Thank you for your feedback.
let's assume that I have capital
Capital won't be a problem. The main goal of this project is to find many individuals who are interested in being part of the first legal cryptocurrency company owned by the community. Since every shareholder has exactly one vote, the price of a share should be a value that many people can afford, but on the other hand not too low, so people don't just vote for the fun.
We plan to achieve this by setting the entry price for a share based on the country in which the shareholder currently resides.
If you want more dividends, you can buy several shares (e.g. 10 shares). In this case you have 10x dividends, but you still have only one vote.
want to invest in this project, how would I do it?
You would go to the project website, go through the necessary KYC/AML process, pay the share and then receive your share as an non-fungible token. By receiving the token, you can vote on any business decision, review fanancial and other business information, create proposals, etc..
If you wish to become a legal member of the company, you must sign the cooperative statues digitally (or manually) in order to be a legal member of the cooperative (general meeting,...).
Any token holder can be a legal member of the cooperative. There may be some administrative costs, but they will be really low.
I have to hand over my documents, right?
Yes, you must process the KYC/AML process. To be legally involved in the cooperative, you must sign the cooperative statues digitally or manually.
How would I know you're not scammers?
It will be a legally registered (international) company that anyone can join.
As a cooperative, there will be at least one annual audit.
As a cooperative, the shareholders can replace the board of directors at any time if they wish. Each member of the board of directors has only one vote. The voting rights of each member of the cooperative are the same.
how would I know about profits, losses, and balance of exchange?
There will be a website with a digital shareholder board. It will display all financial data (liquidity, customer funds, expenses,...), and proposals can be created and voted on. The financial data is updated in short form (daily or weekly). As a cooperative, we are obliged to carry out an annual audit. However, since shareholders are in a position to make a proposal on all business aspects, they can also make a proposal to carry out a further audit at any other time.
what criteria would be used to choose the Administrative Council?
Initially, the board of directors is formed by the development team. However, the shareholders have the possibility to make a proposal for the board of directors at any time. On the first day of operation, shareholders could propose to replace any member of the board of directors.
how would I know who is competent and who is incompetent on the board of directors?
The digital shareholder board will have a list with the description (tasks, working hours, salary) of each employee of the cooperative. So each shareholder can see who is an employee of the cooperative, what his duties are, what he has done for the cooperative, what his current tasks are and his salary.
Since the shareholders can decide on everything that concerns the company, they can also make proposals such as "Each member of the board of directors must prepare a monthly report on...".
While there are endless possibilities for the community to make proposals that would create more transparency, more security, more participation rights, etc., the board of directors should show the community which of these proposals are appropriate and which would only cost a lot of money and resources but bring little profit. But ultimately the decisions are taken by the community.
As the board of directors are legally liable, they have veto rights (e.g. they will never publish private customer data, private keys, break on purpose any law,.. based on a proposal). However, if they exercise their veto right, they could easily be replaced by shareholders.
