4️⃣Governance and operations of MC DAO

4.1 Tokenholders governing MC DAO

MC DAO shall have a governance system that is guided and dictated through smart contract systems and is ultimately determined by the collective, subjective judgments of the Tokenholders. The Tokenholders govern MC DAO through governance voting.

Being a Tokenholder does not grant any individual authority or right to act as a representative or similar on behalf of MC DAO or other Tokenholders, or to bind MC DAO or other Tokenholders to any obligations or liabilities.

4.2 Decisions by the Tokenholders

A DAO Consent will be implemented, subject to the implementation of the DAO Consent being compliant with this Constitution, and is enforceable on-chain or otherwise. A DAO Consent that cannot be enforced on-chain or otherwise is non-binding and is used for sentiment signaling purposes.

4.3 Contributions to, and operations of, MC DAO

4.3.1 Maintenance, development and operation of MC DAO

MC DAO and its ecosystem is maintained, developed and operated by Tokenholders, various contributors and smart contract systems.

4.3.2 Delegation of powers to contributors

To fulfill the activities set out in Article 1.1, aid the operations and developments of MC DAO and its ecosystem, and to safeguard MC DAO’s integrity and assets, MC DAO may delegate powers to contributor teams or persons to carry out actions, activities and otherwise do things for the benefit of MC DAO. Such contributor teams may be structured through legal structures or Sub-DAOs, ref. Articles 2.1 and 2.2. Contributors shall not owe fiduciary duties to the Tokenholders. Nothing in this Constitution shall be construed to bind any person to perform or carry out any obligation, activity or similar as a result of a DAO Consent (such duties may however follow from separate binding agreements or documents and be enforced through those).

4.3.3 Accountability of contributors

The teams and persons contributing to MC DAO should operate in a transparent manner and keep MC DAO informed of their activities for the purpose of enabling MC DAO to have adequate oversight over the contributor teams and persons and otherwise act in accordance with agreements relating to the contribution (if applicable).

MC DAO may adopt procedures for the purpose of increasing the accountability of contributors, in addition to utilize smart contract systems for accountability purposes.

4.3.4 Remuneration and hiring of contributors

Contributors may be remunerated in the form of MC Tokens or other crypto assets. MC DAO may implement procedures for hiring of contributors and setting and allocating budgets for remunerating contributors, including through grant systems. The remuneration of contributors should take into account the contributors’ responsibility, expertise, time commitment and the complexity of the tasks handled or to be handled.