Summary

This is a proposal by NNS to create an SNS DAO to manage the OpenChat dapp.

Purpose

OpenChat is a decentralized chat application managed by users, for users.

It is fully functional, runs on the Internet Computer blockchain, and is similar in functionality to WhatsApp, Signal, and Telegram. It is open source, the code running on any container smart contract is verifiably linked back to a specific version of the code, and users can send each other messages containing tokens such as ICP and ckBTC.

The OpenChat DAO was formed to operate and guide the direction of OpenChat as a public product owned by no one, and holders of CHAT tokens can stake them as Neurons, which enables them to make and vote on proposals to change the OpenChat dapp.

The SNS DAO will hold a treasury of CHAT tokens and ICP that can be used to fund the continued development of the dapp, and reward users algorithmically to encourage active usage and growth. By rewarding contributing users with CHAT tokens and neurons, they will benefit from the long-term success of OpenChat, with the expectation that this will create a large group of advocates to promote OpenChat.

CHAT tokens will also be used to pay for “Diamond” tier memberships and other future premium features.

For more information about OpenChat SNS, read the white paper here:

  • oc.app/#/whitepaper

Proposed Token Distribution

Total Token Supply: 100 million CHAT tokens

Initial Allocation:

1. 52%: Reserved for the SNS Treasury and controlled by OpenChat DAO

2. 25%: Decentralized sale allocation run by NNS, including community funds

3. 15%: allocated to the OpenChat development team, awarded over 4 years

4. 8%: allocated to DFINITY to provide seed funding, vested over 2 years

Ledger transaction fee: 0.001 CHAT token

For more information on the initial token distribution, please read the documentation here:

  • oc.app/#/whitepaper?section=5

Governance

1. Each decentralized sale participant (including the Community Fund) will receive their tokens in a basket of 5 CHAT Neurons of equal value, with dissolution delays of 0, 3, 6, 9, and 12 months.

2. The founding development team will receive their tokens in a basket of 5 neurons, each with a 1 month dissolution delay, but vesting periods of 0, 1, 2, 3, and 4 years.

3. DFINITY will receive their tokens in a basket of 4 neurons, all with a dissolution delay of 1 month, but vesting periods of 6, 12, 18, and 24 months.

The governance parameters for OpenChat are initially proposed to be:

  • Minimum stake: 4 CHAT tokens

  • Minimum staking period for voting: 1 month

  • Maximum staking period: 1 year

Voting Rewards: 2.5% of CHAT token supply minted annually

  • Maximum staking reward (1 year): 2x

  • Maximum age for age bonus: 6 months

  • Maximum age bonus: 1.25 times

You can verify these parameters by querying the get_nervous_system_parameters method of the governance container on the following page:

  • dashboard.internetcomputer.org/canister/2jvtu-yqaaa-aaaaq-aaama-cai

Decentralized Sales

It is proposed that 25% of the total supply be allocated via a decentralized sale on SNS, and if the proposal is adopted, the sale will begin after the specified delay and is scheduled to end at noon UTC on Friday, March 17. If the maximum number of ICPs configured below is reached before that date, the sale will end early.

Sales participation parameters:

  • Minimum participation: 1 ICP

  • Maximum participation: 100,000 ICP

  • Maximum Fundraising: 1,000,000 ICP

  • Minimum Fundraising: 500,000 ICP

  • From the Community Fund: 333,333 ICP

  • Minimum number of participants: 500

The sale is open to anyone and can be participated through the NNS frontend launchpad (nns.ic0.app) or using quill on the command line. For specific participation steps, please read: What you need to know about SNS DAO.

Dapp

The OpenChat dapp consists of a set of container smart contracts, with a top-level container controlled by the OpenChat SNS root container:

  • 1 website assets container (6hsbt-vqaaa-aaaaf-aaafq-cai)

  • 1 User index (4bkt6-4aaaa-aaaaf-aaaiq-cai)

  • 1 Group index (4ijyc-kiaaa-aaaaf-aaaja-cai)

  • 1 Notification Index (4glvk-ryaaa-aaaaf-aaaia-cai)

  • 1 Storage index (rt-urd-qaaaa-aaaaf-aabaq-cai)

  • 1 online user (3vlw6-fiaaa-aaaaf-aaa3a-cai)

  • 1 Proposal robot (iywa7-ayaaa-aaaaf-aemga-cai)

  • 1 Cycles Dispenser (gonut-hqaaa-aaaaf-aby7a-cai)

Controlled by the top-level container:

  • 1 local user index per subnet

  • 1 local group index per subnet

  • 1 notification container per subnet

  • Multiple buckets per subnet

  • 1 user container per user

  • 1 group container per group

For more information, see the architecture description here:

  • oc.app/#/architecture

verify

All of the above details can be verified by inspecting the initialized OpenChat SNS container, more detailed instructions are here:

  • wiki.internetcomputer.org/wiki/How-to:_Verify_SNS_decentralization_sale_proposal

In addition to participating in this sale, users who frequently use OpenChat may also receive CHAT token airdrops. Register for OpenChat:

  • https://oc.app/?ref=cl33r-3qaaa-aaaaf-adg2a-cai

For detailed tutorials, please click: IC Ecology Zero Big Hair - Issue 1

For more information and introduction about OpenChat, please read:

  • OpenChat features and roadmap

  • OpenChat SNS White Paper

  • OpenChat FAQ

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