TODO: update for v3 - erc20 info
A characteristic that wasn't widely prominent in the web3 world before the advent of DAOs, is that of having "Skin in the Game". This unique feature allows DAO members to signal their loyalty and committment to their respective organization, and it provides DAOs with a mechanism for preventing possibly malicious actors from joining.
Membership in a DAO can be seamless, easy in/easy out. Prospective members can submit a Membership Proposal by navigating to the DAO they're interested in and selecting View Proposals, subsequently clicking New Proposal and Membership, existing members can vote on whether to accept or deny admission of candidates on a case by case basis.
Members can exit at anytime, as long as they don't have a 'Yes' vote on an open proposal
Shares are granted to members in order to allow them to vote on proposals in the DAO. Shares also represent a claim on the tokens held in the DAO. Shares can neither be exchanged or sold to other members of the DAO.
Non-voting Shares in the DAO. Guilders can ragequit Loot to withdraw proportional amount of assets from the DAO based on current Share Value.
This is part of the magic of Moloch. Rage Quit allows a member or Loot holder of the DAO to leave with all or part of their share of the tokens. Imagine a DAO that has 1000 DAI, 50 Shares, and 50 Loot. That means if you own 100 Shares of the DAO and ragequit all of your shares, you’d leave with 100 DAI, or 10% of the treasury.
A proposal to kick out a member of the DAO. Converts any Shares they may have into Loot, thereby removing voting power. Warning once a member is guildkicked, they become jailed and cannot be added as a member ever again.
Status of a member after a successful guildkick. Can be ragekicked at this time.
After a successful GuildKick, anyone can ragekick that member. Ragekick acts exactly as a ragequit, burning their Loot and returning their proportionate tokens.
Anyone who is a member, or has some funds in internal balances, will have a profile view within the DAO.
From here you can:
- View Shares/Loot and Exit Amount (pro-rata claim on banks assets based on current share value)