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TFL DAO

Litepaper version 1.0

Overview

The Tech For Life DAO is the first DAO (Decentralized Autonomous Organization) to accelerate urgent need for research, technology, standards, and economics for Climate Change and Human Resiliency 

 

We are giving a voice to everyone who wants to build the future of our planet. 

 

 

Who are we ?

 

The Tech For Life DAO (“TFLDAO”) was founded by entrepreneurs Philippe Nacson and Dan Lopez both bringing in total 50 years of experience in Investment, entrepreneurship, and Deep Tech to accelerate commercialization of technology for Climate Change and Human Resiliency. 

 

The Founders 

 

Philippe has spent 20 years as an investment banker and PE investor and co-head of a 250M Euros Fund. He has been a tech impact entrepreneur for the past five years, founder of a non-profit, humain.ngo and the Tech For Life Hub initiative, and The Robot Of The Year, the Tech For Life Summit and co-Founder of the Tech For Life Institute.   He holds an MBA from HEC Paris, London School of Economics and NYU Stern (TRIUM), and is an alumni of the London Business School. He is based in Paris, France.

 

From the International Space Station to Times Square, Dan leverages his deep technical expertise and hands-on approach, to harness imagination and entrepreneurial spirit while working on technologies that scale and have lasting impact. Dan has a proven track record developing early-stage companies, as a scale-up executive and founder, collaborating effectively across organizational boundaries and disciplines, building and understanding complex transactions, relationships and geo-political landscapes, while fostering talent and ideas to achieve novel technologies and missions. He is the co-founder of the Tech For Life Institute. He is based in Portland, Oregon, US.


TFLDAO Ecosystem   

 

The TFLDAO is backed by the Tech For Life Institute also founded by Philippe Nacson and Dan Lopez and encompasses the following verticals: 

The Tech For Life Institute is a renown network of founders, scientists, operators, and mentors that turn ideas into fundable Deep Tech startups. Tech For Life Institute's mission is to advance technology in the Deep Tech for Impact, and establish whole new markets. It supports innovation by leveraging the expertise and novel ideation found in large and small businesses, government organizations, and academic institutions. The Tech For Life Institute provides commercialization and thought leadership through the following offerings:

 

  • Summit : a series of live, and virtual events of real time innovative collaboration, and discussions that respond to pressing challenges by applying top minds, tech & ethical ai to problem solve on topics related to Climate Change and Human Resiliency.

  • Accelerator : We select Start-Ups from aspiring founders to early stage entrepreneurs, who have signed up to the Tech For Life Oath and are developing disruptive technologies addressing Climate Change and Human Resiliency.

  • Research : By creating a taxonomy and new approaches on Impact Valuation Methods, we want to position the Tech For Life Institute as a key leader in impact driven technologies for Climate Change and Human Resiliency.

  • Advisory : We leverage on our unique knowledge based on our pool of experts in Technology, Entrepreneurship, Investment and our different initiatives throughout our ecosystem. 

 

The combination of all these four verticals position the Tech For Life Institute as a unique player in the sector of Impact and Tech.  The Tech For Life DAO grants you access to a society of abundance that unlocks the potential of addressing the pressing challenges of Climate Change and Human Resiliency while instantiating new economies on this world and beyond. 

 

The TFLDAO serves as the community-driven governing body of the platform and ecosystem that enables token holders to directly influence the network and instantiate a decentralized, and democratized access to products, services, and wealth-building. 


Together, We Can :

 

  • Accelerate and commercialize advanced technologies to address urgent matters for Climate Change and Human Resiliency 

  • Contribute $Billions in technological development, and commercialization 

  • Become the defacto for Impact-driven technology, economics, governance, protocols, and society on this world and beyond.

Build the future of technology for Climate Change and Human Resiliency.  Join the TFLDAO
 

 

Organization

 

What is the TFLDAO?

 

The TFLDAO is a For-Profit Limited Liability Autonomous Organization that empowers its members to invest in and harness the impact of TFLDAO  projects.

 

Who is the TFLDAO for?

 

The TFLDAO is for members interested in joining a Climate Change and Human Resiliency industry focused DAO that:

  • Phase 1: Web 3 savvy, pioneering, early-adopter

  • Phase 2: Wants to invest and have their voice heard in the remimaging of the Climate Change and Human Resiliency industry 

  • Phase 3: Works in the Climate Change and Human Resiliency industry or has a serious love for these.

 

How is the TFLDAO structured?

 

The TFLDAO is organized as a Wyoming distributed autonomous organization (DAO) limited liability company. The rights and obligations of the TFLDAO members are set forth in an operating agreement charter (which will be provided when you are verified to contribute to the TFLDAO) and are supplemented by the Wyoming Limited Liability Company Act. 

 

YOU SHOULD RETAIN YOUR OWN COUNSEL FOR PURPOSES OF EVALUATING WHETHER TO JOIN THE TFLDAO AS A MEMBER.

 

At its core, the TFLDAO will be member-managed and rely on a DApp and related smart contracts to facilitate investments into projects using digital assets. The TFLDAO shall expressly limit the members' liability and limit any fiduciary obligations amongst members, in each case, to the extent permitted by applicable law.

 

The TFLDAO will rely on a service provider to facilitate various administrative functions on behalf of the Members, including preparing and sending annual K-1 tax forms to investors, validating information related to projects selected for investment, and handling other interactions that may come up during the lifetime of the TFLDAO (e.g., receiving the proceeds from the sale of securities in fiat and converting them to a digital asset for distribution to members). For these services, the service provider will receive a fee, pursuant to a schedule outlined.

 

Will members enjoy limited liability ?

 

As set forth in the operating agreement, and except as otherwise provided under Wyoming law, no member (or former member) of the TFLDAO will be liable for the obligations of the TFLDAO for any amounts in excess of the amount of the member's contributions to the TFLDAO, plus: the member's share of the undistributed profits of the TFLDAO, if any; and any amounts distributed by the TFLDAO to such member. 

 

What are the fiduciary obligations between members?

 

To the fullest extent permitted by applicable law, members shall not have any fiduciary duty to the TFLDAO or any other member. Under the operating agreement, members agree to interact in good faith and to engage in fair dealing. 

 

Can members vary, or change the operating agreement or the ways in which the TFLDAO operates?

 

The TFLDAO members will be able to vote on certain strategies, formation of SubDAOs, code of conducts, community features, financial incentives, ethics, and other terms and provisions that may be a part of the operating agreement. 

What are the tax implications with the TFLDAO?

 

Each member of the TFLDAO must rely on the member's own tax and legal representatives as to the tax consequences of joining the TFLDAO or making investments through the TFLDAO. However, we have mindfully structured the TFLDAO with legal limited liability advantages in mind of all potential LLCs to be onboarded.

Projects & SubDAOs

 

Members of the TFLDAO can submit projects to the community. Once a proposal is submitted for each project, the proposal will be submitted to TFLDAO members to decide whether to nominate the project for prioritization, approval, or funding.

 

If the funding proposal is nominated, the TFLDAO members will then vote on whether the project will receive approval or financing from TFLDAO. If approved by a majority quorum of TFLDAO Members, the project will then receive approval, and or financing in the form of a convertible note, tokens, or equivalent. All project approvals and financing will be allocated to TFLDAO projects in the form of the TFLDAO token or equivalent. 

Do I need to have a blockchain-based product to submit an application?

 

The TFLDAO seeks to create, and fund for projects for a Climate Change and Human Resiliency ecosystem utilitizing ERC-20 governance tokens on Polygon. TFLDAO members will set forth any plan for the type of projects, priorities, and investments that they wish to pursue under the TFLDAO. The community can submit a proposal for anything in that realm, whether it be a protocol, dApp, company, standard, NFT, or other project. All are welcome.


 

Membership

 

How can I contribute to the TFLDAO and become a member?

 

Membership in the TFLDAO is currently open to all interested parties. However, certain membership tiers will be limited to accredited investors, as defined under U.S. law. Members have the opportunity to contribute cash, or ERC-20 compatible tokens to the TFLDAO by purchasing units representing ownership in the TFLDAO ("TFLDAO Units"). ERC-20 compatible tokens to US dollar calculations will be provided via a real time oracle feed from Chainlink or similar service.

 

Are the TFLDAO units securities?

 

The TFLDAO units are governance tokens and have not been approved or disapproved by the U.S. Securities and Exchange Commission, any state securities commission in the United States, or any other global regulatory authority 

 

Can I contribute Bitcoin, Dai, or other assets to the TFLDAO?

 

All contributions are currently only limited to ERC-20 compatible tokens, unless the members of the TFLDAO agree otherwise at a later date.

Why is there a physical limitation to the number of memberships in the TFLDAO 99 members?

“Members” are natural persons, or corporate entities. This does, however, limit the number of members within each “membership” unit (SPV). The limits in membership and accreditation status for U.S. contributors are put in place to:

  • Comply with U.S. securities law, and Federal and State law; and

  • Prevent any one party from controlling a disproportionate amount of the TFLDAO; and

  • limit the risk of look through hurdles for the TFLDAO Members that are organized as funds or other legal entities.

 

However, each “member” may be represented as an SPV roll up of individuals and corporate entities. 

 

What is an SPV?

 

Special purpose vehicle.

  • An SPV is created as a separate company with its own balance sheet and agreements.

  • Holding entity for securitization of debt or equity

 

A company may form an SPV as a limited partnership, a trust, a corporation, or a limited liability corporation, among other options. It may be designed for independent ownership, management, and funding. In any case, SPVs help companies securitize assets, create joint ventures, isolate corporate assets, or perform other financial transactions.

How many members can join an SPV?

 

There is no limit to the members of a particular SPV, though the SPV itself may stipulate any limitations. A total of 99 SPVs may join the TFLDAO. However, a member can be formed as an SPV with its own agreements.

Are there any other requirements needed to become a member?

 

To contribute to the TFLDAO via an investor path with investments equal or greater to $10,000 USD, members will need to go through accredited investor, anti-money laundering ("AML"), Know Your Customer ("KYC"), and Office of Foreign Assets Control ("OFAC") checks as defined under U.S. law and as discussed further below. 

 

Any joining member will need to deposit a sufficient amount of ERC-20 token from the member's wallet address in order to complete the membership process.

 

All members will also need to submit sufficient information as required to verify the potential member's identity for AML, KYC, and OFAC checks, including:

  • uploading a passport or a state issued license;

  • providing a social security number or Tax ID; and

  • providing proof of the member's primary residence.

Accredited investors include:

  • Individuals who have an annual income exceeding $200K or a married couple that has joint income exceeding $300K in the two most recent years and have a reasonable expectation of reaching the same income level this year.

  • Individuals who have a net worth that exceeds $1 million (excluding the individual's primary residence).

 

With respect to legal entities:

  • Funds and trusts, with total assets in excess of $5 million, which were not formed specifically to purchase the subject securities, whose purchase is directed by someone who has sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of the prospective investment.

  • Any entity in which all of the equity owners are accredited investors.

 

In order to register and validate members, a potential member will need to supply the TFLDAO with sufficient information to assess whether the member meets these legal requirements, which will be confirmed by the TFLDAO's service provider.

Why is there a fixed amount of ERC-20 token upon submitting an application?

 

If everyone submits a different amount of ERC-20 token, the interests in the TFLDAO would have variable pricing. If a member "rage quits" then that member could conceivably get back more ERC-20 token than he or she contributed.

 

What are the different membership types within the TFLDAO?

  • General Member - minimum buy is $100

  • Explorer Member - minimum buy $1000 - $9999

  • Pioneer Member - minimum +$10k accredited investors


Accreditation Process

 

How do I establish my accreditation status as an investor in the TFLDAO?

 

During member onboarding, members will be asked to provide applicable documentation in order for the TFLDAO to verify your status as an accredited investor. This may include:

  • documentation verifying your income or net worth;

  • written confirmation from a registered broker-dealer or investment advisor, licensed attorney, or certified public accountant as to the member's accreditation status; and

  • various forms, including a Form W-2, Form 1099, bank or brokerage statements, other statements of securities holdings, and other applicable documentation to ensure that you meet the definition of an accredited investor.

 

If you're acting on behalf of a legal entity, you may need to provide:

  • verification of that entity's assets; and

  • verification of your sophistication

 

I'm a foreign investor interested in becoming a member of the TFLDAO. Are non-U.S. investors able to become a member in the TFLDAO?

 

The TFLDAO is open to any investors internationally at this time, with adherence to compliance factors of US KYC, and Anti Money Laundering regulations, as well as sanctioned nations and individuals.

How long does it take to verify my application?

 

Accreditation and verification of Members will take several business days to be processed by the TFLDAO management team. If we have questions concerning your application, we will notify you during the verification process. After this point, the TFLDAO management firm will approve your application based on social media profile or profiles.

Who will see the accreditation and other documents that I upload?

 

The documentation that you upload as evidence of your accreditation status are kept private and off-chain and are used to verify that you meet the definition of an accredited investor. 


 

Administration

 

How do you transfer funds into the TFLDAO?

 

Using a digital wallet, such as MetaMask, or a wallet compatible with WalletConnect, members can contribute to the TFLDAO after they have been approved. After doing so, management of the TFLDAO treasury will be managed by Aragon, and the Tech For Life DAO LLC managed crypto wallet.

Why are my contributions in Ether converted to wrapped Ether?

 

Generally, Ether contributions will be wrapped as ERC-20 tokens (wETH) to allow for a seamless interaction with TFLDAO smart contracts on the Polygon network.

Will all contributions be held in Ether or can they be converted to other digital assets?

 

The members, acting by majority vote, have the right to elect to invest capital contributions to the TFLDAO in ERC-20 compatible tokens.

Smart Contracts

 

What smart contracts are being used for the TFLDAO?

 

The TFLDAO uses various smart contracts to administer its activity. Primarily, the smart contracts are used to facilities

  • collecting members initial contributions to the TFLDAO

  • voting

  • delegating voting

  • distributing proceeds

  • rage quitting

 

Will the TFLDAO smart contracts be audited?

 

The TFLDAO smart contracts may be audited from time to time by the DAO committee (typically a Finance and Audit Committee) utilizing Github, or third party services such as Quill Audits. Details on the audit will be made public on GitHub or our website as they are developed by the community.

Will the smart contract code be publicly available?

 

The TFLDAO smart contract code will be publicly available on Etherscan and GitHub upon completion.

 

Voting Rights

How are voting rights determined?

 

Voting rights will be based on the total number of TFLDAO Tokens that each member holds for any relevant vote posed to members.

How do members vote?

 

Members will be prompted to vote via the TFLDAO DApp (currently hosted on the Aragon platform, or, over time, other online services) at various points during the lifecycle of the TFLDAO. Voting is primarily facilitated by blockchain-based smart contracts and all voting records will be searchable via the DApp and recorded to the Ethereum-based Polygon blockchain. For governance-related decisions, the TFLDAO has implemented voting processes to make decisions using gas and or gasless tools available via the Dapp.

What can members vote on?

 

Via Voting, Members can contribute to the following decisions:

  • Evaluate project prioritization and investments

  • Weigh-in on the structure and governance of the TFLDAO

  • Other strategic decisions related to the TFLDAO.

 

Can a member transfer its voting rights for purposes of making investment decisions?

 

Members are not required to vote on all matters. At any point in time, a member can transfer or "delegate" the member's right to vote on investment decisions by designating via the DApp an Ethereum address for which such right is delegated to. Decisions to delegate any voting rights are entirely up to each member and members cannot delegate to another member.

 

Does delegating rights to vote on investment decisions impact a member's right to proceeds?

 

No.

 

Can a member cancel and/or re-delegate their voting rights?

 

A member can cancel and/or re-delegate their voting rights through the DApp at any time.


 

Do the voting rights differ by TFLDAO membership type?

 

Certain voting rights may differ by membership type or tier. This may change from time to time based on updates made by the community and or by the management firm.

 

Incentives

What are the incentives of the general TFLDAO member?

 

Those who work on different tasks as core contributors ranging from marketing to coding. These members are split into different sub projects and interest groups, and can decide to work on something specific or a few tasks at a time. Members who choose this path will buy smaller dollar amounts of TFLDAO Tokens.

 

Beyond off a set of core features that we launch with, TFLDAO members will be able to vote on initiatives, and reward mechanisms such as but not limited to:

  • Yield - Our DeFi protocol and yield farming protocol will allow users to earn rewards and incentives on their yield. Yield farming options will present users with several choices of liquidity pools with different APYs to choose from.

  • Staking - Users can stake ERC20 based tokens to generate rewards. A community vote will define what those rewards are.

  • NFT Minting - Users can mint randomized NFTs that will be revealed after a predefined lock period.

 

These features are not available yet, and will rely on the TFLDAO voting procedures to prioritize of any incentives, and rewards. The community will not vote on payouts from the above functions (DApp functionality). Incentives will be for users who hold more Tokens as the yield/reward/payout will be higher.

 

What are the incentives of the TFLDAO members?

 

TFLDAO members will be able to vote on new projects, grants, licensing, business formation and how to build/launch these businesses or which businesses to acquire. This will be based on tokenization of assets that they will hold. Investors will be able to recoup their capital investment via tangible assets.

 

Members who choose this path (manual review process from due diligence) may hold tokens typically, in a lock period. Lock period will aide in further defining which business assets to tokenize. This enables Members to have meaningful involvement.
 

What are the incentives of the marketing DAO member?

 

There will be a 1% pool of our total supply specifically for marketing/shill members. Tokens will be subjected to a vesting schedule (ie: 6 months or TBD by the community) for members who contribute to our marketing efforts.

How do members of the TFLDAO make investment decisions?

 

TFLDAO members will be able to vote on-chain for investment priorities and decisions. In addition, the community may also use our Discord Server and Github to handle decision making.

Will the DAO have a general partner (GP) or management firm?

 

There will be a management firm with our team acting as member managers (partners). The DAO can sequester tokens for "founders" or executive staff.

 

What are the terms for investor TFLDAO members?

 

Members will have the right to set the terms of any investment into projects, grants or licensing initiatives. TFLDAO works with teams to structure investments, directed funds (grants), or related instantiation of new projects.

Can foreign entities receive investment from the TFLDAO?

 

We may from time to time open projects, grants, and or investments to international users and entities. Limitations and restrictions may apply.

Will the TFLDAO operate via a thesis?

 

TFLDAO is an emergent experiment and thus there is no express investment thesis for TFLDAO. Members can work together to formulate a thesis and explore investment, project, and granting opportunities. They have the right to develop any investment thesis they agree on.


Due Diligence

 

The TFLDAO's diligence process will be streamlined to ensure efficiency and accuracy of data capture, while limiting bad actors from joining the TFLDAO. The process is as follows:

 

  • Members will use a web form to submit KYC and other identity information

  • Based on the information provided, Bad Actors, Sanctioned Individuals and Wallets will automatically be rejected from joining the TFLDAO

  • The TFLDAO's service provider of choice will validate KYC, and if so, the TFLDAO capture the member's information into our backend systems

  • In addition, the Community will have the authority to vote out falsified accredited investors as a part of the violation of code of conduct and ethics, thus protecting the community

  • If an individual provides falsified information to the TFLDAO, the Tech For Life Institute, Tech For Life DAO, LLC and related companies and assigns are not responsible or liable. In addition, the Tech For Life DAO LLC and Tech For Life Institute will maintain a detailed audit log and form Audit committee's along with other supporting committees to ensure the viability of the community.

 

Proceeds from Sale and Investments

 

Should TFLDAO members expect to receive any profit by contributing to TFLDAO?

 

Investments contemplated by TFLDAO are inherently speculative and are made by TFLDAO members or their express designees and agents. The results of The TFLDAO's investments will likely vary from period to period, and investments made by TFLDAO will involve a high degree of financial and market risk that can result in a complete loss of any member's contribution to TFLDAO.

 

If I'm a member of TFLDAO, what interest do I receive in any projects that receive financing from TFLDAO?

 

The TFLDAO will be the record holder of all securities and/or any other rights secured via The TFLDAO-related investments. Members, acting via a majority vote, will have the right to determine the amount, timing, and form of all distributions related to proceeds from those investments.
 

How will proceeds be distributed?

 

Members will receive proceeds, if any, on a pro-rata basis based on the number of TFLDAO Units each member holds.* 


 

* Notional distribution upon launch. Distribution and ratios may change according​ to TFLDAO governance.


 

 

Fees and Expenses

 

If there are expenses associated with operating the TFLDAO? Who is responsible for expense coverage?

 

The TFLDAO and its members are responsible for the costs and expenses related to the TFLDAO's activities, operations, and maintenance, as detailed in the operating agreement. This includes any fees charged by the service provider such as annual reports.

Are there any fees associated with the Tech For Life DAO?

 

Limited to fees based on Polygon network, Aragon, and associated platform gas fees.

 

Launch

 

When will the Tech For Life DAO launch?

 

The TFLDAO will launch on 25th July 2022 at 6pm CET.


Rage Quitting

 

What rights do members have if they are not happy with the direction of the Tech For Life DAO?

 

The TFLDAO has certain rights for members to withdraw their capital if they are unhappy with the performance or administration of the TFLDAO. This right—often called "rage quitting"—gives members a degree of control as to their participation in the TFLDAO and the use of any contributed capital.

If I rage quit, can I sell my interests in the Tech For Life DAO?

 

If a member rage quits, the member's original unallocated capital contribution will be returned to the member. The member's TFLDAO Units are retired (i.e., "burned") and the member loses any right to participate in future investments. The member will retain any previous rights to proceeds from investments that occurred before rage quitting, as detailed further.

When can a member rage quit?

 

A member can rage quit the TFLDAO at any time, including after any funding proposal. The only restriction is that any proposal that the particular member voted "YES" for is processed by the TFLDAO smart contract initially.


 

TFLDAO Tokens and New Members

 

Will the TFLDAO units be transferable?

 

With limited exceptions, as detailed in the operating agreement and or charter, members cannot transfer TFLDAO units or Tokens, if created, unless otherwise agreed to by the members, by majority vote.

If a member "rage quits" and leaves the TFLDAO can new members join?

 

Members by a majority vote can accept new capital commitments from new joining members and admit them into the TFLDAO. Any new member (or, if applicable, group of members) must provide the same initial contribution as an existing member.

Can a member be forced out of the TFLDAO?

 

Members of the TFLDAO may be required to leave if members of the TFLDAO vote to remove the respective member. The marketplace service provider cannot remove any TFLDAO member unless otherwise authorized by a vote by a majority of the members.


 

Winding Down the TFLDAO

 

Under what circumstances will the TFLDAO wind down?

 

Members of the TFLDAO can vote by majority to wind down the TFLDAO. Other circumstances include a judicially ordered dissolution or disposition of all the assets of the TFLDAO. If dissolution were to occur, a person appointed by the members via a majority vote will handle the wind down of the TFLDAO based on the terms of the operating agreement.

What happens if there are expenses related to the dissolution?

 

At the time of dissolution, members of the TFLDAO are responsible for the expenses associated with the liquidation. Any additional losses or liabilities incurred will be in accordance with the terms of the operating agreement and the service provider reserves the right to set aside funds to facilitate dissolution activities.

What happens if members of the TFLDAO want to transfer all of the TFLDAO assets?

 

In the operating agreement, and or charter, members may be obliged to agree to tag-along and or drag-along provisions to deal with the possibility that members may want to transfer all of the TFLDAO assets to another entity or party. These rights will only be triggered if a super-majority of the members vote to effect such a transfer.

 

Glossary

Crypto/blockchain terminology

 

Aragon

 

Aragon is a suite of applications and services that enable new forms of global communities using DAOs. A platform for providing the tools to turn a community, cause, or a meme into its own economy.

 

Contributor agreement

 

The TFLDAO will utilize an open source contributor agreement. The agreement is posted on Github.com:

https://github.com/Tech-for-Life/LegalForms/blob/main/DAO-Contributor-Agmt/DAO%20Contributor%20Agreement.md

 

DAO

 

(Decentralized Autonomous Organization) as an organization represented by rules encoded as a transparent computer program, controlled by the organization members, and not influenced by a central government. As the rules are embedded into the code, no managers are needed, thus removing any bureaucracy or hierarchy hurdles.

 

DApp

 

Decentralized applications (dApps) are digital applications or programs that exist and run on a blockchain or peer to peer(P2P) network of computers instead of a single computer.

Digital Asset

 

A digital asset is anything that exists in a digital format and comes with the right to use.

 

Drag-along rights

 

A drag-along right is a provision or clause in an agreement that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority shareholder the same price, terms, and conditions as any other seller.

ERC-20

 

An ERC-20 token is a standard used for creating and issuing smart contracts on the Ethereum blockchain. Smart contracts can then be used to create smart property or tokenized assets that people can invest in.

Ether

 

Ether is the solution to the issue of payment—a digital asset-bearer like a bond or other security.

Ethereum

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform.

 

Operating Agreement

@TODO

 

Polygon

 

Polygon is a layer two or sidechain scaling solution that runs alongside the Ethereum blockchain — allowing for speedy transactions and low fees.

 

Rage Quitting

 

Rage quitting is a function built into the TFLDAOs smart contracts that allows a member to take its unallocated capital contribution and leave the TFLDAO.

 

Subscription Agreement

 

A cryptocurrency wallet is an app that allows cryptocurrency users to store and retrieve their digital assets.

Tag-along rights

Tag-along rights, also referred to as "co-sale rights," are contractual obligations used to protect a minority shareholder, usually in a venture capital deal. If a majority shareholder sells his stake, it gives the minority shareholder the right to join the transaction and sell their minority stake in the company. Tag-alongs effectively oblige the majority shareholder to include the holdings of the minority holder in the negotiations so that the tag-along right is exercised.

 

Wallet

 

A cryptocurrency wallet is an app that allows cryptocurrency users to store and retrieve their digital assets.

 

Disclaimer

The Tech For Life DAO LLC ("The TFLDAO") seeks to be as diligent as possible in compiling and updating the information on its website. However, there is no guarantee of the correctness and completeness of the information provided here. Equally, The TFLDAO does not guarantee that this information is up to date and such information may qualify to change.

Certain capitalized terms are described in the Glossary at the end of this FAQ. The FAQs is a summary based on legally binding documents, namely the Tech For Life DAO, LLC Subscription Agreement and Operating Agreement. If there is any discrepancy between the information provided herein and the Agreements, the terms of the agreement take precedence. Members should consult his or her own tax, financial, and legal advisors prior to making any investment in The TFLDAO. Nothing in these FAQs shall be considered to be tax, financial, or legal advice. 

 

For questions, please reach out to dao@techforlifeinstitute.com.

Space Tech

Climate Tech

Ag Tech

Health Tech

Machine Learning / Artificial Intelligence

TFLDAO 

Purchase Quantity

Profit Sharing 

Ratio

Incremental 

Profit Sharing

499 or fewer

TFLDAO Token

50% of Ownership Ratio

Quantity/Total * 50% of 1:1 Profit Ratio

500 - 1000

TFLDAO Token

75% of Ownership Ratio

Quantity/Total * 75% of 1:1 Profit Ratio

1001 or more

TFLDAO Token

100% of Ownership Ratio

Quantity/Total * 100% of 1:1 Profit Ratio