🖥️InRewards DAO

After the token launch, we will create the decentralized autonomous organization, InRewards (DAO).

The objectives of DAO:

1. Run InRewards business in the most efficient way

2. Create favorable conditions for the adoption of InRewards platform by the large numbers of merchants

3. Create favorable conditions for the INV token price appreciation

The mandate of DAO:

1. Management of the InRewards Foundation.

a. Remuneration to persons and organizations developing new integration for the InRewards system and increasing the demand for INV.

b. Remuneration to persons and organizations that connect new stores to the InRewards system and thereby increase the demand for INV.

c. Remuneration to any persons and organizations that in one way or another increase the demand for INV and thereby increase the price of INV.

Management of a smart liquidity contract (Bancor Exchanger):

Including, maintenance of necessary reserves on a smart liquidity contract in INV and Ether. Management of InRewards Intellectual Property, Including, control over the source code of InRewards Monitoring the entire InRewards ecosystem and strategic decision making Sources of funds in the InRewards Foundation:

1. 12% of the total number of issued tokens;

2. From 10% to 20% of the funds raised during the token launch (depending on the collected amount)

The sources of funds for InRewards Foundation may change in the future. Technically, DAO will be implemented on the Wings platform. DAO Management Scheme: A member of DAO is an individual or a legal entity that has made transactions with INV. The different types of membership (weights) are defined by the amount and features of operations with INV during a certain period of time, preceding the estimation of the type of the membership. The majority of the decisions of the DAO are made by voting (simple majority). Any member of the DAO can put forward proposals.

The proposals include a description of the action, amount, purpose and conditions for transferring funds from the DAO accounts (if applicable). In addition to the usual members of DAO, it can have Super Users. Super User Rights:

1. Conduct everyday operations and management of DAO within the standard nature of its business;

2. Instantly transfer any amounts between DAO accounts by a smart liquidity contract on Bancor technology or change the composition of the basket of currencies in DAO accounts;

3. Put forward high priority proposals (including withdrawal of funds from DAO accounts), which are automatically executed 1 week after the date of the proposal, except for cases when at least 20% of participants are vetoing the execution of the proposal (veto power of DAO participants).

4. Change the operational and other rules of the DAO according to the procedure of paragraph. Super Users are appointed or removed by voting (with a 67% majority). At the beginning of DAO operations, the InRewards team will act as the Super User. In the event that the InRewards team runs the business unsatisfactorily or loses the trust of the DAO members for other reasons, this may change, and DAO can elect other Super Users.

About the open source of InRewards software

The entire source code of all InRewards products will be publicly available under a special license. The license will allow the usage and modification of the source code only for personal non commercial purposes (experiments, etc.). Usage or modification for commercial purposes will be prohibited. The license can be changed by the decision of DAO. Also, DAO may grant special rights to use and modify the source code to any individuals and organizations at its own discretion.

The objectives of this type of license are:

1. To enable the members of DAO to resume the InRewards platform operations at any time, and also to continue its development if the InRewards team fails to fulfill its obligations.

2. Exclude the creation of InRewards system’s clones, competing with InRewards and working with other cryptocurrencies, which may potentially reduce the demand on INV.