Community introduction
Fip: 11
Title: FreechatDAO Community Introduction and Governance
Description: A guide to the introduction and governance of the FreechatDAO community
Status: Valid
Type: Mechanism
Author: Jack Long （jacklong@freechat.world）， Mia
Created Time: 2022-10-22
Modified Time: 2023-03-05
Freechat Gitbook Fips:
https://fips.freechat.world/english/fip-1/fip-11
| Proposal Time | Link | Status |
|---|---|---|
2022-10-23 | Valid | |
2023-03-14 |
Preface
FreechatDAO is a decentralized development organization and operation organization, composed of developers and users worldwide, where anyone and any organization can participate in community governance. FreechatDAO believes in freedom. In the FreechatDAO community, freedom, human rights, and privacy are fundamental rights that cannot be violated, and everyone has the freedom of speech and security of privacy without any form of interference or censorship.
Vision
To be a decentralized, open, transparent, secure, free, and autonomous social network and community.
Community Governance
The community conducts decentralized governance through Snapshot. Below is the link：
Product
Freechat
Freechat is a secure, private, and free social application based on Web 3.0 and blockchain technology. It uses end-to-end encrypted communication to ensure privacy and freedom of communication. In addition, Freechat's technical features are not unusable due to network limitations. Freechat has many innovations based on social applications, such as NFT-based avatars; blockchain-based friend rating systems, decentralized incentive advertising networks, SNS, payment, E-commerce, gaming, and finance, etc.
Freechat is developed and operated by the FreechatDAO community.
About Freechat Limited Statutory Organization
Freechat Limited is a legal entity of the FreechatDAO community, established in Hong Kong, China, for the operation and legal responsibility of Freechat and FreechatDAO.
Company Name： Freechat Limited
Company Abbreviation： Freechat Ltd.
Company No.：70827652-000-06-22-3
Address: Room A222, 3/F, Phase 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hung Hom, Kowloon, Hong Kong
Freechat Coin
Freechat Coin tokens issued by the FreechatDAO community for community governance and use of Freechat-related applications.
Name： Freechat Coin
Symbol： FCC
Total Supply：1,000,000,000
Decimals：18
Rights： Community governance, application usage rights, consumption rights in Freechat, income rights, voting rights, community proposal rights, etc.
Contract Address： 0x171b1daefac13a0a3524fcb6beddc7b31e58e079
Freechat Coin Token Issuance and Circulation
Freechat Coin issuance parameters are as follows：
Name： Freechat Coin
Symbol： FCC
Number of Market Circulation(includes community, consultants, founding team incentives, community incentives, and investors holdings)：500,000,000
The initial number of lockups(founding team incentives and investor lockups)：500,000,000
Initial Offering Price：1 FCC = 0.07 USDT
Note： Lockup tokens will be unlocked over time and as the project progresses. The distribution of project tokens can be checked at any time through the FIP-161 proposal.
Freechat Coin Token Position Distribution, Terms, and Description
FreechatDAO Community
FCC held by the community：285,000,000
Percentage of Total：28.5%
Lockup Restrictions: None
Comments： The tokens held by the community are used for community governance and Freechat operations, and to pay the community development team.
Restriction： Community proposals must determine how the community uses FCC tokens. There are community representative multi-signature restrictions.
FreechatDAO Development Team（FreeChatDevelopment）
FCC Held by the Team：200,000,000
Percentage of Total：20%
Comments： To reward community development teams for their development contributions.
Lockup Restrictions： Milestone Release
Unlock Conditions：
Phase 1： Freechat Release. Unlock Amount
Phase 2：Freechat reaches 2 million users. Unlock Amount：20%
Phase 3：Freechat hits $10 million in revenue. Unlock Amount：20%
Phase 4：Freechat hits a $1 billion market cap. Unlock Amount：50%
Each phase is parallel and will be unlocked by the development team through a community proposal if the milestone unlocking terms are met.
Note： The FreechatDAO development team's tokens will be unlocked with time and project progress. The distribution of project tokens can be queried at any time through the FIP-161 proposal.
Investors
FCC Held by Investors：300,000,000
Percentage of Total：30%
Comments： FreechatDAO and tokens held by Freechat's seed and angel round investors.
Lockup Restrictions： Linear Release
Note： Tokens will be unlocked with time and project progress. The distribution of project tokens can be queried at any time through the FIP-161 proposal.
Market Circulation
FCC Held by the Market：200,000,000
Percentage of Total：20%
FCC Liquidity Provider Address：0xce340ed98522bbfc131ea0d2d29d2e2604992cce
Comments： Tokens circulated in the DEX market.
Consultants
FCC Held by the Consultants：5,000,000
Percentage of Total：0.5%
Address( held by the community)：0x9e9839dffe5c779e232be11874f80ce3fb5a28f8
Comments： Rewards for contributions that help FreechatDAO and Freechat grow.
Restrictions: The community needs to make proposals for the use.
Freechat DAO Community Incentives
FCC Held：15,000,000
Percentage of Total：1.5%
Comments： Used to reward community developers for their development contributions.
Lockup Restrictions： Linear Release
Note： Tokens will be unlocked with time and project progress. The distribution of project tokens can be queried at any time through the FIP-161 proposal.
Freechat Coin Investor Protection and Disclosure Terms
The founding team and investors must strictly adhere to these terms and conditions, exercise due diligence and ethics in accordance with the Community Code, and comply with the limitations of the terms and conditions
1. When the founding team and project investors reduce their holdings of Freechat Coin (FCC), they must disclose the amount and time of the reduced tokens through the community investor relations platform.
2. When the founding team and project investors reduce their holdings of Freechat Coin (FCC), the converted value of each reduction should not exceed 1% of the market value of Freechat.
3. When the founding team and project investors reduce their holdings of Freechat Coin (FCC), the interval between each shareholding reduction must exceed 6 months.
4. When the founding team and project investors reduce their holdings of Freechat Coin (FCC), the reduction of more than 1% of Freechat's market value can be decided by initiating community proposals for voting.
5. Project-related parties (including project investors, and the founding team) must disclose relevant holding information through the investor relations platform when increasing Freechat Coin (FCC).
6. Project affiliates (including project investors, and the founding team) are required to make disclosures (including market sales, purchases, transfers, stakings, and other wallet operations) when transferring wallet tokens to ensure transparency and openness.
Penalties and Restrictions：
For undisclosed shareholding reduction, the community will confiscate the obtained shareholding reduction funds and impose a fine based on 20% of the shareholding reduction amount. The income from holding reduction and the penalty will be collected by the community, and at the same time, the qualification for obtaining unissued tokens will be canceled.
Investor Inquiries：
Public information inquiries can be made through the following links：
Terms Effective Time：
Freechat coin investor protection and disclosure terms are valid until August 22, 2025.
After the effective time of the terms expires, actions such as shareholding reduction and increase are no longer bound by this clause and can be traded on their own.
Ways to disclose relevant information：
The founding team needs to disclose relevant information through Snapshot and FIP-9 information proposal
Snapshot Disclosure Platform
Description: The FIP-9 proposal number is related to the reduction and increase of holdings
Disclosure Proposal Review and Archive Links：
Chinese：https://fips.freechat.world/jian-ti-zhong-wen/fip-9
English：https://fips.freechat.world/english/fip-9-informative-proposal
Community Governance
The FreechatDAO community implements decentralized community governance through Snapshot. Any user holding Freechat Coin can decide the direction and specific implementation of the community through proposals and voting. All users of the community should respect the proposals and cast their precious votes, and all adopted community proposals will be unconditionally implemented by community members, this is vital to the development and future of the community.
The FreechatDAO community is governed through Freechat Coin, with specific interests represented as follows:
Proposal Right： Hold at least 10,000 FCC to make a proposal
Voting Right： 1FCC=1 vote
Proposal Preparation Time： 48 hours (voting is available 48 hours after the proposal is initiated)
Proposal Voting Time： 120 hours (120 hours to vote on proposals)）
Proposal Effective Quantity： 500,000,500,000,001 votes
Proposal Type： Any topic can be proposed, and the proposal will be voted on and announced. Topics include Freechat's income distribution, equity distribution, product function change and development, Freechat charging function, new product development, community budget, community audit, fund allocation, FIP, etc.
Repurchase, Burn, Staking, Income Distribution
Freechat Coin is a token based on the application value of Freechat and FreechatDAO, so all income is transparently governed and distributed through smart contracts.
The basic circulation system of Freechat is based on USDT, and all payments and income are cleared by USDT.
All of Freechat's income will be anchored to FCC as rights and interests. Users holding FCC can obtain income by staking FCC.
Freechat Coin's economic model(below)：
From the above graph, it can be concluded that the more Freechat earns, the higher the value of the corresponding Freechat Coin.
Freechat Coin Reward Distribution Method
Freechat Coin rewards are paid out in the form of staking, whereby users stake their Freechat Coin holdings to receive additional token rewards.
Freechat Coin rewards are paid out in days, and the annual reward payout cycle is 360 days. Each year, the rewards are audited and deposited into the Freechat Coin reward pool, and the daily reward quantity is calculated based on the total amount of FCC staked by the user for reward payout.
The calculation formula is as follows:
Formula Variables:：
Freechat Total Income=X(X refers to the income after deducting Freechat COGS, debts, commissions, Depreciation, Amortization, etc.)
Community Governance and Operating Expenses=Y
Net Income=Z
Total Amount of FCC Staked=G
Net Income Rewards per FCC=F
Amount of FCC Staked by each User=D
User Staking Net Income Rewards=K
Staking Time= 360 days
Calculation Formula of Net Income Rewards per FCC：
（X-Y）= Z
Z / G / 360 = F（Day）
Calculation Formula of User Staking Net Income :
F * D = K （Day）
Staking Rewards Link：
https://www.freechat.world/#/win/stake
Reward Time, Reward Form, Staking Method and Income Calculation and Distribution：
Decision-making Method: Community Proposal Voting
Comments: The community proposal determines the reward time, reward form, and staking form of Freechat income, calculates the rights and interests of each FCC and distributes them.
Repurchase Amount：
Decision-making Method: Community Proposal Voting
Comments: The community proposal determines the amount of Freechat Coin to be repurchased by the FreechatDAO community.
Repurchase Price：
Decision-making Method: Community Proposal Voting
Comments: The community proposal determines the price at which the FreechatDAO community buys back Freechat Coin.
Token Burn：
Decision-making Method: Community Proposal Voting
Comments: The community proposal determines the price and amount of Freechat Coin to be repurchased and to be burned.
Community Income Distribution Ratio:
Decision-making Method: Community Proposal Voting
Comments: The community proposal determines the distribution ratio of the FreechatDAO community's income.
Related Information
Freechat Official Website：https://Freechat.world
Community Governance： https://snapshot.org/#/freechatdao.eth
Community Agreement Terms： https://docs.freechat.world
Project Open Source Repository： https://github.com/FreeChatDevelopment
Token Economics and White Paper： https://docs.freechat.world/jian-ti-zhong-wen/freechatdao/bai-pi-shu
Freechat Twitter Official Group： https://twitter.com/freechat_app
Freechat Chinese Official Group：https://s.freechat.world/6cEgqXUi
Freechat English Official Group：https://s.freechat.world/NFBEg6nj
Etherscan：https://etherscan.io/token/0x171b1daefac13a0a3524fcb6beddc7b31e58e079
Freechat Operation Data：https://www.freechat.world/#/fdao/operation
Copyright Waiver
Copyright and related rights waived via CC0
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