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From YouTube: Christiane Ernst & Silke Elrifai of Gnosis present 'Awakening of the dxDAO' @ DAOfest Berlin
Description
Christiane Ernst & Silke Elrifai of Gnosis present 'Awakening of the dxDAO' at DAOfest. Part of Berlin Blockchain Week.
https://DAOfest.io
https://Gnosis.io
A
A
Will
be
sharing
this
presentation
so
that
you
get
sort
of
two
perspective
into
the
same
thing?
I
actually
wanted
to
start
off
by
asking
who,
who
here
has
heard
of
the
DX
tile
but
will
actually
did
a
favor
and
announced
it
a
few
times
so
who
heard
of
the
DX
now
before
coming
here
today?
Okay,
awesome
really
great!
So
why
are
we
speaking
about
awakening
awakening
the
DX
tile
yeah.
B
A
It's
an
experiment
because
we're
testing
these
central
governance
for
a
trading
protocol
and
also
it's
an
experiment,
because
we
really
don't
know
how
it
turns
out.
So
let's
look
at
the
agenda
for
today
for
the
next
30
minutes.
We
briefly
cover
what
the
DX
now
is,
will
speak
a
little
bit
more
about
the
motivation
why
we
wanted
to
initiate
it
and
why
we
need
it,
and
then
we
have
five
challenges
for
you.
A
There
were
so
many
more,
but
we
wanted
to
also
present
some
solutions
to
them
so
and
that
would
be
really
exciting
and
we
really
briefly
touch
upon
what's
happening
now.
Also
we
did
a
test
run
last
week
and
apparently
our
presentation
was
slightly
boring
that
our
colleague
Anita
started
doodling,
so
you'll
find
our
presentation
a
little
bit
spiced
up
throughout
and.
B
A
She
had
to
say
this,
so
what
what
is
the
DX
now,
so
it
is
actually
up
and
running
and
a
fully
lively,
kicking
Tao
as
of
right.
Now,
it's
fully
community
governed.
Actually,
there
are
399
reputation,
holders
reputation.
Holders
reputation
is
essentially
the
voting
rights
that
is
being
attributed
and
giving
rights
to
make
decisions
in
the
Tao.
It's
based
on
that
strength,
government
governance,
infrastructure,
which
includes
the
holographic
consensus
framework
and
also-
and
the
voting
is
happening
through
the
alchemy
interface.
So
you
will
hear
all
about
this
more
throughout
the
day
I'm
here
today.
A
B
A
So
people
ask
us
a
lot,
so
how
is
Gross's?
We
both
work
at
kenosis
limited?
How
is
kenosis
involved
so
I
just
wanted
to
put
this
up
there
black
on
void
initially,
so
we
were
heavily
involved
in
the
ideation
design
and
development.
The
same
with
the
Dutch
X.
We
also
hand
it
over
the
Dutch
X
to
the
D
X,
now
as
a
sort
of
proof
of
concept
and
to
see
how
that
works,
and
there
were
no
pre
allocation
of
voting
rights
to
anybody,
not
kenosis.
A
Unlimited
all
signals
as
limited
did
not
take
part
in
the
votes
taking
period,
so
they
have
no
decision-making
power
whatsoever
and
we
were
also
asked
to
step
away
after
this
initial
distribution
from
any
sort
of
commune
community
and
communications.
So
this
is
why
you
might
have
noticed
that
we've
become
really
inactive.
So
we
really
want
to
see
how
this
turns
out
without
our
help.
A
Ok,
so
I
have
to
go
into
it's
not
about
the
Dutch
X.
This
presentation,
but
I
do
have
to
go
into
it
a
little
bit.
So
you
understand
the
way
and
the
mechanism
how
the
distribution
worked
initially,
so
the
Dutch
X
is
a
fully
Unchained
decentralized
trading,
Pro
call
for
ESC
20
tokens,
unlike
many
other
decentralized
exchanges,
it's
not
audible
based
based,
but
it
is
based
on
auction
mechanism,
namely
the
Dutch
auction.
A
So
very
roughly
speaking
in
a
first
stage,
sell
orders
are
collected
and
in
a
second
stage,
their
auction
off
in
the
Dutch
auction
mechanism
to
willing
bidders
and
I
want
you
to
have
four
takeaways
that
are
necessary
to
understand
this
presentation
going
forward.
So
they
might
seem
a
little
bit
complicated.
A
But
please
do
bear
with
me
so
that
the
cool
thing
about
the
Dutch
X
is
actually
that
there's
no
extraction
of
of
things
out
of
the
protocol,
but
instead
of
levying
something
that
most
exchanges
do,
which
is
fees,
the
protocol
levies,
liquidity
contribution
which
are
taken
by
the
traders,
but
they
reallocate
it
into
the
next
auction
benefiting
other
participants.
Essentially
that's
the
first
thing.
The
second
thing
is
the
more
you
trade,
the
more
em
you
generate,
Magnolias
token,
which
is
a
token
intrinsic
to
the
Dutch
X,
which
allows
you
to
reduce
the
liquidity
contribution.
A
So
Magnolias
will
become
relevant
later.
The
more
liquidity
at
the
moment
earlier,
the
lower
your
liquidity
contribution,
also
on
smart
contract
levers.
There
are
few
parameters
that
are
changeable,
namely
this
whitelist,
the
tokens
that
generate
Magnolias
and
also
upgrading
the
protocol
entirely.
For
example,
we
call
them
auctioneer
powers,
so
why
do
we
need
the
Dutch
X
I'm?
A
Sorry,
the
DX
Dow,
so
for
the
Dutch
eggs,
particularly,
we
had
two
goals
in
mind:
one
was
to
create
a
global
liquidity
pool,
which
means
as
much
as
that
everybody
who
trades
from
whatever
interface
taps
into
the
same
protocol,
eya
benefiting
from
others
liquidity,
because
an
exchange
really
lives
from
its
liquidity,
the
more
liquidity
you
have,
the
better
it
is
for
other
participants.
The
second
goal
we
had
from
the
very
beginning
is
to
make
this
decentralized,
and
one
way
to
do
this
is
to
just
launch
an
immutable
smart
contract
to
the
blockchain.
A
But
then
what
you
do
is
with
every
sort
of
upgrade
and
redeployment
of
a
smart
contract.
You
really
risk
splitting
this
liquidity,
because
people
will
have
to
integrate
again
at
tokens
again
sort
of
withdraw
their
funds
and
put
it
in
the
news
from
em
contract.
So
this
went
against
the
global
liquidity
put.
A
B
Also
from
from
some
legal
perspectives,
the
same
thing,
what
we
try
to
envisage
or
build
with
the
awake
with
the
DX
Dao
was
basically
to
have
it
as
decentralized
as
a
network
as
in
the
long
term
as
Bitcoin
Andy
theorem.
If
you
have
a
central
entity
actually
making
those
or
having
those
auctioneering
powers
making
changes
under
various
jurisdictions,
that
energy
may
be
considered
an
operator
by
handing
the
Dutch
checks
over
to
like
s
decentralized
entity
or
more
decentralized
entity.
What
you
actually
do
is
you
reduce
the
attack
surface
in
legally
and.
A
So
the
first
challenge
and
I
think
actually
will
also
mention.
This
is
really
who
gets
to
vote
in
this
now.
So
this
is
so
first
we
decided
we
shouldn't
decide,
okay,
so
where
do
we
start
and
then
also
we
didn't
want?
We
wanted
participants
to
actively
show
their
interest
in
wanting
to
govern
this,
so
they
had
to
do
something
actively,
rather
than
sort
of
here
all
of
you
get
to
govern.
A
So
there
was
some
some
involvement
already
from
the
beginning
and
there
had
to
be
some
sort
of
measure
and
to
gauge
the
interest,
because,
obviously,
if
we
say
it's
for
everybody,
everybody
loves
free
stuff,
everybody
would
have
wanted
to
do
it,
but
people
who
participate
it
should
also
be
equipped
to
do
so
and
so
summer
goals
were
that
being
the
first
protocol
that
would
be
governed
by
the
dig
style.
It
was
super
important
to
have
to
have
a
really
strong
link
to
the
Dutch
X.
A
So
if
we
put
the
digs
now
in
the
hands
of
the
users
of
the
Dutch
eggs,
there
wouldn't
really
be
a
conflict
of
interest
because
it
would
be
the
users
governing
the
protocol
right
and
we
also
wanted
to
sort
of
level
the
playing
field
and
have
the
same
terms
for
everybody
participating.
We
really
wanted
it
to
be
easy
to
participate.
A
So
the
way
we
designed
it
is,
we
said
over
a
period
of
30
days,
which
we
called
the
votes
taking
period,
which
largely
happened
throughout
June
and
everybody
who
wanted
to
participate
were
able
to
participate
in
one
many
or
arbitrary
many
of
four
categories
which
I
will
introduce
right
now
to
you.
So
we
also
tried
to
make
it
super
easy
by
Dallas
Tech,
actually
coming
up
with
this
really
cool
vote.
Staking
interface,
so
this
is
just
a
screen
shot
where
you
can
see
the
the
four
categories.
A
Locking
Etha
actually
was
up
to
the
user
to
decide
how
much
and
for
how
long
and
they
would
get
it
back
same
with
ESC
20
tokens.
Magnolia
is
the
Dutch
ex
trading
token,
which
had
to
be
registered
the
account.
So
we
could
read
the
user's
balance
and
bidding
Jen
actually
ensured
that
the
that
the
Bao
would
have
some
funding.
So
we
actually
said
the
biggest
part,
so
50%
of
the
reputation,
500-thousand
reputation
of
a
million
total
should
go
to
those
who
register
them
their
account
and
we
actually
had
for
such
a
niche
sort
of
category.
A
We
actually
had
70
participants,
unique
wallet,
addresses,
participate
in
this
category
and
the
second
category
was
locking
and
ec2000
conveyor.
300,000
of
reputation
was
allocated
to.
This
was
really
for
a
theorem
project
and
their
users
to
give
them
a
chance
to
equally
participate
as
well,
and
there
were
more
than
25
different
tokens
take,
which
is
actually
really
a
really
good
outcome
and
difference
of
tokens,
locking.
A
If
8%
went
to
this
category
so
80,000,
which
we
mainly
introduced
for
the
ease
of
it,
because
we
said
most
people
have
ether
if
they
have
anything,
they
would
hold
this,
and
indeed
of
the
399
350
unique
participants
took
part
in
this
category.
The
third
one
was
introduced
to
raise
some
funds
for
the
dau,
and
so
here
people
actually
could
both
Jen
could
buy
reputation.
A
So
the
second
challenge
that
we
faced
was
that
we
had
to
do
with
a
complex
architecture.
So
one
it
was
sort
of
we
collaborated
with
dowse
tech
for
the
past
year,
so
these
are
just
some
hard
facts
for
you.
We
were
two
teams
and
I
would
say
roughly
10
people
just
contributed
on
either
side
of
the
two
teams
and
we
had
three
complex
systems,
namely
we
had
the
Dutch
X,
which
in
itself
already
you
might
have
gathered
from
all
the
things
that
I
showed.
You
is
complicated.
A
There
were
over
and
630
thousand
lines
of
code
written.
This
excludes
the
Dalek
framework,
but
includes
all
the
services
also
that
were
built
on
top
of
the
Dutch
X
and
to
make
that
working.
We
had
several
peer
reviews,
audits
and
back
poundings
and
really
weeks
of
maenette
and
tests.
Net
testing
I
want
to
show
you
a
very,
very,
very
simplified
picture
of
this
complex
architecture.
Just
so
you
can
see
a
little
bit
what
I'm
talking
about,
and
so
we
have
these
nice
three.
We
have
this
three
assistants.
A
We
have
the
Dutch
X,
where
I
mentioned
trading
on
the
Dutch
X
will
generate
the
Magnolia.
We
have
these.
This
was
life
during
this
30-day
vote
staking
period
the
four
separate
methods
on
which
to
earn
reputation.
So
we
had
another
link
here,
which
is
actually
we
had
to
make
this
three
hundred
thousand
reputation
where
people
staked
the
ESC
20
tokens
also
comparable,
because
we
split
them
between
them.
So
we
actually
I
too,
have
a
prize
feed
to
translate
it
all
into
ether.
A
At
that
time
where
we
also
use
the
Dutch
x4,
and
then
this
is
what
is
currently
lies
happening.
You
have
the
governance
phase
where,
through
the
measures
of
the
DX
Dao
in
putting
proposals-
and
the
digs
devoting
actually
already
has
happened
that
effectively,
they
have
changed
and
upgraded
parameters,
so
the
system
is
actually
working,
but
in
terms
of
communication
we
also
did
lots
of.
We
wrote
a
whole
white
paper
that
just
explains
this
this
product,
and
it
says
we
went
to
lots
of
meetups.
A
A
A
So
this
actually
very
much
interlinks
to
challenge
number
two:
it's
to
do
with
the
amount
and
functionality
of
the
various
tokens.
So
just
the
list
here
and
the
reason
why
reputation
is
in
brackets,
it's
because
reputation
is
non
and
not
actually
a
token.
So
we
already
have
so
many
various
tokens
on
the
three
different
systems.
I
just
want
to
close
this
challenge
by
telling
you
a
little
anecdote
so
for
the
Magnolia
token
they
don't
actually
work
the
same
way
on
both
of
the
these
parts
of
the
complex
system.
A
So
here
it's
generated
for
trading,
but
it's
actually
locked
in
the
Dutch
X
Magnolia
contract,
so
that
the
trader
can
continuously
benefit
from
the
making
earlier
that
they
accumulate.
So
in
order
for
it
for
the
for
the
user
to
be
able
to
use
it
for
this
system
and
the
system.
We
designed
this
way
that
we
just
read
off
the
Magnolia
balance,
so
there
was
no
transfer
needed
here.
Okay,
so,
at
the
end
of
the
30
days
the
contract
went
and
said:
what's
the
balance
here
of
the
user
in
the
Magnolia
contract?
A
What
we
hadn't
realized
at
the
time,
though,
is
that
people
traded
with
a
different
wallet
address
from
the
one
that
they
wanted
to
use
to
stake
for
reputation.
So
we
had
to
sort
of
invent
something
on
the
fly
and
adapt
a
little
bit
during
the
process,
and
we
just
came
up
with
a
very
simple
interface
that
allowed
the
user
to
unlock,
withdraw
and
relock
the
Magnolia
to
the
wallet
that
they
wanted
to
use.
B
B
Second,
we
also
wanted
to
ensure
that
we
could
allow
for
absurdo
anonymity,
I,
never
can
say
this
word
and
also
because
we
are
just
setting
or
like
helping
to
awake
the
Dow
it
shouldn't
be
set
in
stone,
so
it
needed
to
be
a
ger,
a
gel
enough
to
actually
change
it
later.
When
you
know,
maybe
you
guys
as
a
reputation
holders,
don't
really
like
this
framework
and
we
created,
so
you
can
change
it.
B
So
you've
just
heard
from
Horry
mentioning
the
the
issue
we
have
is
limiting
liability
in
the
US
and
actually
also
in
other
jurisdictions.
A
Dow
is
in
the
default,
considered
a
general
partnership
because
of
that
you
have
the
several
and
joint
liability
of
all
the
participants.
Well,
this
is
what
we
try
to
avoid.
We
don't
like
this
usually,
and
this
is
what
what
is
done
under
what
Horry
suggested.
Was
you
incorporate
your
dowel,
like
you
find,
like
kind
of
you
house,
the
Dow
in
a
legal
entity,
so
you
delete
the
Dow
gets
legal
personality.
B
However,
when
you
do
it,
it
is
becomes
really
difficult
to
actually
change
this
later
on.
That
means
it's
Nolen,
no
longer
agile
and
it's
pretty
difficult
actually
to
move
it
to.
You
know:
incorporation
from
one
country
to
the
other
without
having
to
pay
taxes,
exit
taxes
or
very
different
things,
so
this
wasn't
an
option
for
us
in
addition
to
that,
also
this
conflict
somewhat
with
pseudo
anonymity
of
God
pseudo
unknown
new
murti.
Yes,
there
we
go
so
we
didn't
go
for
the
incorporation.
B
Instead,
we
decided
to
only
create
a
contractual
framework
that
kind
of
organizes
the
relations
between
the
reputation
holders
and
the
participants
and
also
has
an
out
works
perspective.
So
what
we
figured
out
actually
is.
We
spoke
to
regulators
and
lawyers
as
that,
if
you
have
a
contractual
framework,
unless
this
is
all
illegal,
what
you're
doing
usually
the
the
regulator's
defer
to
it,
so
we
kind
of
created,
like
some
analogy,
to
a
legal
personhood.
By
doing
this,
another
reason
why
we
actually
didn't
want
to
incorporate
in
the
United
States's
I
mean
we
are
based.
B
What
we
were
doing
is
handing
over
the
Dutch
X
to
the
DX
down
a
Dutch.
X
is
a
trading
protocol
and
people
might
not
like
to
be
too
close
to
the
US
regulators
for
that
perspective,
so
we
there
we
go.
We
have
this
participation
agreement
from
maybe
the
ones
who
participated
actually
you've.
Seen
this.
You
know.
A
B
Did
read
the
terms
and
conditions
so
this
participation
agreement,
it
mirrors
the
code.
So
if
you
don't
know
code,
it's
probably
easier
to
read
this
instead
of
like
trying
to
read
the
code
base,
it
also
makes
them
outward
suggestions.
It
basically
defines
DX
towers
and
network
of
participants,
and
it
explicitly
negates
the
existence
of
a
general
partnership.
It
also
explicitly
negates
joint
and
several
liability.
B
We
also
wanted
to
make
sure
that
the
DX
style
has
its
own
dispute
resolution
system.
So
basically,
what
it
does
is
keeps
the
michaelis
out
you
want
to
have
you
don't
want
to
deal
with
the
courts.
So
how
are
we
going
to
do
deal
with
this?
We
basically
had
in
the
agreement
the
DX,
our
participants
and
in
waive
their
right
to
sue
each
other
in
the
court
and
actually
do
waive
any
claims
in
relation
to
the
DX
Dao
and
so
that
all
like.
B
If
there
are
any
disputes,
you
actually
have
to
do
it
by
way
of
proposal.
So
everything
stays
in
the
system.
If
then
any
way
something
happens,
you'd
have
to
go
to
international
arbitration
and
there
is
still
a
link
to
the
legacy
legal
system,
which
is
through
the
English
English
arbitration
and
London
under
English
law.
And,
if
you
all,
if
you
don't
like
this
for
I'm
telling
you
now,
you
can
just
either
amend
it
or
terminate
the
agreement
by
way
of
proposal
within
the
DX
star.
So
you
know,
after
all
of
this,
you
might
decide.
B
B
Yeah,
so
the
question
becomes
is
like
actually
now
we've
created
this
framework,
but
as
Ori.
Actually
he
also
mentioned
it's
a
problem
of
how
you
have
these
people
sign
and
prove
that
this
agreement
was
signed
and
with
pseudo
anonymous
participants.
This
becomes
slightly
difficult.
So
what
we've
done
was
we
went
out
the
lawyers
and
tried
to
see
like
revile,
review
the
signature
requirements
in
different
jurisdictions
and
Holly.
B
We
then
realized
that
under
English
law,
actually
the
signature
requirements
are
rather
liberal
under
common
law
and
that
this
would
allow
us
to
just
define
signing
as
executing
a
transaction
on
the
TCM
blockchain
within
our
votes
taking
time
and
have
discount,
with
the
hash
of
the
participation
agreement,
have
discount
as
your
signature
to
this
participation
agreement.
So
we
did
this,
we
hashed
it
and
actually
there
are
people
later
on
who
asked
me
said
her
I
didn't
like
this
big
scroll
down
of
your
participation
agreement.
B
B
In
addition
to
that,
I
mean
most
people
participated
by
the
interface,
so
there's
also
pop
a
full
pop
up
of
the
participation
agreement
and
a
disclaimer
that
summarized
the
salient
points
of
it.
Chris
hated
us.
This
was
like
a
big
contention
anyway,
it
did
happen,
and
people
had
to
actually
click
on
it
and
also
waive
their
right
to
to
argue
against
the
authenticity
of
the
signature
in
court.
B
So
this
was
one
of
the
issues
we
now
we
basically
had.
No
people
sign
this
wonderful
participation,
agreement
and
NASA
mother
challenge.
We
faced
was
the
white
listing
of
tokens
for
this
project,
so
the
touch
ID,
the
whole
allocation
of
voting
rights
can
be
gamed
unless
they
some
form
of
whitelist,
because
you
could
just
list
your
coin
on
the
dutch
acts
and
then
continuously
trade
and
then
get
a
lot
of
allocate
a
lot
of
reputation
for
doing
this.
So
they
needed
to
do
be
a
whitelist,
but
the
easier.
B
The
the
question
is
well,
we
are
the
centralized
entity.
We
need
to
make
this
decision
on
the
whitelist.
It
was
actually
really
nice
to
see
earlier
what
some
other
but
will
suggested.
We
didn't
do
that.
What
we
did
was
the
camping,
like
noses
limited,
like
we
put
together
a
list
of
credible
to
us
credible
project
where
we
knew
their
token
has
utility
are
likely
going
to
get
utility.
The
lawyers
then
went
out
and
looked
at
classifications
of
tokens.
Well,
I.
What
we
wanted
was
just
utility
tokens.
B
B
We
also
asked
cooperated
with
true
SATA
to
a
crowdsourcing
exercise
of
token
classifications.
They
use
the
proclaim
project
oksana
me,
which
mainly
American
classification,
and
we
then
all
the.
We
then
compared
the
list
that
passed
our
legal
list
and
there's
and
then
used
only
the
tokens
that
actually
succeeded
on
both.
B
Yeah,
so
this
is
how
we
go
to
the
white
list
I'm
going
to
speed
up
a
little
bit
here
and
Philippe
I
just
told
me.
However,
we
have
two
more
minutes,
there's
also
the
issue
of
the
gen
or
shine.
We
are
basically
the
gen
action.
We
didn't
want
it
to
be
in
IC
or
being
counted
as
anti
cos.
Then
you
also
get
legal.
You
have
legal
issues.
So
what
negated
the
gen
auction
as
being
an
IC
o----
is
basically
that
rep.
The
token
is
not
transferable
you
also.
B
B
B
We
realized
that
actually
a
taxable
event
hadn't
occurred
when
the
DX
star
awoke,
and
then
it's
really
up
to
dowse
and
the
DX
star
to
consider
later
on
whether
they
want
to
try
to
do
this,
and
it's
certainly
going
to
be
quite
immediate
attention
worth
the
media
versus
the
attention
event.
Okay,
just
just
a
sec.
A
Yeah
I'm,
not
a
lawyer
but
I,
just
wanted
to
add
that
this
very
wise
lawyer
once
told
me
that
if
I
were
to
participate
personally
in
the
digs
now,
I
should
definitely
always
vote.
That's
one
and
the
other
thing
is
participation
via
a
smart
contract.
Wallet
would
be
really
awesome
also,
and
why
is
that?
Because
reputation
is
non-transferable
and
the
only
way
to
rid
yourself
of
the
reputation
is
by
way
of
proposals
through
the
DX
tile,
and
this
might
not
get
accepted.
A
B
A
So
it's
essentially
like
my
underlying
goal,
was
sort
of
to
make
it
user
friendly,
well
circle,
I
just
wanted
it
to
be
legal
like,
for
example,
I
didn't
want
to
have
this
really
well
maintained.
Whitelist
I
just
wanted
to
whitelist
all
the
cool
token
projects
where
there
are
so
many
off.
We
should
only
have.
B
A
A
A
Agreement
now
you
see
where
this
is
going
because
author
I
wanted
to
keep
checking
in
with
the
community
afterwards,
but
Sega
was
very
firm
on
stepping
back
and
making
sure
this
lives
or
dies
on
it
on
its
own.
But
we
just
here
I,
wanted
to
show
you
how
really
really
important
legal
actually
is
because
she,
she
literally
won
every
single
time.
Well,.
B
Basically,
just
about
what's
happening
now
come
on.
It
was
just
basically
that
the
DX
style
is
very
lively.
There's
a
lot
of
discussions
going
on
that
has
been
from
all
the
Dow
stock
dolls
I
think.
Actually
it
is
the
most
active
one.
They've
been
a
white
listing
and
support,
registering
the
ENS
domain
and
all
kind
of
other
things.
So
please
check
it
out.
It's
really
cool
I
saw
the
proposals
that
already
passed
just.