Proposal #3: Issue DEBT token to finance the development

As discussed on Discord, this proposal is to issue a DEBT token (1 DEBT = $1) to pay for work before we get the revenue.

DEBT token will function as a method of payment for early contributors. Once we have first revenue-generating products, DEBT will become redeemable 1:1 for DAI.

DEBT will not be backed by anything. Anyone accepting it would just have to believe that we’ll eventually have revenue and repay this debt.

DEBT will have no other function other than a method for us to pay those who believe in the project and repay them later without more dilution. DEBT may be used to pay for designing a website, coding up a frontend, writing an article, etc.

Issuing DEBT also has the potential to give us some publicity because we would be the first DAO to effectually issue an uncollateralized debt.

This proposal will not mint any new BUILD and does not change any mechanics of the BUILD token.

If this proposal passes, the following actions will be executed:

• 0xdev0 will deploy a new ERC20 token - DEBT with the initial supply of 0 DEBT
• There will not be any DEBT minted yet
• If we want to mint any DEBT, we’ll have another proposal for it.
• This proposal commits us to repay any future issued DEBT once we have any revenue sources.

Discussion: https://forum.letsbuild.finance/t/proposal-3-issue-debt-token-to-finance-the-development/30