Prime’s projected development is segmented into three separate phases, each with its own characteristics, objectives, and strategies. These phases form the scaffolding of an ever-evolving strategy that guides and aligns stakeholders. Although decentralized autonomous organizations (DAO) like Prime are architecturally decentralized, they still require leadership and orchestration to accomplish common goals and generate value. Without shared strategy — and skilled communicators to herd value creators — Prime’s ecosystem participants can’t be expected to understand where and why to focus their energy. This type of confusion is a form of organizational myopia called the tyranny of structurelessness.
The Incubation phase did not start with the announcement of PrimeDAO, but began Q2 2020, with the creation of a working group at ETHDenver. The initial stakeholders collectively created the litepaper, and aligned on a general outline of how to initialize Prime. This founding working group has coordinated via private group chats, private meetings, and alignment through mutual contribution. With the public revealing of Prime, we take the first step from off-chain governance to on-chain governance by deploying the first version of Prime to the xDAI chain. This deployment creates an on-chain forum for its ecosystem governors to collaboratively align and legislate agreements. This first DAO is deployed on the DAOstack framework and utilizes holographic consensus for governance. At this point, there still isn’t a PRIME token, but only Reputation (REP) — which is non-transferable voting right — as the source of governance truth.
The step from off-chain to on-chain governance is a big one. As an on-chain entity, Prime governs a treasury, where funds can be exchanged to workers or service providers for their efforts. It can govern smart contract protocols and interfaces, where parameters can be adjusted, contracts can be updated, or decentralized ENS websites and applications can have their content managed. Or it can simply align on proposals that formalize a social consensus, such as norms and organizational protocols — like a code of conduct. Prime can do other things, such as call smart contracts, but let’s let this sit for now.
In this phase, we must develop a number of tactical governable primitives for the PrimeDAO. Development of the primitives will be matched by the DAO’s governance to an ecosystem of development teams according to their strengths and capabilities, with a designated team for dynamically maintaining and reporting a PrimeDAO ecosystem roadmap.
This Growth phase is projected to start in Q4 2020 with the deployment and launch of PrimeDAO governance and resource allocation. The PrimeDAO will utilize the Alchemy platform by DAOstack throughout this phase.
In this phase, the dual primary objectives are to mature PrimeDAO by expanding its suite of products in order to achieve economic sustainability and to design and improve Decentralized Governance and Operations specific to the needs and requirements of PrimeDAO. We anticipate that the former will accelerate adoption in the DeFi space and the latter will require DAO fractalization and delegation mechanisms. That is: the capacity to designate and deploy sub-DAOs and joint DAO ventures, form nested organizational hierarchies, and designate budgets and special product or protocol privileges to designated administrators.
PrimeDAO will launch its first product, primedao.eth/trade, a dex aggregator that uses Totle's DEX smart routing technology to create a PrimeDAO native DEX Aggregation product that is fully integrated into PrimeDAO. Afterward, PrimeDAO can decide on other promising DeFI business models that contribute to the advancement of the industry and strengthen PrimeDAO.
The PrimeDAO now consists of a network of independent stakeholders that coordinate publicly and transition value through PRIME tokens. In this phase, the function of the PrimeDAO Development Foundation will be limited and the vast majority of interactions will be executed directly by PrimeDAO or through independent third parties. All infrastructure including the smart contracts will become increasingly decentralized during this phase.
Once stakeholders have agreed to the specification of a new PrimeDAO governance and tokenomics for the next phase—including the speculative initiation of a continuous fundraising mechanism, such as a PRIME bonding curve—the network will transition to its Maturity phase.
The Maturity phase is projected to start in Q1 2022 with the launch of the native PrimeDAO with full on-chain governance and fully integrated tokenomics.
Through continuous improvement, PrimeDAO should continue to evolve into a completely decentralized autonomous organization and is able to self-fund, self-govern and self-organize. At this point, PrimeDAO should have developed into a global network of decentralized financial applications and interfaces that allows anybody—without being limited by a lack of resources of any kind—to be able to utilize and benefit from PrimeDAO’s integrated financial offering. PrimeDAO as a public goodwill help improve coordination and effective use of resources and contribute greatly to a more thriving global society.
The ‘completion’ of the Maturity phase depends on the state of the industry and evolution of PrimeDAO, however specific cryptoeconomic simulation tools such as CADCAD can help create models to determine when PrimeDAO has reached a point of resiliency and economic sustainability.