DAO Call - August 11, 2021
Summary Notes, Weekly DAO Call, August 11, 2021
Team in Attendance: Jesse, Chris
Members in Attendance: @ce, Alan, Bree, DJSTRIKANOVA, howard k, Rochelle, splottingham
Roles: Call Moderator: DJSTRIKANOVA Recorder: Bree Proposal Tracker: splottingham
ANNOUNCEMENTS:
PROPOSALS:
DAO Call Recorder July ‘invoice’ request https://dao.effect.network/proposals/69 Status: Pending
NEW REVISED POLL - Seeking equitable Weekly DAO Call Times https://dao.effect.network/proposals/68 Status: Processing (see proposal 66)
Currently, as of today, there are 31 yes votes and 25 poll responses.
Looking at the results 3pm and 5pm hold and equal amounts of votes (7), with 8pm slightly less with one less vote (6).
Discussion:
Suggestion to have two calls each week.
12 hours apart. One on Wednesday one on Thursday.
Decided that one day each week would be better, as the times selected in the poll didn’t fit this scenario.
Team would attend each call, but might not be the same person.
The consistency is important.
Previous idea was to have one call each week but with alternating times.
Consistency is better, same time, day, place.
As we grow, then then more calls allow for more participation.
Will try for two calls on one day. 3/8pm CET
This will allow for flexibility for the team also for attending. This also allows for flexibility for members in when they attend.
This will help the team work around their itineraries.
If there is no attendance for one of the times, we can make another change to the time.
A few weeks should be given though to determine attendance.
It is not expected that anyone attend both call times in one day, unless there is a really good reason for it.
Summary notes will be difficult to write for two different calls.
Write for one meeting only, as the agenda will be identical, the discussions will be similar (possibly)
Take more time to write for both, ask for appropriate pay.
Hire an assistant or a second secretary for one of the times.
Find another solution.
Decision:
On Wednesdays – we will experiment with two calls on one day.
3pm and 8pm CET
The same agenda will be followed for each call.
No one is expected to attend both calls.
Current 5pm call attendees will choose one of these times to attend.
There will be a team presence on each call.
This will give the team more options on when it is best in their schedule to attend.
One document of summary notes will be written and posted to GitBook.
This document may represent one meeting only or may represent both meetings combined. (to be determined as is practical)
For those who cannot attend or who wish to revisit the call, on the Discord server there will be discussion threads set up for discussions on topics and recordings of the calls to provide the call discussions for those who are not able to attend, but would like to contribute.
QUESTIONS/DISCUSSIONS FOR/WITH TEAM:
SDK:
A set of 3 Medium posts are planned, the first has been released, this will provide updates for both the SDK and progress on the Effect Force update.
The first of these posts is found here: https://medium.com/effect-ai/tech-blog-effect-account-system-a3bd8dfe93d4
How does the bridge exchange EFX and BNB tokens?
EFX tokens sent to the bridge from EOS are put in storage – kept out of circulation.
The Bridge process is:
pEFX are then printed 1:1 and released into the BSC environment.
pEFX are destroyed when being swapped out for EFX on EOS.
EOS-EFX are stored when removed out of EOS circulation.
Jesse assures us that the stored tokens are secure as is possible locked in a smart contract.
pTokens contracts are well audited.
Even the greatest and best get hacked, but there is a high amount of confidence in pTokens. They use a different technology from everyone else and are a very professional team with a great amount of funds.
If it were to get hacked, the loss would be potentially be huge. This is experimental times.
Jesse feels very confident with this bridge. There was a great amount of considerations put into picking a bridge and who to build the bridge with.
Will Token Pocket be one of the BSC options for signing into Effect Force?
This will be looked into to see if it is a viable option.
When will the EFX logo and Effect Network name be updated on BSC, CMC, Coingecko, etc. and added into the list of trading pairs on Pancake Swap?
There's are requirements that we need to meet; e.g. to be listed on PancakeSwap as a farm you must have been selected for a SyrupPool first, for which we first have to attract more LPs and trading.
An icon on PancakeSwap or BscScan requires a minimum amount of token holders, if remembered correctly, which is being worked on
For CMC / CoinGecko I'm not sure, people are looking into that. Hopefully it will be listed there soon.
So being worked on! We will have PCS better integrated soon.
How will the snapshot for the upcoming payment of Network Fees be taken?
The team is almost ready to deploy this allotment of Network Fees.
There are different ways to accomplish this.
By Q1 and Q2 distribution
By a single snapshot prior to an airdrop distribution
To put it into the fee pool to be distributed over time (least honest)
By vote weight distribution to snapshots taken at the end of each cycle
This would take the longest to do
DAO discussions would prefer even distribution of the owed fees over each cycle, then distributed within each cycle to each EOS account, based on votes made and vote weight during that cycle.
This should be able to be done without issue, based on votes and vote weight.
Team is appreciative of the feedback
Q1 and Q2 will be airdropped.
Moving forward each cycle will have the network fees distributed manually to the fee pool in the same way the BSC fees are.
In this way even past members who are no longer in the DAO will have their rewards dropped into the account registered at the time.
It is really hard to predict the price of EFX. There is a suggestion to have the airdrop during a time when the price is at a low to help mitigate tax payment assessment.
Some countries are really cracking down on income tax payments from crypto and the lower the monetary value the better when it comes to taxes.
The worst scenario is when the price is, for example 0.15, during the airdrop, then drops significantly immediately following. Tax assessment will be based upon the 0.15.
How is the network fee collection and distribution automation coming along?
This will really be apart of the SDK.
This will be a bit of time to come yet. This requires a lot of work as it will be a major update to the network. Automation will not likely happen until around the time of the Hackathon.
This update will have the network fees go to the fee pool in real time.
Have we had any considerations to using NFX as way to increase participation in the project?
Perhaps if committing an LP stake for a given length of time, such as 2 months or 6 months, rewards for those time-based contracts could come from NFX in recognition of their commitment.
Perhaps NFX could be used as part of the prize pool for the Hackathon to encourage the development teams/person to become involved in the DAO.
It would be really nice to reward Hackathon participants with NFX, as this would be an invitation to join the DAO.
Where would the NFX come from as there is a finite supply?
Perhaps the Foundation’s main NFX account.
The Foundation only has about 1M NFX, only about 10% of supply.
Perhaps the Foundation rewards could in part go to purchasing NFX from the market regularly, instead of all of it going out to DAO rewards.
This would also provide some consistent buy pressure for NFX.
The DAO does not have any NFX pools.
What about the DAO purchasing NFX from the marketplace?
To create their own NFX pool.
Perhaps some of the EFX in the fee pool coming to the DAO could instead be used to buy from the NFX market.
Providing NFX as a reward for LP providers would require NFX to be cross-chained.
A bridge would need to be created for NFX.
This could end up being really complicated.
Rewards given on BSC, but needing to be managed in EOS?
Team questions to be addressed either on Discord chats or at a later time:
Marketing:
Regarding Fabrizia:
There are suggestions that Fabrizia has left working for Effect based upon her Linked In status stating her work with Effect.AI ended in June.
Can this be confirmed or a reason given for this status update?
Has there been progress on hiring another admin for TG?
There remains concern about the swaps from NEO, especially regarding the team’s tokens.
The Team are currently actively getting their tokens swapped over from NEO into various EOS accounts.
Why was this not done previously, so that the only tokens not on EOS were late swappers? In other words, why are the team late swappers?
Or is the team swaps that are still continuing the active team tokens, or are they past team tokens?
Laurens is still getting data from the swaps. This is still on his radar, but he is waiting for the swap codes to be nearing exhaustion before tabulating.
Should we invite Laurens to attend a call to address remaining or new swap questions?
Some questions are:
When will the swaps stop?
Can the team show they have not sold any tokens?
NEO 3.0 has now launched, how will this impact unswapped tokens?
Post Script: NEO 3.0 mainnet launched August 2nd https://twitter.com/Neo_Blockchain/status/1422165891601502209?s=20
The current market maker(s) do not seem to be efficient. Is there progress toward a more efficient market maker that will work to keep the price of EFX in line with increases as they occur?
Who is the person who is best to ask this question to?
LIQUIDITY INCENTIVIZATION/VOLUME:
The MasterChef contract is now done. Davide is building out the front end, and it is almost working.
The first estimate is to have it done for the 12th, but there are other factors that need to be implemented before releasing the contract. These are discussions that need to be had with a group of us, and a proposal needs to be put forth.
Guides are needed
Marketing is needed
Who will be on the owner on the multisig for any emergency situations.
The funding needs to be in order first.
We need to decide on a smart date for deployment and to promote use for liquidity providers.
We need about two months worth of funds and we only have only one cycle’s worth.
So we need another proposal for more funding.
It will be important to have the funding in place before deployment.
The MasterChef contract is a smart contract. This means it has its own logic and rules to what happens to the funds in it. There are two types of funds in our MasterChef, which is unique.
It first has the LP tokens put in by liquidity providers.
MChef’s normally have a backdoor type of thing called the Migrator, where the contract owners can access tokens. This is the source of all the rug pulls.
The Migrator has been taken out in our MChef. This means that the only way people putting in LP can have their tokens removed is to pull out their LPs themselves.
This also means that the only EFX that the owner can pull out is the reward pool.
If there is ever a problem with the contract the reward EFX can be recovered, but the owner cannot pull out LP tokens.
Secondly, another source of funds in our MChef is the EFX put in by the DAO/Foundation.
Vigor:
Community member Lennie is really involved in Vigor and will look into what needs to happen with EFX for it to be listed with Vigor.
I have not yet heard back from Lennie.
HACK-A-THON:
What is the plan for marketing the hackathon?
We are going to Web Summit. This is a really large event for developers with hundreds of teams attending. We will have a marketing kit ready for them. So we are really going to use this to event to target start ups and beginners. We will do some research on the attending teams.
This is an excellent venue to promote the project and hackathons.
Chris has started creating the marketing material for this event.
Initially we need to have a small hackathon, with 5-6 teams. This will allow us to learn and understand the process for having a larger hackathon. Then feedback from the first can be used.
Hackathons could be repeated quarterly. The idea is to start small, have a larger hackathon, then repeat to create this loop of young developers and the DAO supporting good project proposals. So hackathons just become part of the project.
HIGH GUARD: (Discussion with Jesse and Chris)
We do need to define what the HG is, make it more official and out in the open, and make it electable as well.
We also feel that it could be utilized more. It could be taking on more jobs/roles.
At the moment there is not much going on with the HG. It is doing it’s job, which is simply assessing proposals for mal intent or unintended mal results and intervening as required.
To be a true DAO, the only way we can have electable HG is to have them in the smart contract.
We have made public the HG names now and are looking at adding their names to a smart contract permission of the DAO.
So the HG become a multisig that can so something special.
At that point we can have them electable within the smart contract. We should be keeping them on chain.
There will be many special things for the DAO and for the HG coming up.
The High Guard are currently the emergency brake of the DAO.
So if we get hacked there is the HG to intervene and stop the attack.
There will still be a lot of special tasks for the DAO.
Right now the DAO can vote on proposals for funding.
In the future there will be different types of things for the DAO to vote on which may not abide by cycle restrictions.
Such as voting as part of the hackathon.
Which would have a special smart contract that would allow for voting on specific projects within the hackathon.
Such as a voting section where requesters could put on campaigns to be whitelisted for the platform. And if requesters were misbehaving then they could be removed from the platform.
How quickly could this happen, because waiting on cycles to remove a requester would be too slow?
This would not be by cycle and would need a different smart contract.
Effect Force would need something different so that spam or offensive contact, or delinquent requesters could be removed quickly.
With the new Effect Force updates, the smart contract is open so anyone with an EOS account will be able to post tasks. So there is a risk of requesters adding inappropriate content.
We will have the official Effect Force front end, the DAO will sort of own it. They will basically decide which requester will get listed. We will maintain some kind of whitelist and some kind of reputation system for requesters. Very offensive requesters, once found, will not show there.
We will need to update our terms and conditions to be clear about what is illegal and that offensive content needs to be flagged as such, and if it isn’t it would be grounds for removal.
This could be very complex to develop.
Especially considering different laws on speech within different countries.
As we grow. As the DAO grows, the HG understands its responsibilities, and requesters understand are increasing and more eyes are on the platform, then we can identify these things and discuss them and debate them. There are many questions we could be asking right now, but we are not big enough yet to really worry about them. The big regulators are not even going to be looking at us now. We need to worry about the basics of what is or is not acceptable and vote on what is in the grey areas and discuss as required. As we get bigger and need to address these concerns more then we can appoint someone to research and provide us with the information we need to regulate as necessary. We do want these conversations to happen, but it is too soon now.
For China we need to step a bit more lightly. There needs to be caution with this important market, as they are highly regulated.
In the future we may need to have moderator roles to manage content and respond quickly.
Moderators are going to be needed in many levels.
Moving forward more immediately, we will work closely with the early requesters, especially those coming in from the hackathon. We will be able to work out some of these questions and kinks as they learn, and we work with them.
HG (without Jesse or Chris in discussion)
The HG was presented with recommendations that arose from last week’s DAO Call for discussion on this week’s HG call. The response from the HG members present at that meeting did not seem not as favourable to the proposed changes as was the response from Chris and Jesse, who are looking to adjust the HG in what it might be used for, such as multisig authority and including a voting system for putting members in place.
There was a sentiment of the suggestions brought forward from the DAO call making things more complex than was needed.
There was a feeling that people might just want to be change things just for the sake of changing things, or want to know what’s going on because people might be afraid of missing out on something.
We, after discussions with Rochelle expressing her interest, would like to have Rochelle in the HG (could apply to any candidate). What is the process is to get her into the HG?
To put forth a proposal for voting her in?
Who would put the proposal forth?
Bottom line: if changes are wanted then they should be put forth in a proposal.
And who should be the one to put the proposal forth?
OPEN DISCUSSION:
It’s going to be important to increase the professionals attending the DAO calls. Not just more people to listen and not contribute.
It would be better to have only one meeting per week with attendees who are really engaged and able to practically contribute to Effect Network.
It is redundant and time wasting to hold more than one call discussing the same topics.
There needs to be a solution where people can contribute to these topics in a meaningful way, whether they can attend the calls or not.
This is important, but initially we need to allow opportunity for people to get involved.
To allow people to participate and let the talents surface out of opportunities.
ATM, with only one call in the same time zone there are limits to the abilities for many to get involved.
These calls should not be simply getting answers from Chris and Jesse, these calls should be contributory to building the network.
Perhaps we could consider changing the format of these calls all together to be in alignment with the cycles.
A cycle goes over two weeks.
The first week we do a comprehensive overview of the proposals.
What are the problems the proposal is solving?
What are the problems asking?
What needs to be dealt with immediately?
The second week we work to resolve any specific problems, larger issue, or address any new concerns.
If the agenda is posted to Discord or telegram in a chat, then people can immediately respond to the agenda.
Can leave suggestions, leave questions, leave thoughts and information in these chats.
We should be aiming to have about 20 attendees of people who could actively contribute to the calls and there needs to be a means where real participation can happen for people who can’t attend the calls.
ATM we don’t really know how many people don’t want to be active in an open call DAO.
There needs to be a better solution than two calls a day.
Summary Notes
Add into the notes a direct link to Discord chat for people to leave comments and contribute to discussions.
OLD DISCUSSIONS (tabled)
Discuss further with team about incorporating worker pay in perpetuity of trained algorithms.
Potential Proposals:
Confidence vote in current HG membership, with conditions set to allow for removals and additions
Giving the HG general Treasurer responsibilities
Funds for the MasterChef contract over the next few cycles.
How to become a guardian guide
Using Effect Captions to update community made guide videos. Especially videos with lasting relevance. Could be used to promote Effect Captions.
Would need to include the quoted price points in the proposal
What languages would be prudent to put into the closed captions
English only would be about $20
Timeline
Proposals to the Foundation:
DAO Store start-up expenses
Hack-a-thon expenses
Tasks:
Create a report for the HG to give to Alan.
Invite Chris and Jesse to be on the call next week, August 11th
Listen to July 14th audio regarding future Foundation management
Vigor inquiry
Time zone proposal
Dashboard updates:
Reward calculator (P30)
Timeline
Token Flow Map (team should be working on this as per AMA discussions)
Worker of the Week into DAO dashboard (P29)
Filter system (DJ is considering working on this)
Ambassador TEAM google Drive
Discuss decentralized options or to create an interface to access IFPS storage
GitBook:
Guide on how to become a guardian
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