🟠Creating a bitpac

Step 1: Navigate to the "Create New Bitpac" page

Step 2: Complete the details for your new bitpac

NAME AND DESCRIPTION: Give your bitpac a Name and Description, this will be publicly displayed on your bitpacs treasury page. Your bitpac name is one of the ways people will be able to search and find your bitpac.

TIME: For this section, the bitpac creator is selecting a timeframe in which the bitpac will be open for new members to join. During this timeframe the bitpac creator will be able to invite members to join by sharing an invitation link. Members who receive and click the link are making a proposal to join the bitpac, which the creator can accept or decline within the selected timeframe. Upon this timeframe ending, the bitpac creator will be prompted with a "Finalize Bitpac" button. By finalizing the bitpac, all accepted members within the timeframe will be added to the bitpac and the bitpac multisig/treasury will be officially finalized and established.

POLICY: For this section, the bitpac creator is establishing the policy or voting threshold that the bitpac will adhere to upon finalization. The creator can select any percentage between 51%-100%. Tribe will round up this % policy based on the amount of members that end up joining the bitpac. For example, a bitpac with a selected 51% policy that ends up having 3 members join will be rounded up to a 66% policy, requiring a voting threshold of 2/3 members for proposals to be passed.

CROWDFUNDING: Crowdfunding is an optional section in the bitpac creation flow. If the creator enables crowdfunding, they can pre-determine an amount of BTC that members attempting to join will be required to contribute to the bitpac treasury as part of their join proposal. The creator will also have to contribute this amount of BTC to the bitpac treasury upon bitpac finalization. Members are prompted to send their bitpac crowdfunding contribution upon accepting an invite from a creator for a crowdfunding bitpac (from the members perspective they are making a proposal to join by clicking the invitation link). If the creator declines their proposal to join the bitpac for any reason the crowdfunding amount is returned to the person who was attempting to join. If crowdfunding isn't enabled by the creator, the bitpac won't require any treasury contribution from members joining. This feature allows easy on-chain capital raising and project fundraising for communities.

CREATE BITPAC: Before being able to Create the bitpac, a creator will need to connect their wallet. Click the "connect" button in the top right of Tribe and select your preferred bitcoin wallet (currently supporting xverse). Once signed in with a wallet, the creator will be able to click the "CREATE BITPAC" button on the bottom of the page.

Step 3: Invite members to a newly created bitpac

Upon creating the bitpac, the creator will be shown a module with the bitpacs information. This module also gives the creator an official link to share with potential members to invite them to join. The creator can copy this link and share with anybody that they want to join the newly established bitpac. The link will show joining members the bitpacs details, policy, and the timeframe in which they can join.

This module also shows the creator a link to view their newly established bitpac. Clicking on this link will bring the creator to the official bitpac treasury page.

The official bitpac treasury page will not show the bitpac treasury address until the bitpac is finalized. It will show the timeframe countdown until the bitpac can be finalized and any pending proposals to join the bitpac.

Once any members have clicked the invitation link and made a proposal to join the bitpac, the creator will be able to see the proposal in in the active proposals section of the treasury page. The creator will be able to "Accept" or "Reject" any proposals of members attempting to join within the established timeframe. At this time only the creators vote is needed to accept or reject a member attempting to join.

Upon the creator accepting or rejecting any members attempting to join, the proposal will move from the "active" section to the "statements" section of the treasury page, this means the proposal has been voted on and passed in accordance with the bitpacs policy (at this time just the creators vote is needed). Once the timeframe window has passed, the creator of the bitpac will see a button on the treasury page that says "Finalize bitpac". Clicking this will officially establish the bitpac multisig with the members that were accepted during the timeframe.

The bitpac is now finalized, accepted members have full access and the creator no longer has any special access or extra power. The bitpac now complies to the established policy and voting threshold that was selected at creation. On the treasury page, all members will now be able to see the official bitpac multisig address, members list, active proposals section, and statements section for passed proposals. All members will also have access to create a proposal via a button on the bitpac treasury page. At anytime, anybody can now send funds to the established bitpac multisig address.