Coinevents has two facets. It is
1) a freemium platform for event submission and promotion, and
2) the geo-interface for an event-expense-funding and physical-location-providing Blockada DAO. Let’s talk about each.
It’s simple. Running Coinevents costs money. In devops costs, that’s currently only around $1000 per year.
Paying contributors to add events into the site also costs money. We pay contributors who add events $3 per event in Ether (no matter if they generated 1000 events by scraping another site, or manually added five events) if they are a member of the DAO (see below).
Anyway, all this money comes from (or hopefully one day will come from):
- ethical ads on the site, courtesy of CodeFund and Coinvendor.io
- BAT tips (install Brave and visit the site with that browser please!)
- premium event promotions (see Economics – Event Promotions)
- ticket sale commission (see Economics – Ticket Sales)
In addition to keeping the website funded and free to use, as well as funding research into making it more decentralized and permissionless, 50% of all Coinevents.io income goes to the Blockada DAO Pool (see below on Non-Member Contributions).
Blockada is described in more detail here, but this is the gist of it. The technical explanation is that it’s a fork of MolochDAO with a HumanityDAO membership prerequisite. The non technical explanation is:
Blockada allows all humans – Ethereum addresses registered in the HumanityDAO – to commit funds into a common pool of money inside which grants can then be given out for certain events which issue grant applications. These grants are voted on by the members of this Blockada DAO (decentralized autonomous organization).
For example, say I’m organizing a Defi academy and need to cover food and drinks. Suppose that for the 20 people I plan to educate my estimated food and drink cost for the whole day is 300 DAI. As a Human in the Blockada DAO, once my event has been added to Coinevents.io, I can request a grant from Blockada to the amount of 300 DAI. The members of this DAO – those who bought their membership (more on that below) -then vote YAY or NAY on granting me these funds in a given timeframe (7 days of voting + 7 days of grace period for rage quitting).
Rage Quitting and Pulling Out
Any decision I as a member of Blockada disagree with – e.g. I violently dislike the notion of funding someone’s non-free event – allows me to “rage quit”. This mechanic will allow me to take my portion of the pool with me, up to the amount I originally contributed multiplied by two but no more, and leave the organization. I lose further participation rights, but leave a seemingly corrupt and disagreeable environment with little to no financial loss and quite possibly a financial gain if non-voting members have contributed to the DAI pool.
Any outcome I disagree with (i.e. a proposal passed and I voted No or a proposal failed and I voted Yes) allows my account to call the ragequit function and leave the project with my shares.
To become a voting member in the Blockada DAO:
- become a Human in the HumanityDAO. This process entails applying, being voted on, and being added to the registry.
- apply to enter BlockadaDAO with at least 10 DAI from an address registered as a Human in the HumanityDAO. Your application will be auto-approved if these conditions are true. Detailed instructions are available in the Blockada DAO app.
- optionally, create an account on Coinevents.io if you wish to submit events. Event submissions qualify you for a 3 DAI per event reward. For more information on this, please see Claiming Event Submission Fees.
- if you only wish to vote for grants or submit grant proposals (you can submit for someone else’s event!), you do not need a Coinevents.io account.
Once you’re in, take a look at the available proposals, if any, and vote after looking into the organizer and their claims.
What’s the incentive?
It might be a little strange to expect people to actively participate in any kind of governance process like this without the promise of a reward. Additionally, it may be odd to expect philanthropists (who will be the majority of voteholders in the Blockada DAO) to care about rewards. Thus, there are no financial incentives other than the possibility of one’s DAO shares increasing in value as the pool increases in size.
Additionally, as proposals are finalized they need to be processed. This is a manual function call. To incentivize people to do this, 1 DAI is given from the pool to the account processing the proposal. For a how-to guide, please see the Blockada DAO docs.
A partner is an individual or a company pledging to provide space to any Blockada member who wishes to host an event in a given location, within a reasonable date frame for a reasonable number of people. For example, if Progressbar in Bratislava is a partner, then if I wish to host an event there when I’m visiting Bratislava from July 20th to July 28th, they must allow me to organize the event at their space unless they have other events scheduled at that time, or are otherwise closed for business in that timeframe. As member of Blockada I have to let the partner know at least 4 weeks before my event and publish the event on Coinevents.io (see below). The organizer must always provide the partner with a range of acceptable dates – demanding a specific date is unreasonable.
The partner’s responsibility stops at the space level – they do not pledge to provide equipment, food, organization, logistics, transport, DJs, MCs, or anything else, though they may do so if they wish and are able.
In order to join the DAO a partner must stake 500 DAI which is returned to them if they leave the organization. For the 500 DAI, they are given the equivalent of one voting member’s default number of shares (as if joining with 10 DAI), so they can participate in the voting process, but don’t have to. If the partner fails to provide the space when requested, their stake is non-refundably added to the Blockada DAO funding pool – see below. This will happen through the mechanic of a voting member creating a proposal to penalize that partner, and others voting on it.
The incentive for Partners to join is as follows:
- helping the ecosystem grow
- attracting developers and communities to their space and neighborhood
- promoting to other partners, attendees, and building up a reputation that can benefit them in the long run
- free training for their own developers, if they have any – by hosting an event, they get someone sharing their knowledge on their terrain
- partners get Coinevents.io perks: they have have 1% ticket sales fees instead of 2%, and they can make any one event featured, regardless of it being theirs or not.
The pool can also be topped up by outsiders who wish to merely financially aid the effort without having to go through the hassle of voting or verifying on HumanityDAO. This increases the pool size for everyone, but proportions of vote power remain the same. The rage-quit mechanic prevents people from leaving with a disproportionately higher stake than they put in – they max out at their contribution level (cumulative) * 2.
If I added 20 Ether and then 30 Ether and a donation by Joe Lubin of 1000 Ether would bring my share to 200 Ether, I would still be able to only exit with 100 Ether (total 50 * 2).
This non-member contribution mechanic is also used when funds from Coinevents.io income are being added into the pool. The pool is topped up as if by an anonymous contributor.
More on Moloch
To read more about Moloch mechanics and how this DAO works, please see this README file.