KIP-5: Kapital Foundation Directorship 2Q23

Summary

The Kapital DAO (the “DAO”) aims to become a fully decentralized autonomous organization, with holders of KAP tokens (“Tokenholders”) properly governing certain major decisions via both on-chain and off-chain consensus.

For certain decisions that may involve the execution of legal contracts or operational duties related to service providers, banks, and other counterparties, it is important that the DAO has a duly organized corporate benefactor to carry out the execution of such duties and agreements, which otherwise cannot be adequately accomplished by a distributed body of tokenholders.

The Kapital Foundation is ownerless, but acts as the legal personality for the DAO. To that end, the Kapital Foundation requires director(s) and supervisor(s) to execute the mission of the DAO and interact with third-parties and comply with applicable regulations. Such director(s) and supervisor(s) receive remuneration for their administrative services, but are not in a position to claim the assets of the DAO without the express consent of the majority of Tokenholders, as determined by KAP balance voted. Additionally, the Kapital Foundation director(s) and supervisor(s)must be appointed and ratified by the consent of the majority of Tokenholders, as determined by KAP balance voted.

The Kapital Foundation director(s) must interface closely with the elected Kapital Governance Council previously described here, who are publicly nominated community members that have the rights and obligations to: (1) distill general discussion into actionable product direction proposals; (2) source and manage strategic partnerships and proposals aligned with the DAO’s development; and (3) approve exceptional operational expenses related to the DAO’s product development. They are the arms that move to the voice of Tokenholders, and must act in the interests of the Kapital Foundation and its purpose. The Kapital Foundation supervisor(s) is tasked with supervising the management of the Kapital Foundation, and must exercise its powers in the interests of the Kapital Foundation and its purpose.

The distributed community has proposed a nomination of Noblegent as the presiding director and supervisor of the Kapital Foundation. Noblegent is experienced and has served as director and/or supervisor on other key web3 gaming foundations over the past few years, and brings a wealth of experience to the table in terms of proper governance and accountability.

This proposal seeks to ratify the nomination of Noblegent as the director and supervisor of the Kapital Foundation. If ratified, Noblegent will serve as the director and supervisor of the Kapital Foundation until given instruction by the Tokenholders to vacate the seat, or, at his own discretion, submit a letter of resignation.

Abstract

This proposal entails the ratification of the nomination of Noblegent as the director of the Kapital Foundation.

Rationale

The nomination of Noblegent as the director will solidify the Kapital DAO’s legal positioning with a functioning entity capable of interfacing with diverse counterparties, as well as coordinating taskwork amongst the community-elected Kapital Governance Council members.

Implications

  • Noblegent will be ratified as the director of the Kapital Foundation.

Test Cases

n/a

Discussion

https://forum.kapital.gg/t/kip-5-kapital-foundation-directorship-2q23/90

Whitepaper

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