Why does the Genesis DAO need the option to mint 40m tokens? #fromtelegram


#1

Q.) In our community Telegram it was asked by @CryptoRit "I have a question regarding “Genesis DAO”. As much as I understand it’s your own interface lets call it as “in-house” project going to be developed on top of DOA. Considering it’s not a third company association why does it need separate 40 mil newly minted tokens on top of 60 mil ( 40 sale + 20 management )

Also, I understand this 40 mil tokens won’t be minted upfront. However, even if it’s minted later months it may impact the existing token price ( of 40 mil ) which were in circulation."

A.) Answered by @dnllvrvz [Community Manager]:


Good question, @CryptoRit. Although Genesis is a DAO kickstarted by DAOstack, it is by no means limited only to the project. The idea is that this DAO will be the responsible for steering DAOstack itself, and it’ll be open in the sense that anyone with reputation in it can make proposals and vote on existing ones. And reputation can owned by the community as well, by completion of activities (there will be many once TGE ends). So although Genesis will mint a separate 40mi, I think it helps not to think about this resource as being DAOstack’s, but rather as belonging to the group of people willing to contribute to Genesis.

@CryptoRit followed up with: "Thanls [sic] Danilo. Could you please elaborate second part of the question,

"So although Genesis will mint a separate 40mi, I think it helps not to think about this resource as being DAOstack’s, but rather as belonging to the group of people willing to contribute to Genesis."

A.) Answered by @Pat [Community Manager]:

@dnllvrvz is asleep so let me chime in: DAOstack LTD and the Genesis DAO will be two separate organizations. Proposals to mint additional GEN are voted on by reputation holders within the Genesis DAO; contributors are likely to be reputation holders as they will receive reputation in return for contribution. In this sense the right to mint is in the hands of agents who are adding the most value to the Genesis DAO.