Asset Ledger – As noted, DirtiCoin is a smart contract and smart contracts are computer programs. All computer programs require constants, variables, conditions, and actions. For DirtiCoin the constants (Coin Cap and Circulation) as well as the conditions and actions are in the contract. The values for nearly all the variables come from the Asset Ledger.

When you buy DirtiCoin

You are using an ERC-20 protocol to create a contract on the Ethereum main blockchain. Your contract will have a unique blockchain address. It will contain the terms of the contract. It will also contain certain constants and variables related to DirtiCoin. The most important constant is the Coin Cap. Circulation is an important variable which doesn’t usually change quickly for DirtiCoin. The quantity of DirtiCoin you have is also stored in each contract as well as the date the contract was established. The quantity will change as you buy, sell, or spend DirtiCoin.

Rules of the DAO

The DirtiCoin contract contains several rules.

1. The Coin Cap is set at 500,000,000 DiD.
2. Only the DAO can approve burning DirtiCoin, changing the Coin Cap, or changing the terms of the DirtiCoin contract.
3. The DirtiCoin minter (DirtiCoinMinting, LLC, also known as the Company) is the only entity authorized to mint DirtiCoin and be the de facto trustee for the DAO.

Asset Ledger – Rules

1. The Company has full discretion to mint any amount of DirtiCoin up to the limit of the Coin Cap without approval of the DAO.
2. All wealth stored in DirtiCoin by those who have bought DirtiCoin is, effectively, held in trust for them.
3. The Company is the trustee and the DAO is the beneficiary.
4. The Company may retain profits generated from the Trust investments, excluding those that derive directly from the appreciation of the value of real estate in the Trust.
5. The Company has authority to invest the principal of the Trust within the following limits:
   1. The Company must maintain real estate and liquid assets (Brex.com, 2021) to back the value of DirtiCoin within predefined tolerances to back the value of DirtiCoin in circulation.
   2. These tolerances, plus or minus 15% are 65% real estate assets and 35% liquid assets.
   3. When assets exceed tolerances, the Company will present a proposal for a DAO vote designed to correct the imbalance.
6. The Company verifies compliance with the contract through the Asset Ledger (the Ledger).

Asset Ledger – Voting Rules

1. The Company is the only entity which can submit proposals to the DAO for their vote.
2. Only contracts holding a quantity equal to or greater than 1 DiD are eligible to vote.
3. Only contracts that are older than 30 days from the start of the voting period are eligible to vote.
4. Each eligible contract gets one vote, regardless of the quantity of DiD held in the contract.
5. The voting period for proposals to the DAO will not be less than 7 days and not more than 30 days.
6. Votes submitted after the end of the voting period are rejected.
7. A plurality of the eligible votes submitted is a majority vote regardless of the number of eligible contracts.
8. Each vote has a value of either “For”, “Against”, or “Abstain.” These values are mutually exclusive.
9. The Company can choose to count eligible submitted abstentions as votes “For” or “Against”, at their discretion.

Asset Ledger

DirtiCoin will regularly communicate with the Company via a publicly available version of the Company Assets Ledger (the Ledger). The Ledger provides summary information regarding the real estate assets and liquid assets of the Company, as well as a “state” indicator which will allow the DAO to monitor the required ratios.

If the Asset Ledger is out of balance the Company will submit a proposal to the DirtiCoinDAO to rebalance the portfolio. We rebalance the Ledger either by increasing or decreasing the supply of DirtiCoin.

Decreasing the supply of DirtiCoin in Circulation requires burning DirtiCoin. The Company cannot burn DirtiCoin without approval from the DAO.

Conclusions

The DAO is a “slow DAO.” Votes take days or weeks, not seconds.

The contract comprises many essentials of the design of DirtiCoin as a currency. We engineered the Contract to achieve several goals. First, we wanted to give you the ultimate control over the monetary supply of DirtiCoin. Second, we wanted to protect your wealth from pirates. Third, we created a structure that stores your wealth in much the same way putting your money in a bank does.

The separation of DirtiCoin from the assets held by the company is a key provision. It helps DirtiCoin to maintain its status as a virtual currency. Furthermore, it provides the benefits of fungibility for anyone storing their wealth in DirtiCoin.

Disclaimers