X7 Multisig Wallet Signers - Eligibility Requirements

On November 20, 2023, a DAO Proposal (Community MultiSig Wallet Signers - Eligibility Requirements) was narrowly passed. Rather then leaving the DAO divided over this issue, this proposal is designed to amend the November 20 proposal so that we can move forward more united as a community.

The major points of disagreement centered around:

• did it apply to the X7 Community Mulitsig Wallet as well. This confusion arose because of a difference between the wording of the title and the actual wording of the proposal. I accept full responsibility for this lack of clarity and apologize for it. I will try to do better in any future proposals I draft.

• “Skin in the Game” versus “Sweat Equity”. While a narrow majority felt it was important for a signer to have “Skin in the Game” demonstrated by holding a minimum of 500,000 X7DAO tokens (currently worth US$1,700), a large minority felt it was important to recognize “Sweat Equity” – those who may not own 500,000 X7DAO, but are putting in substantial amount of work to help make X7 successful.

• What about people who own a lot of X7R or X7101 thru X7105 tokens but not so many X7DAO tokens?

• What would happen when the price of X7DAO went up, so instead of taking a US$1,700 investment to buy 500,000 X7DAO, it took US$17,000 or US$170,000 or US$1,700,000 (I dream about the day)

• Not enough time for discussion before the proposal was presented, not long enough to vote, there should be a minimum quorum required, etc.

To address these issues, this proposal seeks to amend the November 20 proposal in the following ways:

• Change the requirement for “All” signers to hold 500,000 X7DAO tokens to a “Majority” of signers. So if there were 5 signers, 2 would not need to hold 500,000 X7DAO. By way of example, I understand out of the 5 current X& Community Multisig Wallet signers only 2 of them do not hold 500,000 X7DAO tokens. This would go some way to address the “Sweat Equity”, “owning other X7 tokens”, and the “what if the price of X7DAO token was a lot higher” concerns.

• Since much of the discussion surrounding the November 20 proposal concerned the X7 Community Multisig Wallet, make this proposal apply to all X7 Multisig Wallets including the X7 Community Multisig Wallet, but put transitional arrangements in place for the X7 Community Multisig Wallets so as not to cause undue disruption.

• The transitional arrangements for the X7 Community Mulitsig Wallet being that, except for the need to fill vacancies, neither this or the Nov 20 proposal would apply to the Community Multisig Wallet until the Sept 30, 2024 election.

Amended Proposal

1. That a majority of X7 Multisig Wallet signers should be members of the X7 Finance | DAO Gated Telegram Channel (and therefore hold 500,000 X7DAO tokens). Subject to the transitional arrangements outlined below, this proposal applies to the X7 Community Multisig Wallet as well.

2. If this proposal passes, the X7 DAO will make a call for volunteers to serve as a signer of the Multisig Wallet (Herein after referred to as the “X7 Protocol Multisig Wallet”) that the X7 DAO is going to ask the X7 Anonymous Devs to either assign ownership of the protocol and/or delegate power over smart contracts, functions, liquidity, etc. This call for volunteers shall remain open for 7 days.

3. A proposal shall then be submitted for the community to elect the signers for the “X7 Protocol Multisig Wallet” from the list of volunteers. The signers shall be those that receive the 5 highest number of votes, provided at least 3 of that highest number hold more then 500,000 X7DAO tokens. If less then 3 hold 500,000 X7DAO tokens, volunteers who are among the top 5 vote holders, but do not hold 500,000 X7DAO shall be eliminated if 2 others (who do not hold 500,000 X7DAO) received more votes then them.

4. Thereafter, elections shall be held on or about September 30th each year. Elections to fill vacancies (because the signers X7DAO balance dropped below 500,000 or otherwise) should be held within 30 days of the vacancies arising.

5. “X7 Community Multisig Wallet” transitional arrangements – except is the case of where a vacancy needs to be filled, the Eligibility Requirements for X7 Multisig Wallet Signers shall not apply to the X7 Community Multisig Wallet till September 30 2024.

6. This proposal reaffirms that the “X7 Community Multisig Wallet” holds the X7 DAO Treasury and the signers are accountable to the X7 Community as represented by the X7 DAO.

Since I do not have a better solution to present (if you do, please feel free to submit a proposal) this proposal does not address the concerns expressed re:

• Not enough time for discussion before the proposal was presented,
• not long enough to vote,
• there should be a minimum quorum required, etc.

Conclusion I think it is important to keep the X7DAO as united as possible. if any proposals I present in the future are passed by a narrow margin like my November 20 proposal, I will do as I have done this time and suggest solutions/amendments that I hope will help gain broader support for the proposal and therefore help maintain X7DAO unity.