Emerald DAO is a simple Bitcoin Cash DAO template which acts as a fixed-term deposit savings vault with optional crowdfunded rewards scheme. Each depositor interacting with the DAO will be creating a time-locked safebox UTXO and a matching keycard NFT UTXO. Upon expiry of the time-lock, user will have the option to burn the keycard NFT UTXO to open the safebox and access the deposited BCH + holding reward, or he may keep the keycard NFT indefinitely as a collectible.
The DAO's code is here: https://gitlab.com/0353F40E/emerald-dao/-/tree/main
How it works?
Unlike other NFT mints where minters pay the creator, here the users will "pay" everyone simply by having their 0.1 BCH locked in a contract and removing it from circulation! They can get it back after time-lock and only if they burn the NFT. You can't have both! On top of that, the DAO holds a rewards pool, and I funded it with 2.15 BCH so it will distribute a +0.01 BCH airdrop into user's locked holding!
Basically: you put 0.1 BCH in, you mint the NFT, and on next upgrade you have the option of burning the NFT for 0.11 BCH. The 0.11 BCH will be stored in a "safebox" UTXO with a time-locked contract coded to the particular NFT, and the NFT can be freely passed around in the meantime.
Idea is to see whether people will hold on to the NFT for collectible value even when the time-lock expires, because claiming the 0.11 BCH will burn the NFT.
Main DAO parameters:
- Minimum lock-up: 0.1 BCH
- Max. number of NFTs: 2000
- Minting possible at least until: June 15th 2023 (or max. number minted)
- Locked BCH can be redeemed after: May 15th 2024
How to mint?
Install Paytaca wallet, the mint will be done with a click of button, through an extension created by /u/mainnet_pat (thanks, pat!) that knows how to interact with the DAO "vault" contract (which holds the rewards pool and oversees correct creation of NFTs and matching safeboxes).
Your 0.11 BCH will be held in a contract, but you will get a normal NFT which you can then pass around, trade, or w/e. The holder of each NFT will have the option (after the time-lock expires) to burn the NFT and access a dedicated safebox UTXO with 0.11 BCH in it.
How to withdraw?
Same, there will be a "withdraw" function that spends from the DAO "safebox" contract (which will hold your 0.11 BCH).
Will I be locked into Paytaca wallet?
No, it's an open on-chain contract, anyone that knows how to build the correct kind of TX can interact with it, and Paytaca extension will do that for you for smoothest UX. I will provide a bitauthIDE template later, which allows "manual" operation as a fallback method.
The flow:
- DONE - Funding the DAO "blueprint" address
- Genesis - I'll try to do it in the 1st post-activation block!
- Minting - it can start as soon as the genesis TX will be in the mempool
- Burning the NFT for 0.11 BCH - option available after MTP 1715774400 which is UTC 12:00 May 15th 2024
What about the art?
I'm no artist. This is not about the art, it's about demonstrating Bitcoin Cash smart contract capabilities. However, all NFTs will have the same pic, this little guy, he is the DAO manager :D
https://pbs.twimg.com/media/FvR6S5LXsAEnpHo
Disclaimer
I did my best to ensure the contract will work as intended and someone can't cheat it, but still, a disclaimer is in order:
DISCLAIMER: THE DAO CONTRACT, THE DAO CONTRACT INSTANCE(S), AND RELATED SOFTWARE IS PROVIDED “AS IS”, WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
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