Add Members

How to Use the Add Members Plugin

Add Members is a dynamic plugin that allows you to effortlessly manage entity ownership and membership allocations. Whether you're creating new tokens or linking existing ones, follow these steps to streamline your entity's membership structure.

  1. Add Plugin: Connect your wallet and access the OtoCo dashboard. From the left menu bar, select "Plugins." Click on "Add" to open the Add Members plugin.

  2. Select Token Type: Choose between "New Transferable Token" or "New Consent Token" based on your entity's requirements.

  3. Token Settings: In this step, define the new token's fundamental details. Set a unique name, a symbol (ticker), and the total supply for the token.

  4. Members and Membership Interest: Determine the initial members of your entity and allocate their membership interest in percentage points. By default, your connected wallet will be listed with 100% interest. Use the "+ Add Another Member" button to include additional members by providing their wallet addresses and corresponding allocation percentages.

  5. Manager and Governance: Designate a Manager for your entity and set the duration of the voting period (in minutes or days) from the available options.

  6. Review and Tokenize: Carefully review the entered information and initiate the tokenization process by clicking "Create Mirror Tokens." Confirm the transaction in your connected wallet (e.g., MetaMask) and cover the gas costs.

Link Existing Token:

  1. Plugin Selection: Similar to the process above, connect your wallet and access the Add Members plugin. Choose the option to "Link Existing Token."

  2. Token Information: Input the ERC20 token address, and the plugin will automatically retrieve the token's name, symbol, and total supply.

  3. Members and Membership Interest: Determine the initial members of your entity and allocate their membership interest in percentage points. By default, your connected wallet will be listed with 100% interest. Use the "+ Add Another Member" button to include additional members by providing their wallet addresses and corresponding allocation percentages.

  4. Manager and Governance: Designate a Manager for your entity and set the duration of the voting period (in minutes or days) from the available options.

  5. Review and Tokenize: Carefully review the entered information and initiate the tokenization process by clicking "Create Mirror Tokens." Confirm the transaction in your connected wallet (e.g., MetaMask) and cover the gas costs.

When to Use

• Streamlined Entity Ownership: Use the Add Members plugin to seamlessly create a structured ownership framework for your entity. Allocate membership interests, manage members, and maintain an organized record of your entity's ownership distribution.

• Effortless Cap Table Management: Replace traditional cap tables with a digital, secure, and always-accessible representation using the blockchain. Maintain transparency and efficiency in tracking changes to your entity's ownership structure.

• Tokenized Membership: Create tokens that mirror membership interests, allowing for easy trading, transfer, and recording of ownership changes. This empowers entities with versatile and liquid membership units.

• Governance and Voting: Specify the governance structure and voting periods for your entity. Enable token holders to participate in decision-making processes and contribute to the entity's development.

By utilizing the Add Members plugin, you can revolutionize the way you manage entity ownership, tokenized membership interests, and governance, all while enhancing transparency, efficiency, and accessibility.