A new decentralized, autonomous organization with a mission to protect and serve the Solana community
The NFT space on Solana is in its early days. What started out with a few projects pioneering in the space, has now boomed into a bustling trading market, with multiple projects launching daily and competing for the attention of collectors and speculators.
In the beginning, most projects minting struggled with technical difficulties. To my knowledge, the first project to suffer a major exploit was the Aurory project. While the team did a great job (with some issues), unfortunately bad actors targeted minters with a phishing scam, draining their victim’s wallets of all assets.
This week, malicious actors targeted minters again. They masqueraded as a legitimate project, then took all the funds and sent users NFTs without the promised art. Their twitter page is deleted, their discord is locked, and it appears the scammers will get away with their crime.
Another project, the Crypto Greeks didn’t suffer an exploit, but the original developers ghosted the project. One developer has come back and is coordinating with the community to hand over the project, and right now it’s looking very promising. Unfortunately, most crypto projects failing to execute will not have a happy ending.
At the most basic level, the the objective is to allow legitimate projects on Solana the ability to prove accountability to the Solana community, without having to provide their IRL identity to the public. The rug DAO will allow projects with good intentions to rise to the top, and make it difficult for scammers to gain any traction in the eco system.
The RUG DAO will not be in the business of helping governments collect taxes or suppress crypto in any way. The RUG DAO will only act if there is an offence against the Solana community.
The rug DAO, with its panel of representatives, will verify the identity of new crypto teams launching on Solana. New crypto projects with good intent can submit their identity to the DAO… including photo ID, names, their centralized exchange profile, and any other personal information the DAO deems as a requirement for launching an honest project on Solana.
New crypto projects completing anonymous ID verification with the rug DAO will receive a certificate of recognition for disclosing their identities and personal ID to the rug DAO. New crypto projects will benefit by being able to advertise themselves as a vetted team by the RUG DAO!
The RUG DAO will “KYC” new crypto projects after they submit key details, which, in the event of a scam, could be turned over to the greater community, or even law enforcement.
After a project has submitted the required information to RUG DAO, the DAO will issue a certification to the project creators. If the project developers disappear or fail to execute their road map, or harm the community, they will risk having their identities revealed to the community and relevant authorities.
A decision making panel shall be made of individuals representing prominent groups in the Solana eco system. Each major DAO will nominate a representative for the RUG DAO, who will act in good faith on behalf of their community.
The community leaders in the RUG DAO will complete identity verification for upcoming crypto projects. The panel will NEVER release the personal information of any co operating party without investigating the situation and contacting the project’s team.
The panel will only ever release a projects information if an offence is committed against the Solana community. In order for the panel to release any information, the panel must be obtain a unanimous vote before moving forward.
Membership in the DAO will be allowed via a grape verified token gate. The DAO will be open to all holders of Crypto Greek and IMOJI tokens (the leftover NFTs from the ICONIC scam). In the future, new membership NFTs will be could be given out too victims of scams and exploits, or have their rug pull NFT included in the DAO.
The RUG DAO will collect information and code from new crypto projects, and store it permanently, and privately on Arweave.
In the event an offence against the Solana community is committed, the panel can decide to reveal the team’s information to authorities or the Solana community.
This document is only to plant the seeds, and start bringing the right types of people into the community. WE HAVE WORK TO DO. We would love if you can contribute. I have created a new discord server which will be open to everyone, please feel free to join here.
We will fine tune this vision as a community, and give anon teams in the crypto space an opportunity to prove accountability. We will come up with, and execute more plans to benefit and protect the Solana community.
Why the Crypto Greeks?
Right now we are working as a community to rebuild the project and take in a new direction, so it just makes sense. Beyond that, I believe that the Crypto Greeks fit the vision, as the Ancient greeks were the first to introduce democracy to the world. Right now the floor price is low and affordable, so anyone who wants to join us in the effort can afford a Crypto Greek. You can purchase one here.
I would also like to allow IMOJI tokens for grape verification as well, to help victims of that scam by giving their scam tokens some utility.
If you have read this far, thank you for your interest. If you have any feedback or ideas about how to improve this vision, please feel free to contribute in the RUG DA◎ : CONCEPTION discord server.