VITA-FAST Governance and Constitution

VITA-FAST Stakeholders

Stakeholders include VITA-FAST token holders, VitaDAO, the Korolchuk lab, Newcastle University, Molecule, and any service providers, as well as any other natural or legal persons who consider themselves affected by or otherwise interested in VITA-FAST.

Members of VITA-FAST Governance

A member is anyone who holds $VITA-FAST, the token to govern the Korolchuk IP-NFT. Tokens can be obtained by purchasing on a DEX or working for the project. Members have full governance rights and can participate in governance on Discord (informally) and via token-based voting (formally).

Token holders are the ultimate authority in what happens with the Korolchuk project via the $VITA-FAST governance token.

Working Groups and Squads

Currently, active Working Group streams relevant to VITA-FAST are:

• Longevity Working Group

• Community & Awareness

• Operations

• Builder Squad

Service Providers

• Molecule AG
  • Molecule Product and Tech WG
  • Molecule Biotech Program

Project Stewards

Governance related to VITA-FAST is supported by a steward and the creation of a governance squad who helps coordinate project related activities and tasks for the project from VitaDAO.

• Stewards execute and make decisions on a day-to-day basis within the bounds empowered by the token holders.
• A VITA-FAST steward is appointed by VITA-FAST holders
  • The Builder Squad in VitaDAO may propose a candidate of their choice
  • Individuals can submit a proposal to run for steward
  • Elections will be carried out to formally appoint this steward amongst VITA-FAST holders in a subsequent “Project Lead” proposal
• Stewards can be challenged by VITA-FAST holders, or a new steward suggested
• The VITA-FAST Steward, can be a member of the commercialization squad / Longevity Dealflow WG within VitaDAO though and act as a conduit for communications between the VitaDAO community as token holder, and the VITA-FAST project.

Governance Framework

VITA-FAST token holders are in control of all governance decisions by voting on VITA-FAST proposals. Proposals vary by type and follow the process specified below. VITA-FAST members’ votes are weighted by the amount of VITA-FAST tokens they hold.

In the future, VITA-FAST token holders may delegate votes to members of their choosing and typically will do so to members with more domain expertise.

US persons will not be allowed to participate in VITA-FAST token governance unless otherwise permitted by law. Purchase of VITA-FAST by US persons is against the VITA-FAST terms.

Multisig

VITA-FAST uses a Gnosis Safe multisig with four signers, who are trusted individuals voted in by the community. The VITA-FAST multi-sig signers secure the multi-sig and execute the will of the VITA-FAST token holders, as defined by the token holders and Stewards. A request for nominees from amongst existing VITA-FAST token holders may also follow. They are not a decision-making body. The list of signers is as follows:

1. Alex Dobrin (@alexdobrin), Awareness Steward
2. Eleanor Davies (@eleanord)
3. Jesse Hudson (@jessehh)
4. @schmackofant

Note: Alex and Eleanor they are acting in their capacities as caretakers/representatives of VitaDAO, and not in their personal capacities

Soft Governance

In principle, as many decisions as possible should be made using a soft governance mechanism via Discord. As a general rule, on-chain votes are required for high-stakes decisions that

• revolve around the treasury and a certain level of expenses – ≤ $10,000 USD equivalent
• revolve around the rules or the rules to change the rules [the constitutional process] or
• revolve around membership and enforcement of norms [punitive measures].

Other decisions should be taken through soft governance.

Proposal Process Overview

1. Phase I: Informal - Post in VITA-FAST Token-Gated Channel in Discord

→ Community support indicated by Discord vote (5 votes)

2. Phase II: Formal - Creation of thread and discussion with Phase II tag in Discord

→ Community support indicated by Discord vote (20 votes)

3. Phase III: Upload to Snapshot for token-based vote

→ Community support indicated by token-based vote

Phase 1: Specification on Discord

This phase requires threads to be created in the VITA-FAST token gated Discord forum channel. This information must be non-confidential.

Title → 30-60 characters

Teaser → First approx. 120 characters of the content below are shown on the Snapshot main page

Summary → 200-400 characters in one paragraph

Details → any length, any formatting, should include media and hyperlinks, must include sections on motivation, specification and implementation

In addition to these fields, Phase 2 proposals must include a single-choice poll on the proposal outcome giving the options “Agree”, “Agree with revisions” (requiring a comment), and “Disagree”.

• Agree

• Agree with revisions (please comment)

• Disagree

[/poll]

The proposal author is responsible to incorporate comments from “Agree with revisions” votes. If their comment is fully resolved, commenting authors are supposed to change their vote from "Agree with revisions” to “Agree”.

Duration

Minimum: 1 day Maximum: 1 week

Passing Requirement

For proposals to successfully pass from Phase 1 to Phase 2, there must be one outcome with a relative majority of votes on a Discord poll (minimum 10, and majority yes).

Phase 2: Consensus on-chain (Snapshot)

Proposals are moved to Phase 2 by posting the proposal to the VITA-FAST snapshot. It will be the responsibility of the multisig signatories to ensure proposals are posted to Snapshot without delay. In addition, the multisig signatories will be responsible for notifying the VITA-FAST token holders via Discord and Telegram ensuring all token holders receive adequate notification.

Additionally, VITA-FAST holders have the option of assigning their voting power to a delegate on Snapshot.

Phase 2 Duration

1 day

Passing Requirement

Majority vote with 5% quorum of circulating token supply via formal token-based vote. Snapshot votes are shielded to prevent voting bias and to combat voter apathy.

Identical or nearly-identical proposals that do not pass Phase 2 on Snapshot, can be reintroduced right away under certain circumstances.

Governance Incentives

To create an incentive program for generating productive governance proposals, VITA-FAST holders who create proposals that are passed on Snapshot will receive a 20 VITA-FAST reward.

VitaDAO voting on VITA-FAST issues

VitaDAO is able to participate in VITA-FAST governance relative to the circulating supply held by holders other than VitaDAO.

Today, 20% of the supply of VITA-FAST is currently distributed to holders other than VitaDAO. Therefore, VitaDAO can vote with 20% of the VITA-FAST tokens. VitaDAO holds 69% of the VITA-FAST supply equal to 690,000 VITA-FAST. Therefore today VitaDAO would be limited to voting with 200,000 of that VITA-FAST.

VitaDAO and other parties agree to abstain from votes where it is deemed to have a conflict of interest by a third neutral party.

VITA-FAST Majority Rule and Minority Rights

To implement a majority-rule for decision-making for VITA-FAST holders, a ⅔ supermajority principle will be put into action for adjudicating IP-NFT licensing contracts. A licensing deal will be deemed approved only if it secures the favor of more than ⅔ of token holders. As such, an approval would drag-along all VITA-FAST token holders to the decision. In addition, to safeguard the interests and prevent extreme dilution of minority token holders, any proposal to augment the quantity of VITA-FAST must also achieve endorsement from over ⅔ of the token holders.