BIP-6 | Building momentum into year two; Incorporation in Cayman Islands

Lords, Ladies & Adventurers.

We just had our one year anniversary. We are proud that Bibliotheca DAO is thriving. It’s down to the belief, passion and contribution of the community and DAO members.

Part one: A reflection on year one.

Bibliotheca DAO is a community of 10,000 engaged contributors, with governance in the hands of the holders of the 8,000 Realms NFTs.

The DAO’s mission is to build on-chain games, working at the bleeding edge of technology - be that blockchain or ML/AI.

It is a true Web3 endeavour. The Core Lords are recruited from the community and Loot ecosystem, and are focused on building the framework on-chain that will allow players and community members to flesh out the Realms universe.

We are a leading StarkNet project. They have supplied grants, we have discussed other arrangements in which they could support the project, and we have day to day dialogue open with their engineers and leadership.

We have software ready to ship. Realms: ETERNUM is the first product in a modular game world. There is a pipeline of game modules in development taking us to 2024, and more will follow:

Realms: ETERNUM. We are preparing to ship an Alpha. It is a browser based strategy game leveraging the power of StarkNet and Ethereum to be on-chain. Battle imagery is AI generated.

Realms: ADVENTURERS: Loot bags are heading to layer 2. Build an on-chain character equipped with Loot gear. Take that on-chain character into other games. P.s. They can die (but their items remain in your wallet).

Realms: CRAFTING: use resources produced in the Realms and Crypts to craft special new items. Give your Adventurer the best shot at conquering that tricky dungeon and collecting that rare item.

CRYPTS & CAVERNS: Hone your blade. Prepare your potions. Strap on your armour. CRYPTS & CAVERNS will pit you against hordes of enemies. Slay to collect resources not found anywhere else in the Realms.

Today there are 10 core team members. They earn salaries paid in ethereum. You can see our treasury here (https://bibliothecadao.xyz/treasury). There is approximately 10 months of runway in ETH at current burn. This excludes the value of $LORDS in the treasury. There are numerous options to extend, development will not cease.

Each day developers, artists, musicians, gamers propose things to explore. Some of the most talented Cairo developers in the space reach out and propose ways of getting involved. With a deeper treasury of ETH we can bring more talent into the core team to land and expand the roadmap.

Part two: how we propose to maintain momentum in year 2

We are set to be one of the earliest products to ship on StarkNet. We believe that StarkNet will be Ethereum’s ‘broadband moment’, when richer blockchain gaming experiences are unlocked for the next generation of blockchain users.

With a clear mission, first movement on new tech, and proof of our ability to deliver, Bibliotheca DAO is primed to grow with the StarkNet ecosystem. Organisations of all types are reaching out for discussions about partnerships, funding and access to new audiences for our products. To unlock those opportunities we require an entity that allows the DAO to enter into contracts.

Part three: a DAO vote on the new structure.

In order to contract with others, establish formal partnerships, protect Lords from potential legal liability, and secure additional funding, the DAO needs to have a formal organization. In other words, it needs to incorporate. Though the law governing DAO incorporation is unsettled, after discussing with some of the best attorneys in this field, we believe that establishing a Cayman Islands foundation company is the best way to incorporate in a censorship-free, fully decentralized manner.

This is the path that other well-known DAOs such as Nouns DAO and Flamingo DAO have taken and will effectively remove any legal ceiling that currently exists on the growth of Bibliotheca or Realms.

This proposal is to vote on moving forward with setting up this organisation.