Submission for the NEAR MetaBUILD Hackathon
DAO Multi-Signature Committee System
Project submission information
1.Project name
DAO Multi-Signature Committee System
2.Elevator pitch
The DAO multi-signature management committee system is mainly for voting and fund proposal application of the multi-signature committee organized by DAO. It contains two parts: the first is the election process of the DAO multi-signature management committee; the second is the fund proposal application process.
3.Team Name
RainbowCity Foundation
4.Submission links
In this NEAR MetaBUILD Hackathon event, RainbowCity Foundation submitted a total of 10 projects, which is the address directory of the 10 projects. We are continuing to refine the details of each project.
- Submission address directory:
Project demo website:
GitHub repository :
https://github.com/RainbowDAO/03-Near-MetaBUILD-DAO-Multi-Signature-Committee
Solidity-Version-contract (GitHub):
Frontend code (GitHub):
Picture (GitHub):
https://github.com/RainbowDAO/03-Near-MetaBUILD-DAO-Multi-Signature-Committee/tree/main/pic
5.Recorded video demo
6.Testnet Deployment Information
- Aurora testnet address:
- Contract deployment address
DaoFactory: 0x829C1A191f33C02a92711665c4348c7d933E757A
ERC20Factory: 0x20613AbF20ab1Fb3eE2200471E02A6fafCbddc84
Frontend docs:
Contract docs:
7.What is the RainbowCity Foundation？
Headquartered in Singapore, RainbowCity Foundation is a non-profit foundation founded by Mr. Kunyuan, which mainly engages in the incubation and investment of the crypto ecosystem. Being a big fan of Bitcoin, Mr. Kunyuan worships Satoshi Nakamoto and dedicates himself to the spread of Satoshi Nakamoto’s great ideas of decentralization. He once put forward the concept of “Bit Civilization” for the first time in the world in July 2021 at the Bitcointalk Forum established by Satoshi Nakamoto. Moreover, he wrote over 50 articles to promote Bitcoin, in the hope of fostering the development of the encryption industry worldwide and practicing the true Bitcoin spirit.
Mr. Kunyuan has had rich experiences in the crypto world. At one time, he was the highest community leader of FCoin, the most influential community exchange in the Chinese world. In November 2018, in a referendum on the FCoin exchange, Mr. Kunyuan was elected the first community committee member and then appointed vice Chairman to fully preside over the work of the FCoin community.
Mr. Kunyuan believes that a super economic powerhouse will emerge in the mankind history in the future; a crypto world which is constructed in the form of decentralized protocols that transform all different decentralized behaviors into a unified economy. He believes it will ultimately become the infrastructure of human civilization and this is in which the RainbowCity foundation originates from this belief.
The RainbowCity Foundation aims to invest in seven major industries in the following ten years, including Rainbow DeFi, Rainbow Investment, Rainbow Culture, Rainbow Network, Rainbow Industry, Rainbow Education and Rainbow R&D. It strives to become a super economic hub with market value worth one trillion US dollars.
8.Project social media:
RainbowDAO website ：http://www.rainbowdao.io
Rainbowcity website ：https://www.rainbowcity.io
Twitter: https://twitter.com/RainbowDAOio
Discord https://discord.gg/vbnvFEeYRr
Telegram: https://t.me/RainbowDAO
Medium: https://medium.com/rainbowcity
Github: https://github.com/RainbowDAO
Email： Rainbowcitydao@gmail.com
Project Story
1.Inspiration
DAO multi-signature management committee system is based on the need of governance over various types of DAO organizations. As is known to us that governance is the core work of DAO organizations, how to carry out governance is a huge challenge for every DAO organization. Should we adopt referendum or just authorize a group of people in governance?
Inspired by that, we created the DAO multi-signature management committee system. We believe that the overall governance of DAO must be decentralized and referendum is not required in everything, so we chose to authorize a multi-signature management governance committee for governance. By establishing various types of multi-signature committees with different responsibilities, the whole task will be broken down into many steps, and the authorized multi-signature management committee will handle specific affairs and receive the supervision of all community members. We believe this will be the direction of the most efficient DAO governance.
Therefore, we developed this DAO multi-signature management committee system with mainly two functions: the first is the election process of the DAO multi-signature management committee; the second is the fund proposal application process.
2.What it does
The DAO multi-signature management committee system is mainly for voting and fund proposal application of the multi-signature committee organized by DAO. It contains two parts:
(1) The voting election function of the DAO multi-signature committee. Different from DAO multi-signature wallet system, its multi-signature manager is not designated, but elected by voting. It has a complete process of candidate registration, voting, announcement of voting results and impeachment of committee members to elect members of the multi-signature management committee in a public way through a series of strict and standard processes;
(2) The elected multi-signature management committee is responsible for the fund approval of the multi-signature vault. Any eligible governance token holder can initiate proposals to the multi-signature vault to apply for funds for community governance. We have a complete funding proposal approval process.
3.How we built it
DAO multi-signature management committee election and proposal application process
⑴ Establishment procedures
Any wallet can create a multi-signature DAO management committee and bind the corresponding governance tokens. Holders of the governance tokens can elect the multi-signature committee members through referendum and the multi-signature committee members can manage the funds in its treasury.
⑵DAO multi-signature management committee election qualification
We impose certain restrictions on the candidates of the election from two aspects. First, candidates must hold a certain amount of governance tokens, and second, they must pay a certain amount of campaign deposit.
Example: ① Hold 10,000 governance token RBD; ② Pay 1,000 RBD as election deposit ;
⑶ Candidate registration
Once the multi-signature committee election smart contract is activated, candidates can register within the next 14 days. The overall number of candidates needs to reach 30, otherwise the voting date will be postponed until the number hits 30. All relevant numbers here can be set when the contract is initialized.
⑷ Voting weight
When the committee election smart contract is activated, a snapshot of block height at that time will be taken to calculate the number of governance tokens held by each person. One coin equals one vote as the base of votes for this election and for the approval of subsequent proposals until the next election begins.
⑸ Voting delegation
After the committee election smart contract is activated and the block height determined, all community members can access voting delegation and obtain official votes. Everyone must first make a voting delegation before vote.
There are two forms of voting delegation: ① Entrust yourself to exercise your own voting rights; ② Delegate to others and let them vote on your behalf. Such delegation can be withdrawn voluntarily.
⑹ Vote execution
① When all 30 candidates are in place, the smart contract gets activated for voting ; ② Those who have completed the voting delegation start voting; ③ The voting duration is 7 days. Multiple choices is allowed in voting and votes can be given to different candidates separately; ④ Vote can be withdrawn before the end of the voting and can revote for another candidate. But once the voting period ends, no vote can be changed; ⑤ After voting, the candidates with the top 13 votes will initially obtain the committee seats, and then enter the voting publicity period.
⑺ Voting announcement
① After voting, the top 13 candidates will experience publicity period for 3 days; ② During the publicity period, all community members with voting rights can re-examine these 13 candidates. If they think that any one of them has seriously deviated from the community rules, they can vote against the candidate. The number of votes also depends on voting delegation and disperse voting is allowed; ③ If one candidate's disapproval rating exceeds 20% of the total number of votes, this candidate will be vetoed and replaced by the 14th candidate and no publicity period is needed; ④ After 7-day publicity, 13 members of the foundation will be officially elected, they will manage the entire community governance fund.
⑻ Impeachment process of multi-signature management committee members
The members of the multi-signature committee work under the principle of openness, fairness and justice, receiving supervision from the entire community. They safeguard the overall interest of the community. However, the possibility cannot be ruled out that some members might steal community funds or do something harmful to the interest of the group. Once that misconduct is discovered, impeachment can be initiated by community members.
In order to avoid malicious impeachment, community members who initiate impeachment need to pay 1,000 governance tokens as deposit. The person who initiates the impeachment can only impeach one member at a time. If the impeachment is successful, the initiator can get a reward of 5 times the impeachment deposit from the deposit of the foundation members; otherwise the deposit of the initiator will be taken as foundation funds.
An impeachment lasts 7 days. There is only one option in the vote because those who disagree to impeachment do not need to participate in the vote. All the delegated vote is the total base. If more than 20% of the votes agree with the impeachment, the impeachment succeeds; otherwise, the impeachment fails.
If the impeachment is successful, the initiator can get a reward of 5 times the impeachment deposit from the deposit of the foundation members; otherwise the deposit of the initiator will be taken as foundation funds.
If one committee member is successfully impeached, the committee seat will be takend by the candidate in line of voting until the next round of committee election begins.
⑼ Types of proposals
Users with governance tokens can apply to the multi-signature committee for activity fees in the form of proposals. Applicant requirement: holding at least 5,000 governance tokens; Applicant deposit: 5% of the application amount, the deposit will be returned if the application is successful; otherwise it will be taken away and put into the multi-signature account.
⑽ Fund fee application process
Governance token holders who meet the requirements can initiate proposals, apply for community governance fees and pay deposits. The fee application is reviewed and managed by 13 multi-signature management managers. The voting duration is 3 days. If 7 of the 13 people agree to pass the proposal, then the proposal is passed and enters the proposal publicity period. If not, the deposit will be deducted. The publicity period is 7 days. During publicity, all community members with voting rights can vote against this proposal. If the number of veto accounts for more than 20% of the total voting weight, the proposal will be terminated, and if the proposal is rejected during the publicity period, the deposit will not be deducted. If not rejected, the proposal enters the implementation period.
In the proposal application report, the proposal applicant can set the installment duration and pay the fees in stages. For example, the entire proposal implementation can be divided into 4 stages. The proposal applicant needs to submit an implementation report on how many days each stage lasts, what percentage of the fees needs to be paid and so on whenever one stage is over. The report will be reviewed by the fund multi-signature committee for 3 days.
The fund multi-signature committee will review the implementation process. If the committee approves the implementation of the proposal, then no action is needed. If the committee believes that the implementation goes against the description of the application, they can veto the proposal. If 7 of the 13 people vote against the proposal, then the proposal won't be passed and the remaining fees will not be released. Proposal applicants can continue to submit the implementation report and apply for review. Each stage can be reviewed for up to three times. If the implementation of one stage passes the review, the applicant will receive the fees for the next stage. If it fails to pass the review three times in a row, the remaining fees will not be released, the proposal will be officially terminated. That is a complete fee application process.
4.Challenges we ran into
The DAO multi-signature management committee is a very huge and complicated system and we encountered many challenges in the process of designing this product. The biggest challenge is how to make committee member election process reasonable and how to formulate election standards. The standards must be suitable for various types of DAO organizations. Therefore, we keep decomposing the entire mission into different requirement modules, and then combine them, finally we have the current generalized process. Any type of DAO organization can establish their multi-signature management committee system through our system and use this system to manage funds.
5.Accomplishments that we're proud of
The DAO multi-signature management committee system splits the overall power of the entire DAO organization and authorizes different multi-signature committees for execution. But is the multi-signature committee truly responsible for their jobs? Will they harm the collective interest for their own interest?
To solve that problem, we have specially designed a multi-signature committee impeachment system. Any community member with governance tokens can impeach the multi-signature committee members who are already in office to supervise their work. This impeachment system is the pride of our system and one of the greatest achievements we have made. The impeachment system allows each multi-signature committee member to be effectively supervised by all members of the community, making them more responsible and the governance of the entire community fairer.
6.What we learned
Through the creation of this system, we have learned more deeply about the details of the governance of various DAO organizations. The governance of DAO is a very large and complex work system. The biggest gain we made is that we learned how to design generalized products to meet diverse needs.
We achieved the decentralization of the DAO organization by establishing the DAO multi-signature management committee, and at the same time established a publicity and impeachment system, allowing all community members to supervise each multi-signature committee member and making the work of the multi-signature committee member fairer, more transparent and responsible. It is the existence of such a tool that makes the governance of DAO transform from centralized to decentralized governance.
7.What's next for DAO-Multi-Signature-Committee
Our work next is to continue to handle the details of this product, reconstruct its logic and make this product as adaptable as possible to meet the needs of various types of DAO organizations. When the product functions are further improved, we will submit an external audit. When the audit is completed, we will deploy the product to each public chain.
Project UI
1-Initialization
2-Home
3-Committee
4-Committee-Vote
5-Committee-Impeach
6-Committee-Delegate
7-Member
8-Financial
9-Initiate-Proposal
10-Proposal-Publicity-period
10-Proposal-Voting-period
11-Proposal-Voting
12-Proposal-Executed
Built With
- javascript
- near
- rust
- solidity
- vue
Log in or sign up for Devpost to join the conversation.