The Relics DAO was established to reward positive contributions to the vintage NFT community. Examples of contributions include producing educational content in the form of articles or videos, answering questions in real time via chat, and building tools to facilitate the trading of items.
The Relics DAO treasury is held in a multisig wallet. The wallet was initially seeded with 185,000 MistCoins (MC). A large portion of the treasury was generously donated by Alex Van de Sande.
A council of seven trusted members of the community controls the treasury via majority vote. The council consists of the following members:
Daniel Bernstein (@goatishduck)
Ken Erwin (@KenErwin88)
A total of 35,000 MC have been allocated to the council. For each of the seven council member positions, there will be a monthly distribution to whoever currently holds the position. The initial distribution will be 1,850 MC, and there will be additional monthly distributions of 262.5 MC until the end of the first year. Aside from these distributions, council members are prohibited from being granted more MistCoin (with an exception for reimbursement of costs incurred).
The remaining 150,000 MC have been allocated to the community, and there will be an initial distribution of 30,000 MC to members based on their prior contributions to the space.
The rest of the treasury will be distributed to the community according to a schedule that depletes it within one year. Members will be allocated MistCoin based on ongoing contributions to the space.
Applying for a Reward
In order to apply to be included in the distributions, you must have a Twitter account that was established prior to 2022, and you must follow @RelicsDAO.
Every three months, the Relics DAO Twitter account will make a post asking for people to self-certify regarding previous contributions to the space. In a single tweet, you must describe your contributions and provide an Ethereum address.
The certification period will last one week, after which time the council will decide on an allocation of MistCoin. Check the Relics DAO Twitter account to see if you were allocated MistCoin and, if so, to find instructions on how to claim it.
MistCoin was the first fungible token contract on Ethereum to see substantial use. It was launched on November 3, 2015. The launch coincided with the introduction of a custom token system to the Ethereum Mist Wallet. Ethereum pioneers Fabian Vogelsteller and Alex Van de Sande were both involved in the project. Following the release of MistCoin, hundreds of token contracts with the same exact code were deployed.
MistCoin is a primitive token that predates the ERC-20 standard. Its only functions are transfer and balanceOf. The supply is 1,000,000, and the number of decimal places is two.
In the time since MistCoin's deployment, tokens have proven crucial for the growth and popularization of Ethereum. As such, it's quite plausible that MistCoin will be considered a blockchain relic.
An ERC-20-compliant wrapper contract has been deployed, and the MistCoin will be distributed from the DAO in wrapped form. An ETH/WMC liquidity pool for trading has been established on Uniswap.
The council members have agreed not to sell any of their MistCoin holdings during the one-year distribution period. Buying is allowed, however, along with providing liquidity in a range below the current price.
None of the smart contract code alluded to above has been audited, and the source code for MistCoin has not been verified on Etherscan. Use at your own risk. Also, the council provides no guarantees as to who will receive distributions from the treasury or how much they will receive.