Establish Bao's Vision, Mission, and Values

What is this proposal?

Let’s define and vote to establish Bao’s vision, mission, and values to better guide decisions, work, and interactions with the broader community.

A clearly stated vision will attract contributors who are intrinsically motivated and it will become the theme of our social media communication and future marketing. Consistent messaging across multiple channels will give different audiences a single idea of what Bao is all about.

Definitions

What is a VISION statement?

It describes WHAT an organization desires to ACHIEVE in a 5+ year timeframe. It depicts what the org will look like in the future. It motivates and inspires. It describes a result/impact/achievement/goal.

What is a MISSION statement?

It explains in simple and concise terms an organization’s reason for existing. It is WHY the org exists.

What are VALUES?

They are beliefs that guide our actions and decisions at a high level and on an individual basis day to day.

Statements

Below I start the discussion with a draft for us to build on and rewrite together. The final result may be totally different after we discuss and edit.

OUR VISION

"Liquidity in any discrete and quantifiable event. This liquidity generates accurate, consumable data streams in the form of synthetics to move the power of ideas, information, and decisions from institutions to individuals."

OUR MISSION

"Build platform tools that let users and other protocols easily manage synthetic assets and asset interactions through a marketplace for data."

OUR VALUES

We believe in…

  • Democratization

    • Because institutions shouldn’t have power over people.
    • To achieve this Bao will make synths easy to create and use.
    • At Bao our community drives the project.
  • Empowerment

    • Because people want to make decisions for themselves.
    • To achieve this Bao enables any person to use synths to better manage their own personal risk.
    • At Bao we enable individuals in the community to develop governance proposals and start initiatives.
  • Security

    • Because data is only useful when it can be trusted.
    • To achieve this Bao makes security a priority in development so users can trust the protocol that governs data on the platform.
    • At Bao we protect the community from bad actors and look out for each other.
  • Accuracy

    • Because accuracy enables better decision making and inspires creativity.
    • To achieve this data streams will be vetted by everyone in an open marketplace.
    • At Bao we make the effort to understand others and make our ideas clear.
  • Creativity

    • Because each person’s contribution is unique and important.
    • Bao achieves this by enabling synth solutions that don’t yet exist for uses that haven’t been imagined.
    • At Bao we celebrate and encourage creative contributions (artwork, videos, new perspectives, and unanticipated contributions).

Next Step

Share your impressions. What are your ideas? Is this what we want to achieve? Are these our values? What other project or organization’s credo do you admire?

The community will connect with our vision, mission, and values if they are simply stated and easy to share. Our tweets, memes, interviews, and future marketing work can be informed by the statements we choose. We can also make them a regular part of our daily work and interactions.


Resources

  1. “The Bao Vision of Finance”
  2. Baoman’s first Medium post
  3. Baoman’s Reflexer AMA
4 Likes

Really good work @Varyints, I think you capture what BAO is about really well here & have curated the available information nicely.

I’ll let the community provide some more feedback, then I’d be happy to update the docs with it. One of the things we would like to achieve in the coming weeks is making BAO easier to understand and get up to speed with for people who are out of the loop and this will be a big help.

My only changes would be slight rewordings to be more in line with BAO trying to aim its products more towards other projects than users at first since they are more able to help create the liquidity/volume needed for new markets amongst other things (section 1 here: The Next Path for Bao (Annual Roadmap BIP))

for example:

Bao achieves this by enabling users to create synth solutions that don’t yet exist for uses that haven’t been imagined.

becoming

BAO will achieve this by enabling synth solutions that don’t yet exist for uses that haven’t been imagined

1 Like

I made this change which I think is clear because it reads like Bao makes synths possible rather than making synths itself. Bao is currently making synths but my understanding is that we’re doing it simply to demonstrate what the platform can do.

For other feedback: What isn’t captured here? What key or critical aspects of Bao are missing in these statements?

1 Like

New Vision wording:

“Liquidity in data. Accurate and consumable data streams in the form of collateral backed data synthetics to move the power of ideas, information, and decisions from institutions to individuals.”

New Mission wording:

“Build a platform for the creation of synthetic assets that represent any kind of data in the world. Synthetics will be backed by liquidity to ensure their accuracy making the most accurate data the most highly valued.”

3 Likes

“Liquidity in Data” is one part that I’m stuck with. The actual synths product is essentially a predictions market-creation toolset, is that correct?

How about ‘Incentivised Information Markets’ ? We need the image of the product to be as clear as possible, especially for those less familiar with BAO, or DEFI in general.

I think “Liquidity in Data” is more elegant, but it leads me to think about data being provided, or sold. It’s focusing more on the data aspect instead of the Synth itself, and what can be done with it.

I think that’s right.

My understanding is that we don’t know how it will work yet but there’s an idea we can still communicate: crowd sourced data in the form of synthetics incentivized/optimized for precision using market forces.

In a way it’s like a decentralized data exchange. Except you’re not buying data you’re staking liquidity to demonstrate trust/belief that a data point is accurate.

It reminds me of a futures market but instead of a contracted price it’s a rate or quantity.

It also reminds me of the crypto volatility index which you can trade or provide liquidity in: https://www.cvi.finance/

Or maybe it’s just a casino where you bet on the expected value of any random variable.

We know it will have certain aspects:

  • be a platform that others use to make synths and synth marketplaces
  • use market forces to validate data
  • crowdsorced by market users
  • non-price data

Brainstorming & cribbed quotes:

Human powered on-chain data sources.
Market incentivized on-chain data.
A platform for synth models around data.

No final answers from me. Maybe others will get ideas from these thoughts. I’ll keep thinking about it.

1 Like

Updated the Vision to: Market incentivized information. Accurate, consumable data streams in the form of synthetics to move the power of information from institutions to individuals.

1 Like

OUR VISION

Market incentivized information. Accurate, consumable data streams in the form of synthetics to move the power of information from institutions to individuals.

OUR MISSION

Build a platform for the creation of synthetic assets that represent any kind of data in the world. Synthetics will be backed by liquidity to ensure their accuracy making the most accurate data the most highly valued.

OUR VALUES

We believe in…

  • Democratization

    • Because institutions shouldn’t have power over people.
    • To achieve this Bao will make synths easy to create and use.
    • At Bao our community drives the project.
  • Empowerment

    • Because people want to make decisions for themselves.
    • To achieve this Bao enables any person to use synths to better manage their own personal risk.
    • At Bao we enable individuals in the community to develop governance proposals and start initiatives.
  • Security

    • Because data is only useful when it can be trusted.
    • To achieve this Bao makes security a priority in development so users can trust the protocol that governs data on the platform.
    • At Bao we protect the community from bad actors and look out for each other.
  • Accuracy

    • Because accuracy enables better decision making and inspires creativity.
    • To achieve this data streams will be vetted by everyone in an open marketplace.
    • At Bao we make the effort to understand others and make our ideas clear.
  • Creativity

    • Because each person’s contribution is unique and important.
    • Bao achieves this by enabling synth solutions that don’t yet exist for uses that haven’t been imagined.
    • At Bao we celebrate and encourage creative contributions (artwork, videos, new perspectives, and unanticipated contributions).
1 Like

To begin, i really believe this is a well written vision and mission statement.

Here are a few comments It’s not because i have altered it that my view is better than the others…

Democratization.

  • Would it be better to describe it with “Decentralization”. I think a DAO is a step ahead of being democratic has everyone could step in and help shape the future of the project. We are not just electing individuals or votes.
  • Institutions can still have the control under a democracy

Decentralization

  • Because institutions shouldn’t have power over people.
  • To achieve this Bao will build platforms for DeFi projects that will allow synthetic assets to be easy to create and use.
  • At Bao our community drives the project. We shape together the future of BAO, one DeFi lego at a time

Empowerment

  • Because people want to make decisions for themselves.
  • To achieve this Bao enables any person to use synths so ideas, information and decisions are decentralized and trustless.
  • At Bao we believe that knowledge is power. Each person is responsible to learn and be knowledgeable about the BAO ecosystem
  • At Bao we enable individuals in the community to develop governance proposals and start initiatives.

Security

  • Because consumable data finds his true power and reliability from crowdsourced knowledge all over the world
  • To achieve this Bao makes security a priority in development so users can trust the protocol that governs data on the platform.
  • At Bao we protect the community from bad actors and look out for each other.

Accuracy

  • Because accuracy enables better decision making and inspires creativity.
  • To achieve this data streams will be vetted by everyone with the help of decentralized oracles.
  • At Bao we make the effort to understand others and make our ideas clear and actionable.

Creativity : All goods

1 Like

A great credo. The foundation on which we will create. Let’s give it to the world. Even the minimal effort of (any) member of our community is the building block of our future success.

I typed out my edits below. A Google doc would be easier but not everyone’s comfortable using Google products. Either is fine: keep your comments in the forum or use this Google doc.

I like all of your suggestions. I have some additional edits that I want to know your thoughts on (or anyone else’s).

'=================================
Democratization
'=================================
'----------------------------------------
A) “Decentralization” or “Equality”?
'--------------------

I agree that we shouldn’t use “Democratization.” I wanted to capture the idea that access to information puts everybody on an equal playing field. What do you think about “Equality”? I do also like Decentralization. The value for me is captured in the idea that we’re making it easy for anyone to use. Which do you like better?

'----------------------------------------
B) To achieve this Bao will build platforms for DeFi projects that will allow synthetic assets to be easy to create and use.
'----------------------------------------
Edit:
To achieve this Bao will build platforms that make it easy for anyone to create and use synthetic assets.
'--------------------

“Bao will build platforms”:
I agree that that the primary product will be a protocol/platform that projects will build on so let’s definitely add that.

“…For DeFi Projects”:
We have user-facing products already and we might build one in the future—what are your thoughts on removing “for DeFi projects”? Is the word “platform” enough to imply that other projects will use it?

'----------------------------------------
C) At Bao our community drives the project. We shape together the future of BAO, one DeFi lego at a time
'----------------------------------------
Edit:
At Bao our community drives the project. Together we shape the future of BAO.
'--------------------

Removed “one DeFi lego at a time”
The way I’ve seen people using the phrase “money legos” gives it a degen, yield-chasing quality that I think encourages the wrong mindset about what we’re building. (That, and legos were originally a toy and has that imagery). But is my take on that skewed? Let me know.

'=================================
Empowerment
'=================================
'----------------------------------------
D) To achieve this Bao enables any person to use synths so that ideas, information, and decisions are decentralized and trustless.
'----------------------------------------

I like this, let’s use it.

'----------------------------------------
E) At Bao we believe that knowledge is power. Each person is responsible to learn and be knowledgeable about the BAO ecosystem.
At Bao we enable individuals in the community to develop governance proposals and start initiatives.
'----------------------------------------
Edit:
At Bao every community member understands the Bao ecosystem, Bao’s vision and roadmap, and participates in governance by writing or commenting on proposals and voting on them.
'--------------------

I like making self-education part of our values. I took it a step further and worded it in a way that I’d want new (and current) community members to read it.

'=======================
Security
'=======================
'----------------------------------------
F) Because consumable data finds his true power and reliability from crowdsourced knowledge all over the world.
'----------------------------------------
Edit:
Because consumable data crowdsourced from all over the world is more reliable and powerful than data from a single source.
'--------------------

I like this, but I reworded it. Sound ok?

'=======================
Accuracy
'=======================
'----------------------------------------
G) To achieve this data streams will be vetted by everyone with the help of decentralized oracles.
'----------------------------------------

I like this, let’s keep it.

'----------------------------------------
H) At Bao we make the effort to understand others and make our ideas clear and actionable.
'----------------------------------------

I like this too, let’s keep it.

1 Like

This is the current version as of today. If anybody wants to make more suggestions/edits you’re welcome to do that in this thread or via this Google doc.

OUR VISION

Market incentivized information. Accurate, consumable data streams in the form of synthetics to move the power of information from institutions to individuals.

OUR MISSION

Build a platform for the creation of synthetic assets that represent any kind of data in the world. Synthetics will be backed by liquidity to ensure their accuracy making the most accurate data the most highly valued.

OUR VALUES

We believe in…

Equality

  • Because institutions shouldn’t have power over people.
  • To achieve this Bao will build platforms that make it easy for anyone to create and use synthetic assets.
  • At Bao our community drives the project. Together we shape the future of BAO.

Empowerment

  • Because people want to make decisions based on information that is meaningful to them.
  • To achieve this Bao enables any person to use synths so that ideas, information, and decisions are decentralized and trustless.
  • At Bao every community member understands the Bao ecosystem, Bao’s vision and roadmap, and participates in governance by writing or commenting on proposals and voting on them.

Security

  • Because consumable data crowdsourced from all over the world is more reliable and powerful than data from a single source.
  • To achieve this Bao makes security a priority in development so users can trust the protocol that governs data on the platform.
  • At Bao we protect the community from bad actors and look out for each other.

Accuracy

  • Because accuracy enables better decision making and inspires creativity.
  • To achieve this data streams will be vetted by everyone with the help of decentralized oracles.
  • At Bao we make the effort to understand others and make our ideas clear and actionable.

Creativity

  • Because each person’s contribution is unique and important.
  • Bao achieves this by enabling synth solutions that don’t yet exist for uses that haven’t been imagined.
  • At Bao we celebrate and encourage creative contributions (artwork, videos, new perspectives, and unanticipated contributions).
1 Like

Are we keeping the parts that describe what a Mission, Vision, and values are? I kind of thing those are nice to have tact on the definitions.

1 Like

remove equality for decentralization. Equality is a politicized buzz word, rather bao vision is represented by precise words.

We can add decentralization as a separate value or remove this one but it’s not a precise word for this particular value. This value is about accessibility. It’s about making something anybody can use. The distinction is important to me because there are a lot of decentralized platforms that are not accessible: they aren’t translated into other languages, they are opaque (not well described in what they do or how to use them), or they require a high level of expertise, specialized knowledge, or education to use (a financial literacy which many people in the world do not have). Perhaps Accessibility is a better word for this value.

Accessibility sounds good to me

I do want to come back to the word “democratization” which has two meanings. The meaning I had in mind was “making something accessible to everyone.” I don’t think there’s confusion among most people about this (they wouldn’t think we mean democratic governance). I think that’s the real meaning behind decentralization: break it down so that everybody has access.

All these sound good.