Hi, I’m paji.eth, one of the Japanese volunteer members who were fascinated by the potential of Nouns to transform society in the future.
We have been introducing Nouns, which capture the essence of DAO, through video commentaries and blogs in Japanese, to spread awareness of Nouns to as many Japanese people as possible. (We have also spoken about this many times at events where we speak).
https://www.youtube.com/watch?v=P6leaU30uOg https://voicy.jp/channel/2834/302612 https://alis.to/kanerin/articles/K5x8wzmNVEkZ
I am writing to you, the Nounders and Nouns NFT holders, in hopes that you will give your hearty support to the project we are planning.A no-code development platform “Nouns Maker (tentative)” that allows anyone across the world (even non-engineers) to build a DAO.
We envision a service like a crowdfunding website, where project owners can launch a Nouns-style DAO by project or theme.
e.g. Services for project owners who wish to utilize Nouns’ NFT governance voting mechanism to manage community treasuries and send funds for activities including various genres and themes: IP business, online communities, activities including activation of depopulated areas, landmine clearance, environmental issues, humanitarian aid, etc.
Step1. Implement a sample project with measures to solve one or more of the current issues in the original Nouns on smart contracts (see below for details).
Step2. Launch the above pilot project, provide feedback to the original Nouns on the findings from running the actual service, and make improvements if any issues are found.
Step3. If it is deemed possible to apply and expand to projects in various genres and themes as a DAO in steps 1 and 2, we will start working on the development and launching of the no-code platform “Nouns Maker (tentative),” which will allow anyone in the world (even non-engineers) to create a DAO.Through our research of the original Nouns community (Discord/Discourse/vote/Twitter), analysis of the source code, and with the support of Komorebi88, the first Japanese Nouns NFT collector running the Nouns community for Japan, we have positioned the following issues and potential improvement that we have found in the original Nouns.
1. Improvement in the speed of deciding where to use the treasury.
Issue: Since the number of NFTs required for the resolution of proposals is not proportional to the amount of ETH required, the resolution cannot be made speedily when the number of Treasury Wallet funds or NFT holders increases. Even for the most minor costs, such as a proposed budget of 2ETH (less than 0.1% of the total supply), it requires at least 10% of the NFT holders to approve the proposal, which makes it difficult to conduct initial trials that can be implemented without much cost.
Improvement proposal: Proposed budget/Treasury = Budget rate = If this rate is 0.1%, we will require 1% approval of the holders. In addition, by keeping the 20% rule of the original Nouns as an upper limit, when there is a project that requires a large budget (over 1,000 ETH for example), the majority of votes of 20% of the holders will be required while allowing a more flexible execution for lower budgets.
Proposed budget / Budget rate / Required rate of approval
1ETH / 0.1% / 0.5%
10ETH / 1.0% / 5.0%
15ETH / 1.5% / 7.5%
20ETH / 2.0% / 10%
50ETH / 5.0% / 10%
100ETH / 10% / 10%
*When the total treasury is 1,000 ETH
2. Improvement of DAO proposal submission threshold.
Issue: The number of Nouns required to submit a proposal is proportional to the supply of Nouns, which means when the number of Nouns increases, it becomes too difficult to submit a proposal to DAO. For example, if there are 1,825 Nouns 5 years later, 9 Nouns will be required to submit proposals.
Currently: Any Noun owner may submit a proposal to the DAO so long as they meet the minimum threshold of 0.5% of the total NOUN supply (1 NOUN until Noun #200) is required to submit proposals.
Improvement proposal: Allowing proposal submissions with 1 Nouns NFT. (related proposal: Nouns DAO )
3. Setting a penalty for not participating in DAO.
Issue: The presence of a holder who does not participate in the DAO at all increases the difficulty of approval and lowers the enthusiasm of the community. Also, we would like to include an automatic adjustment feature to prepare for a number of Nouns NFTs being lost or stolen, which possibly will result in the ballots not working.
Currently: No penalty
Improvement proposal: Any NFT holder that has not performed a single DAO-related transaction for 100 days will be banished from the DAO. Subtract from the total Nouns supply in the calculation of the required threshold of affirmative votes.
In order to verify the above, we will conduct an experiment with the proposed improvements for one or more of these items attached to this pilot project.
Also, to generate a certain level of response, we are working with CryptoNinja, one of the most popular DAO communities in Japan with 17,000 members, and expect to attract a constant number of people who want to become a holder. We already developed a generative tool with Nouns-like pixel art as below and are working hard to produce the parts.
Official website: https://en.ninja-dao.com/ Official Discord: https://discord.gg/djVHNWnvkW Generative tool: https://ninja-dao-tools.com/nouns/preview Sample image: https://i.gyazo.com/5e2ca8b5b41e599b7f8acc300aeaae78.mp4
We aim to launch a Step 1 sample project as early as early summer 2022.
We would appreciate a grant of 10ETH for Step1. Whether we receive a grant or not, we would like to proceed with this project only with our own resources, but we hope to develop it into a better project in cooperation and collaboration with Nounders and NFT holders of the original Nouns, whom we respect, and to return the knowledge gained from the project to the original Nouns as useful feedback.
If there are any Nounders who are willing to be deeply involved in this project, please let us know.
We would appreciate your frank opinions and encouragement.