Governance

This explains the Governance of the system including the punishment system.
The inspiration for a Governance system & also a punishment system was:

  • Governance system: Should mean a company and therefore a market that will function well.
    There are lots of individuals that know this sector much better than me.
    [I do technology design and implementations I do not do law “stuff”].
    It does need little overhead though.

  • Punishment system: A punishment system keeps users in line. People[especially Anonymous individuals] can be extremely PVP at times thus sometimes they need to be reminded of their accountability.

DAO or Dhow?

In order for Governance in this context to work there is a couple of qualities it should have

  • No one likes long meetings that do not go anywhere.
    No one likes meetings on a Friday
    No one likes eating into their billables

    Summary:
    Low overheads and little admin

  • “Let me just check with my boss”
    “who will just check with his boss”
    Summary:
    It should be autonomous; individuals should be empowered to make decisions

  • Crypto is not about Satoshi or someone else hoarding money its about empowering individuals
    Summary:
    Everyone is represented[in a late 18th Century sort of way to make it manageable]

Thus I am proposing that Governance of the system will be in the form of a DAO [A Decentralised Autonomous Organisation].
Each ecosystem could end up with multiple DAOs each doing something different and so on
[DAOs also allow for the presence of governance tokens, something that is not going to be talked about at the moment]

The Mandate of the DAO is help develop the market out, it should be seen as a collaboration rather than a competitive endeavour.[Also a random Startup/founder is never going to disrupt the market on their own no matter how much Hopium/Copium one uses]

Each firm can ONLY hold one position[to prevent “state” capture]
&
Each is a Royalty Partner.

Hierarchy

““speaker who offers authoritative judgments, advice, or commentaries that are consistent with sound moral principles””
— Sven Yargs on the etymology of the word Benevolent dictator [English stack Exchange 2022]

  • Having grown up under two of the best benevolent dictators: Sheikh Zayed and Sultan Qaboos.
    I decided that I would seek to emanate that same counsel thus:
    The Orb represent my right as creator and founder to ensure that a high moral standard is adhered to.
    The rod signifies my “flock” which in this case is the ordinary person who have in some cases been royally messed about.
    The empty chair signifies the fact that this will be temporal

  • The legal advisor/arbiters role is to advise me & the company in matter relating to law & other matters I have no expertise in.
    The position will be domiciled in London UK.
    The first occupant of the position will be chosen by me after which it will be chosen by the DAO via a “blind” election.
    If required they will have the mandate to prosecute market breaches on behalf of the company.
    The position will be paid when possible[the market rate of their chambers]

  • The First Position will be filled by a representative of a Magic Circle law firm.
    Put simply an ecosystem such as the one that is being designed will not function without one.

  • The USA is a large market for litigation[including class actions] therefore the USA will have a representative.
    White & Case are time barred for two years due the issues that they have caused victims of the Celsius crypto bankruptcy

  • The Middle East is increasingly becoming a centre of commercial litigation but also for fugitives to take up residence. Thus I think its important to foster relations to improve outcomes.
    Note: The firm must be homegrown and naturalised[i.e another USA firm cannot use this to get another position via proxy]

  • Singapore unfortunately has found itself on the front of some complex and messy crypto litigation and bankruptcies, thus I think its only right to learn from them.
    Again firm must be homegrown and naturalised.

  • Many of the BRICs countries have aligns[business and otherwise] to China thus in order to give us wiggle room during policy transitions. Either will be permissible.
    Ideally a Chinese firm as they are a large economy .

  • A funder that can provide liquidity and other market engineering tools is incredibly important for the health of the market.
    Due to the transient design of this system I could envisage a litigation funder being bought by a bank depending on the value & size

  • Nearly 190M USD of claims are currently going underserved because victims cannot connect with good quality lawyers and vice versa.
    Thus this position is given to them to give them a voice. I think given that this position is royalty earning. It would be tenured for a year and rotate across a number of themes and jurisdictions.
    Potential first: Operation Shamrock

Punishment


Punishments range from making the system more expensive to interact with, in terms of gas fees through to “reaping” of the SBT which is akin to banning the individual or organisation outright from ever interacting with the system.
After reaping if they continue to interact with the system they will be prosecuted.
Similarly those involved in verification that is poor/bad will also be penalised accordingly.

To begin with the punishment system will need to unfortunately be manual; but overtime there will be efforts to bring in proof of reputation computation into the system thus rendering punishment an automatic process with little human influence .