Improvements in the ITO Review Committee & Application Process (Closed)
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 the user experience.
During the ITO attempts in the last few months, we received many applications to the Community Choice ITO, went through two rounds of ITO Review Committee, and assisted projects including Lever, O3 Swap, DAOSquare, and Evanesco to launch ITO, providing free support like smart contract deployment and marketing, which has been recognized by our partners and community members. The Snapshot votes we proposed have accumulated more than 200 Million $MASK votes and over 10,000 ITO participants. Meanwhile, we found some underlying issues and risks in the current Permissionless ITO and Community Choice ITO guidelines.
Permissionless ITO could be risky and cause potential economic loss, while the communication process for Community Choice ITO projects has been ambiguous and lengthy. The ITO Review Committee plays a vital role in the examination of Community Choice ITO projects. However, there are issues such as Committee members lacking representation of the community, and the low efficiency of the discussions among committee members.
To find feasible solutions to the issues raised above, we would like to propose changes to the existing guidelines of Permissionless and Community Choice ITO, and the ITO Review Committee. We will post 3 Snapshot votes, each lasting 48 hours. All $MASK holders have the right to vote “Yes” or “No” to show support or against the Snapshot proposal.
Below are details of the three Snapshot votes:
Proposal 1: Improvements in the Permissionless 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 the user experience.
ITO was originally designed to be a fully permissionless function that is free and open to anyone. However, we have also found and foresee more scammy activities around the ITO that’ll potentially cause loss of our users.
Proposal
In order to avoid such loss and at the same time create more value and use cases of the $MASK token, we are proposing a $MASK deposit requirement for Permissionless ITO launching. The deposit will set a threshold to Permissionless ITO, and be the precautionary act if the launched ITO is found to be scammy later. More details about the deposit could be further discussed on the Mask Forum after it goes online.
Note:
Projects that plan to do a “Community Choice ITO,” but do not pass the vote by either ITO Review Committee or the Mask Network community Snapshot vote, could also deposit $MASK (pending the voting result) to launch an ITO.
The Snapshot vote will last for 48 hours, and all $MASK holders could vote “Yes” or “No” on whether we should set a $MASK deposit requirement for Permissionless ITO launching.
Proposal 2: 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”:
- 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.).
- 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.
- 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.
Proposal 3: Changes to the ITO Review Committee
Overview
After the ITO update in April, we introduced the ITO Review Committee who conducts the preliminary review for projects that apply for a “Community Choice ITO.” After examining a few projects with the ITO Review Committee, we noticed issues such as Committee members lacking representation of the community, and the low efficient communication between committee members. We thereby propose an update in the rule of the ITO Review Committee.
Proposal
We propose that each round of the ITO Review Committee will be composed of three parts: users by application, active Mask community members, and personnel from relevant organizations with professional backgrounds. There will be 11 members per round, and each term is extended from 15 days to 30 days.
1/ Users by application. (People who meet any 1 of the following criteria can fill out the application form)
-Users who hold at least 1000 $MASK.
-Interacted with the Mask Network’s contract at least twice, including ITO participation, red packet claims, NFT auctions, etc.
-Posted at least 3 encrypted tweets using the Mask Network plug-in feature before May 30, 2021.
2/ Active Mask community members
-Users who are active in Mask Network Telegram, WeChat Group, Discord, Mask Forum on a daily basis.
-Users who offer constructive opinions about Mask Network.
3/ Personals in the field (blockchain, investment, research institutions, media, and relevant organizations, etc.) will be invited to the ITO Review Committee.
- They have professional backgrounds in blockchain, investment, research, media, etc.
- They will provide professional opinions, and review projects objectively.
While still in the term, Committee members could withdraw from the Committee freely. Meanwhile, members of the committee who failed to fulfill the duty* could be disqualified from the Committee. Mask Network will add nominees if there are any vacancies.
* “Failed to fulfill the duty” refers but is not limited to one of the following situations:
- Never participate in the discussion or give feedbacks within the one project’s application period
- Neither vote nor called a clear abstention vote for more than 2 times during the voting period
- Seeks personal gain as a member of the Committee
- Other actions that compromise the collective benefit of the MaskDAO
The voting result from the $MASK community will decide whether these new rules apply to the future ITO Review Committee.
The Snapshot vote will last for 48 hours, all $MASK holders could vote “Yes” or “No” on the changes to the ITO Review Committee.
(This phase has completed)
