Proposal Title: Open Treasury x BitDAO
How will your proposal, if activated, benefit BitDAO?
Open Treasury is a financial disclosure and cross chain multi wallet asset tracking app, Open Treasury currently supports Gnosis, MetaMask and WalletConnect. Integrating Open Treasury into BitDAO would mean a huge leap in transparency as verified member can get daily, Weekly, Monthly, Quarterly reports for all assets of BitDAO. BitDAO will be able to do bulk payment to contributors and label each transaction for DAO members to monitor all fund movements. Open Treasury will be a one-stop app for all Financials of BitDAO
What are the projected outcomes?
Full financial transparency for BitDAO. This will attract more members and help with the adoption of BitDAO as members get to monitor assets of BitDAO.
How long will it take to complete your proposed changes?
Immediately, it would be as soon as we pass the proposal. Open Treasury can seamlessly integrate all wallets that BitDAO owns and member verification can start as soon as BitDAO is on Open Treasury.
Next Steps? If this proposal is accepted, what are the immediate action items?
The Open Treasury team will assist BitDAO with the integration process, both for DAO members and Admins.
The BIT Community and delegates might discuss and verify the following before considering proposals.
- Is the team credible?
- Are they qualified to do this work?
- Does the proposal make sense technically?
- Does this fit into, or compliment, other projects in the BitDAO ecosystem?
Temperature Check Poll
Would you like to see this proposal go to vote?
Apparently there’s no burning need for this.
But it may have great use case… subject to how the security vulnerabilities are perceived, and how well they are being addressed, and how futuristic your solution is.
Perhaps you may link to white paper or tech implementation details.
I also advise you to share these details generously, as without knowing the team behind this, and their tech capabilities, it’s hard to consider anything seriously.
Also clearly state, if there’s any semblance of acceptance at discussion level, ‘what are the next steps?’, and ‘what are the financials involved?’ etc
Hope this helps.
Thanks for your reply Kravi,
First of all, Open Treasury is a completely free tool aimed to accelerate web3 development and adoption. The team believes that in order for Web3 and DAOs to gain mass adoption there must be a more efficient and better solution for financial management in the Web3 space.
There are three main tools that Open Treasury provides. Each focuses on providing financial solutions that has been utilized by accounting managers for decades. Integration of Open Treasury will be very beneficial to BitDAO by immensely improving managing efficiency as well as financial transparency.
- Cross chain multi wallet (supports single sig and multi sig wallets) asset tracking and management.
- Bulk payments and financial labeling. Manage payment requests and sign each transaction on Open Treasury. All transactions are logged and all changes are recorded.
- Role based financial disclosure for asset verified BitDAO contributors and members. Show financials to different roles with different access that are definable through either settings or asset holding threshold.
Basically Open Treasury brings cross chain multi wallet on-chain data together into a complete view of all on chain asset. Open Treasury grabs on chain data without the need for any private key. Asset security is 100% safe on Open Treasury.
The team behind Open Treasury is a group of very experienced developers that has worked on multiple successful web2 startups. The team ventured into Web3 space in recent years and has worked on various Web3 projects. Open Treasury team members are not anonymous, the team will be happy to show our faces in a zoom call for the onboarding. In addition to the persistence in product quality and security, and in improving blockchain users experience, the team also believe in our ability to change many traditional management practices in the Web 3 world. Open Treasury look forward to helping more Web 3 application services benefit from more communities in the future.
If this proposal is passed the Open Treasury team will walk BitDAO through the initial set up. Adding wallet addresses to the BitDAO account and adding different contributors and members into the financial disclosure tool. The team will also show BitDAO the process of financial management and labeling allowing BitDAO admins to seamlessly integrate Open Treasury into BitDAO workflow. Going forward Open Treasury will actively communicate with BitDAO for any questions and continue to Optimize Open Treasury for DAO organizations with what the team learned by working closely with BitDAO.
I hope this answers most of your questions. Thanks!
How does your product compare on this point with Utopia?
Utopia has many bells & whistles focused on DAOs, efficient multi-party payments, reporting and compliance.
This sounds like you’re taking data that is permissionless (available on-chain) and just making it permissioned (available to verified members)?
I want to know what are the disadvantages of open Treasury?
Hey thank you for your reply!
I think comparing to Utopia Open Treasury is a streamlined web3 app for all things financials, while Utopia is a payment centric app predominantly focusing on web3 payment solutions. Open Treasury is a one stop solution for Multi wallet cross chain asset management, bulk pay, transaction labeling, accounting, cashflow charts, receiving financial reports and most importantly financial disclosure to verified member all in one. BitDAO can boost transparency by disclosing BitDAO financials to verified DAO members in real-time within our app showing each transaction labels that core members either tagged while executing payments or added after transactions immensely improving managing efficiency. One of the greatest achievements in blockchain technology is permissionless data but without a dashboard and accounting labels it is a very time consuming task for DAOs to show seasonal treasury reports going through each transactions on Etherscan with minimal info. Even with all the on chain data it is hard for DAO members decipher each transactions on Etherscan based on wallet addresses.Not only does Open Treasury provide a clear view of every transaction, labeled transaction updates real-time charts of cashflow for DAO members to view and start discussions. Open Treasury firmly believes that DAOs are the future and a Transparent and Open DAO treasury is the foundation on which DAOs will thrive on.
I think one of the greatest disadvantages that Open Treasury is facing currently is since we lack the huge funding that Utopia has, we can’t offer free gas for all transactions, also we currently only support Polygon, Ethereum and BSC. As an early product, Open Treasury still needs lots of improvements, Open Treasury is still a long way from everything we envisioned that needs to be integrated but we are working hard on it. We are a team of very hard working devs with minimum funding, we are trying to build a better environment for full scale web3 adoption with what we have, but we believe in Open Treasury. We hope to grow into the best financial tool in the web3 space. Open Treasury will introduce Defi products once our tools are up to our standards and we hope to profit with our Defi product in the future. Which means there will be absolutely zero forced payments for using our tools, no subscription fee and no pay to access functions. All we ask for here is the support from the BitDAO community by simply using Open Treasury and giving us feedback! We will continue building Open Treasury and keep offering the very best financial solutions for the Web3 community.
Burn the supply Burn the supply Burn the supply Burn the supply
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