This is an overview of the Illuminati Association governance process. This governance guide functions as a living document intended to be owned, modified, and enforced by the Illuminati Association community. The Illuminati Association is not affiliated with the Illuminati Party LLC.
The Illuminati Association is a Wyoming unincorporated non-profit association (UNA) which seeks to operate as a community operated decentralized autonomous organization (DAO). The Illuminati Association will seek non-profit tax status and intends to operate as a tax-exempt private foundation.
The mission of the Illuminati Association is to advance the Web3 community by leveraging the power of the Truth Labs ecosystem using the pillars of truth, knowledge, community, transparency, and enlightenment. Its vision is to build and spread knowledge, wealth, and fnord the joy of creative play from Web3 to the world.
The Illuminati Association will accomplish this through grants, scholarships, aid, donations, and other community contributions. The Illuminati Association shall work toward its mission with the following guiding values in mind:
Upstream is the forum for governance-related decision making. Upstream is where community members will be able to vote on proposals. In addition, a community Discord will contain channels for proposal intake, official DAO communications, and collaborating with the members regarding the DAO's operations.
Associates of the DAO may submit proposals to the Council through a provided form available in Discord. Once the proposal is approved by the Council (as described below), the proposal will be put up for vote among the community. Upstream also provides a voting interface that allows users to cast off-chain votes on active proposals. Each DAO Token allows its holder to cast one vote for or against a proposal.
The purpose of the Council is to review proposals for completeness, to ensure they are permitted in our by-laws, and are lawful. The Council consists of members of the Illuminati DAO community and four appointed members of Truth Labs, LLC. The initial Council will serve for six months, at which point (and every 6 months thereafter), there will be a DAO-wide vote to determine which DAO members will serve on the Council. A Council member may be removed and replaced prior to the term's end if the community votes in the affirmative for removal in accordance with the procedures set forth herein. Compensation for serving on the council for 6 months is one, or more, Truth Labs NFTs. Council members need to have a 75% council participation (as demonstrated by voting on proposals at the Council review stage) at the end of their term to qualify for compensation.
No member of the Council shall be the direct or indirect beneficiary of an Illuminati Association grant, program or mission related investment, scholarship, loan, award, or assistance.
lluminati Association manages a multi signature smart contract wallet holding the treasury. The signators are responsible for executing proposals by confirming and signing on-chain transactions. Signators shall consist of the Executive Director and four members of the DAO Council who are required to show proof of identity.
There will be a DAO-wide vote to confirm the Council members who will serve as signators. A signator may be removed and replaced if the community votes in the affirmative for removal in accordance with the procedures set forth herein.
Illuminati Association members govern the DAO through a process of submitting proposals, subject to review by the Council, and casting votes on active proposals. Any DAO Token Holder can submit a proposal.
Proposals that are distributions of funds to an individual or nonprofit organization for support of a specific project or program that aligns with the mission may be considered grants and subject to additional requirements. Organizations may contact email@example.com. If the proposer is an individual requesting grant funding please refer to the Association Individual Grant Guidelines.
Phase 1: Draft Proposal
A proposal consists of a document that includes: (i) a subject line; (ii) a rationale for the proposal with a detailed description of the associated DAO action attached to it; (iii) the total cost to implement the proposal; (iv) any implementation steps required; and (v) the urgency level and timeline for voting and implementation. Any DAO member may submit a proposal but the member must review past proposals to ensure their proposal idea has not already been submitted and is consistent with the DAO's mission, laws, and regulations governing private nonprofit foundations.
Phase 2: Proposal Review
Before community members may cast votes on a proposal, the Council must review and approve the proposal. Any proposal that, in the discretion of the Council, violates the non-profit status of the Illuminati Association, involves illegal activity, or is at odds with the mission or values of the Illuminati Foundation will be rejected by the Council and not sent to a community vote. The Council may, at its discretion, assist the party whose proposal was rejected with proposal modifications so that it may be approved.
In the event a suggested proposal conflicts with an active proposal, the Council will not review the suggested proposal until the active proposal either passes or expires. Additionally, proposals that conflict with approved and/or executed proposals may not be voted on for three (3) months after the implementation of the approved/executed proposal to avoid wasting Association resources.
Phase 3: Active Proposal
After the Council approves the proposal, the proposal will be published and made available for voting on the timeline provided for in the proposal. DAO community members may begin casting votes in the affirmative, the negative, or abstain. All DAO members may participate in the vote.
Phase 4: Implementation or Execution
If there are sufficient funds for an approved proposal, the money involved will be transferred into a separate multi-signature wallet to be used for funding the approved proposal. Members of the Council or employees/representatives of the DAO will be responsible for helping execute approved proposals, which may include consulting with the parties that submitted the approved proposal, coordinating with third-parties referenced in an approved proposal, or other similar activities required by the approved proposal. This may require further proposals and/or votes.
DAO community members will cast initial off-chain votes for a proposal using Upstream. For a proposal to pass, a quorum of ten percent (10%) of all authenticated Illuminati Association DAO members and majority support must be reached during the voting period set forth in the proposal. If a quorum is met but the proposal does not have majority support, or vice versa, the proposal fails. If a quorum is met and the majority (50.1%) of the votes are in the affirmative, the vote ends early and the proposal passes. If a quorum is not met, then the proposal fails.
Once a proposal has passed, it moves to the party indicated in the proposal to implement, or for the signators of the multi-signature wallet to confirm and execute.
While voting on proposals is done off-chain (using the DAO Token in your wallet as your voting power to sign). The signators are off-chain until the final signator confirms the vote. This final signatory is on chain and requires a gas fee to execute. The Illuminati Association Wallet will cover the gas fee for the final signator.
Votes can be delegated entirely or dynamically (i.e. for any proposal under 10 ETH, I give my vote to Jane). However, delegating a vote is only effective if the person to whom you've delegated your vote, votes first. If you delegate your vote but vote BEFORE the person you delegated your vote to - you get to cast your vote yourself.