# Proteus' Value Proposal
###### tags: `PROTEUS` `FINANCE CIRCLE` `PROT`

This document is to outline the proposed use case for the Proteus token

## :moneybag: About the Token

10,000,000 tokens were minted on the xdai blockchain:

The following link is the mint transaction:
[https://docs.google.com/spreadsheets/d/1-4U_JmVBO6il96Y8qTG8Nrri6DAtBWxTLOT61dDFYZ8/edit?usp=sharing](https://docs.google.com/spreadsheets/d/1-4U_JmVBO6il96Y8qTG8Nrri6DAtBWxTLOT61dDFYZ8/edit?usp=sharing)

Token Address:
https://blockscout.com/xdai/mainnet/token/0x3ce60E1cFe163608ED555A147970b3a6791DA4A7

Token was created using the openzeppelin contracts wizard located here:
[https://docs.openzeppelin.com/contracts/4.x/wizard](https://docs.openzeppelin.com/contracts/4.x/wizard)

As of writing they are still in the minters wallet 0x67243d6c3c3bDc2F59D2f74ba1949a02973a529d but will be transfered into the DAOs vault upon compleyion of vote to whitelist the token.

The following is the code generated from the openzeppelin wizard.

// SPDX-License-Identifier: MIT
pragma solidity ^0.8.2;

import "@openzeppelin/contracts@4.3.3/token/ERC20/ERC20.sol";
import "@openzeppelin/contracts@4.3.3/token/ERC20/extensions/ERC20Burnable.sol";

contract Proteus is ERC20, ERC20Burnable {
    constructor() ERC20("Proteus", "PROT") {
        _mint(msg.sender, 10000000 * 10 ** decimals());
    }
}

## :fire: Burn Proposal

In the following google sheet: [https://docs.google.com/spreadsheets/d/1-4U_JmVBO6il96Y8qTG8Nrri6DAtBWxTLOT61dDFYZ8/edit?usp=sharing](https://docs.google.com/spreadsheets/d/1-4U_JmVBO6il96Y8qTG8Nrri6DAtBWxTLOT61dDFYZ8/edit?usp=sharing) under the Proteus tab.

I made a few variables for the crafting of this proposal, I think it would be wise to revist this each epoch of three months. Our current epoch running until the end of January 2022.

Numbers are for the sake of the proposal.(Except the 10,000,000 mint that's done)

* Tokens minted: **10,000,000**
* DAO Membership: **50** (hypothetical)
* Prot/Person (If fully distributed evenly to DAO): **200,000**
* Investment / Person: 0.5 eth (hypothetical)
* Shares per person: **500**
* Prot Per Person (200,000) / Shares Per Person (500): **400**

This would amount to every Proteus having a value of 0.01044315 DAI as of today, under our current epoch price. Under this proposal the token will also have the built in mechanic of increasing in value as the price / share in the DAO will increase every epoch.

I am proposing that for the rest of this epoch we allow the burning of 400 tokens, by sending the tokens to 0x000000000000000000000000000000000000dEaD. The applicant would then be allowed to propose 1 token for every token burned but must also offer the regular DAI tribute, essentially 2 for 1. It adds another interesting dynamic to the token in that for every member that burns tokens for membership, is also decreasing the supply. So this will also be something that should be looked at each epoch with a clearer understanding of what current supply is.

## :construction_worker: How to Earn Tokens

*this is definately a work in progress open to any ideas on this. The more ideas the better Could maybe simplify it in the proposal but budget out a portion for each circle and then make incentive propsals as we go, I will start another file up so we can jam on the topic.*

### :money_with_wings: Incentivize
There may be a few ways but the main purpose of the token is to incentivize participation in the DAO. There are a number of tools available for tracking this and we can look at them in more detail to decide on our best option.

I would also propose that each Circle in the DAO be given the opportunity to run a sub DAO for the circle and manage a portion of the tokens. This can be used for inner DAO commerece. The Marketing Circle may request some work from Research Circle and pay for it with PROT, this PROT can then be distributed to the circle or kept in the circles vault for future use.

We may even choose to do something like using it to prioritize tasks and projects by allowing people to stake some tokens on a project in order to get it done sooner.

### :airplane: Airdrop
I would also propose that we give an airdrop, of at least 400 tokens to Discord members on or before a certain cutoff date, like yesterday.

### :space_invader: Fun and Games
I would propose we keep some to be distributed in discord through games and prizes. tbd

### :briefcase: Other possible use cases

The possibility to use the token as part of a bounty system. First of all I think circles will put bounties out for projects they are trying to complete. I also envision a system where token can be staked on a project and those that have the most staked on it will be prioritized with the possibility of the stakers on the project either earning some PROT or even other erc20 tokens or NFTs. The details for theses other use case do not need to be finalized at this point.

#### Artist/DAO Internal Economy

Now that the artist channels are reviving I can see the token used as an internal economy for offering bounties to help them get work done: ie. they can call out a bounty to help create a marketing plan and stake 10,000 Prot tokens to do it.

## Token Updates

30-November-21

The token was whitelisted by the DAO and all 10,000,000 tokens were sent to the vault. There is currently a proposal in to move 500,000 tokens to the gnosis safe. We are currently collecting addresses for an airdrop. This can be executed using using a safe minion proposal.