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Photo Credit: Piratas do Amor

frequently asked questions

  • What is a DAO?
    A decentralized autonomous organization (DAO) is an entity with no central leadership. Decisions get made from the bottom-up, governed by a community organized around a specific set of rules enforced with blockchain-based smart contracts. DAOs are internet-native organizations collectively owned and managed by their members. All the token holders get voting rights in the community according to the share of their holdings. The DAO tokens allow ownership in the equity of the DAO alongside shaping up its future growth. DAOs allow for much more open, inclusive and grassroots social coordination. It´s fully transparent and decentralised governance allows each member to truly become part of our pirate tribe, rather than being constrained by various bureaucratic and geographic constraints.
  • Why incorporate a DAO?
    Decentralised Autonomous Organisations (DAOs) have often been criticised for their uncertain legal status, liability and ability to manage real-world projects. From a legal perspective, several jurisdictions classify DAOs as single partnerships or similar entities, which leads to a personal liability of members from a legal, regulatory and tax perspective. For the external legal relationships and governance, we are planning to incorporate our Pirate DAO and are currently looking for the best legal structure, that allows us to combine the benefits of a recognised legal entity structure with the efficiency, transparency and democracy of blockchain-based governance system. Among other countries, Switzerland and Liechtenstein - our captains home - offer innovative solutions for incorporating DAOs using foundations and associations as "legal wrappers". We are currently investigating our options and are looking for support in this regard. If you are into blockchain, crypto and unreasonable startups and feel like joining our team, we would love to know more about you. Contact us.
  • What are the comprehensive benefits of becoming a Pirate DAO member?
    Becoming a member of Pirate DAO is an invitation to join us on a lifelong journey towards utilising some of Web3's core values (agency, ownership, and community) in a real-life, tangibly meaningful way. It serves as an opportunity to co-create the supportive, nature-oriented living environment of our dreams. Specifically, the core in real life benefits of being a member of Pirate DAO are governance rights, cabin usage, early access to future events & drops and a wonderful and inclusive community.
  • How will governance work?
    Many DAO’s use majority voting for governance decisions meaning the oligarchy of majority governance token holders get to call the shots irrespective of expertise. For this reason we intend to plug self-organisation practices such as Sociocracy and Holacracy into our DAO and adapt to our specific needs. Distribution of operational decision making through the use of roles & circles with explicit accountabilities so that experts can thrive and autonomously do their work. Consent decisions rather than consensus. Though this is slightly different between different systems, in short it comes down to asking if there is harm in taking an initiative rather than asking if we all (or a majority) agree. This drastically increases the operational effectiveness (not to be confused with efficiency), innovation and experimentation. Explicit facilitators for each group/circle that will guide the process and apply the agreements equally to all members. This will allow all to show up as they are. Extrovert or introvert, we will play by the same agreements and our character trades will no longer drive the operation. An explicit role or process that is accountable for setting strategy, priorities and metrics for the organisation and potential sub-circles.
  • How will the funds generated from token sales be used?
    Proceeds from Pirate Token sales are expected to be used as follows: 70% will be allocated to the DAO treasury to purchase our pirate boat and refit it according to our needs; 10% will be allocated towards our scholarship fund; 20% will be held to cover operating expenses (i.e., to keep the lights on)
  • When will the sale of Pirate Tokens start?
    The first Pirate Tokens are planed to be sold in Spring 2023. We will announce the timing specifically in our Discord and via email before it starts.
  • What is the mint price?
    We are planning on issuing three types of governance tokens connected to different real-life-benefits and voting rights. We are currently drafting our whitepaper and basic business plan. Sign up to our newsletter for frequent updates. If you are into blockchain, crypto and unreasonable startups and feel like joining our team, we would love to know more about you. Contact us.
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