5 Delegates will need to commit to a one-year term. If a delegate decides to resign, they should expect to finish their job duties until a replacement can be voted upon. If a delegate unexpectedly quits a search for a new delegate will begin immediately. All delegates will be voted on after volunteering themselves to be a delegate. A proposal will be created for each delegate or group of delegates to complete a vote. Delegates are also required to explain their experience in their proposal before being voted in. Delegates will also be required to, at minimum, have one Telegram community open forum discussion, where the community can ask questions to a delegate before confirming them. Delegates will be required to undergo a 3rd party KYC/Compliance check (there are many to use). As long as the KYC process validates the person and AML laws have not been violated, they can be delegates.
Delegates are only required to review the following, everything else should be pre-determined by the $BSL token holders.
- Ensure costs of the project are reasonable
- Ensure the appraised value, provided by a 3rd party, is valid and acceptable
- Ensure that the project has the ability to repay the loan in the time requested for the loan based on costs, LTV, and post-completion sales potential.
3 out of 5 delegates will need to approve an on-chain vote for each loan so that the loan is visible. If a loan is not approved, $BSL token holders can create a Proposal to bring the loan back for review. The denied loan would then be put through the community DAO process to override the delegate decision. This would give the community the ability to fund any and all loans, regardless of the delegates.
Delegates should have some finance, banking, and hard money experience and should be familiar with the concepts in this proposal.
Clarification: the members of the loan voting board (the delegates) will only have power to approve or deny the loan applications by themselves. Any other topic, decision or anything at all out of this very narrow scope will still have to be decided and voted by the community, adhering to the DAO rules as set and explained in detail on gov.banksocial.io. The delegates can take part in these other votes as well of course, but only as individual and equal members of the community.