The Maxcoin DAO provides the governance and incentive participation Maxcoin Project needs to develop and make decisions in a decentralized manner, all whilst making Maxcoin a deflationary currency. In the following document we describe the technologies, protocols and processes that make it work.
- DAO verified 1 to 1 with the ERC20 token (DMAX)
- With a burn address, maxcoin (max) becomes deflationary.
- 10000 Maxcoin Minimum with a signed address going to the maxcoin burn address.
- DMAX becomes an Ethereum ERC20 Token.
- Anyone can participate in and have voting power based on token amount.
- To have a built-in incentives for dao users to verify maxcoins sent to burn address and verify DMAX tokens.
Protocols and Tech Requirements
- Maxcoin Project.
- Ethereum Platform.
- Aragon Client (DAO and Quadratic Voting).
- Aragon Agent (DMAX management).
Actors and Systems Use Case
- Maxcoin User
- Maxcoin User Wallets (Maxcoin and Ethereum)
- Maxcoin DAO (Votes and verifies)
- Maxcoin DAO Tech (Aragorn, Ethereum Network, etc..)
- Maxcoin Blockchain Tech (Burning Address)
Note: ToDo… use case diagram
- The Maxcoin user sends Maxcoin to the burning address
- The Maxcoin user creates a request with the Transaction ID (TxID) at the Maxcoin DAO (based on Aragon client and Aragon Agent) And the Ethereum wallet address that will receive the DMAX token.
- The Maxcoin DAO Members and already DMAX Holders will have the possibility to participate in the verification process. By doing Quadratic Voting (Aragon client module) we will generate a DMAX paired 1:1 with the burned Maxcoins, the DAO might take a small fee for voting and doing the process (this fee is to incentivize voters and get faster verifications)
- The Maxcoin user gets DMAX in their Ethereum Wallet.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 sequenceDiagram MaxcoinBlockchain->>+BurnAddress: User Sends Maxcoin MaxcoinBlockchain->>+MaxcoinDAO: Notifies to DAO and sends DMAX address MaxcoinDAO->>+MaxcoinDAO: Creates a ballot for verifiers loop Verification Process MaxcoinDAO->>+BurnAddress: MaxcoinDAO Verifies transaction alt it was Approved MaxcoinDAO->>+MaxcoinDAO: Mints DMAX To The Onwers wallet - fee MaxcoinDAO->>+MaxcoinDAO: fee gets distributed to the DAO participants else it was not MaxcoinDAO-->>-MaxcoinBlockchain: Please verify end end
Note Actors wheren´t added, hope someone can make it better soon… -P1r0 the mermaid code is not getting interpreted… ToFix
- Create the tokenomics section
- Add a conclusion section if required, but might require the DAOs review and further development.