DittoDAO launches on Bitcoin Genesis Block Day
@dittoprojOn October 31, 2023, DittoETH was launched on mainnet. Recap
And today is the 15th year anniversary of the Genesis block, and on this significant day I am announcing the deployment of the DittoDAO, effective immediately.
As of today, I have deployed the governor and timelock contracts, which officially give ownership of the DittoETH contracts and the Ditto Treasury to the DittoDAO. The governance structure of DittoETH are as follows:
The DittoETH project is controlled by both a multi-sig wallet and the Ditto Governor contract which act as the proposers and executors of the Ditto Timelock. Although both of these addresses can propose and execute transactions, only the multi-sig wallet will retain the ability to cancel queued transactions. These are training wheels as I refine the process of governance and move towards full decentralization.
At the moment the 2-of-4 multi-sig wallet is retained by myself and a trusted mentor in this space, who is the sole investor of DittoETH. Our multi-sig will retain control over the DittoDAO for operational security, but the launch of the Ditto Governor is still a large step towards full decentralization. While the multi-sig can technically propose and execute upgrades on the Diamond proxy, we will start to refine the process of governance and only make upgrades via proposals, barring emergencies.
While my mentor and myself have chosen to remain anonymous in the spirit of Satoshi, we hope to garner goodwill and credibility by delivering vital upgrades through proposals and bring in trusted community members of Ethereum into the DittoDAO.
Ditto total supply will target 100 million. Of that, what is our distribution? The Founder, myself, will get 20% and my mentor will receive 10%. Our unlock schedule for these are 20% (6 million Dittos) of our portion in an instant unlock for governing, voting, and providing liquidity, which vests for 4 years linearly with a one year cliff. Check out the Sablier streams for the Founder Allocation and the Investor Allocation.
The DAO portion (35%) will serve as a strategic reserve that will be voted on and controlled by the Ditto Community in the coming future.
I will be gearing up to release the liquidity incentives, which are currently unminted, for users of DittoETH and a community airdrop, of which 35 million Dittos (35%) will be allocated. There will be no token sale. An upcoming blog will breakdown the numbers.
| Type | Amount |
|---|---|
| Community | 5.00% |
| Liquidity Providers (inflation) | 30.00% |
| Founder (Ditto) | 20.00% |
| DittoDAO | 35.00% |
| Investor (mentor) | 10.00% |
I am excited for the Ethereum community to become genuine stakeholders in this growing pie, and I believe all of these choices will balance the security, stability, and scalability of DittoETH.
Also stay tuned, I’ve been hard at work with a coming update to DittoETH to include a hybrid like redemption mechanism similar to Liquidty. More on this to come.
Ditto