Scope
The DAO will be responsible for the project’s charitable donations. On the occasion when a celebrity does not unambiguously allocate their “stocks” for a charity, the community will allocate the assets on their behalf. The DAO can request via an unbiased governance vote any community-building initiatives, competitions, technical improvements, etc. The fee rates, loan-issue policies, and new utility functionality of tokens will be decided and implemented by the Favrr team.
Out of scope:
Changes to rewards and fee structure.
Protocol code of any kind.
Token issuance and burn policy.
Phase 1: Charity Audit
Before a charity is proposed, it must be audited by Favrr to be eligible to receive the Favrr Foundation sponsorship.
Charities can be selected and proposed by Favrr or the community forum.
Once a charity is selected, audited and approved, it is added to the list of options for sponsorship. When at least 3 charities have been vetted and approved, a governance vote can commence.
Phase 2: Donation Proposal
After charities have been vetted and a budget for donation set aside, the results of their audit and a brief of their activity is released to the community. Reading the source documents is not mandatory, but is encouraged to ensure the best causes are selected and receive the most funding.
Voting begins 24hrs after the information detailed above is disclosed and lasts for 5 days.
A minimum of 5% of total Voting Power needs to be cast to achieve quorum, or the vote is not considered valid. In the case of an invalid vote, all charities and funds are rolled over for the next vote when at least 3 more charities are added as options.
When the 5 day voting period ends, the funds are allocated pro-rata to all charities based on the votes cast in their favor, e.g. if one charity receives 40% of the votes and another - 15%, they receive 40% and 15% of available funds.
The distribution of funds is done via the Favrr Foundation and disclosed properly to the community
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