The Incubation phase did not start with the announcement of PrimeDAO, but began Q2 2020, with the creation of a working group at ETHDenver. The initial stakeholders collectively created the litepaper, and aligned on a general outline of how to initialize Prime. This founding working group has coordinated via private group chats, private meetings, and alignment through mutual contribution. With the public revealing of Prime, we take the first step from off-chain governance to on-chain governance by deploying the first version of Prime to the xDAI chain. This deployment creates an on-chain forum for its ecosystem governors to collaboratively align and legislate agreements. This first DAO is deployed on the DAOstack framework and utilizes holographic consensus for governance. At this point, there still isn’t a PRIME token, but only Reputation (REP) — which is non-transferable voting right — as the source of governance truth.
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