DAO Call – April 21, 2021

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Weekly DAO Call

April 15, 2021

Summary Notes

Team in Attendance: (not a team attended meeting)

Members in Attendance: @ce, Alan, Bree, DJSTRIKANOVA, dorolo, femyeda, JW, polishhodler, Rochelle, ro43, howard k

ANNOUNCEMENTS:

  • Blockdown was really good.

  • There will be an update to Effect Force released soon that will improve the user experience.

  • Official opening in China went really well.

TASKS:

  • Set up a brainstorming session to talk about ideas, what engaging proposals can we put forward, businesses that we’d like to set up on the DAO and discuss what we need to make those happen. Team should be invited to attend for their feedback.

  • Research a variety of DAOs look for strengths and weaknesses – what not to do, what might be something to consider.

  • Provide some feedback for proposal #8

  • Provide some feedback for proposal #18

Potential Proposals:

  • Any developer or business to build on Effect Network must first be a DAO member (and their dApp idea approved by the DAO prior to building.

  • Moving the DAO away from EOS should be approved by guardians first.

  • Network fee amount for future dApps be subject to a preset fee.

  • NFX to be moved over to BSC/Pancake swap, or not.

  • Allotment of funds for making requester sales.

  • DAO built dApps to generate funds for the DAO.

    • Brainstorm session, any potential results put into a proposal for approval

DISCUSSIONS:

Questions:

  1. What are the updates for proposals:

    1. 36, cause and effect video (yes/executed)

    2. 30, estimated DAO reward calculator (yes/accepted)

    3. 21, NFX listing (abstain/accepted)

  2. Suggestion to include the updates for the proposals to be shared in The Weekly Effect.

  3. What do we want the DAO to become?

  4. Is there a finder’s commission still for those who bring requesters/clients to the team?

Tutorials for the Effect Dashboard and Binance Smart Chain

http://dao.effect.network/proposals/40

Status: Pending

  • Author was not on the call.

  • General consensus is that this is reasonable and tutorials are needed.

  • No problem paying out some EFX to create good tutorials.

Open Discussion:

  1. 10% Rewards:

    1. There is a lot of negativity in the TG group about the 10% reward fee distribution not being distributed yet. People seem to be making a big deal about this. The team is aware of this and understand its importance to the DAO. It will be distributed in time, but will be distributed in batches based upon an accounts position at that time. It is on the list of things to do and will get done.

    2. Their first priority is the swap to BSC and to Pancake swap.

    3. There doesn’t seem to be any confirmation of the timeframe of what would be distributed, monthly, by the cycle, 6 months, etc. It would be nice going forward to know this. It is likely/logical that the rewards would be every cycle, once they start up.

    4. Everything else seems to be lagging behind the development necessities for BSC.

  2. Chris is still going to Africa.

    1. No one has heard otherwise. It will be interesting to see how this goes.

    2. No quarantine needed? Seems not.

  3. Tasks

    1. There are a lot of new Chinese tasks.

    2. There are Russian validation tasks.

    3. If you want to see what tasks are there that you might not be qualified for, select all the languages then go to the unqualified section to see what is available.

    4. Effect Socials in China are ready to go.

    5. The number of workers hasn’t seemed to change in the last month.

      1. There are about 1-3 new workers joining each day.

      2. Scammers are caught quickly and pose no harm to the Force.

  4. Defibox

    1. Do we know how long the team tokens will be there for the NFX/EFX swap? Will, or when, it will be withdrawn?

    2. Some recollection that it might have been stated that they’d be available month, but we are past that point now. Most didn’t recall hearing a time limit.

  5. Binance Smart Chain

    1. Waiting on the announcement from Chris about when this will happen.

    2. Pancake swap is highly-used in China. Official opening has already occurred.

    3. Do we think that Pancake swap will really benefit us?

      1. The Chinese investors are really into Pancake Swap, so once this is open there should be a good influx of people picking up EFX.

      2. Pancake Swap does really well initially.

  6. Developers who develop on Effect Network

    1. If they are going to create something on the network, they must join the DAO

      1. This would need to be a proposal.

    2. They would have a vested interest in the DAO.

    3. They would contribute to and be rewarded from the DAO treasury fee pool.

    4. With enough development on TEN there is a potential to have rewards equal to or greater than the fees they pay.

  7. Telegram

    1. There are many people who come in to just complain and create fud.

      1. They can be problematic, but are likely just responding emotionally to the volatility of the price.

      2. They are likely just needing reassurance that they have invested well, they get worried when they see the other scam coins do well and EFX not.

    2. Encourage them to go to the price channel to discuss it.

    3. This time is just a big waiting game as the roadmap progresses.

  8. NFX

    1. Is there any reason why NFX isn’t being moved over to BSC?

      1. It likely is in the plan to, but we haven’t yet heard from the team about moving NFX over to BSC.

    2. Is there a really good reason to not put NFX on the open market?

      1. Presently, NFX isn’t being purchased at the moment, there is no demand for it.

      2. Either we already have what we need right now, or we don’t want it.

      3. Also, it staying on EOS can be problem. It is a big challenge to get set up accounts properly.

    3. The demand for NFX will increase through the use of the DAO and increased use of Effect Network. If the demand increases sufficiently then NFX will likely see an exchange. However, a swap works efficiently for now. And Pancake swap could be an option at some point.

    4. Long term vision sees NFX become very powerful once the DAO has matured.

      1. The rewards on the Network could become very high as Effect Network grows and as more and more dApps are built on top of TEN.

      2. This will increase the demand for NFX as more people will want to become involved in accessing the rewards.

      3. For example, if everyone has 10k NFX, there are only so many people who can hold that many, so there will be significant scarcity with increased demand.

  9. DAO (as a decentralized entity)

    1. How can we start building the DAO into an income generating entity, a decentralized business?

    2. EOS is currently a challenge to accessibility and function for most users.

    3. At some point the team’s plan is to move the DAO over to BSC, but what happens if the guardians do not want to move over to BCS? What if they want to remain on EOS?

      1. Accessibility issues and account issues could be resolved. (see the new Pixeos gallery for how this could look, or there could be very simple guides to follow)

      2. Account names create a more approachable identity for guardians, as opposed to a string of numbers and letters.

      3. Security on EOS is actually very strong when permissions are understood. Separate keys for Owner/Active.

      4. The EOS community itself is going through a revival.

      5. NFX and EFX could be purchased on BSC, and then bridged back to EOS for the DAO.

    4. In the spirit of a decentralized organization, the team should make a proposal to be approved by the guardians before the DAO moves chains. – the team should not unilaterally decide to move the DAO over to BSC.

    5. The DAO is at a starting point, where guardians can work together to determine what the DAO could become. And the tools are in place for the DAO to become very powerful.

      1. DAO could hire a project manager, treasurer/fund manager, etc.

    6. There are some tech pieces which need to be developed and implemented before an authentic autonomy could be achieved, but planning toward this end can start now.

    7. Treasury funds could be used to promote the Effect DAO through advertising and promotion.

      1. There are significant funds available each cycle.

      2. These funds need to be used to improve the DAO.

    8. Many people do not understand the future power of the DAO.

      1. We are all in this together -

      2. We have a budget of around 20k each cycle, and each person who wants to try something on the Network must join the DAO and put in a proposal to access these funds, to start their ideas. Someone could convince the guardians to support them.

      3. What can we do collectively to make this happen? We want to start making proposals that will help to support the DAO.

    9. We need to think of businesses that we can run through the DAO. We could hire developers and a business manager.

      1. These businesses do not need to be connected to Effect Force or Effect.AI, just the Effect Network and Effect DAO.

      2. We need to know exactly what Effect Network is. What is it that people will be building on?

    10. The end goal is a completely autonomous body, Effect DAO. We need to have the tech information for which the developers can use to begin building upon. Hopefully, Jesse is building the developer information as he works through changing the tech over to BCS.

    11. Once the potential is realized, more people will become directly involved.

    12. The treasury needs to be utilized.

      1. We need to market to requestors.

      2. Make the DAO fun to be apart of.

        1. Not crazy fun, but participatory engagement.

          1. Imagine if the team had asked the DAO for their opinion on which chain to switch to…

          2. Proposals should require critical or important thought.

          3. But also should elicit some excitement. ie Hackathon

This would give people something engaging

        1. Everything seems to be in a lull while the change to BSC happens.

    • We have enough funds available in the treasury to hire a good developer.

      1. What is our plan?

      2. If we paid for a developer to create a dApp (this could be a DAO owned business) The profits would be split between the treasury, member reward distribution, social good initiatives, such as proposal #18 or for other types of social initiatives.

        1. Timing for social initiatives need to be appropriate.

  1. There is a craving from guardians to hear more from the team regarding motivation, needs, how the DAO can help, to have an intimate conversation with the team.

    1. Chris, Jesse, and Laurens needs to participate as a listener and a contributor as a member, not as a team, to drop in as a regular member.

      1. If they can’t drop in as a regular member, they should be reading the notes to stay informed about what the DAO is discussing or doing.

    2. Chris, Jesse, and Laurens will be invited to join once per month as a TEAM to answer questions and to give updates and their thoughts on the progress of the DAO.

      1. It is important that all three attend when the team is invited.

  2. Documentation for developers

    1. We need the documentation for the developers so they can build on TEN and also create upgrades to the DAO dashboard.

    2. Developers need to contribute their work to the documentation, so need to have access to uploading to documentation.

  3. Social Good initiatives

    1. Profits moving into the DAO could be used for social good.

      1. see proposal #18 – social good pool

      2. see proposal # 8 – NFT gallery, % of profit to social good.

    2. The DAO could take a percentage of profits and support a social initiative.

      1. Buy some water filters, or contribute to clean water initiatives, for example.

    3. It is a question of timing for when you do this sort of thing.

      1. Establish the DAO first before getting into social initiatives.

  4. Marketing

    1. There is a great amount of complaining on tg about marketing.

    2. Chris has a plan for marketing. It is tied to the timing of BSC and the China marketing.

    3. Is there anything the DAO can, or should, do to strengthen marketing?

  5. Requester/worker Balance

    1. Ultimately, at this time, it is about the requesters and the workers. Nothing else really matters.

    2. If this is balanced and leveraged properly, then business is really solid; this is a really good investment for the future.

    3. The revenues will raise, then the fees will raise, then everyone will get their EFX every two weeks. This is the major matrix of the network. This is not yet as ‘effective’ as it could be.

    4. Because the major decisions will continue to be directed by the core team, which is necessary, the purpose for the DAO should be raised a level up.

      1. You should want to be a DAO member, and receive rewards for your participation.

      2. You should not need to be a DAO member just so you can get rewards.

      3. There is a fundamental difference between the two aforementioned.

    5. DAO members need to feel that their input is important. So the proposals need to be important. At this time, guardians do not get to contribute or have an input to major decisions that need to be made. (such as which blockchain should we move to? – even though we understand why this decision was made.)

      1. In this future this should, will likely, change. So that the DAO is contributing to important decisions, or are making their own important decisions.

    6. The DAO must learn how to spend the funds to help generate more requestors and to help generate more income into the treasury.

      1. We should be trying to initiate incentives to find some sales that bring in requesters.

        1. This could be a proposal as a complete solution, not reliant on the team to decide how to implement.

        2. The proposal needs to be a solution offered that if accepted could be implemented immediately.

      2. There is a need for a complete presentation package that can be used to help promote Effect Network.

        1. This has been started, but more pieces could be added.

      3. Marketing for Effect Network by Effect DAO for dApps independent of Effect.AI BV is generally desired.

        1. The need for developer documentation is crucial for this.

        2. There are already dApps waiting to be proposed and built, but require the documentation for developers to be completed prior to proposals being made.

    7. There is a direct relationship between Effect.AI BV and the Rewards received in the DAO.

  6. We are very likely about 6 months away from really being able to market.

    1. All in due time!

      1. Until the BSC switch has been completed;

      2. Until the 10% network fee has been established for all future dApps;

      3. Until the DAO network fee reward system has been coded and is functioning;

      4. Until the documentation for developers has been completed;

      5. Until these are working, there is not much point in marketing.

Guardian’s AI for Good Pool

https://dao.effectnetwork./proposals/18

Status: Draft

What are your thoughts?

NFT art creation open to public workforce with art gallery and payout

https://dao.effectnetwork./proposals/8

Status: Draft

What are your thoughts?

Is there an Effect Network gallery space connected to Effect Pieces already in the works?

Past Items for discussion:

Extending EffectDAO Constitution to clarify IP rights

https://dao.effect.network/proposals/25

Status: Processing; Result: Abstain

  • Should a proposal be drafted to have the constitution explicitly state that IP rights belong to Effect Network, unless otherwise stated in the given proposal? Is this necessary?

  1. Assuming the inevitable protocols are implemented, backpay has been completed, and 10% of Effect Network fees being paid by Effect.AI’s dApps run smoothly, dApps built on TEN by other businesses have not been explicitly included in the 10% fee base.

    1. The DAO should consider a proposal to implement a base 10% network use/transaction fee by any-and-all future dApps?

    2. Discuss.

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