📖MVCDAO glossary

Space

MVC's network gas, native to the MVC chain. Space is not an investment vehicle, but the gas within the MVC ecosystem. All participants are strongly advised against purchasing SPACE for investment or speculative purposes.

Please note that MVCDAO does not make any commitments or guarantees regarding the price or value of SPACE. When holding SPACE, it should be used solely for ecosystem development.

Governance token​

vSpace is the governance token of MVCDAO; it allows token-holders to create and vote on MVCDAO Governance Proposals.

Space after staking, it will immediately converted to vSpace. Unstaking vSpace requires a 15-day locking period. Owning vSpace qualifies you as an ordinary member of MVCDAO and enables your participation in MVCDAO's on-chain governance.

MVCDAO

A DAO is governed by a protocol that allows vSpace holders to propose and vote on different actions, such as changes to the DAO's Constitution, Roadmap of MVC or funding for specific projects. These votes are crucial for making decisions that shape the future of MVC and the technologies it governs.

MVCDAO Treasury​

The 65% of Space that controlled by the MVCDAO.

MVC Improvement Proposal (MIP)​

A governance proposal to change some aspect of MVCDAO. As defined by The Constitution of the MVC DAO. There are two types of MIPs: Constitutional MIP [Require 75% consent] and Non-Constitutional MIP. [Require 60% consent]

Governance​

The way that decisions get made. Governance of web2 organization traditionally depends on a board of directors abiding by trusted social contracts, while governance of web3 technologies depends on Decentralized Autonomous Organizations (DAOs) using Trustless Smart Contracts.

On-chain governance​

On-chain governance is governance implemented by Smart Contract that allow DAO members to determine - through the use of Governance Proposal - how the DAO allocates its resources and updates its protocols. MVCDAO utilizes on-chain governance.

Layer 1 (Bitcoin)​

The base protocol and underlying blockchain of the Bitcoin network. Responsible for maintaining the integrity of the distributed ledger.

Layer 1 (MVC) / Side-Chain to Bitcoin (MVC) ​

Trustless scaling solutions built for the improvement of the Bitcoin network and massive web 3 applications, MVC aims to increase scalability and reduce the cost of transactions on Bitcoin's network while executing smart contracts without introducing additional trust assumptions in the future.

Multi-signature wallet​

A wallet that requires multiple private keys to sign transactions. Used by the Security Council to trigger the usage of MVCDAO treasury.

Seed phrase​ (Mnemonic):

Also referred to as "recovery phrase" or "backup phrase". A highly sensitive, deterministic sequence of words that you can use to recover your MVC wallet's private keys if you lose your credentials or device.

Draft Proposal

Mechanism by which space holder can vote off-chain & on-chain; used for temperature checks in conjunction with the MVCDAO governance forum.

MVCLabs​

Initial Treasury Key Segment Holder, consist of five independent developer's team leader group.

Delegate​

A party that has the ability to vote on MVC Governance Proposal. Could be an vSpace token holder or someone to whom other vSpace token holders have delegated their voting power.

Committee election​

A process by which the MVCDAO can elect the council members. Happens upon space holder's request later. (Further discussion is required)

Emergency action​

A specific type of governance action used by the MVClabs in emergency situations, such as fixing a critical vulnerability.

Trustless​

In the context of blockchain , trustless refers to the ability of a system to operate without reliance on a central authority or intermediary. Instead, users place their trust in math and protocols. This is achieved through the use of cryptographic techniques and decentralized consensus mechanisms that let users verify the integrity of network transactions using open-source software. Trustless systems are considered to be more secure and resistant to fraud or tampering because they don't rely on a single point of failure that can be exploited by attackers.

Transparency report​

A report that explains what actions were taken and why. Ex: Emergency actions executed by the security Council.

The Constitution of the MVCDAO

A formal document that lays out the rules, procedures, and community values by which the MVCDAO operates. The hash of the constitution is stored on chain and is updatable via governance.

Token-weighted governance​

A protocol governance system in which voting weight is proportional to ownership of a governance token. The MVCDAO implements token-weighted governance.

Voting period​

10 days after the MVC Improvement Proposal (MIP) is successfully submitted during which Space Holder or delegate can vote for or against.

No sale period

Grants from the MVC treasury given directly to builders, projects are required not to sell. Applicant should specify the application for exemption in the MVC improvement proposal.

Governance Philosophy of the MVCDAO