-
Notifications
You must be signed in to change notification settings - Fork 20
Home
A distributed autonomous organisation (DAO) is a cryptonative and remote-first way for people to coordinate funding, labor, time and social capital. The governance of DAOs are distributed, with all funds and assets managed on-chain via smart contracts. There’s no board of directors, nor is there central control of the organisation. They coordinate components of the soft human-facing layer of crypto: money, social capital, reputation and attention. They give power to individuals upon crowd consensus, and are inherently a political tool.
MetaCartel Ventures (MCV) is a for-profit DAO created by the MetaCartel community for the purposes of making investments into early-stage Decentralized Applications (DApps). It embodies a community-oriented membership structure and offers radical participation as well as flexibility that is unparalleled by traditional “venture capital fund” models.
The members of the DAO are the designated investors of the DAO: they will be the ones sourcing, diligencing, proposing, and voting on investments. The admission of new members is permissioned and member-curated, while the ability to exit the DAO is completely permissionless, allowing exiting members to receive their full pro rata share of the DAO’s assets at any time. The initial members of MCV will consist of trusted Ethereum community founders, builders, investors, and existing participants of the MetaCartel community.
MCV is made up of a code and law pairing, where the DAO’s business entity is tightly coupled with its smart contracts and token technology deployed on the Ethereum mainnet. The technology half of MCV will consist of an instance of the Moloch v2 smart contract standard and the legal half consisting a member-managed Delaware limited liability company governed primarily by the Grimoire (the “Limited Liability Company Agreement”) and the statutes of the Delaware Limited Liability Company Act. The general philosophy behind this pairing of blockchain technology with law to augment organisations can be found in further detail in the Zerolaw Augmentation Paper.