An ERC20 to track Grain

The CredSperiment
2

The DAOnuts project built the apps to authenticate requests, manage pulling data from web2 to web3, and authenticate voting based on tokens. It’s setup for Reddit, but could also be integrated into Discourse (with some work).

Right now, however, we could just launch a DAO that would allow you to act as TBD on the DAO as well as the SourceCred side. This would allow us to use tokens off-chain to make computations easy, but would also allow us to easily manage tokens on-chain too. With the DAO we could also use tokens to vote on stuff, but keeping it just to redeeming tokens for DAI might be good to start. Aragon DAOs allow you to manage the redemption of a DAO’s native tokens for assets in the DAOs vault, so this is built in. If you want to set the price yourself you can. You could also use a bonding curve to create an automated floating Grain price that adjusts based on demand.

Currently here’s what I see:

  • The majority of Cred stays off-chain in notebooks that the TBD updates and we can verify. We use this for Discourse engagement, boosting, etc…
  • When people want to cash out, TBD reduces balances in the off-chain ledger and creates an entry in the on-chain ledger. Then the token holder can directly redeem their tokens for assets in the SourceCredDAO’s vault and/or trade tokens for other ERC-20s.
  • If people want to move tokens from Ethereum to “SourceCred” (TBD’s off-chain notebooks) then they can make a request in the DAO via token request app (currently under security review). If accepted by TBD, a token offering will be put in the DAO’s vault and TBD can then mint tokens either within the DAO itself or on the “SourceCred side” (off-chain).

Since Aragon DAOs are fully audited and can be deployed with pre-baked templates you won’t have to write your own contracts or anything. It should “just work.” You can browse the currently available templates here, although for this case I’d recommend a vanilla democracy DAO with Address Book and Token-Request installed.

Happy to set up a Rinkeby (testnet) DAO to explore what this might look like :slight_smile:

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