Mutual Governance: LG token

ABSTRACT

Multi-class on-chain governance token based on ERC1155, works with withtally.com for proposals and voting, extends Open Zeppelin Solidity framework with ability to declare different voting power weights/classes. Backwards compatible with ERC20.

BACKGROUND

ERC20 - widespread standard for tokens on Ethereum. ERC1155 - emerging standard for fungibility-agnostic token sets. Open Zeppelin - popular well-audited and robust framework for Solidity smart contract development. On-Chain Governance - DAO system whereby smart contract functions may be proposed, voted, and executed with public UI ecosystem, timelocked controllers, and other purposes. Voting Power - the weight of an account-cast vote based on a token balance.

LOCI MUTUAL SOLUTION

ERC1155 provides a perfect interface for managing a set of related tokens from a single contract with a single address. Given a single ERC1155 contract address, the different classes of shares may be represented as integer token identities e.g. Founder = 0, Preferred = 2, Common = 3, etc. This project will extend existing Open Zeppelin governance solution to ERC1155 in such a way as to weight voting power per ERC1155 token identities.

LG and LGy Token structure:

Loci GLOBAL (LG) tokens represent voting power held by Loci associates for on-chain governance of mutual property assets. The DAO distributes two classes of voting power--350,000 LGY founder shares with 35% of voting power and 440,650,000 LGC common shares with 65% of voting power.

440,650,000 LG as ERC1155 65% voting power
    350,000 LGy as ERC1155 35% voting power
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441,000,000 LG  as ERC20

Loci Mutual is deploying a single smart contract based on ERC1155 and ERC20 that will allow holders to hold either token class while at the same time providing ERC20 semantics for standard online wallets. The initial holder of the LGY token is mutual charitable foundation.

Holders from both classes may issue proposals for governance via UI such as withtally.com and their respective voting power will be determined based on the particular class.