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A Collection is a basket of NFTs managed by a governance token. The SZNS webapp gives users the ability to create a decentralized management system (DAO) for these NFTs in just a few steps.
Collections launch from the SZNS Factory (The Factory is core to the SZNS product and offers all the tools needed to run a DAO out of the box — it launched the contracts that facilitate these tools) with similar parameters for each community.
At launch of a Collection, the Safesnap system is configured to only give access to proposal submissions for Collection token holders.
The SZNS Collection Factory provides an opinionated framework for all voting within Collections at deployment. This means that SZNS allows you to have an out-of-the-box governance process that defines the requirements for proposals to qualify as legitimate. Steps for this DAO Governance Process Module (essentially, a wrapper contract defining the governance system) include:
1.0 Collection Member Submits Proposal 2.0 Collection Members Vote (1 week) 3.0 Arbitration Period Begins (1 week) 4.0 Successful Bonds Execute Transaction On-Chain
The process will take two weeks to complete with initial parameters. Below is a list of programatic and subjective parameters, all of which can be adjusted by Collection governance.
For proposals to execute transactions on-chain, they must pass a subjective verification process. This step requires a user to submit a "Bond" by staking ETH on Reality.eth. If the proposal passes the arbitration period uncontested, the user receives their initial stake in return. If the Bond is successfully contested, the contester receives the initial stake. This ensures the Collection community has an opportunity to stop a malicious proposal from executing transactions.
Governance parameters described above serve as sensible defaults built into Collection decision-making. The system is created for lightweight and flexible experimentation with upgradeability in mind.
Post-voting, a Bond is submitted on Reality.eth to verify and execute the transaction on-chain. While the SZNS DAO will assist in the submission of proposal verification to begin, the process can be administered by anyone. This method of on-chain execution relies on subjective human judgement to contest. If a Bond completes uncontested, the associated transactions will execute.
A more official way to change governance for an Collection would be to take the following steps:
- 1.Deploy a new DAO Governance Process Module that has adjusted params and connect it to the Collection's Gnosis Safe
- 2.Update the Snapshot configuration to point to the new DAO Governance Process Module
- 3.Disable the old DAO Governance Process Module
This process is much more labor intensive, but offers the most robust solution to updating the DAO Governance Process for a Collection.
A third path to adjust the management system available for a specific Collection includes transferring the Collection assets to a new contract or address to be managed there.