Create a new Democracy organization
2.1.1 Navigate to https://app.aragon.org in your web browser
Select which network you want to use to create your organization then click "Create a new organization".
A “Token project with Democracy” is an organization where the vote cast by a tokenholder is weighted proportionally to their ownership stake of tokens minted by the organization. For example, if a tokenholder owns 5% of the tokens minted by the organization then their vote will count as 5% of the total votes on a given proposal.
Tokenholders in a Democracy organization can hold an unlimited number of organization tokens, and tokenholders can freely transfer their organization tokens to other accounts.
Aragon uses the Ethereum Name Service (ENS) to assign names to organizations.
Note: An organization's ENS name currently cannot be changed.
Note: The Voting app parameters currently cannot be changed from the Aragon frontend client. To change the Voting app parameters after your organization has been created, you must first initialize the permissions to change these parameters, then you can change the parameters using the aragonCLI.
“Support” is the number for what percent of the tokens that participated in a vote must approve a proposal for that proposal to pass. For example, if “Support” is set to 51%, then 51% of tokens that vote on a proposal must approve the proposal for it to pass. The Democracy template is configured to discard the permission to change this parameter, so this parameter cannot be changed after the organization is created.
“Min. Quorum” is short for “Minimum Acceptance Quorum". Min. Quorum is the number for what percent of the total outstanding supply of tokens must approve a proposal for the vote to be considered valid. For example, if the Min. Quorum is set to 20%, then 20% of the outstanding token supply must vote to approve a proposal for the vote to be considered valid. If a vote does not make quorum, then it will fail, even if more tokens voted to approve the proposal than voted against it. For example, if the Min. Quorum is set to 20% and 10% of the outstanding token supply votes against the proposal but only 15% vote in support, then the proposal will fail because it has not reached the Min. Quorum threshold.
“Vote Duration” is the length of time that the vote will be open for participation. For example, if the Vote Duration is set to 24 H, then tokenholders have 24 hours to participate in the vote. After the 24 hours is over, if the vote has not been approved by a majority of tokenholders and/or does not make quorum, then the vote will automatically fail. If the vote makes quorum and receives approval by a majority of tokenholders by the end of the Vote Duration, then the vote will automatically pass. This parameter cannot be changed after the organization is created.
Note: The token name and symbol currently cannot be changed.
Now you need to sign two transactions to create your organization.
Open your Ethereum provider if the window does not open automatically. After the first transaction is confirmed, the second transaction may show up in the queue, indicating that it needs to be signed. Click the transaction to open and sign it.
Be careful not to close your browser window while creating your organization.
If your browser window closes after signing the first transaction to create the organization but before the second transaction appears, then it will be difficult to pick up where you left off after you re-open your browser window. We are working on making it easier to recover from browser closures (due to a crash or otherwise) during the organization creation process in general. Please be advised that ETH used to pay gas for the first organization creation transaction will be "stuck" until we implement an easy way to recover and send the second and final organization creation transaction.
Your new Democracy organization is ready to go!