Bsl Dao Info | BankSocial
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The BankSocial DAO

Business Capability with The Protection of an LLC

What is The $BSL DAO?

A DAO, or “Decentralized Autonomous Organization,” is a community-led entity with no central authority. It is fully autonomous and transparent. Ultimately, a DAO is governed entirely by its individual members who collectively make critical decisions about the future of the token.

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The $BSL DAO is An LLC.

The Wyoming DAO LLC provides a recognized legal structure that incorporates and limits the liability of DAO members. The purpose of the DAO is to maintain and manage all components of the SLP (Social Lending Pool) and $BSL token. $BSL currently has 5 delegates that were proposed, voted on, and confirmed by the community through on chain voting. Delegates have been authorized by the $BSL token holders to make certain decisions on behalf of the community regarding approval of loans, based on criteria that the community has proposed, and accepted.

How Does the $BSL Dao Work?

HOlders get additional benefits

First, Check The Temperature

The BankSocial DAO is open to anyone and everyone. Every BIP starts with a proposal. Once you feel like your proposal has been well crafted, create another forum post in the Temperature Check section to initiate an off-chain temperature check vote with a minimum 5 days voting time. This action requires at least 50 votes to move to on-chain consensus check. If the proposal receives enough community votes, it moves to on-chain voting, where the community votes with their $BSL tokens.

Next, Get Consensus

Once a temperature check has 50 votes, the DAO Delegates will publish a BIP Consensus Check. The snapshot would be deemed valid if at least 1B $BSL participation between both chains (ETH & BSC), and the consensus check is voted to pass. If a Consensus check reaches 2B $BSL participation in the first 5 days the vote automatically reaches quorum for a final vote, and if voted in favor, becomes a BIP.

HOlders get additional benefits
HOlders get additional benefits

A BIP is Born

All proposals that pass consensus check with the minimum 1B $BSL participation will be presented to the BankSocial $BSL token holders for a vote with an official BIP Vote (proposal vote) which takes 2B $BSL for a full quorum.

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