VELO DAO Proposal — “VELO goes to Binance Smart Chain”
Dear VELO Community,
We look back on a turbulent year 2020 with many unexpected developments, both in the crypto market and beyond. The global pandemic continues to dominate daily events in many areas which also has a direct impact on the entire crypto market. It is also becoming more and more apparent that what really counts is not what people say, but how people act. This is the only way to create something meaningful and of value. This also applies to the VELO project itself.
Putting Words into Actions — the DAO + MISES approach
As you know, the VELO project has been structured as a decentralized autonomous organization (DAO) from the very beginning. The project is therefore governed exclusively and only through the community. The proposals in this article are therefore suggestions to the community and will be decided by the community.
As Ludwig von Mises said:
Man is not, like the animals, an obsequious puppet of instincts and sensual impulses. Man has the power to suppress instinctive desires, he has a will of his own, he chooses between incompatible ends.
The VELO community is a strong, knowledgeable, independent and a vital community that will keep growing. Through the decisions based on free will and decision-making ability of the community, the VLO token will continue to expand and be made available to more people.
What is the Objective?
The VLO token measures economic activity that is ultimately caused by human activity. Human activity is the only source of value. In order to increase the scale of activity and thus value, it is only logical to position the VLO token where people are already in reachable communities. For this reason, the subject of this proposal is to launch the VLO token on the Binance Smart Chain and thus increase the territory of the VLO token.
Binance Smart Chain — Key Facts & Figures
Binance Smart Chain (BSC) is a blockchain that runs in parallel to the Binance Chain, the home of e.g., the Binance DEX. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The BSC was developed with a focus on scalability as well as compatibility with the Ethereum Chain and is therefore attractive for the VELO project.
One of the main goals of Binance is the growth of the global crypto market and its accessibility and approach-ability by people. Where people are, there are also values.
BSC could already show that it is an active chain with numerous active users. The transaction volume alone speaks for itself:
It is impressive to see that BSC had reached over 50% of Ethereum’s transaction volume on some days. The goal is to divert a portion of the transaction volume to the VLO token.
Project Approach and Funding
Like any other project, this project needs a budget. Since the VELO project was launched without VC investors, nor with a team fund, the necessary budget must be provided by the DAO. For this reason, it is proposed to mint additional VLO tokens to fund the project. The amount of additional tokens requested as a project budget is 20% of the current supply. In concrete figures this means 62.7M / 100 * 20 = 12.54M additional VLO tokens.
The funds are used as follows:
- Formulation and preparation of the VLO-BSC token economy.
- Provision of the necessary smart contracts at the BSC.
- Extension of the website as well as integration with the BCS ecosystem.
- Marketing of target groups and communities as well as onboarding of influencers.
It is proposed to enable the VLO-BSC token to be distributed on the Ethereum Chain in advance of the BSC launch. The VLO-BSC token can thus be tradable on Ethereum up to certain block height and will then be ported to the BSC chain.
It is further proposed to compensate the above described additional VLO tokens by an airdrop in VLO-BSC towards the community. This means that the costs borne collectively by the community are refunded by the airdrop. For this purpose, the balance of VLO tokens in the wallet is counted on a certain snapshot date and 20% of it is compensated by the airdrop inVLO-BCS. This snapshot date will be communicated in advance so that there is sufficient time to adjust the personal VLO balance accordingly. These tokens available through the VLO-BSC airdrop will be available on the BSC chain.
Summary
In summary, this proposal suggests the following:
- Territorial extension of the VLO token to the Binance Smart Chain (BSC).
- Project funding by the community by issuing new VLO tokens; equivalent of 20% of the current VLO supply.
- Compensation of the required budget through an airdrop on the BSC in VLO-BSC.
I would like to take this opportunity to thank the community once again and am already looking forward to an exciting year 2021.
Ludwig von Mises
