Bootstrapping Workplan

All,

This is a copy of the bootstrapping workplan as created in BIP for visibility and posterity.

Information correct as of May 4, 22:30 UTC+8


Form the UNA
Date of Discussion - May 4, 2022 4pm ET / 9pm UTC / May 5 4am UTC +8
Required: Zeryx, ‘Legal team’
Lettucemeet: LettuceMeet - Easy Group Scheduling


Frabric/Fractional Finance deal
Tentative Date of Discussion - May 4, 2022
Required: Zeryx, Gruad, Arcology, Omen, lion917
Lettucemeet: LettuceMeet - Easy Group Scheduling


On-chain launch of the Launch DAO (which is just a restricted Frabric)
Tentative Date of Discussion - May 11, 2022
Required: Zeryx, Arcology, Gruad, ‘Dev team’
Lettucemeet: LettuceMeet - Easy Group Scheduling


Token issuance to bootstraping/genesis team
Tentative Date of Discussion - May 13, 2022
Required: Zeryx, Arcology, Gruad
Lettucemeet: LettuceMeet - Easy Group Scheduling


Token sale to bootstrapping/genesis team
Tentative Date of Discussion - May 18, 2022
Required: Zeryx, Arcology, Gruad
Lettucemeet: LettuceMeet - Easy Group Scheduling


Upgrade Launch Frabric → Frabric (Product is ready)
Tentative Date of Discussion - May 20, 2022
Required: Zeryx, ‘Dev team’
Lettucemeet: LettuceMeet - Easy Group Scheduling


Private Token Raise
Tentative Date of Discussion - May 25, 2022
Required: Zeryx, Arcology, Gruad
Lettucemeet: LettuceMeet - Easy Group Scheduling


Product Launch
Tentative Date of Discussion - May 27, 2022
Required: Founders, ‘Dev team’, ‘Legal team’, ‘Governance team’. ‘Treasury team’ (all Core Contributors)
Lettucemeet: LettuceMeet - Easy Group Scheduling


Future DAO Organizational Plan
Tentative Date of Discussion - June 1, 2022
Required: Founders, ‘Dev team’, ‘Legal team’, ‘Governance team’. ‘Treasury team’ (all Core Contributors)
Lettucemeet: LettuceMeet - Easy Group Scheduling


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Will provide feedback on the Legal status with @omen and @rotorless this afternoon.

Onchain launch discussion should include @vecdeque

Regarding steps 1 and 2.

It’s been determined that the recommended course of action is for The Frabric to exist as a Marshall Islands LLC, or MI DAO entity.

The MI DAO entity can be formulated in 3 weeks, and does not require The Frabric’s smart contracts to be live before formation.

It’s also been determined that since The Frabric won’t be making any explicit distributions to tokenholders or to Threads, that The Frabric is a Non-Profit; this allows The Frabric to make grants that can be used to bestow certain organizations and groups with tokens to reinforce and improve the mission of The Frabric.

Finally, due to the gated access nature of The Frabric (re; the vouching system), The Frabric can be considered a Private Club. Private Clubs are unique in that they have different reporting requirements, and aren’t selling to the general public. It also means that any Fee that the Frabric charges to either tokenholders, or Threads can be considered club membership dues.

Any kind of direct transfer of Frabric Tokens to an individual group or organization (like Fractional Finance, or other DevCos) could be considered:

  1. membership access with a waived access fee
  2. Non-profit token grants to likeminded organizations to fulfill the mission of The Frabric

IANAL
This isn’t legal advice, but it should provide context that will help continue the bootstrapping process.

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