of saving images onchain.
Token of Honor serves as a record and recognition tool, serving as a crucial incentive for DAO development.
Its applications are extensive, including:
- Honor medals, commemorative tokens, badges, certificates, etc., in the blockchain domain.
- Collectible in-game items with intrinsic value—Honor Tokens are entirely stored on-chain, including images.
Here is a demo of a simple Token of Honor exchange that we have developed:
To facilitate the development of third-party dApps for the DAism application layer, we plan to provide UI standards as well. Contributions from third parties are also welcome.
Currently, confirmed third-party protocols in use include the Monkey King Protocol and ActivityPub.