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AGP Title Author Status Track Created
35
Edgeware Lockdrop Participation
Thom Ivy (@ThomIvy)
Approved
Finance
2019-04-04

AGP-35: Edgeware Lockdrop Participation

A proposal to approve the timelocking of funds from the Aragon multisig to an Aragon Association-controlled lockdrop contract for the purpose of participating in the Edgeware network launch, with method and amounts to be determined by the Aragon Association.

Address of the Transfer Recipient:

TBD, to be created at the time of lockdrop participation.

Amount of the Transfer:

Timelock up to 40,000 ETH for 3-months in the Edgeware Lockdrop at the discretion of the Aragon Association. Potentially signal the remainder of the Aragon treasury.

The amount to be locked can be adjusted, and the created EDG will remain under control of the Aragon community.

Number and Frequency of Transfers:

1

Finance Track Requirements:

The lockdrop contract code is GNU-GPL licensed. The Edgeware node is GNU-GPL licensed.

Purpose of the Transfer:

To participate in the Edgeware ‘lockdrop’ by time-locking ETH. Aragon’s participation in the lockdrop will allow Aragon to receive EDG tokens while retaining their ETH holdings. Participation in the lockdrop will also support Aragon’s exploration of Polkadot and Substrate as a next-generation platform for Aragon DAOs.

What is Edgeware?

Edgeware is a WASM-Based smart contract platform blockchain built on Parity Substrate, which is being launched with the intention of becoming the first smart-contract Polkadot parachain. Edgeware is expressly designed to facilitate advances in on-chain governance of blockchain protocols using value-bearing networks. Governance rights are provided in the form of its native token EDG.

To obtain EDG, participants must participate in a ‘lockdrop.’

Funds will be held in a time-lock for a chosen duration, and then released back to the Aragon multisig, and this act of locking funds will award an amount of EDG tokens proportional to the locked amount and duration of lock. The goal of this action is to receive EDG tokens, allowing participation in the governance of the Edgeware blockchain, and indirectly in the Polkadot ecosystem.

Why should AA participate?

Aragon Association stands to gain EDG tokens that provide a direct voice in the evolution of one of the earliest experiments in community-owned protocol governance. Furthermore, participating in the lockdrop will also support Aragon’s exploration of Polkadot as a platform for the future development of an Aragon chain. Edgeware’s development of novel governance modules (including digital identity, voting, and tally types) will provide useful reference implementations for other Parity Substrate chains and support Aragon’s long-term mission.

What is a lockdrop?

See article “Whats in a lockdrop?” https://medium.com/commonwealth-labs/whats-in-a-lockdrop-194218a180ca

How is a lockdrop executed?

Participants interact with the Lockdrop Contract Deployer to produce an individual and unique lockdrop contract.

What are the Edgeware Lockdrop Options?

We request that Aragon Association participates in the network launch via the lockdrop. Lockdrop Configurations vary depending on the level of participation or share of available EDG tokens one wishes to receive. The management of risk and commitment is modulated through two variables, one discrete and one continuous: Lock Duration and Amount. These options are outlined below:

  • ‘Signal’ Participation: No funds are locked, but the amount of ETH in the wallet can be signaled akin to a CarbonVote. The weighting for shares received of the total EDG created is 0.6x the ETH signaled. There is also a 12-month delay on the issuance of the EDG, which consequently means that signaling recipients cannot stake or participate in governance actions of the protocol at early critical stages.

  • 3-Month Lock: Funds are locked for 3-months, and EDG tokens are awarded at moment of lockdrop contract fulfillment. At the end of that 3-month period, locked ETH is returned to the control of the issuing wallet.

  • 6-Month Lock: Funds are locked for 6-months, and EDG tokens are awarded at moment of lockdrop contract fulfillment. At the end of that 6-month period, locked ETH is returned to the control of the issuing wallet.

  • 12-Month Lock: Funds are locked for 12-months, and EDG tokens are awarded at moment of lockdrop contract fulfillment. At the end of that 12-month period, locked ETH is returned to the control of the issuing wallet.

The amount of ETH locked from the multisig could be any amount out of the Aragon Treasury, but this is something that the community should discuss!

Recipient Information:

Organization: Aragon Association
Name: Aragon Association Multisig-initiated EDG Lockdrop Contract

Managing Team Member:

TBD, Aragon Association Team Member may monitor lockdrop process, with assistance from Edgeware community on Telegram or Discord.

Resources:

License

Copyright and related rights waived via CC0.

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