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## Application for AiB BUIDL Grant/Bounty


### 1. Name: Neta DAO

### 2. Project Name: A Balanced Validator Set and Tokenomic Model for AtomOne

### 3. Contact Information
#### 3.1 Main Point of Contact:
Name: NETA DAO LLC
E-Mail: netadao@protonmail.com
Twitter Handle: @NETA_DAO

#### 3.2 Team Members:
Lil D (github.com/cosmonaught, x.com/CoiningReason)
Cristiano (https://github.com/cristianojuno, x.com/cristiano_juno)
Poroburu (https://github.com/poroburu, x.com/Poroburu)

### 4. Chosen Area of Focus: AtomOne Validator Selection and ICS Crypto-Economics

### 5. Proposal Summary
We will develop at least one algorithm and set of operating parameters for AtomOne’s validator set that addresses the needs of both the AtomOne Hub as well as its ICS/PSS partners, as identified in the grant’s focus area. Our binocular approach will emphasize fairness and credible neutrality vis-à-vis both the governance system and the economic incentives that arise from the structure of the validator set and its associated tokenomics. In working toward effective incentive parametrization, we will collaborate with All in Bits and AtomOne contributors—including the ongoing efforts on the AtomOne Constitution and the prospective AtomOne ICS client, GnoLand—to flesh out any unique or necessary details concerning AtomOne. We will leverage the insights and experience of Neta DAO’s governance-enthusiast community to ‘wargame’ possible systems. In the event that more than one viable parametrization is identified, we will present each system with respect to its competitive margins and relative trade-offs to better assist All in Bits and AtomOne in their decision-making process.

### 6. Why Neta DAO?
#### 6.1 Unique Approach
Neta DAO is a nonprofit think tank for the Interchain. $NETA, the governance token of Neta DAO, was fully airdropped to $JUNO stakers who voted on the first dozen or so governance proposals of the Juno Network. Since these participants were largely recipients of the $JUNO airdrop—meaning they had been staking at the time of the Stargate upgrade on the Hub—the $NETA token represents a kind of ‘core sample’ of long-term Cosmos governance enthusiasts. Neta DAO has elaborated on this premise by establishing a community-owned validator for select chains, allowing our values-aligned members to more fully participate in the Cosmos governance system. We believe that public blockchains require public institutions for their effective stewardship, and we have strived to embody and further the values of participation, transparency, and Cosmos-forward thinking that originally united us. 

Our approach to this grant will emphasize these values, with public weekly calls on our Discord server open to All in Bits, the AtomOne community, and Neta DAO members so that all can keep tabs on our progress, provide feedback on our process, and enhance mutual understanding of our eventual contribution.

#### 6.2. Team Members’ Background and Expertise

**Lil D** currently heads up the Neta DAO Academy, the educational arm of Neta DAO. He runs Coining Reason, a Neta DAO Academy research seminar on Web3 and philosophy (academy.netadao.zone, x.com/CoiningReason); is leading the development of FORK: The Journal of Interchain Theory and Politics, the first journal dedicated to the philosophical and political dimensions of the Interchain (and Web3 at large); organized Neta DAO’s legal incorporation; developed the Neta DAO Constitution (viewable here: https://daodao.zone/dao/juno1c5v6jkmre5xa9vf9aas6yxewc7aqmjy0rlkkyk4d88pnwuhclyhsrhhns6/proposals/A3); and organized and contributed to the Charter for the Juno Network. Trained as an artist, scholar, and psychoanalyst, his interests currently include the bridging of theory and practice that Web3 makes possible.

**Cristiano** has served on the Operations Department of the Juno Network, where he worked intensely on the validator program (Link to an article), created the first-ever budget for Juno Network (Link to the spreadsheet), and pursued other issues related to chain maintenance and network growth. Most recently he has joined Neta DAO and will be serving on Neta DAO’s Treasury multisig. He is currently employed by a regional bank where he advises corporate customers, analyses balance sheets, and makes credit decisions. In this capacity he specializes in start-ups and has also negotiated equity investments and subordinated loans. His interests in Web3 include tokenomic systems, validator and governance issues.

**Poroburu** is a technical consultant to Neta DAO and runs Neta DAO’s bare metal validators on Akash, Jackal, and Juno, as well as his own validators on Nomic and Passage. He served on the Development Department of the Juno Network, and most recently he built [pumpfunosmo](https://github.com/poroburu/pumpdotfunosmo), a proof of concept tool that enables any-non Cosmos low liquidity tokens to be permissionlessly bridged on Wormhole and then listed on Osmosis. He has made contributions on GitHub to Juno, Horcrux, and Dao Dao, and he has attended Cosmos developer events in Toronto, New York and Nashville. He is interested in deepening his understanding of both the SDK and smart contracts.

Other Neta DAO members may contribute or provide feedback in more limited roles. 

### 7. Objectives and Deliverables

**Phase 1:** We will begin with conversations with All in Bits and a literature review of existing systems of validator selection and tokenomics. We will canvas both whitepapers and scholarly research to form a holistic understanding of the current state of the art. Estimated time: 3-6 weeks.

**Phase 2:** Using the insights gleaned from Phase 1, we will begin putting together a parametrization system for AtomOne and its ICS/PSS partners. Estimated time: 4-6 weeks.

**Phase 3:** We will present the draft of our conclusions to All in Bits and incorporate any feedback into final revisions. The algorithm(s) and plain-written explanation will then be submitted. Estimated time: 2-4 weeks.

**Deliverables:** weekly public meetings, an algorithm, a plain English write-up of the proposed system.

**Total estimated time:** the total duration of work is estimated between 9-16 weeks, with the three principals on this application committing to work at least 10 hours per week (including public meetings). This corresponds to a minimum of 270 and a maximum of 480 hours of labor.

### 8. Conflict of Interest Disclosure
**Statement:** Neta DAO and the three principals of this application have no conflicts of interest. 

### 9. Additional Remarks
#### 9.1 Further Contributions to the Network
Because of the alignment of our values with those of AtomOne, Neta DAO is interested in making long-term contributions and eventually joining the AtomOne community as an active validator when it reaches testnet/mainnet. We will continue to contribute through the AtomOne Constitution development process, and we are interested in assisting with other governance-facing initiatives. Because of our interest in smart contracts, we have also been attending GnoLand weekly calls and are keeping up with the developments happening there (as best we can).

#### 9.2 Funding Arrangement
If All in Bits has flexibility on payment terms that could include payments in crypto to Neta DAO (which does not yet have a fiat bank account), this would allow the DAO to compensate the principals as well as any other contributors during the work process. Alternatively, in lieu of immediate payment, we would be open to working out a future temporary delegation of $ATONE to Neta DAO’s validator when AtomOne reaches mainnet that could provide comparable compensation over some term. If neither of these (or any other such arrangements in crypto) are viable, the principals of this application are willing to accept payment directly.

We thank you for your time and hope to be working with you soon.

Neta DAO
Lil D
Cristiano
Poroburu
