Ape Community Guide to Creating a Multi-Sig Wallet for ApeCoin Delegation and DAO Discussion
Introduction: This guide will help ape communities create a multi-sig wallet to manage their ApeCoin tokens in a non-custodial manner while utilizing the official delegation system. Additionally, we’ll cover setting up a Discord channel for decentralized autonomous organization (DAO) discussions, enabling members to vote on AIP proposals collectively.
Table of Contents:
- What is a Multi-Sig Wallet?
- Choosing the Right Multi-Sig Wallet Platform
- Creating a Multi-Sig Wallet for ApeCoin
- Delegating ApeCoins to the Wallet
- Setting up a Discord Channel for DAO Discussions
- Using Discord for AIP Proposal Voting
- Best Practices and Security Tips
- What is a Multi-Sig Wallet? A multi-signature (multi-sig) wallet is a cryptocurrency wallet that requires multiple signatures (i.e., approvals) to authorize transactions. This adds an extra layer of security, ensuring that no single individual can control the funds. In an ape community context, this can be beneficial for decentralizing decision-making and promoting transparency.
- Choosing the Right Multi-Sig Wallet Platform When choosing a platform to create your multi-sig wallet, consider factors like security, compatibility with ApeCoin, and the required number of signatures. Popular multi-sig wallet options include Gnosis Safe, Multis, and Electrum.
- Creating a Multi-Sig Wallet for ApeCoin To create a multi-sig wallet for your ape community:
a. Choose a platform (e.g., Gnosis Safe) and create an account. b. Set the number of required signatures for transactions (e.g., 3 out of 5). c. Add the public addresses of community members who will be signatories. d. Securely store and share the wallet’s public address with the community.
- Delegating ApeCoins to the Wallet Once the multi-sig wallet is set up, community members should delegate their ApeCoins to the wallet. They can do this by:
a. Accessing their individual wallets holding ApeCoins. b. Choosing the ‘delegate’ option and entering the multi-sig wallet’s public address. c. Confirming the transaction and paying the associated fees.
- Setting up a Discord Channel for DAO Discussions To facilitate DAO discussions, set up a dedicated Discord channel:
a. Create a new server or use an existing one. b. Add a new text channel for DAO discussions. c. Set up appropriate permissions to restrict access to the channel to only relevant members. d. Establish rules and guidelines for participating in DAO discussions.
- Using Discord for AIP Proposal Voting When an AIP proposal arises, use the Discord channel to:
a. Share the proposal and related information with the community. b. Facilitate discussions, encouraging members to share their opinions and concerns. c. Conduct a poll or utilize a voting bot to tally votes. d. Execute the community’s decision by submitting the proposal outcome to the AIP platform.
- Best Practices and Security Tips To ensure the safety of your community’s funds and foster a healthy decision-making environment, follow these best practices:
a. Educate community members about the importance of wallet security and safekeeping of private keys. b. Regularly review and update the list of signatories, removing inactive members or adding new ones as needed. c. Establish a clear decision-making process and ensure all members are aware of it. d. Encourage transparency and open communication within the community.
By following this guide, ape communities can create a secure and transparent environment for managing their delegated ApeCoins and participating in DAO discussions and AIP proposal voting