🎆Definitions

For the purpose of this Constitution, the following definitions apply:

“Article” means an article, section or provision of the Constitution.

“Constitution” means this constitution adopted by MC DAO and recorded on the Ethereum blockchain (as it may be amended from time to time in accordance with the methods and requirements stated herein).

“DAO” means a decentralized autonomous organization.

“DAO Consent” means a decision of the Tokenholders in favor of a proposal processed in accordance with the Constitution and that satisfies minimum voting requirements with respect to majority and quorum as required by the Constitution and the relevant smart contract system (to the extent applicable).

“Delegate” means a person or group of persons that has been selected by one or more Tokenholders to vote on behalf of such Tokenholder(s).

“Fork” means an occurrence where some or all persons running the software clients for a particular blockchain system adopt a new client or a new version of an existing client that either (a) changes the blockchain rules in a backwards compatible or incompatible manner that affects which transactions can be added into later blocks, how later blocks are added to the blockchain, or other matters relating to the future operation of the relevant blockchain, or (b) reorganizes or changes past blocks to alter the history of the relevant blockchain, resulting in two distinct blockchains moving forward from the point of the occurrence.

“Governance Forum” means the governance forum located at the website https://gov.meritcircle.io/ or at such other website, address or location as may be decided by MC DAO.

“MC DAO” means the decentralized autonomous organization known as Merit Circle DAO, established on the Ethereum blockchain and governed by the Tokenholders.

“MC Token(s)” means MC DAO token(s) with the Ethereum token contract 0x949D48EcA67b17269629c7194F4b727d4Ef9E5d6 or the equivalent of such token(s) on other blockchains.

“MIP” means a MC DAO proposal that aims to change, develop, upgrade or expand the MC DAO smart contracts or ecosystem and that satisfies the conditions to proceed to an official vote.

“MPOLL” means a MC DAO poll utilized to obtain guidance and input to the various variables forming part of a proposal.

“Staking” means the act of depositing MC Tokens (either solely or jointly with other tokens, including liquidity pool tokens where MC Tokens construe one of the tokens in the liquidity pool pairing) into one or more smart contracts or as collateral to secure and validate transactions on a blockchain.

“Sub-DAO” means a DAO established by MC DAO and that operates with autonomy from MC DAO and other DAOs established by MC DAO whilst remaining aligned with the Constitution.

“Tokenholder” means a holder of MC Token(s) or person Staking , but for the avoidance of doubt excluding MC DAO, a Sub-DAO or a person providing legal identity to, and acting for or on behalf of, MC DAO.

The provisions included in the Constitution shall be interpreted in a manner consistent with the activities, vision, values and principles of MC DAO set out in Article 1.