Brown Paper

  1. Torrino DAO is a digitally native organization operating on a community-based ownership model deployed with Solana smart contracts.
  2. Torrino DAO is regulated by its Manifesto [\]
  3. Torrino DAO is based on two separate Solana NFTs collections: Gen1 and Gen2.
  4. Gen1 is an iconic collection of 500 NFTs named Torrino NFTs [].
  5. Gen2 is a stylish collection of 888 NFTs named Solnauta by Torrino DAO [].
  6. All those who own at least a Gen2 NFT assume the role of Torrino DAO Member.
  7. Each DAO Member is a member with voting rights of Torrino DAO.
  8. Each Gen 2 NFT is assigned with a single voting right.
  9. DAO Members decide through on-chain voting which and how many digital assets issued on Solana blockchain to purchase using DAO Treasury funds to guarantee and protect the value of the Gen1 and Gen2 NFTs collections.
  10. DAO Treasury represents the overall set of digital assets obtained from minting the Gen1 and Gen2 NFTs Collection.
  11. Digital assets obtained from minting of Gen2 will be predominantly used to purchase and hold a strategic stake on tBTC inside DAO Treasury: however, they could also be used to buy Solana perpetuals on BTC via dex [decentralized exchange] in case of an approval consensus of at least 50% of all Torrino DAO voting rights.
  12. Torrino DAO Governance Council [GC] has veto power on decisions regarding the purchases of Solana perpetuals on BTC via dex.
  13. Methods of calling the vote to express one’s consent on the possible purchases of digital assets of DAO Treasury are established by the Governance Council, which votes by absolute majority of all its members.
  14. Book Value of each Gen1 NFT and Gen2 NFT represents abstractally the equivalent value in digital assets similar to stable coins that each NFT would have if DAO Treasury were dissolved and the obtained digital assets divided among all Gen1 NFT and Gen2 NFT holders in relation to the number of NFTs held in their wallet and in accordance with a permanent conversion rate [PCR] between the two NFTs collections and DAO Treasury.
  15. Calculation method and value of the permanent conversion rate is published and can be consulted in the specific section of Torrino DAO Discord Server.

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