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Moloch v2

Moloch whose love is endless oil and stone! Moloch whose soul is electricity and banks! Moloch whose poverty is the specter of genius! Moloch whose fate is a cloud of sexless hydrogen! Moloch whose name is the Mind!

Moloch! Moloch! Robot apartments! invisible suburbs! skeleton treasuries! blind capitals! demonic industries! spectral nations! invincible madhouses! granite cocks! monstrous bombs!

~ Allen Ginsberg, Howl

Moloch v2 is an upgraded version of MolochDAO that allows the DAO to acquire and spend multiple different tokens, instead of just one. It introduces the Guild Kick proposal type which allows members to forcibly remove another member (their assets are refunded in full). It also also allows for issuing non-voting shares in the form of Loot. Finally, v2 fixes the "unsafe approval" issue raised in the original Nomic Labs audit.

For a primer on Moloch v1, please visit the original documentation.

Design Principles

In developing Moloch v2, we stuck with our ruthless minimalism, deviating as little as possible from the original while dramatically improving utility. We skipped many features again and believe our design represents a Minimally Viable For-Profit DAO, yet one flexible enough to support a variety of use decentralized cases, including venture funds, hedge funds, investment banks, and incubators.

Overview

Moloch v2 is designed to extend MolochDAO's operations from purely single-token public goods grants-making to acquiring and spending (or investing in) an unlimited portfolio of assets.

Proposals in Moloch v2 now specify a tribute token and a payment token, which can be any whitelisted ERC20. Membership proposals which offer tribute tokens in exchange for shares can now offer any token, possibly helping balance the DAO portfolio. Grant proposals can now be in both shares and a stablecoin payment token to smooth out volatility risk, or even skip shares entirely to pay external contractors without awarding membership. Members can also propose trades to swap tokens OTC with the guild bank, which could be used for making investments, active portfolio management, selloffs, or just to top off a stablecoin reserve used to pay for planned expenses.

In addition to standard proposals above, there are two special proposals. The first is for whitelisting new tokens to be eligible as tribute, and the second is for removing DAO members via Guild Kick. Both follow the same voting mechanics as standard proposals (no quorum, simple majority rules).

MolochLAO

In order to limit legal liability on members of a for-profit deployment of Moloch v2, the members may opt to form a LAO. LAOs are DAOs wrapped in a legally compliant entity, such as an LLC or C-Corp. The LAO can enter legal contracts, custody offchain assets (e.g. SAFTs), and distribute dividends. Investors in a LAO must be accredited, but service providers compensated in LAO shares can earn their shares of the LAO portfolio.

The current Moloch v2 contract standard was designed through a collaborative effort between MetaCartel, ConsenSys’s The LAO, and Moloch. The MetaCartel Venture DAO is expected to be the first deployment of Moloch v2 and blaze the trail for other for-profit DAOs to follow. Check out the Venture DAO whitepaper for more information.

Security Tokens

To interface with offchain securities like SAFTs, the MolochLAO will issue security tokens that follow the Claims Token Standard ERC-1843 and the Simple Restricted Token Standard ERC-1404. Upon distribution of the SAFT tokens, the LAO custodian would send them to the claims token contract to be distributed to the claims token holders.

For equity, debt, or other revenue yielding securities the LAO custodian would receive the proceeds, liquidate to a token suitable for dividends (e.g. DAI) and then send the dividend tokens to the claims token contract to be distributed to the claims token holders.

Members that ragequit and receive their fraction of all LAO-held security claims tokens will still be able to use their various claims token to withdraw their dividends from each claims token contract.

Transfer restrictions will be enforced such that the security claims tokens can only be transferred to other DAO members, or other addresses whitelisted by the LAO admins.

Installation

To intall this project run npm install.

Testing

To tests the contracts run npm run test.

To compute their code coverage run npm run coverage.

Deploying an interacting with a Moloch DAO and a Pool

This project includes Hardhat tasks for deploying and using DAOs and Pools.

Deploying a new DAO

Follow this instructions to deploy a new DAO:

1. Edit hardhat.config.js, setting the values for INFURA_API_KEY and MAINNET_PRIVATE_KEY.
2. Edit deployment-params.js, setting your desired deployment parameters.
3. Run npx hardhat moloch-deploy --network mainnet
4. Edit hardhat.config.js, setting the address of the DAO in networks.mainnet.deployedContracts.moloch.

Deploying a new Pool

Follow this instructions to deploy a new Pool:

1. Edit hardhat.config.js, setting the values for INFURA_API_KEY and MAINNET_PRIVATE_KEY.
2. Make sure you have the right address in hardhat.config.js's networks.mainnet.deployedContracts.moloch field.
3. Run npx hardhat pool-deploy --network mainnet --shares <shares> --tokens <tokens> with the initial amount of tokens you want to donate to the pool, and how many shares you want in return.

Interacting with the smart contracts

This project has tasks to work with DAOs and Pools. To use them, you should first follow this instructions:

1. Edit hardhat.config.js, setting the values for INFURA_API_KEY and MAINNET_PRIVATE_KEY.
2. Make sure you have the right address in hardhat.config.js's networks.mainnet.deployedContracts.moloch field.
3. If you want to use a Pool, make sure you have the right address in hardhat.config.js's networks.mainnet.deployedContracts.pool field.

After following those instructions, you can run npx hardhat to get a list with all the tasks:

$ npx hardhat
AVAILABLE TASKS:

  clean                         Clears the cache and deletes all artifacts
  compile                       Compiles the entire project, building all artifacts
  console                       Opens a hardhat console
  flatten                       Flattens and prints all contracts and their dependencies
  help                          Prints this message
  moloch-deploy                 Deploys a new instance of the Moloch DAO
  moloch-process-proposal       Processes a proposal
  moloch-ragequit               Ragequits, burning some shares and getting tokens back
  moloch-submit-proposal        Submits a proposal
  moloch-submit-vote            Submits a vote
  moloch-update-delegate        Updates your delegate
  pool-add-keeper               Adds a keeper
  pool-deploy                   Deploys a new instance of the pool and activates it
  pool-deposit                  Donates tokens to the pool
  pool-keeper-withdraw          Withdraw other users' tokens from the pool
  pool-remove-keeper            Removes a keeper
  pool-sync                     Syncs the pool
  pool-withdraw                 Withdraw tokens from the pool
  run                           Runs a user-defined script after compiling the project
  test                          Runs mocha tests

You can run npx hardhat help <task> to get help about each tasks and their parameters. For example:

$ npx hardhat help moloch-submit-proposal
hardhat version 2.0.0

Usage: hardhat [GLOBAL OPTIONS] moloch-submit-proposal --applicant <STRING> --details <STRING> --shares <STRING> --tribute <STRING>

OPTIONS:

  --applicant   The address of the applicant
  --details     The proposal's details
  --shares      The number of shares requested
  --tribute     The number of token's wei offered as tribute

moloch-submit-proposal: Submits a proposal

For global options help run: hardhat help

Changelog v2

To expect God to care about you or your personal values or the values of your civilization, that’s hubris.

To expect God to bargain with you, to allow you to survive and prosper as long as you submit to Him, that’s hubris.

To expect to wall off a garden where God can’t get to you and hurt you, that’s hubris.

To expect to be able to remove God from the picture entirely…well, at least it’s an actionable strategy.

I am a transhumanist because I do not have enough hubris not to try to kill God.

~ Scott Alexander, Meditations on Moloch

Moloch v2 is minimally different from Moloch v1, please read the original documentation first, and then the changelog below.

Moloch.sol

General Changes

In order to circumvent Solidity's 16 parameter "stack too deep" error we combined several proposal flags in the Proposal struct into the flags array.

struct Proposal {
  // ...
  bool[6] flags; // [sponsored, processed, didPass, cancelled, whitelist, guildkick]
  // 0. sponsored - true only if the proposal has been submitted by