FAQs
A DAO (Decentralized Autonomous Organization) is a blockchain-based entity where decisions are made collectively by its members, rather than being controlled by a central authority. Members of the DAO hold tokens that represent voting power, allowing them to participate in governance decisions like fund allocation, project proposals, and more. Everything is managed through smart contracts, which ensure transparency and automation. In the initial stages of the DAO it is normal to pass through a period of bootstrapping where extra guardrails are in place and some decision making is supported by a Foundation.
RootstockCollective stands out by directly aligning with the Bitcoin ecosystem through Rootstock, the first and longest-lasting Bitcoin sidechain. It uses a new ERC20 token wrapped around RIF for governance, ensuring that value is captured not just by miners and holders, but by builders and contributors to the Rootstock ecosystem.
Additionally, its treasury is organized into sub-treasuries for Grants, Growth, and General purposes, with the goal of fostering sustainable development on the Bitcoin network.
While the initial focus will be on decentralizing the allocation of grants, the DAO will also enable the realization of value capture for Bitcoin builders. For instance, in the future, builders may be eligible to receive a share of the DAO's revenues. This will encourage more developers to build great products on Rootstock, increasing transaction activity and revenue for the DAO as well as for the builders themselves.
Joining Rootstock Collective
To join RootstockCollective, you will need to have RIF tokens, and then stake them into stRIF governance tokens. These stRIF tokens give you voting rights and participation in the DAO's governance and decision-making process.
You can get involved by joining the RootstockCollective discussion forums, staking RIF tokens to acquire stRIF governance tokens, and participating in proposal discussions and voting. The community encourages active participation in decision-making and grant allocation processes.
You can also join the communities within the DAO dApp. Each community can be either open or closed, depending on the purpose. In the future communities can be extended to also be event-specific with membership serving as a reward for participation in early stages, testing, events, campaigns, or based on the fields of expertise, activity and other eligibility criterias.
You can join the RootstockCollective community through Discourse and social media channels, such as X and Telegram group. These platforms allow you to engage with other members and share ideas. The dApp simplifying the access to the DAO smart contracts is design for proposals and governance decisions.
Contributions to RootstockCollective can be made by proposing new ideas, engaging in discussions, voting on proposals, or directly contributing to the development of applications, security, and growth initiatives within the Rootstock ecosystem. You can also assist by providing services like software development, audits, and moderation.
Developers can start building on the Rootstock blockchain by leveraging its EVM compatibility and familiar development tools. Rootstock enables the creation of decentralized applications using Bitcoin as the native currency. No matter if you're new to web3 or Bitcoin/EVM space, the documentation, tutorials, and support from the community are available to help developers of any level to get started.
Voting, Governance,
and
Tokenomics
Decisions are made through a voting process where stRIF token holders vote directly or delegate their voting power. Community proposals are discussed and voted on, determining actions such as grants or governance changes. Quorum computations take both YES and ABSTAIN votes into account, for measurement of participation. Once the quorum requirement is satisfied, the ultimate outcome of a vote is based on whether the YES votes surpass a support threshold. For example, to implement a simple majority rule, the proposal threshold of 50 percent will mean ABSTAIN votes are disregarded and do not matter when determining whether a proposal succeeds or not.
Voting occurs whenever a proposal is introduced. There is no fixed schedule for voting; instead, proposals are created by the community as needed. Voting windows (epoch) can range from a few hours to several days or weeks, depending on the importance of the proposal.
The governance token of RootstockCollective is called stRIF, a token created by staking RIF tokens. stRIF tokens represent voting power within the DAO, enabling token holders to participate in governance decisions like grant allocations and changes to the system.
RBTC, native Rootstock token, is used as a gas token.
stRIF tokens are distributed to RIF token holders who stake their RIF tokens in the governance contract. This staking process mints stRIF tokens, which are used for voting and other governance functions within the DAO.
To acquire stRIF tokens, you need to stake RIF tokens in the governance system dApp. RIF tokens can be purchased through various exchanges, and once staked, an equivalent amount of stRIF is issued for governance participation.
The RootstockCollective Foundation is planning several campaigns. Follow RootstockCollective Galxe Space for updates.
For further information on campaigns please follow RootstockCollective on X.
There are also plans to incentivize community members and builders through grants and other rewards for contributions to the ecosystem. This will be decided through the governance process.