PsyDAO & PSYC Governance Framework

PsyDAO PSYC Terms PSYC-RX ɸ (phi)

Proposal:

These Terms sets forth a legal framework, governance structure, and method for PSYC membership in PsyDAO as an open care commons and trade association manifesting the Progress (e.g., stewarding, funding, and commercializing) of psychedelic Science and Art using tokenization.

Legal Framework

PsyDAO Association is a Swiss verein and legal steward of PsyDAO, promoting the Progress of tokenized psychedelic Science and Art.

As a Swiss verein, Members of the association maintain separate liabilities and are independent and autonomous actors. Each Member has limited liability vis-a-vis the other Members’ actions.

PsyDAO transacts with tokenized psychedelic Science and Art, creating intellectual property (IP) currency that interconnects members of PsyDAO using clickwrap acceptance of standardized, shared, and co-governed duties of care that travel with PsyDAO tokens.

PSYC tokens convey Membership in PsyDAO Association with a legally binding duty of care to the governance and administration of this proposal as well as to the Progress of tokenized psychedelic Science and Art.

PSY tokens have delegated authority over the PsyDAO treasury delegated to them by PSYC.

Governance Structure

PSYC Rights, Duties, and Powers

PSYC holders must accept this proposal, including the relevant duties of care, in order to become a Member of PsyDAO Association and to receive any rights or powers as a PSYC holder.

PSYC holders have the right to govern all aspects of PsyDAO, including the treasury, which is held in a multisig controlled by the PsyDAO Association.

PSYC conveys Membership in PsyDAO; 1 person = 1 vote.

PSYC holders have the right to vote in at least 1 and up to 3 governance proposals before the next band in the Fibonacci sequence must be minted.

PSYC holders have the right to activate an egoDeath function (i.e., RageQuit function) to claim a pro rata portion of the PSYC treasury accumulated from sales of PSYC.

PSYC holders have the right to claim an apportionment of PSY at the end of each Fibonacci cohort that is calculated by the following formula: ((# of gov decisions PSYC holder participated in during cohort) / (# of PSYC gov proposals made during the cohort)) * (767,506.16 / # of PSYC in existence)))

PSY Rights, Duties, and Powers

PSY holders have the right and power to vote-kick PSYC holders. A vote-kick, when passed, would unilaterally burn the target PSYC without egoDeath.

PSY holders have the right and power to govern part of the PsyDAO treasury with authority delegated by PSYC holders.

PSY is fungible and can be held by anyone; 1 token = 1 vote.

Governing Process & Rules

PsyDAO Association follows cooperative principles in accordance with the Limited Cooperative Association Act as well as Elinor Ostrom’s 8 principles for managing a commons.

PSYC governance decisions are made with a simple majority vote on a proposal-by-proposal basis. A proposal is considered automatically passed when the majority of “yes” votes (as calculated by the size of the current Fibonacci cohort) have been made on the relevant governance platform, e.g. on discord or snapshot.

PSY governance decisions are made with a simple majority vote and the community can govern the value of each vote (e.g., can govern in quadratic voting for PSY, etc.).

PSYC has veto rights over PSY decisions.

There are only two voting options for PSYC proposals: yes or comments. The comments become interpretative guidance for implementing and administering the proposal if it ever passes.

PSYC proposal comments and veto decisions may be made and governed in a private channel and/or publicly on Snapshot, with public proposals referencing the commentary.

Every Member of the PsyDAO Association, including every PSYC holder, accepts a legally binding duty of care to the governance and administration of this proposal as well as to the Progress of tokenized psychedelic Science and Art.

PsyDAO uses Ulex 1.2 to govern disputes.

Method for Decentralization

PsyDAO progressively decentralizes in Fibonacci sequence, inspired by psychedelic Science and Art.

PSYC tokens are distributed in Fibonacci batches such that the number of Members grows in Fibonacci sequence: 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144… Upon ratification of this proposal by the initial 3 PSYC holders, the final cohort minted will consist of 21 PSYC.

Each Fibonacci cohort has the right to make up to 3 governance decisions before distributing the next batch of Memberships. For example, the initial cohort of 21 PSYC holders can make up to 3 governance decisions before distributing the next batch of 13 PSYC, thereby further decentralizing into the next cohort of 34 PSYC holders. The 34 PSYC holders can then make up to 3 governance decisions before distributing the next batch of 21 PSYC, further decentralizing into the subsequent cohort of 55 PSYC holders.

PSYC delegates its authority over part of the PsyDAO treasury to PSY holders while maintaining a veto right over PSY decisions.

102,334,155 PSY tokens are minted and 20% of the supply is sold in a fixed-price token sale at $0.1 per PSY that remains open until all PSY in the token sale are sold or PSYC holders vote to close the token sale.

This proposal operates as an adhesion contract that one must agree to anytime they receive a PSYC token.

This proposal may be updated from time to time, in accordance with the will of PSYC holders and the evolution of interpretive commentary that each PSYC holder may provide. PSYC holders agree that the most recent version of the proposal shall be the governing version.

Manifesting Progress

As an open care commons that stewards the ethical trade of tokenized psychedelic Science and Art, PsyDAO manifests Progress anytime PsyDAO tokens transact.

Members recognize that for some people, manifesting the Progress of psychedelic Science and Art is a sacred act and religious practice. Members agree to respect one another’s practice of Progress in good faith, and with the deference that one wishes others to offer to their own practice.

Adhesion

By using your PSYC to interact with PsyDAO, including voting on proposals, you acknowledge that you have read and understood these terms, as well as the information in the links they contain. You accept a legally binding duty of care over the governance and administration of this proposal, as well as to the Progress of tokenized psychedelic Science and Art.

You can vote “yes” or “no"