# LEAP 2.0 Token Bootstrap

Looking to implement a bonded token that has its value backed by dai. Suggesting an initial ratio of 1 DAI = 2 LEAP tokens.
We start with a tax of 10% on all bounty payouts to mint the token and 2% tax on any sale of the token.

Minted tokens are awarded to the participants of bounty, making 90% of payout in DAI and 10% in LEAP tokens.

Example:- Size-S bounty of 350 DAI will generate 70 tokens worth $35. Selling this 70 tokens for dai results to tax of 70 cents ($0.7)

Tax from selling of tokens can have 2 uses:-
* Fund other operations/expenses that are not bounty related (i.e domains & hosting)
* Increase the token price by adding dai to bonded token and not generate new tokens

### Reputation
* No need for reputation
* Assumed reputation based on token holdings

> Colony Reputation left-overs: we still have 85k leap in colony contract:
> https://etherscan.io/address/0x24f861f8356fa8d18b6adea07ac59719f42012b1
> how to recover?

### Governance
Governance particaption should see an improvement since 10% of an individuals income will be in token form.

Since the token will also have a value it opens possibilities of governance decisions that allow staking/slashing.

### Supply & Value

Please note supply and value of this token will always correlate to the amount of work been done by the DAO.

To move away from this correlation, we would need to attach the token to a project and open trading on public market.

### Buying & Selling
* Only occurs within the DAO.
* Buying is restricted only to amounts of tokens sold back to DAO
* Governance decisions can also set amount of tokens made available for buying. e.g initial mint of 2,000 tokens.
* Projects or external members of DAO can only buy subject to governance approval.
* Tokens bought in any given week are released based on weekly bounty payouts. i.e when a project buys 10,000 tokens and bounty payouts minted 2,000 tokens then only 2,000 tokens will be released to the project that week. This is to prevent undue influence on governance decisions from bought tokens.

### Business
LeapDAO should seek to be a brand known for scaling and other blockchain technologies.This brand should have a public presence that promotes such technologies.

This makes LeapDAO as the perfect place to incubate ideas before they become projects/business. Allowing such projects to use the brand name and payback to the DAO upon launch of their business.

### Members of DAO
An individual is a member of leapdao if they achieve the following:-
1. Membership fee (non-refundable) of $200 either through bounties or DAI payment. Used to bootstrap internal community fund for other LeapDAO activities
2. Draws an income from a LeapDAO project
3. Holds leap tokens

*Membership can be revoked by governance decision if an individual has been deemed to be toxic to LeapDAO*

### Projects
A project/business is considered part of leapdao if it achieves the following:-
1. Some members are willing to work on the project/business.
2. It is willing to promote other LeapDAO activities by buying tokens. Project is awarded only 10% of the total purchase while rest goes to DAO community fund.
3. If project is unable to buy/fund other activities then Governance can make a decision on promise of future tokens.
4. Governance decision to consider project/business as part of LeapDAO. Reverse is true where membership can also be revoked by governance decision too.

*Criteria on funding can be on project basis and current state of LeapDAO*
*Classification of projects*
*External - legal entity, business, not funded by LeapDAO*
*Internal - non legal entity, project, funded by LeapDAO*

### WhiteRabbit - *external*
1. Suggesting new contract to reflect a change in LEAP tokens.
2. Award 15% of all minted tokens to WR upto the value of (10% of amount contributed to LeapDAO). Slow steady growth of token holding in correlation to other holders of the token
3. If whiterabbit will continue funding other LeapDAO activities then they will be awarded tokens based on 10% of the funds.

### Deora - *external*
1. Members still have normal way of earning tokens through bounties
2. Establish a legal business contract and a governance proposal to be part of LeapDAO

note by @vict0r :
* Deora members max & victor already accrued leap tokens through work towards the DAO (since 2019).
* The Deora Multisig also holds a medium amount of tokens.
* Deora has not planned to setup a legal entity, but members are motivated to support LeapDAO in it's legal entity - apply as board members.
* to be clarified: Deora is considered *internal* ?

### Emo - *internal*
*
### Nervos - *internal*
*

___

Notes added by @vict0r
### Anti-Collusion / Sybil Resistance
> In a Sybil attack, the attacker subverts the reputation system of a network service by creating a large number of pseudonymous identities and uses them to gain a disproportionately large influence.
* current DAO Members need to assure they only hold Leap Tokens on one address.
* Members with multiple addresses holding leap could cause confusion and fraudulent voting results.
*

### Staking(?)
* Stake tokens in a contract to receive more tokens over time.
* Staking contract could exchange leap to vLeap(voting leap), which represents voting power for governance.
* Members Stake can be slashed when membership is revoked or has been acting against the interest of the DAO.
* When Stake is slashed, voting tokens become worthless.