The Bitcredit DAO
The Bitcredit Protocol is designed as a perpetetual, autonomous organisation. Its decentralised ungovernance and continuous funding aim to make it self-sustaining and censorship-resistant.
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Why a DAO?
Why a DAO?
Bitcoin is a peer-to-peer network where thousands of independent nodes worldwide validate and record transactions, with no central authority able to control the ledger. Consensus rules are enforced by the network itself, not by any single government, company, or person.
The Bitcredit DAO mirrors these principles with cryptographic infrastructure. Funding and decision-making need no legal entities, bank accounts, or reliance on traditional fiat laws. No nation-state's permission is needed, thus all central points of failure are avoided.
Ungovernance
Ungovernance
Bitcoin has no governance. Neither has Bitcredit Protocol, but with a twist.
Open to every $e-IOU holder. Any holder can submit a proposal, covering token distributions, strategic decisions, or work approvals, provided it includes clear deliverables, a GitHub link, and at least three seconders.
Proposals go to a randomly selected voter sample, with votes weighted by token holdings and capped at 20% per address to prevent undue concentration of power.
Approved proposals are signed by randomly selected e-IOU holders via a quarterly Acclamation Vote. Once passed, e-IOU are released via a multi-signature wallet requiring at least these signatories' signature. All voting is blinded, immutable, and decided by a 65% supermajority rule.
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