✍️The Constitution of the MVCDAO

Introduction

To promote human welfare and govern the MVC (Microvision Chain) public blockchain sustainably, fairly, and effectively, this constitution is established.

Article 1 General provisions

1. MVC public blockchain is initiated and developed by MVC Labs and maintained by global developers. It is a global public blockchain network that is commonly owned and governed by all humanity in a DAO (Decentralized Autonomous Organization) manner.

2. The mission of the MVC DAO is to continue to promote the development of the MVC network into a decentralized, high-performance, and low-fee blockchain network, continuously promoting the development of the Web3 ecosystem on MVC to meet the needs of Web3 applications worldwide, and ultimately become the world's largest Web3 public blockchain.

Article 2 MVC and SPACE

MVC public blockchain is an open-source public blockchain that allows global miners and builders to participate without permission. Its goal is to become the largest Web3 public blockchain that supports a massive Web3 application ecosystem.

SPACE is the native token of MVC, with a total of 21 million SPACE, which cannot be changed. Before distribution, it is presumed to be commonly owned by all humanity.

The initial distribution of SPACE is divided into two methods:

1. POW (Proof of Work), accounting for 35%, is mined by miners through a computational power competition. The early distribution is 25 SPACES per block, halved every 147,000 blocks;

2. POB (Proof of Building), accounting for 65% of the total supply, will be managed by the DAO treasury and distributed by builders according to their contribution. The distribution method is set to be an initial 2.5% of the total per quarter (referred to as a MVC quarter), with a halving period of 15 MVC quarters for the first time, followed by a halving every 11 MVC quarters, starting from February 1, 2022, the official development start date of MVC node.

Article 3 MVC DAO power structure

The MVC DAO consists of three institutions: ordinary members, the DAO Committee, and the DAO treasury administrator.

Ordinary Members:

After each person stake SPACE and obtains an equivalent amount of vSPACE, they will automatically become ordinary members. vSPACE can only be used for voting, and the voting method adopts a 1 Token 1 vote system. Ordinary members have the right to propose and vote on proposals and must hold vSPACE equivalent to 0.02% of the total circulation of SPACE to initiate proposal rights. All proposal results are generated by ordinary member votes, and all voting results must be unconditionally executed. The MVC DAO should strive for automatic execution of voting results.

DAO Committee:

The number of members is generally 7-19 odd numbers and can be continuously elected;

Elections are held every six months, and members are elected by ordinary members’ votes. The committee members have the right to nominate, and ordinary members holding vSPACE corresponding to 0.02% of the total circulation of SPACE have the right to nominate as well.

The responsibilities of the DAO committee are to review proposals put forward by ordinary members. DAO committee members can also propose their own proposals, which, after being voted on, become formal proposals and are submitted for formal voting by ordinary members. When reviewing proposals, DAO committee members adopt a one-person-one-vote method, and review opinions and voting results must be publicly displayed on the chain. Ordinary members have the veto power over DAO committee's rejected proposals. If agreed by more than 0.2% of the total circulation of vSPACE held by ordinary members, the proposal can be directly submitted to ordinary members for formal voting.

DAO Treasury Administrators:

The number of members is generally 5-9, and the tenure is one year. They are responsible for safeguarding the private key fragments of the DAO treasury and unconditionally executing resolutions made by ordinary members. The administrators of the DAO treasury are generated as follows:

1. In the first year after the mainnet goes live, they are held by members of MVC Labs.

2. After one year from the mainnet launch, new DAO treasury administrators can be recommended by the DAO committee and approved by all members through voting.

MVC DAO needs to continuously promote the management through smart contract of the DAO Treasury to replace the DAO Treasury administrators. Once the relevant smart contract has been thoroughly tested and mature, it should be pushed to adopt smart contract management of the DAO Treasury instead of management by the DAO Treasury administrators.

The real identity of the DAO Treasury administrators, including KYC information, must be made public to the DAO committee members. Those who refuse to make it public cannot serve as DAO Treasury administrators. The DAO committee has the power to impeach DAO Treasury administrators. If more than 70% of the members of the DAO committee agree, the DAO Treasury administrator will be impeached.

Article 4 MVC DAO Architecture:

The permanent executive organization of MVC DAO is composed of Node Development team, Finance team, Public relation team, and Administrative team. The members of the groups can be increased or decreased by ordinary member vote.

Node Development team:

Responsible for the research and development of relevant MVC basic technology, such as node development and scaling research.

Finance team:

Responsible for assisting all groups in designing financial plans, organizing on-chain data to form public financial statements, and other financial-related work related to MVC DAO.

Public relation team:

Responsible for public relation affairs and partnerships, external public relations, and increasing the recognition and attraction of MVC to more developers.

Administrative team:

Responsible for other daily affairs of MVC DAO and coordinating the smooth operation of various processes in MVC DAO.

Each group has one leader who faces global recruitment, screened and nominated by the DAO committee, and voted by ordinary members. The group leader is responsible for all the work of the group, including personnel and finance. Other members of the group are nominated by the leader, and 60% or more of the DAO committee vote to approve them.

The expenses of each group are paid from the DAO Treasury and voted by ordinary members. The budget is reviewed quarterly, and the expenses for the next quarter are decided by a vote.

Article 5 MVC DAO Decision-making Mechanism:

All ordinary members can initiate proposal discussions in the MVC DAO community public channel, but they must use designated tools or follow specified template formats. The proposal needs to be publicly displayed and receive feedback for at least one week. After any proposal is supported by members who hold vSPACE equivalent to more than 0.2% of the total circulation, it can be submitted to the DAO committee and automatically enter the review stage.

If a proposal receives more than 60% of the DAO committee member's approval during the review stage, it will automatically proceed to the decision-making voting stage for ordinary members. The voting time in the decision-making phase cannot be less than 7 days, and all members holding vSPACE can vote.

The voting rights adopt a 1 vSPACE 1 vote system, which means that each member's voting rights are equal to the total vSPACE they hold. If the voting type is agree/disagree, it needs to obtain more than 60% of the total votes. If it is a multi-choice proposal, the option with the most votes wins. After the voting period expires, the resolution that passed becomes the highest resolution and is executed by the relevant group.

At least 2% of votable tokens that have voting power must vote "yes" for any proposal to be valid.

Article 6 DAO Treasury:

Initial DAO Treasury: The initial DAO Treasury will consist of 65% of the total SPACES. The DAO Treasury will be released in two stages:

10% of the DAO Treasury was already released to early builders using the POB mechanism based on their contribution before the establishment of MVC DAO, and the remaining 55% will be released in quarterly installments, starting with 2.5% per quarter, decreasing by half every 11 quarters, with a maximum of 6 halvings. After the sixth halving, any remaining DAO Treasure will be distributed within 11 quarters.

DAO Treasury Management:

Except for the initial 10%, the allocation of the remaining 55% of the DAO Treasury must go through proposal and ordinary member voting decisions. The DAO Treasury asset address uses a multi-signature mechanism that requires (N-2) people to sign it before it can be moved. It can only be moved after receiving the decision of ordinary member's vote resolution, and N cannot be less than 5. The DAO Treasury multi-signature is controlled by the DAO Treasury administrator. If the administrator loses their ability, or there is a change, the DAO Treasury address needs to be changed immediately. After the relevant smart contract has been thoroughly tested and mature, it should be used in combination with proposals and voting decisions for DAO Treasury management.

The DAO Treasury address and asset are publicly transparent, and everyone can supervise them.

Article 7 Proof of Building (PoB) Mechanism:

PoB refers to Proof of Building, which is used to reward builders. Builders receive the entire PoB reward based on their contribution.

The distribution of PoB rewards is divided into two stages:

The first stage: The first four quarters after the node development begins [from February 1, 2022, to February 1, 2023], is referred to as the early building stage. The distribution plan for PoB is voted on by MVC LABS members with each member having one vote.

The second stage: After the mainnet is launched and MVC DAO is established, the builders' contributions will be defined by the DAO committee according to the rules of procedure, including but not limited to node development, scaling research, infrastructure and general application development, publicity, promotion, and developer competitions, which add value to MVC and help achieve the MVC vision.

The list of builders who receive PoB rewards will be formulated by the DAO committee based on their contributions and can be nominated by ordinary members. In principle, 2.5% of each MVC quarter’s rewards will be allocated based on the builder’s contribution ratio. After receiving more than 60% of the vote from ordinary members with voting power, the PoB rewards can be distributed to the corresponding builders based on their contributions. If there are no PoB contributors during the distribution period, the rewards will accumulate until the next distribution period.

Article 8 Effectiveness, Invalidity and Amendment of the Constitution:

After receiving the vote by more than 75% of the voting power of ordinary members, this constitution shall take effect.

Any ordinary member may propose an amendment to the Constitution, and the amendment proposal will become effective after receiving the vote by more than 75% of the voting power of ordinary members according to the agenda.

After the distribution of SPACES from the DAO Treasury through the PoB mechanism is complete, this constitution will automatically become invalid, and the relevant institutions and organizations will be dissolved, and MVC will enter the fully automated operation phase.

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