Introducing the Shyft Network DAO

Read about the key information on the Shyft DAO’s mission, structure, how to submit and vote for proposals, and more as Shyft kicks off this next era of its community!

2022 is already off to an exciting and productive start for the Shyft Network platform, team, and community. Last year, Shyft Network launched on mainnet and introduced key partnerships and products like Veriscope to the ecosystem. One of the first priorities for 2022 is the rollout of something critical to the future of the Shyft Network community and our goal towards total decentralization: the Shyft Network DAO.

So why a DAO, and why now? From historical failures around data, privacy, and identity in Web2 and traditional finance to a rise in security and identity concerns in blockchain, there has never been a more critical time for Shyft Network to exist. The time for the community to take control is now; to expand Shyft Network’s ecosystem, create new trusted data solutions, like a sovereign identity system, and further empower each other to expand what Shyft Network can do.

It’s time to move closer to the goal of total decentralization and help launch the Shyft Network DAO.

Shyft Network is proud to share that after many months of planning and hard work, below is what lies ahead towards forming the DAO and some of the essential information you should know as the process kicks off.

The first proposal, a yes or no vote on the instantiation of the DAO, is now live on the Shyft Network forum and will move to Snapshot after five comments are posted — if you are a SHFT holder, you will be able to vote.

Read on to learn more about the Shyft DAO and how to participate. Thanks for being here!

What is the Mission of the Shyft DAO?

Shyft DAO aims to facilitate perpetual advancement of the Shyft protocol, to enable institutional blockchain adoption in compliance with local and global regulation without users’ sacrificing their data privacy or sovereignty.

The Shyft DAO will enable community governance over Shyft DAO assets by allowing community members to make proposals regarding the operation of the Shyft Network, as well as voting on proposals made by other community members, and participating in the deployment of various network economic systems such as the Shyft staking pool, AMM & Yield Wrap Rewards.

In addition, the Shyft DAO will facilitate community involvement in the implementation of strategic treasury management to facilitate Shyft protocol infrastructure expansion, upgrades, and ecosystem development in conjunction with the curation of strategic grant fundings and community involvement in the distribution of suitable economic benefits to the Shyft community.

What is the Structure of the Shyft DAO?

Version 1 of the Shyft DAO will consist of the six committees described below.

At launch, each committee will be populated with members of the decentralized federation of nodes. Their initial focus will be to document and share their mandate as well as build a plan to include new members outside of the Shyft Federation.

Treasury & Economics Committee

• Oversee treasury management and asset allocation.
• Oversee financial analysis and strategies.
• Oversee the design of Shyft Network’s economic policies.
• Oversee financial audit and reporting.
• Oversee treasury management and asset allocation.
• Oversee financial analysis and strategies.
• Oversee the design of Shyft Network’s economic policies.

Operations Committee

• Set the goals, milestones, and channels within each DAO committee.
• Create proposals for the formation of additional required committees, such as an R&D committee.

Governance & Oversight Committee

• Maintain governance procedures via a Shyft DAO Charter (to be drafted by the Governance & Oversight Committee)
• Write and manage proposals (SIPs, DAO proposals, grant proposals, etc.) in close collaboration with the DAO members using the discussion forum.
• Review, monitor, report, and provide DAO feedback.

Technology Committee

• Strategic furtherance of Shyft Network’s technology.
• Curation of technology development proposals.
• Design of bug bounty programs.
• Instantiation of Shyft Network’s developer community.

Ecosystem Business Development & Partnership Committee

• Identify and establish strategic partnerships that further expand Shyft Network’s use cases.
• Outreach and liaison with 3rd party developers to encourage their development on Shyft Network.
• Gather market intelligence and communicate market insights to the Technology Committee for strategic use case development.

Marketing and Community Committee

• Develop various community-oriented initiatives, such as the Shyft Ambassador program.
• Design various bounty programs in cooperation with the Technology Committee.
• Organize community outreach, including updates; build and write reports, moderate and hold regular discussions.
• Organize content, announcements, regular live AMAs, hackathons, blogs, and more.

What Tools Will Be Used in the Operation of the Shyft DAO?

1. Voting via Snapshot

• The Shyft DAO will utilize Snapshot as a voting tool via a single voting system architecture. The first proposal the DAO will vote on is for the instantiation of the DAO itself. Voting will take place directly on the Snapshot portal (see below). As will be the case with all proposals, they will require five comments minimum on the forum before then going live on Snapshot for official voting.

Below, see the necessary steps on how to vote for a proposal:

Step 1: Navigate to Shyft’s Snapshot portal.

Step 2: Click “join” on the Shyft DAO space.

Step 3: Connect with the wallet where you hold $SHFT.

Step 4: Sign in with the account you want to vote with.

Step 5: Select the active proposal to vote on.

Step 6: Browse through the proposal and see what options are available to cast a vote.

Step 7: Click on your preferred option then review and agree to the terms

Step 8: Confirm your vote by clicking on it.

Step 9: Sign the transaction with your account to complete the process.

Step 10: You have successfully voted!

2. Multi-Sig Enactment (Shyft Safe)

• This tool will be used to enact votes on the Shyft DAO. This will be deployed through two key sections:

1. Shyft DAO Treasury

• The Shyft DAO Treasury will be managed by the Treasury and Economics Committee and deployed with instantiation of the Shyft DAO. The Treasury and Economics Committee will observe the aforementioned Shyft DAO charter to ensure full transparency regarding its actions. The committee will also be responsible for creating its own mandates aligned with this Shyft DAO charter.

2. Shyft DAO 7 Key Signers

• Following voting on the substantiation of the Shyft DAO, the process will move forward with a vote to elect the seven key signers — two from Shyft Core, two from the Shyft Federation, and three from the Shyft Community. The first proposal will focus on the election of the three community key signers. A separate election will occur among the Shyft Federation and Shyft Core to elect the two key signers for those two sections.
• The Treasury and Economics Committee will initially be composed of Shyft Community, Federation, and Core members. It will initially deploy via the DAO’s seven key signers, portfolio managers, financial analysts, and strategists. The expectations are that the committees will expand over time to fill its other various organizational roles.

3. Shyft Forum

• The Shyft Forum acts as the primary communication platform for Shyft community members to discuss proposals — this is where you can find active proposals (in addition to on Snapshot), a forthcoming knowledge-based section, team support, community development information, and more. To access the Shyft Forum, click HERE.

What’s Next

Following the close of Shyft Network’s latest community campaign, there will be an AMA on Twitter Spaces to discuss feedback community matters and answer questions on the DAO formation and its proposal process. A portion of the AMA will be focused on discussing the proposal for electing the DAO’s seven key signers, primarily focusing on selecting its three community signers. The entire Shyft Core looks forward to sharing its excitement about the DAO, as well as answering any questions you may have on what’s ahead.

As always, feel free to reach out to us on Discord, Twitter, and Telegram.

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