Recently some members from our community have asked where The Renascence DAO will eventually go or what kind of content the DAO will incubate, in addition to questions such as how to get involved? Here we try to answer and give more details about the co-creations. We believe that a decentralised organisation does not equal complete anarchy. We’ve formed the first version of the mechanisms. Let’s start from the foundation.
Where will this project go?
Our initial intention is that in this DAO, everyone can participate in the creation process, and the contents which are liked by the public will bring more profits for the creators and stakeholders. The ones who back a creation will also share the ownership and governance rights of the creations and earn profits.
Since no co-creating DAO existed before, we should carefully explore its mechanisms step by step. We decided to begin with the character design, which could be the most vivid and narrative entity. During this second launch of the co-creating process(the first one was in late November, many stories were co-created by our early access members), we are experimenting with the governance mechanisms as follows:
- A creation should be evaluated according to its popularity and quality.
- The creators should be rewarded based on two factors: the value of the creations and the proportion of the creators.
- The eligible members should have the ability to govern the contents and share the rewards for their behaviours, such as proofreading, translating and decision making.
The current saying is that contributors in this co-creating DAO should earn the contribution points as rewards. We hope that each of our co-created entities will have their backers and that this positive cycle will empower the community.
We’d love to welcome any of you with good ideas to join as a DAO member and co-create in The Renascence. We believe in the power of community, and with your efforts, everyone will enjoy this journey no matter where it goes.
The value of a co-creating DAO is based on its accumulated creations
We admit that although good traffic and active members are significant in a community, it should not be the only measure of a co-creating DAO. The accumulated works are essential. They will generate a long-tail effect: inspiring more newcomers and eventually creating more business value. Also, the creators and backers of these creations should benefit from the long-tail.
In The Renascence, we’d like to define an atomic level creation as “an entity”, representing a character, a technology concept, a kind of item, a place or an organisation. These entities need to be described properly. Let’s take a character as an example, the basic puzzle pieces of a character could be as follows:
- Bio info
- Skillsets & professions
- Stories and tales
- Personal timeline
- more info…
With more entities, more creative content can be generated. Character A, created by author Jenny could go to Place B created by the author Zack and encounter Character C created by Louis. That’s how a story happens!
We believe more content will attract more potential consumers and benefit the DAO with more returns. The Renascence DAO will grow more prominent with a higher valuation with the contribution points, as we mentioned before, outside this DAO. THiNG.FUND works on establishing an ecosystem with collectors(investors), artists(creators), fans(audiences) and others to make a closed loop. When the community grows, it will also attract more consumers. More valuation will also encourage the creators. Details could be seen as below:
A fundamental concept for co-creating entities
You could create a new entity, revise an existing entity at this moment:
About [Create a new entity]
About [Revise an existing entity]
If you want to enrich an existing entity or modify it, the revision needs to be put in a voting process. The eligible owners(such as creators, stakeholders, DAO council members, etc.) can vote and decide if the revision should be merged with the original one or rejected.
Even if your revision is rejected, it doesn’t mean that your efforts are meaningless. A forked entity will be created like another Peter Parker in a new comicverse. It still can attract fans, co-creators and generate more future values independently.
We understand that Web3 infrastructures and DAO governance tools are still under development. There’s a long journey ahead. We are making progress step by step during this fascinating exploration with your participation and fellows in the Flow ecosystem. Right now, we are working at the following goals:
- A wiki-based co-creation database. This highly customised Wiki is a solution for the co-creating process at the current stage. It stores all the creations, revisions and their ownership and copyrights. We will also look for a more decentralised solution in the future.
- We will progressively practise the co-creating process to find a feasible mechanism for the co-creating DAO. It will contain creating, collaborating, revising, rewarding, voting, evaluating, staking, distributing and other sub-mechanics to serve this DAO better.
Some links to reach us: