Grind Wallet NFT Tokenomy / DAO / Equity Whitepaper

DAO: A New Path Forward

Many people worry that AI will take away our jobs. However, a DAO (Decentralized Autonomous Organization) can serve as a social experiment, showing what the future might look like.
On-chain companies could soon rival today's Big Tech giants. We are at a similar point to where they were in their early days. Like record labels that failed to embrace the MP3 revolution, these firms risk obsolescence if they do not adapt.
The paradigm must shift: instead of letting them profit from our data, we should share in the profits. Most people could earn a living from DAO shares in giants like that, with their votes shaping project outcomes.
Some may even entrust voting decisions to an AI agent, trained to uphold their values, who votes and trades on their behalf.

About the Funding Campaign

This project is currently in the early stages of development and is seeking funding to help grow faster and expand its reach.
A limited number of NFTs are being offered to early investors. These NFTs will grant access to exclusive features and benefits within the Grind Wallet ecosystem like DAO voting and revenue sharing.

About The Project

Grind Wallet is a classic cryptocurrency wallet for the Internet Computer blockchain, available as a browser plugin (with a mobile app planned for the future).
Download for Chrome here.
It is a relatively new open-source project. At this stage, it is best suited for early adopters, ICP enthusiasts, and investors rather than everyday users.
Project is the result of combining my idea for a mobile app from 2015 - with my entry into the ICP ecosystem and the desire to refine a few things in my own way.

What Makes This Project Good

• Web3
  This is an important principle of this project, aligning with the movement supporting the inevitable transformation of the network to a new stage. Web3 represents a fundamental shift in how we interact with the internet and manage our digital assets. Unlike traditional web models where third parties control and manage your data and assets, Web3 empowers individuals to truly own their assets.
• Classic
  Cloud wallets are great and I really like them; they are certainly understood by most people outside of crypto. They represent ICP-specific capabilities that other blockchains do not offer.
  However, newcomers from other blockchains might have trouble understanding them, which is why I wanted to create something more classic, something they would understand immediately.
  Additionally, in the case of a mobile app, it takes up the entire screen anyway.
  Moreover, in this case the web3 rules apply: only by having something on your own computer/phone are you a true web3 purist, not knowing if the company offering the cloud service will go bankrupt.
• Simple
  There is no confusing language or complicated interface. Users are not overwhelmed with strange L2 networks or additional options and settings; it remains clean.
  Notice that there is no division into separate wallets. All wallets are on one page (yes, a collapsible accordion is planned when there are many). The account you used for a service will be securely remembered with an easy selection, just like choosing a card when paying with your phone.
• Slick
  Grind Wallet is designed to be slick, meaning it operates smoothly and quickly.
  It is optimized to remove unnecessary elements, ensuring a streamlined user experience.
  Future plans include further enhancements to significantly boost its performance.
• Open source
  Grind Wallet is an open-source project, which means its source code is freely available for anyone to view.
  Please note that the name "Grind Wallet" and its logo are not open-source. This is to protect against scam builds and ensure the integrity of the project.
  Users can inspect the code to ensure there are no hidden vulnerabilities or malicious elements.
  With many eyes on the code, potential security issues can be identified and addressed more quickly. This collaborative scrutiny helps create a more secure product.
• Community-driven
  This project is driven by a DAO, allowing the community to earn and participate in product development.
  Holders will be able to create so-called "guilds", which will function similarly to pools but with much more powerful capabilities. More about this below.

Future Plans

• Mobile app
  A mobile app is planned for iOS and Android allowing users to access their wallets on the go.
• Dumbphone app
  I am also considering a version for KaiOS, but this will be subject to a DAO vote.
• Auto-appearing tokens/NFTs
  I have discussed with the ICRC workgroup to implement the automatic appearance of tokens and NFTs.
  Providing the canister address or toggling switches in the configuration and waiting for the token to be added to the list is inconvenient.
• Transfer Notifications
  Notifications for incoming transfers and their automatic appearance are also being considered. However, this might be more challenging to implement and it is uncertain whether it can be standardized.
• Web3 trading
  Direct purchasing of self-selling NFTs will be available, allowing users to buy and sell NFTs directly within the Grind Wallet app.
• In-app investing
  Various well-known instruments such as staking will also be available through the interface, allowing users to earn rewards by participating in the network.

Acquisition of DAO shares

When designing a Decentralized Autonomous Organization (DAO), one critical aspect is the mechanism used to represent and distribute ownership or voting power. Many DAOs use fungible tokens with liquidity pools to manage governance, but this model has significant vulnerabilities that undermine the stability and vision of serious projects, especially startups.

Tokens with liquidity pools are highly susceptible to price manipulation. A single entity with sufficient resources can artificially inflate or deflate the token's value by performing coordinated buy/sell actions. This creates an unstable foundation for governance, as voting power or the perceived value of the DAO becomes tied to market speculation rather than the organization's intrinsic worth or contributions to the project.

Moreover, this structure often leads to the DAO being viewed as a “meme token” rather than a legitimate, innovation-driven startup. When token value is the primary focus, it shifts attention away from the project's mission and toward speculative trading—a direction that may erode credibility and deter serious contributors or investors.

Our Solution: Governance Through NFTs

Membership and voting power within the DAO are represented by NFTs, which act as unique and immutable shares of the organization. While fungible tokens ($PML) will play a role within the ecosystem, they are not directly tied to governance. Instead, $PML tokens can be used to purchase NFTs through controlled pools managed by the DAO itself. This ensures that the distribution process remains fair and immune to external manipulation, while also providing a clear and stable utility for the tokens.

A liquidity pool for $PML probably will be created at some point if the project grows. Actually anyone can create one organically already, that's what web3 freedom is all about, but it won't have a major impact on the price of NFTs.

There will be a buyback mechanism for investor NFTs once their value has increased appropriately.

DAO NFTs Details - The Star Of The Show

• Total supply: 1 million NFTs / one vote for each
  Million votes representing 100% of the startup's value
  NFTs will be blackholed after the sale.
  NFT denominations will vary. Imagine someone holding and managing 10,000 NFTs; they could consolidate them into larger denominations for easier management.
• 40% reserved for the developer, the rest sold to the community and distributed via airdrops
• NFT holders will have the right to create votes on feature proposals and strategic decisions (DAO).
  The creation of new features will require holding a significant amount of NFTs, not just one or few.
  Participation in the DAO will only occur if the NFT is staked.
  This will be a soft stake which means that the NFT will not be transferend to DAO, but smart contract tracks history of it (should not be transferred anywhere during the stake peroid).
  
• But if you are a holder of just 1 vote, it's not that bad - the system will support the creation of larger NFT pools with friends.
  You will be able to name your group ('guild') and logically allocate these NFTs together, acquiring the rights to create votes and more interesting things.
• NFT holders will be able to vote in DAO, with just 1 NFT being sufficient.
  Naturally, the voting power is proportional to the percentage of NFTs held from the total supply.
  Participation in the DAO will only occur if the NFT is soft staked.
• NFT holders will receive a share of the project's profits proportional to their percentage ownership.
  Profits are derived from commissions and are calculated as revenues minus expenses.
  Participation in profit sharing will require soft staking NFTs and will be calculated only during the staking period.
  Claims will be made after each "epoch", which is the minimum staking period and is less than a month.
• The sale will be conducted in rounds, with the price likely increasing with each round (hopefuly).
• This sale will likely last for a long period, possibly even the next few years.
• If ultimately the entire 60% public pool does not sell out, it will be distributed via airdrops.
• NFTs will be sold for ICP. The first funding round will price 1 NFT at 0.1 ICP with a limited supply.

Why Custom DAO App Instead Of An SNS

SNS has a limited timeframe and a minimum fundraising goal. This usually makes sense because if the minimum amount is not raised, the team does not proceed with the project.
In this case, however, the project will proceed regardless, and the sale will take place over a very long period—potentially even several years — allowing for organic growth.
Additionally, I want to create many functionalities that the SNS neuron does not have.

DAO Guilds

• Any number of individuals will be able to form their own sub-group within the DAO, so-called 'guild' complete with a name, logo, and token to enhance their influence and position.
• Establishing a guild will require soft staking a significant amount of NFTs: 10 000 votes.
• In addition to voting rights, guild members will be able to create their own pools dedicated to investing in various instruments and invite any number of people from their community to join.
• Guild will be able to publish their own smart contracts (like stakes, liquidity pools etc., you name it) which will be promoted and executed inside wallet and earn from it.
  People without NFT and outside of official guilds will also be able to create such plugins, but they will require manually entered URLs.
  
• Wallet users will be able to subscribe/unsubscribe from any guild in the settings, or disable all guilds.
• The dissolution of a guild can be subjected to a DAO vote.
• The mere suspicion of a scam entitles the moderator to indefinitely suspend the guild's activities without a DAO voting procedure.
• So owning an NFT is not just an opportunity to earn from it, resell it, but maybe a big company in the future will want to buy the entire guild.

Paml token ($PML)

• Additionally, a companion meme token called Paml ($PML) has been created.
  There will be limited events where DAO NFTs can be purchased not only with ICP but also with $PML.
  During the first sale event, 1 DAO NFT will cost 100 $PML.
  Beside of acquiring NFTs it is intended for community engagement: airdrops, puzzles, and games.
  
• Meaning of "Paml":
  BUIDL ➡️ HODL ➡️ PAML
  It symbolizes the best aspects of the crypto world: building dapps and communities, holding tokens, and ultimately, achieving passive income in the tropics under the palm trees. 🍹🌴
• Total supply: 108M
  10% for developer 90% for community
  Blackholed: yes
  Canister id: qjnuk-siaaa-aaaam-ad5fa-cai
  Standard: ICRC-2+

Uncertainties

If you find any gaps or ambiguities, or if you disagree with any assumptions, please let me know on Discord or Twitter.
Better yet, become a member of the DAO and vote to make changes. The principles presented here will be subject to re-voting in the DAO.

Who's behind it

Dariusz Dawidowski (GitHub) (LinkedIn).
Programmer since '80s, singlepreneur, finished more than 100 IT projects already.
Currently also working on:
Metaviz, a diagram collaboration tool for the web2 and Internet Computer blockchain. This project received 2 grants from the Dfinity Foundation.
Pixelpunk, a pixel art MMO game also for the Internet Computer blockchain.

So, wen Lambo? 🌴 🏎️ 🌴

If you hodl, who knows... 😀
But I'm not a financial advisor.

Contact

For any questions, please use Discord or X (Twitter).