[Proposal] Improvements in the Community Choice ITO launching process

Overview

Mask Network has been actively practicing and exploring the possibilities of ITO (Initial Twitter Offering) since we announced the upgraded rules of ITO in April. We introduced "Permissionless ITO" and "Community Choice ITO" for interested users and projects in that update, and are constantly seeking solutions that will improve user experience. We're now updating the process for "Community Choice ITO."

Proposal

Improved process for "Community Choice ITO":

1. The project fills out a Google form with the required information (including but not limited to the white paper, team introduction, investment institutions, tokenomics, distribution mechanism, whether there are other IDO plans, etc.) and a preliminary ITO proposal (including but not limited to offering value, number of ITO rounds, token holding requirements, whitelist rules, etc.).
2. The ITO Review Committee conducts round 1 discussion about the project and its preliminary ITO proposal for 48-hours and conducts Committee vote #1. If the project passes the vote (more than 7 members voted in the Committee, with the approval rate higher than 50%), then Mask Network will launch a Snapshot vote for all community members.
3. If the project does not pass Committee vote #1, then the project can make changes and adjustments to the proposal based on the ITO Review Committee's comments in the round 1 discussion, and provide a final ITO proposal within 24 hours for round 2 discussion. The Committee will conduct discussion #2 for 24-hour and vote. A Snapshot vote will be proposed if the proposal passes (to pass the vote, there should be more than 7 people voted in the Committee, with more than 50% of approval rate); if it still does not pass, then it fails the "Community Choice ITO" process.

The voting result from the $MASK community will decide whether these new rules apply to future ITO projects.

The Snapshot vote will last for 48 hours, all $MASK holders could vote "Yes" or "No" on the improved Community Choice ITO process.