Where are the funds going to be stored?
Our funds are stored in a Gnosis multi-sig with five of seven signers. Signers can be elected and rotated based on the MoonDAO governance.
What are the risks?
Crypto and web3 involve emergent and rapidly-developing technology and there is always a risk of unforeseen issues could impact us. Although we feel strongly that we have made everything as secure and foolproof as possible given the time constraints, we feel that it’s important to inform the community that these are possible risks:
- Despite the many layers of protection we have in place, the Gnosis Multi-Sig wallet could be affected by theft, loss of keys, or fraud.
- While the community has thoroughly vetted these contracts and our contribution platform has been previously battle-tested with millions of dollars secured, there is always the possibility that a smart contract could be hacked due to an unknown vulnerability.
Am I receiving ownership in exchange for my contribution?
No. You are receiving a governance token, not fractionalized ownership. Governance includes the ability to advise on the mission, values, and operations of MoonDAO as well as the allocation of resources to projects that the DAO supports. MoonDAO is taking donations and donors are receiving governance tokens with no expectation of profit. These donations are not tax deductible at this point in time.
Will the core team receive any of the raised funds for themselves or get compensated in any way from this?
The team has not pre-minted any tokens. The community determines the appropriate budget for the contributors through the MoonDAO governance.
Why is there a 50% reserve on the token?
The 50% reserve will be goverened by the $MOONEY holders, and can be used to pay contributors for their work on MoonDAO going forward, or could be even be burned if that is the wish of the community. We're not going to dump that reserve on secondary markets and dilute anyone without the consent of the $MOONEY holders. We belieive that the holders of the $MOONEY will likely only do things that doesn't hurt their interest, and that this is offers more protection to $MOONEY holders than letting the DAO potentially deflate the holders by minting more $MOONEY with no supply cap. Rather, we wanted to set a supply limit and leave the DAO with some portion to distribute for work done for the DAO.
How will governance work?
Check out our Governance section and our Constitution to learn more about how we work!