A possible ECOBANK model for revision and feedback
You guys are in this as much as I am! I need your help to look over this plan and give me some feedback - consider it your first act of governance even before the token sale.
So as chronicled here, here and here, we are moving forwards with a land backed project. The land is purchased, the legals have been investigated and there is now just some paperwork to finish up to get started with this exciting project.
I have created ECOBANK tokens to do the job, I have not issued any yet, as there is still the issue of the above mentioned paperwork.
Exactly what we plan to do with this token must be explicitly set out in the founding documents of the legal entity we are forming. Which means that we will need to work out all the details first, translate them into spanish, found the company and then do the token sale.
So here is a model, an example of how it might work - and you brave governance participants, can give feedback right now.
The token technology that we are using is the hive-engine protocol, token smart contract code available on github, here is a link to the github wiki page for all hive-engine code.
These tokens will represent shares in a Colombian company with the stated purpose to make a hotel and further develop productive projects with the land that will be the equity of this common enterprise.
The token precision can be from 0-8, and we are looking into the consequences of fractional ownership, but it is our preference to have 8 decimals of precision (the most precise).
If we assume that the tokens will represent some dollar figure, it might make sense to sell them for HBD. LTC has also been proposed as a funding mechanism, and of course HIVE or BTC could be used at some sort of dynamic conversion rate to lock in some amount of dollars for initial phases of development.
In the Pre-sale we would sell up to 100,000 tokens at $1 dollar each.
We will use the dollar value raised to build out the basic infrastructure of a resort - hotel, with room to expand later. Locally we can recommend many great destinations once tourists are here, and even on a local level there is a perceived high demand for this type of service.
Token holders participating in the pre-sale will be the very first members helping to make decisions from the beginning of the process, including helping to make suggestions on building designs and other choices that may come up in this process.
And of course as members they will be the first to enjoy any special benefit that will come from being a 'resort owner'.
Any tokens not sold in the pre-sale will be held for later funding rounds, to be approved by members, at a price of no less than $1 dollar, likely higher.
At this time I need some feedback from those interested in participating in this project. There are many thoughts to consider with 'levels'.
First off, as per the relevant law, all token holders (share holders) have rights, and that means and includes rights to the split of the profits (after costs, etc). So to the extent that the technology permits it, we will be paying dividends to all token holders (no minimums).
Secondly, the rights of governance are to be voted on in a stake weighted fashion, but any sized member can submit a petition. I am looking at the possibility of using an implementation of ARCHON's Governance Suite.
In this case, some percentage like 0.001 of governance would likely be the minimum to participate in governance decisions.
In terms of bonuses, discounts to using resort and hotel services are definitely on the table, with a caveat that using these benefits would always be on an RSVP basis. We will need to do some calculations about capacity and profitability to make sure that the project will not lose money but can give back as much as possible to members.
The land and any improvements will be matched to tokens at the pre-sale levels, probably 1 dollar per token. These tokens will likely be under some sort of time-lock, such as 10,000 tokens released every six months.
Let's do an example to make this all more explicit.
The land is valued at $60,000 dollars. Of 100,000 tokens for sale, we manage to sell 60,000 of them and distribute that on hive-engine.
10,000 tokens are distributed to @ecoinstant, and 10,000 tokens every month for each 6 months after that. I may choose to sell some of these tokens, but not until after the pre-sale is finished.
With $60,000 dollars, we will produce a design and build out a resort/hotel. The first and most important will be sleeping infrastructure, such as common sleeping room, common living room and several private rooms.
Secondary considerations will be the paths and development of the land, with some options to decide whether to implement medium or long term crops into the design.
Token holders will be legal owners of this land, and if for any reason the project is cancelled, they will be legally entitled to the liquidation value through their hive account on record.
After phase one construction is complete, we will analyze our position, cash on hand, and needs moving forward, and can possibly sell more tokens if it is decided that we need more investment to expand our offering. At this point, after expenses related to site management, profits will be split amongst the token holders.
What do you think about this plan?
Is it clear? What details need to be further clarified? Thank you for your help!