This litepaper (the “Litepaper”) has been created in order to serve as a guide for the existing and future members (the “Members”) of Fly Guyz Decentralized Autonomous Organization (the “DAO”).
The DAO is designed to sustainably develop a diversified portfolio of crypto-assets and accrue value for its Members. At the time of the DAO's inception it was felt that it resembles a mere club or society (such as a collectors club or the like) whereby Members choose to come together virtually to engage in a common set of interests. The sole fact that substantial funds or NFT-assets amongst others could be involved does not diminish nor diverge from the hobbyist nature of the DAO. Many of the Members share a common passion for the nascent space of blockchain games and digital art, while others also share a deep desire to explore new forms of decentralized governance.
At the time of drawing-up this Whitepaper, it is clear that a significant lack of legal framework exists to assist with the formation and governance of DAOs in general. As such, it should be understood by all who freely choose to engage with the DAO that Fly Guyz is not an incorporated entity and has no legal personality, nor standing in any jurisdiction or domicile. Moreover, any natural or legal persons or entities that purport to represent the DAO in any capacity have no legal ability to do so and cannot be held liable in any way or form for the actions of the DAO and its Members. This is of course not stated as an exoneration of any individual or group who choose to engage in or commit any criminal activity (such as fraud, theft, etc.).
As the space in which the DAO will be active is a new and experimental one it should go without saying that all Members should understand that it is speculative in nature and thus carries inherent risks. In addition, there are numerous bad actors in this space who are intentionally trying to scam others out of their funds. Though none of this diminishes the passion and enthusiasm of the DAO and the Member ought to remain cautious and vigilant at all times. Nothing stated herein shall be construed as financial or investment advice and all who choose to participate in and engage with the DAO are to speak to their relevant (financial, tax, etc.) advisors. For the record, the DAO is in no way being formed to assist anyone with any form of tax evasion or avoidance. It is expected that everyone participating in and engaging with the DAO will endeavor, to the best of their abilities, to be in compliance with their relevant tax codes and the rules set out by the relevant tax authorities. For the record, the DAO does not provide investment advice with respect to the funds held by the DAO.
It is the DAO's intention, to the best of its abilities, to keep abreast of the current legal codes and take guidance from the best practices that are being developed in this new and experimental space.
As we believe that $FLYY is so heavily empowered by our community, we want to decentralize leadership into different committees and task groups that can focus on social media presence, charitable efforts, blockchain development, crypto education and more.
In order to be as fair as possible, DAO voting power will be given to two types of holders that have a minimum stake in the $FLYY ecosystem.
Holding at least 1000 $FLYY and/or 1+ FLYGUYZ NFT will empower someone with a vote in the DAO. This minimum stake guarantees a seat at the table, but each person only has one vote in any matter. This effectively stops whales from being able to buy the vote, and decentralizes ownership to a fair point.
The purpose of the DAO will be to govern the protocol, manage treasury funds and decentralize leadership by placing $FLYY directly into those that are the most invested.
In all, $FLYY is a community driven social effort, and experiment, from its inception to end goal. From fair distribution to community governance, $FLYY aims to be the premier community token on Ethereum, with intertwined utility across NFTs, DeFi, gaming and more.
- 10 $Flyy will be earned daily from staking your FlyGuyz Genesis
- 20 $Flyy will be earned daily from staking your FlyGuyz Genesis Rare
- 35 $Flyy will be earned daily from staking your FlyGuyz Legendary