This document was originally drafted and enacted by the Core TeamA growing group of founders tasked with driving the Superalgos Project forwards during the bootstrapping phase, whose members are referred to as "Core Team Members". The Core Team is open to all Team Members who show extraordinary drive to lead the project.Learn more about the Core Team... in April 2019, during the coworking sessions celebrated in El Puerto de Santa Maria, Spain.
The purpose of this Constitution is to set the foundation for the Social ContractsThe agreement between the stakeholders of the Superalgos Project and the Governing Body (as defined by the ALGO Governance Charter) by which all stakeholders agree to abide by certain rules designed to protect the interests of all stakeholders. binding all stakeholders of the Superalgos ProjectAn open community together with its body of work, implementing a framework to enable a superior trading intelligence evolving within an open global collaboration of humans and machines, at the service of all people. and the ALGO EcosystemA self-sustainable and self-regulating network of economic relationships embodied by the activities of stakeholders of the Superalgos Project participating in a joint business. Learn more about the ALGO Ecosystem....
Entities getting in contact with and participating in the Superalgos Project, and more explicitly, entities participating in the governance of the Superalgos Project willfully agree to abide by the principles, policies and mandates set forth hereinafter.
The provisions prescribed in this Constitution shall have precedence over any other document. The spirit and intent of these paragraphs shall constitute a binding guidance for generations to come.
Definitions of terms presented in Title Case are provided on the Definitions Appendix, which shall be considered an integral part of this document.
The purpose of the Superalgos Project is to enable a superior trading intelligence evolving within an open global collaboration of humans and machines, at the service of all people.
The Superalgos Project is the result of the collective work of a number of stakeholders investing time, money and effort—initially building the project from scratch and later developing the project and helping it achieve its purpose.
This work—upon which the success of the project depends—on is incentivized with ALGO TokensThe ALGO Token is the medium of exchange within the ALGO Ecosystem by which stakeholders transfer value in exchange for products or services. ALGO also represents a form of energy turning bots into beings with a financial life of their own. Learn more about the ALGO Token....
Therefore, the single most important aspect of the Social Contract binding the people and companies participating in the Superalgos Project is that the ALGO Token shall be the sole medium of payment to be used in the network for the use cases that tie the Superalgos NetworkA peer-to-peer (P2P) network consisting of Superalgos Nodes running both part of the Superalgos Platform and Algorithms.Learn more about the Superalgos Network... together:
For other types of economic activity, such as consuming services provided by external service providers, consumers should be free to use the currency of their preference.
The Superalgos Project advocates for permissionless innovation as a means to embrace diversity, incentivize open participation, allow divergent views to coexist in harmony and resolve conflicts in non-destructive ways.
A permissionless ecosystem is therefore one in which entities may freely add value without requiring third-party approval. By no means does permissionless innovation imply any other rights not expressly granted.
Project stakeholders do not need to reach consensus on the direction of development or the kind of products and services that shall be offered within the ALGO Ecosystem, as the principles of permissionless innovation allow for different entities or groups of stakeholders to explore and develop solutions addressing their own interests by producing their own DistributionsA collection of software components including software released, built, assembled and configured so that it can essentially be used "as is". of the software.
This permissionless attribute extends to interests that may go beyond the scope of trading of assets, investments or financial markets, and into other areas and industries that may benefit from the dynamics of evolutionary algorithms. These divergences shall be considered equally relevant and worthy of incentives, as long as they enable tangible value in the form of new business streams for the ALGO Ecosystem or an increase in the collective intelligence of the project.
The conflict-resolution mechanisms offered by permissionless innovation along with the provision that any activity that benefits the ALGO Ecosystem shall be incentivized, both represent a direct and clear invitation to innovate within the ALGO Ecosystem instead of forking the project at the token level.
The ALGO Token economy concerns all stakeholders of the ALGO Ecosystem and shall be designed as a tool to lubricate economic interactions.
The ALGO Token shall be governed in a way in which all stakeholders creating significant, measurable value shall directly participate, with voting rights in proportion to the value each of them creates, as perceived by prior contributors.
The Superalgos Project will have a life spanning different phases marked by the entrance of new stakeholders and general adoption.
In its initial phase, the ALGO Token shall be governed by Team MembersPeople or companies working with the project assuming responsibility over a specific area of work as described in the Contributing and Join the Dev Team pages. Team Members earn ALGO Streams for their contributions and participate in the governance of the ALGO Token.. Voting power shall be linked to the overall size of ALGO StreamsA smart contract that allocates ALGO Tokens at a preprogrammed rate to the address of a person or entity working for the Superalgos Project. Learn more about ALGO Streams. they hold, as that is a direct measure of their contributions to the development of the project.
In later phases, as other types of stakeholder become relevant in the life of the project and the economic activity in the network, governance may be extended to other stakeholders, provided that appropriate technical solutions are found to address the complexities of secure, decentralized governance.
Any additional type of stakeholder to be considered for participation in the governance of the ALGO Token in the future shall be tested against the following eligibility criteria: the value the stakeholder adds shall be concrete, measurable, and comparable to the value added by the rest of stakeholders participating in governance.
The purpose of the Superalgos Project calls for enabling a superior trading intelligence within an open global collaboration. As such, it is a core principle of the project to allow the collaboration to grow seamlessly, removing friction and lowering entry barriers at every imaginable point:
The Superalgos Project shall strive to foster the balanced incentivization of all stakeholders and a sustainable growth of the ALGO Ecosystem. No selfish interest shall be placed above the principle of collective growth.
Exchanges play a crucial role in the ALGO Ecosystem, constituting central points of trust within the Superalgos Network. Moreover, the trading activity taking place within the network represents on its own a direct business for this type of stakeholder.
Therefore, Exchanges are expected to voluntarily subject their participation in the ALGO Ecosystem to binding contractual agreements with the Superalgos OrganizationA not-for-profit organisation with the main purpose to promote the Superalgos Project. The Superalgos Organization is the legal entity representing the Superalgos Project and serving as the excecutive arm, with attributions in certain management tasks, public awareness and education., which shall regulate their participation ensuring the interests of all parties are equally protected.
Finally, it is opportune to state that the CommunityThe collaboration of an open and heterogeneous group participating in the Superalgos Project. A subset of the Community counts professional and amateur traders, developers and analysts, organized in Teams, referred to as "Algo-Makers". driving the Superalgos Project openly condemns the use of the technology developed and released by the Superalgos Project outside of the ALGO Ecosystem. Such conduct is construed as selfish, disrespectful, abusive and inappropriate.
The Core Team shall develop and publish an ALGO Governance CharterThe instrument that shall govern the issuance of ALGO Tokens.Read the Charter... establishing a Governing BodyThe group of entities governing the ALGO Token, as defined by the ALGO Governance Charter. in line with the Core Principles in this Constitution document.
The ALGO Governance Charter shall initially cover the most basic governance elements to enable the early administration of the ALGO Token, and shall evolve within the lapse of one year starting from the date of this document, to include the following provisions:
Provision for a mechanism to appoint future Superalgos Organization Board of Directors.
Provision for a mechanism to amend, update and evolve the ALGO Governance Charter.
Develop the governance system so that it can work at scale, supporting the participation of thousands of Team Members.
A legal person is required to enter legally-binding agreements with Exchanges and parties outside the ALGO Ecosystem, in particular during early stages of the project. Therefore, the creation of the Superalgos Organization is mandated to fulfil specific needs of the present time. As such, the long-term existence and purpose of the Superalgos Organization shall be subject to the evolution of the project and the decisions made by the Governing Body. It is foreseeable that other organizations may emerge in the future.
The Superalgos Organization shall be a not-for-profit-oriented organisation, with the main purpose to promote the Superalgos Project.
The Superalgos Project shall fund the Superalgos Organization with assets deriving from the public sale of ALGO Tokens. Funding batches shall strictly conform to budgets that shall be approved by the Governing Body. Under no circumstances shall the Superalgos Organization accumulate funds not allocated to specific projected spending.
The Superalgos Organization shall be the legal entity responsible for the custody and administration of funds allocated by the Governing Body. It shall not engage in commercial activities and it shall not distribute dividends among its members or shareholders.
The first Board of Directors shall be appointed by the Core Team. Successive boards shall be appointed as per the provisions set forth in the ALGO Governance Charter.
The Superalgos Organization legal entity's bylaws shall expressly adopt the ALGO Governance Charter as a legally binding document establishing the conditions for the governance of the ALGO Token and the administration and budgeting of the proceeds of sales of ALGO Token.
The Superalgos Organization shall engage in activities conducive to accomplishing its purpose.
The Superalgos Organization is responsible for:
Technically enabling the governance system established by the ALGO Governance Charter.
Preparing budgets to be approved by the Governing Body established by the ALGO Governance Charter.
Executing the budgets, in compliance with the provisions in the ALGO Governance Charter.
Dealing with and facilitating the onboarding of Exchanges.
The Superalgos Organization shall engage in awareness-raising activities enabling the adoption of the Superalgos Network.
The Superalgos Organization shall also have a focus in education. The intent is to lower barriers of entry to knowledge and technology so that increasing numbers of people may benefit from the Superalgos Ecosystem, with a particular focus in disadvantaged communities.
In order to amend the Superalgos Constitution, the Governing Body established by the ALGO Governance Charter shall publish a Constitutional Amendment Draft and call for a "yes" / "no" vote that shall take place 30 days after the date of publication. The vote shall be open for 10 calendar days.
In order for the amendment to be enacted, the following conditions must be met:
The voting power of each Team Member along with the specifics of the voting logistics shall be defined by the Governing Body in the ALGO Governance Charter.