[cws_sc_text subtitle=”” title=”PRO SPORTS DAO” custom_title_color=”#ffffff” custom_divider_color=”#208de2″ custom_font_color=”rgba(255,255,255,0.6)”]The LOCKER DAO will consist of key industry leaders, executives, teams, players and fans and will give distributed ownership over this digital sports community that will form the basis for pro sports to enter the world of crypto.[/cws_sc_text][cws_sc_button title=”Read More” custom_colors=”1″ btn_font_color=”#ffffff” btn_font_color_hover=”#ffffff” btn_background_color=”rgba(32,141,226,0.9)” btn_background_color_hover=”#208de2″ url=”#” custom_styles=”.vc_custom_1548851846874{margin-top: 40px !important;}”]
[vc_empty_space height=”77px”][cws_sc_text subtitle=”DAO” title=”What is a Decentralized Autonomous Organization”]

Understanding the Decentralized Autonomous Organization (DAO)

A DAO is an corporation that is designed to be automated and decentralized. It acts as a form of fund and resource, based on open-source code and without a typical management structure or board of directors, but rather governed by the community members.

Why make an organization like the DAO? The original developers of the DAO believed they could eliminate human error or manipulation of investor funds by placing decision-making power into the hands of an automated system and a crowd-sourced process. Fueled by cryptocurrency, the DAO was designed to allow investors to send money from anywhere in the world anonymously. The DAO would then provide those owners tokens, allowing them voting rights on possible endeavours or decision making within the project itself.

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[vc_empty_space][cws_sc_text subtitle=”LOCKER TOKEN” title=”DAO BY-LAWS”]It is anticipated that the LOCKER TOKEN APP is a Decentralized Autonomous Organization (DAO) will play an important role in helping to shape, expand, and accelerate the global Pro SPORTS World.

Because of this it vital for the organization to operate in a highly transparent and ethical fashion.

The bylaws below provide the community with critical information about how the DAO operates, key leadership roles, expectations, and DAO Founder performance requirements.

These bylaws were ratified by DAO leadership on January 26, 2022.[/cws_sc_text][vc_empty_space]

[vc_empty_space][cws_sc_text subtitle=”DAO RULES II” title=”DAO Objectives and Responsibilities”]The LOCKER TOKEN APP DAO is an, Open Enterprise entity that shall have the following primary objectives and responsibilities:

  • Engaging in activities that help expand the ecosystem of products, services and initiatives around LOCKER TOKEN and other select elastic finance assets
  • Improving understanding and awareness of LOCKER (and other elastic cryptocurrencies) by funding and engaging in education, marketing, communications, and related activities
  • Help to drive investor value with the Appreciation of the LOCKER TOKEN

The DAO shall not:

  • Play an integral role in the governance for the LOCKER APP protocol by, for example:
  • Enabling the LOCKER TOKEN to be utilized for voting on protocol operation
  •  Serving as a means of harnessing collective community action to influence LOCKER APP governance (or governance of other elastic finance protocols not developed by the DAO)

However, the DAO may provide input on issues related to LOCKER APP governance via channels established by the LOCKER TOKEN holders.[/cws_sc_text][vc_empty_space]

[vc_empty_space][cws_sc_text subtitle=”DAO RULES III” title=”Transparency and Ethics Statement”]DAO Founders and Members shall (individually and collectively) operate according to the highest ethical standards, including:

  • Communicating respectfully with members of the community, and refraining from using insulting, defamatory, violent, sexist and racist language
  • Not engaging in speculation or sharing rumors about unconfirmed activities, as communicating about these subjects as DAO Founders can result in market manipulation or be harmful to others
  • Adhering to actions agreed to internally or in public, and refraining from behaving or communicating in ways that are in contrast or at odds with public or private collective decision-making

The DAO shall operate in a transparent fashion by:

  • Producing and publishing regular reports on the DAO’s, spending, communications, initiatives and other activities
  • Engaging in dialogue and conversation about Progress Proposals, which will provide the community with an understanding of how Founders/Members view these Proposals and may vote
  • Clearly and consistently communicating about the DAO’s proposal review process, rationale for approving/vetoing,Progress Proposals, and other issues related to decision-making
  • Being responsive to and respectful of community questions and queries about DAO voting, decision-making, activities and financial transactions quarterly.
  • Utilizing the existing DAO idea/proposal review process.
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[vc_empty_space][cws_sc_text subtitle=”DAO RULES IV” title=”Following the Will of the Community”]In general, DAO leadership (Founders and Members) is obligated to ratify proposals and initiatives that have gone through the Idea Incubator and Progress Proposal process and have been approved by the community via voting.

Any decision to not ratify a community vote for approval shall be guided by the following considerations:

  • The proposal or initiative will harm the DAO, elastic finance ecosystem
  • The vote has been subject to manipulation by adversarial forces or others
  • Technical or project due diligence reveals that project teams cannot fulfill their duties or the initiative is not possible to deliver safely or in a timely manner
  • Other issues that disqualify a project or initiative for funding (such as failure to reveal issues of material concern to the project, past team evidence of misconduct, etc.)

In order to ensure that projects and initiatives can be properly reviewed and monitored, DAO leadership will determine the Progress Proposal community voting schedule.[/cws_sc_text][vc_empty_space]

[vc_empty_space][cws_sc_text subtitle=”DAO RULES `{`VI`}`” title=”DAO Founder Roles and Performance Expectations”]The DAO Founding and leadership team consists of three individuals with primary responsibility in a range of areas including (but not limited to):

  • The DAO’s day-to-day operations
  • Managing DAO communications and community engagement (either individually or collectively)
  • Managing the DAO’s finances, budgeting and transactions
  • Providing input on ecosystem development idea and proposal generation
  • Conducting due diligence on and ratifying projects and initiatives approved by the community via the voting process
  • Delivering oversight, management and reporting of funded projects to ensure they are high-quality and delivered and implemented as expected
  • Developing reports on the DAO’s finances, activities and accomplishments for community review and comment

DAO Founders are not precluded from engaging in activities outside the DAO. However, they shall be expected to engage in DAO-related business daily or at minimum several times a week. Key Founder DAO management responsibilities include (but are not limited to):

  • Attending internal governance meetings (quarterly or when arranged prior)
  • Helping to actively guide the idea submission and LOCKER APP Progress Proposal process
  • Managing DAO projects and initiatives in their respective areas of responsibility (marketing, communications, project development/management and other areas)
  • Being available and responsive to internal and external requests
  • Conducting DAO business to the best of their ability and in a transparent, ethical, respectful and high-quality fashion
  • Communicating regularly with community members about DAO activities either publicly or privately
  • Ensuring each Founder is individually engaged and aiding in DAO operation and management at activity levels that are not substantially below other Founders
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[vc_empty_space][cws_sc_text subtitle=”DAO RULES `{`V`}`” title=”Official DAO Communications”]Official DAO communications channels are outlets the DAO leadership uses to collectively communicate about the official business of the DAO. The official channels for collective communication shall be:

Official communications shall be solely focused on the following topics:

  • DAO initiatives and voting activity
  • DAO-supported projects, products, services and other solutions

Official communications shall not focus on:

  • Rumors or unconfirmed information about LOCKER TOKEN or other crypto assets (such as potential exchange listings or projects)
  • Refer to or promote high-risk projects, initiatives or protocols

In all cases, official communications shall not be made without being reviewed and approved by all three DAO Founders.

Non-Disclosure of Confidential and Material Information

DAO leadership (Founders and Members) shall not disclose confidential or material nonpublic information about projects, initiatives or activities funded by the DAO, its partners or others associated with or working with the DAO. Note that, depending on severity, revealing confidential or material non-public information may result in a vote for removal from the DAO’s leadership team.[/cws_sc_text][vc_empty_space]

[vc_empty_space][cws_sc_text subtitle=”DAO RULES `{`V`}`” title=”DAO Treasury Management”]The DAO Treasury shall be managed by THE DAO Founders (and Members, if seated) according to the following guidelines:

  • Budgets: The DAO shall set up budgets that will:
    • Align with projects and initiatives approved by the community and ratified by the DAO leadership (Founders and Members)
    • Be related to internal DAO needs, such as funding operations, and special projects
  • Budget Approval: Budgets shall have specific thresholds and must be approved by DAO Founders and Members (using the ASDAO Voting Token) prior to implementation.
  • Budget Expenditures: Any expenditure above $15,000 USD shall be disbursed from pre-approved budgets and allocated for spending via DOT Voting. (With the exception of Treasury dividend payments to DAO Founders and Members, which shall be subject to a separate voting and community notification process.)DOTs are non-transferable tokens provided automatically to all DAO Founders and Members. These tokens shall be used to approve allocations of funds from specific predetermined and approved budgets.
  • Funding is Subject to Meeting Specific Project Milestones and Performance Requirements: Funded teams and individuals failing to meet stated performance and delivery requirements will not receive the remainder of funds, if they have not yet been allocated and approved by the DAO.
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[vc_empty_space][cws_sc_text subtitle=”DAO RULES VI” title=”DAO Treasury Management”]The DAO Treasury shall be managed by THE DAO Founders (and Members, if seated) according to the following guidelines:

  • Budgets: The DAO shall set up budgets that will:
    • Align with projects and initiatives approved by the community and ratified by the DAO leadership (Founders and Members)
    • Be related to internal DAO needs, such as funding operations, and special projects
  • Budget Approval: Budgets shall have specific thresholds and must be approved by DAO Founders and Members (using the ASDAO Voting Token) prior to implementation.
  • Budget Expenditures: Any expenditure above $15,000 USD shall be disbursed from pre-approved budgets and allocated for spending via DOT Voting. (With the exception of Treasury dividend payments to DAO Founders and Members, which shall be subject to a separate voting and community notification process.)DOTs are non-transferable tokens provided automatically to all DAO Founders and Members. These tokens shall be used to approve allocations of funds from specific predetermined and approved budgets.
  • Funding is Subject to Meeting Specific Project Milestones and Performance Requirements: Funded teams and individuals failing to meet stated performance and delivery requirements will not receive the remainder of funds, if they have not yet been allocated and approved by the DAO.
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[vc_empty_space][cws_sc_text subtitle=”DAO RULES VII” title=”DAO Member Prerequisites, Seating and Expectations”]DAO Members are MEMBERS HOLDING ONE MILLION LOCKER TOKENS OR MORE MINIMUM.

ALL FUNDS RAISED 65% WILL BE STAKED AND 35% USED AT THE DESICRESTION OF THE LOCKER APP FOUNDERS.

  • Community Spirit DAO Members, Members voting rights will be given based on the following:
  • When the member first became involved (first come over number of tokens held)
  • Number of Tokens purchased will be given voting rights
  • Ambassadors Tokens will not be given DAO holder rights. ( any Tokens Purchased by Ambassadors will be given DAO rights)
  • Individuals who have contributed to the DAO Treasury (which is used to support the DAO’s mission and operations) and have received voting tokens from the DAO

Each class of DAO Member shall be seated as follows:

  • Community Spirit: After a public campaign and community voting process; Community Spirit Members shall have terms of one year and must be approved by DAO Founders and Members for membership, and agree to be bound by the DAO’s bylaws
  • Individual DAO Members: After completing the following steps:
    • All DAO members must be whitelisted
    • Agreeing to a confidentiality statement
    • Completing an application form
    • Reviewing DAO Member responsibilities and contribution thresholds
    • Agreeing to make a non-refundable contribution to the DAO’s Treasury (in exchange for ASDAO Voting Tokens)
    • Agreeing to be bound by the DAO’s bylaws
    • Having their membership approved by DAO Founders and Members

DAO Founder Accountability and Removal

Being a Founder of the LOCKER TOKEN DAO is a significant responsibility, and places Founders in a position of influence and leadership within the DAO. FOUNDERS cannot be voted out of the system. Founders can only be dismissed upon their choice to liquidate Tokens.
As a result all Founders are expected to adhere to the all DAO bylaws — especially those regarding confidential information, communication, transparency, ethics and performance expectations.

If any DAO Founder engages in behavior or activities that contravene these bylaws, or breaks any Legal Laws they will be subject to the following accountability.

  • Notification: The Founder will be notified via internal communications of behavior and/or activities that are not aligned with the DAO’s bylaws
  • Cure: The Founder will be provided with an opportunity remedy the relevant issue(s)

If the Founder engages in behavior that consistently violates the DAO’s bylaws, they will be subject to removal proceedings, which will involve:

  • Communication: Internal communication documenting specific bylaws violations and discussion (they will be provided with an additional opportunity remedy the issue(s))
  • Removal Vote: If necessary, the other DAO Founders (and Members, if seated) will hold a vote to remove the Founder from the DAO’s leadership (a removal vote requires a 60% majority vote to pass)
    • Note: If any Founder is removed from the DAO leadership prior to the completion of their vesting schedule, they shall be able to sell Tokens to date. Any Tokens not sold shall be burned.
  • Notification: The DAO shall notify the community of the removal vote (with relevant details withheld to protect the DAO Founder’s privacy)
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[vc_empty_space][cws_sc_text subtitle=”DAO RULES VII” title=”DAO Member Prerequisites, Seating and Expectations”]DAO Members are MEMBERS HOLDING ONE MILLION LOCKER TOKENS OR MORE MINIMUM.

ALL FUNDS RAISED 65% WILL BE STAKED AND 35% USED AT THE DESICRESTION OF THE LOCKER APP FOUNDERS.

  • Community Spirit DAO Members, Members voting rights will be given based on the following:
  • When the member first became involved (first come over number of tokens held)
  • Number of Tokens purchased will be given voting rights
  • Ambassadors Tokens will not be given DAO holder rights. ( any Tokens Purchased by Ambassadors will be given DAO rights)
  • Individuals who have contributed to the DAO Treasury (which is used to support the DAO’s mission and operations) and have received voting tokens from the DAO

Each class of DAO Member shall be seated as follows:

  • Community Spirit: After a public campaign and community voting process; Community Spirit Members shall have terms of one year and must be approved by DAO Founders and Members for membership, and agree to be bound by the DAO’s bylaws
  • Individual DAO Members: After completing the following steps:
    • All DAO members must be whitelisted
    • Agreeing to a confidentiality statement
    • Completing an application form
    • Reviewing DAO Member responsibilities and contribution thresholds
    • Agreeing to make a non-refundable contribution to the DAO’s Treasury (in exchange for ASDAO Voting Tokens)
    • Agreeing to be bound by the DAO’s bylaws
    • Having their membership approved by DAO Founders and Members
[/cws_sc_text][vc_empty_space]
[vc_empty_space][cws_sc_text subtitle=”DAO RULES VII” title=”DAO Founder Accountability and Removal”]Being a Founder of the LOCKER TOKEN DAO is a significant responsibility, and places Founders in a position of influence and leadership within the DAO. FOUNDERS cannot be voted out of the system. Founders can only be dismissed upon their choice to liquidate Tokens.
As a result all Founders are expected to adhere to the all DAO bylaws — especially those regarding confidential information, communication, transparency, ethics and performance expectations.

If any DAO Founder engages in behavior or activities that contravene these bylaws, or breaks any Legal Laws they will be subject to the following accountability.

  • Notification: The Founder will be notified via internal communications of behavior and/or activities that are not aligned with the DAO’s bylaws
  • Cure: The Founder will be provided with an opportunity remedy the relevant issue(s)

If the Founder engages in behavior that consistently violates the DAO’s bylaws, they will be subject to removal proceedings, which will involve:

  • Communication: Internal communication documenting specific bylaws violations and discussion (they will be provided with an additional opportunity remedy the issue(s))
  • Removal Vote: If necessary, the other DAO Founders (and Members, if seated) will hold a vote to remove the Founder from the DAO’s leadership (a removal vote requires a 60% majority vote to pass)
    • Note: If any Founder is removed from the DAO leadership prior to the completion of their vesting schedule, they shall be able to sell Tokens to date. Any Tokens not sold shall be burned.
  • Notification: The DAO shall notify the community of the removal vote (with relevant details withheld to protect the DAO Founder’s privacy)Being a Member of the LOCKER TOKEN APP DAO is both a privilege and responsibility. As a result all Members are expected to adhere to all relevant DAO bylaws — especially those regarding confidential information, communication, transparency and ethics.DAO Members who significantly and consistently contravene DAO bylaws shall be:
    • Notified of the breech and provided with the opportunity to cure it
    • If breeches continue, a vote to remove the DAO Member from the organization will be held among Founders and Members (a removal vote requires a 60% majority vote to pass)
      • Members who are removed from the DAO shall have their ASDAO Voting tokens revoked (burned) and lose all other rights and privileges of DAO Membership
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[vc_empty_space][cws_sc_text subtitle=”DAO RULES VIII” title=”Dispute Resolution”]If necessary, significant disputes that do not rise to the level of removal from the DAO, but have a significant impact on DAO operations, shall be adjudicated via the dispute resolution process provided by a majority vote of at least 65% or in legal proceedings[/cws_sc_text][vc_empty_space]
[vc_empty_space][cws_sc_text subtitle=”DAO RULES IX” title=”Bylaws Ratification and Modifications”]These bylaws were ratified by DAO leadership on January 26, 2022.

Modifications

Minor modifications to the bylaws shall not be subject to a ratification vote. Minor modifications include, but are not limited to:

  • Minor modifications to language and clarifications such revising sentences for spelling, grammar and syntax
  • Adding new official communications channels or links to governance documentation and other materials
  • Clarifying which information is considered confidential and material
  • Providing additional information about community voting and AmpleSense Progress Proposals

Significant additions or modifications shall require a new approval vote by DAO Founders (and Members, if seated). Significant modifications include, but are not limited to:

  • Adding sections or major clauses to the bylaws
  • Deleting sections from the bylaws
  • Making changes or clarifications to the bylaws that substantially change their meaning or intent

In the event that major changes are required, modifications shall be implemented via the following process:

  • Any Founder or Member can submit suggested changes by publishing a forum post in the LOCKER TOKEN APP DAO Founders and Members Lounge, (this is a hidden Founders / Members-only group) with the title: “Recommended Bylaws Modifications – [QUARTERLY]”
  • Founders and Members shall discuss the proposed changes
  • A vote will be scheduled in the DAO voting Dapp regarding the proposed changes (the text of the change will be included in the vote description)
  • After a successful vote the bylaws will be modified
  • If this vote fails to pass, the original DAO bylaws will remain in full force and effect
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