MASK

Overview

After the ITO update in April, we introduced the ITO Review Committee who conducts the preliminary review for projects that apply for a “Community Choice ITO.” After examining a few projects with the ITO Review Committee, we noticed issues such as Committee members lacking representation of the community, and the low efficient communication between committee members. We thereby propose an update in the rule of the ITO Review Committee.

Proposal

We propose that each round of the ITO Review Committee will be composed of three parts: users by application, active Mask community members, and personnel from relevant organizations with professional backgrounds. There will be 11 members per round, and each term is extended from 15 days to 30 days.

1. Users by application. (People who meet any 1 of the following criteria can fill out the application form

• Users who hold at least 1000 $MASK.
• Interacted with the Mask Network’s contract at least twice, including ITO participation, red packet claims, NFT auctions, etc.
• Posted at least 3 encrypted tweets using the Mask Network plug-in feature before May 30, 2021.

2. Active Mask community members

• Users who are active in Mask Network Telegram, WeChat Group, Discord, Mask Forum on a daily basis.
• Users who offer constructive opinions about Mask Network.

3. Personals in the field (blockchain, investment, research institutions, media, and relevant organizations, etc.) will be invited to the ITO Review Committee.

• They have professional backgrounds in blockchain, investment, research, media, etc.
• They will provide professional opinions, and review projects objectively.

While still in the term, Committee members could withdraw from the Committee freely. Meanwhile, members of the committee who failed to fulfill the duty* could be disqualified from the Committee. Mask Network will add nominees if there are any vacancies.

*“Failed to fulfill the duty” refers but is not limited to one of the following situations:

• Never participate in the discussion or give feedbacks within the one project’s application period
• Neither vote nor called a clear abstention vote for more than 2 times during the voting period
• Seeks personal gain as a member of the Committee
• Other actions that compromise the collective benefit of the MaskDAO

The voting result from the $MASK community will decide whether these new rules apply to the future ITO Review Committee. The Snapshot vote will last for 48 hours, all $MASK holders could vote “Yes” or “No” on the changes to the ITO Review Committee.