SenatorsDAO
Collection of 11,111 Senators in charge of bringing back trust and accountability to the NFT Universe.‼️
We’ve all witnessed how many projects have ended up being scams and rug pulls, where founders promise heaven and earth, passive income for everyone, massive giveaways at sold out, free tickets to events and many more benefits, only to run away with investor’s money without even trying to fulfill their commitments. The irony is that today’s technology can easily stop anyone from doing that when there’s the will to stop it.
If we continue walking down this path, we will be complicit in letting unscrupulous people ruin a promising community-oriented technology, just like ICO’s during 2017.
This is the goal of this project. To propose and validate an alternative trust model where investor’s funds never escape their control and through voting, we all will decide the fate of this community.
What are we referring to with bringing back trust and accountabilit?
Emerging technologies always draw attention from well-meaning people, knowledge and the purpose of aiding society’s progress. Nevertheless, as its already happened too many times in the past, it also attracts unscrupulous speculators who profit from FOMO (Fear of Missing Out) and at times, naivety from new investors flabbergasted with high level artworks, complex investment terms and an endless number of empty promises.
Due to web3.0 and crypto ecosystem’s characteristic anonymity and lack of regulation, once they sell as much as they can, proceed to disappear with investor’s money without even trying to fulfill their promises and without anyone in place to hold them accountable.
There’s no real need for this to happen, when there's a will to stop it. A healthy community should be structured in such a way that founders have skin in the game and LOSE a lot in case they don’t have investor’s interest in place. In the absence of regulation, we have a need for Self Regulation. This is the objective of SenatorDAO.
What is SenatorDAO and why is it different?
SenatorDAO is a collection of 11,111 NFTs that work as an access key and BEARER SHARE (https://www.investopedia.com/terms/b/bearer_share.asp) in a namesake DAO (https://www.investopedia.com/tech/what-dao/) called SenatorDAO, an already constituted Decentralized Autonomous Organization with projects under development, based on Aragon Network, same platform used by more that 1900 successful and well-known projects like Decentraland, Aave DeFi and Curve Finance, among others.
SenatorDAO will work as a SPAC (https://www.investopedia.com/terms/s/spac) and a Venture Fund (https://www.investopedia.com/terms/v/vcfund.asp) where holders will be able to propose and vote for many different investment opportunities. Ownership and profits from those investments will be shared among all holders.
SenatorDAO’s smart contract has instructions to immediately distribute proceedings from every minted NFT in a very specific way. 33% will go towards marketing and development costs of SenatorDAO’s already under development projects, while the other 67% will immediately be transferred to the DAO’s wallet, where everyone will be able to check the balance and will only be used in investment projects approved by the majority of Holders (50+1).
SenatorDAO has already begun development of one project, a decentralized smart contract-based lottery platform called Vangloo.com (site under construction) where visitors will be able to play in (and even create their own) different algorithmic lotteries and giveaways that suit their willingness to take risks, with winning odds ranging from 1 in 3 to 1 in 1 000 000. Nevertheless, as soon as they join, Senators will be able to vote on several proposals on how to distribute and invest the DAO’s funds. Senators could even vote to get their funds back, if agreed. Profits from these projects will be redistributed to holders and Resale royalties (5%) will go directly to SenatorsDAO wallet.
What about the founders?
Founders will get a percentage of the 11,111 Senators and will only see profits if they manage to secure positive returns on the holder’s minting price. This way, investors will be protected from rug pulls and lack of compromise from founders. The cost for the founders would be too high and anyway, holders would end up with a large multidisciplinary community on Discord, an already constituted Aragon-based DAO with large holdings in a wallet under their control so everyone will be able to move ahead.
This is the goal of this project. To propose and validate a new smart-contract based self regulation investment model where investor’s funds never escape their control and through voting, they can all decide the fate of this community.
Instagram: @thesenatorsdao
