DAO Call - June 23, 2021
Agenda, Weekly DAO Call, June 23, 2021
Team in Attendance: Jesse
Members in Attendance: @ce, Alan, Bree, DJSTRIKANOVA, Rochelle
Roles:
Call Moderator: Bree
Recorder: Bree
Proposal Tracker: splottingham
ANNOUNCEMENTS:
A reward calculator should be released next week for some beta testing.
The AMA is moving ahead. To be held during regular DAO call time on Wednesday, June 30th. So no regular DAO call next week.
The next update for Effect Force will be pretty significant.
PROPOSALS:
Role of Responsibility – Formal Role Creation - DAO Call Recorder http://dao.effect.network/proposals/49 Status: Active, Vote: Yes
DAO Call Recorder – Application to fulfill the role http://dao.effect.network/proposals/50 Status: Active, Vote: Yes
DAO Call Recorder ‘invoice’ for May 2021 http://dao.effect.network/proposals/49 Status: Active, Vote: Yes
DAO Gitbook Proposal Tracker https://dao.effect.network/proposals/45 Status: Closed, Accepted
Proposal Tracker Term C13 through the end of C20 http://dao.effect.network/proposals/46 Status: Closed, Accepted
Adding liquidity to Pancakes Swap http://dao.effect.network/proposals47 Status: Closed, Accepted
QUESTIONS/DISCUSSIONS FOR/WITH TEAM: (DAO related, not AMA)
BSC
Liquidity pool incentives, update
Mikel has made a proposal about incentivising people to participate in the liquidity pool.
Currently, there really is not much use of the pool and this needs to change. One idea is to create a Master Chef-like contract. Mikel is working with the team to help navigate the best way forward with defi, as this is not a team strength.
There should be a special liquidity pool token issued to represent your hold in the LP. This token then should be staked to gain other tokens.
Fees could then be distributed to people who stake their LP
So, they stake, but then also get a bonus in the form of rewards issued by the Foundation or DAO treasury
For these things to work, there needs to be a reward to distribute to people who stake their LP tokens.
There could be an EFX reward, or there could be partnerships/collaboration with other defi platforms to reward in the tokens of these other platforms, such as PIZZA or CAKE.
Pancake Swap syrup pool would be ideal, but this is highly challenging to become apart of. There needs to be a really healthy pool prior to Pancake Swap to select, they are very particular. So looking for other options is a good idea.
There is no real preference about where to stake your EFX, in Pancake Swap or in the DAO. It really depends upon your reason for staking. If you are interested in Governance, where more and more will be possible, the DAO is where to stake. If you are interested in making profits, you need to decide where the best place of stake is, one or the other or a combination.
Staking in the DAO has decreased in the last few months, incentivization to stake does need to be a deliberate effort.
P22 should be encouraging people to stake more.
NFX stake has likely gone up.
The total amount of NFX should also be shown on the home page of the DAO.
BNB vs. BUSD stable coin
Why not BUSD? Why BNB?
General advice from people in the space was to start with BNB, but BUSD could be looked at.
With two tokens that fluctuate, the price of EFX will naturally drop down with a drop in BNB.
BUSD would provide some stability to EFX, where the price will not be impacted by its pair.
Workers are in need of a stable pair.
Workers are concerned with volatility, which is a bigger concern due to low volume/liquidity, so it doesn’t take an extremely large sell order to lower the price dramatically.
This way there would be a stable pair for workers to quickly move their tokens into a stable price.
A high liquidity pool with a stable coin would allow workers to access fiat quickly.
It does make sense to pair with a stable coin. So there is work needed there.
Will this take away EFX from the DAO with people transferring over to BSC?
So far it hasn’t really. But if the DAO starts promotion to incentivise people to start contributing to the BSC pool this could change.
Right now, people do not really know what the rewards are from staking in the DAO.
The calculator should be done this week for people to try out (community developers).
This way people will be able to have an idea of what they can expect to earn, and what they may expect to earn based upon what they put in.
Perhaps another calculator developed in the future for liquidity.
It’s hard to really know where to stake and where because it’s really about what you believe might happen in the future.
A lot of liquidity pools give you an apr% based upon a day. But this doesn’t account for changes in trading volume over the year.
Even if the rewards are based upon how much the foundation gets, it’s still depended upon the volume. So, if there is low volume there won’t be much in the way of rewards, there won’t be much incentive to stake.
We will need to balance the incentives.
Staking in the DAO does not have impermanent loss. You get back what you stake.
This is not the case for the liquidity pool. There is risk that needs to mitigated with potential rewards.
Perhaps Mikel and the team can share a little on your discussions during the AMA.
What about wash swapping, where every requester will be incentivised to let a percentage of their value, which may want to go, let work for on the Effect Network, to wash swap to go into a liquidity pool to help create artificial trading volume. Because without volume the pool liquidity isn’t worth anything.
The liquidity pool on DefiBox and BSC could be significantly greater if there were trickle amounts from requesters being added to the pools.
Even perhaps funds from the Foundation used to swap in the pools just to create volume in the pool would make a difference.
Some of the BV dApps have a gateway of fiat direct to crypto and uses some kind of automatic KuCoin trading to get the necessary EFX. If there was a big enough liquidity pool, then this could be done, not through KuCoin, but through the liquidity pool with a stable coin pair. That way if they buy a transaction on their end they would be using some kind of service to buy BUSD and then automatically used to buy the necessary EFX. Then that EFX used to buy the tasks.
If we can’t force people to use BSC, then perhaps there could be an automated service to enforce the use of the pool.
Perhaps someone’s credit card to buy EFX by using the liquidity pool.
At the moment, the volume in the liquidity pool there really isn’t any reward coming from the pool is minimal at best.
Lots of people were looking forward to these rewards as motivation to stay staked in the DAO.
Progress on entity description write-up
Rochelle is working with Jesse on this, she said they have started on this. There is progress, but it is not finished yet, but it will be released shortly.
Progress update on SDK
T:?r\
There is a new read me for GitHub and some new documentation added. The written content is constantly being worked on.
The main part being developed is the new account system. This will be explained in a lot of detail in a couple of weeks from now and is a big part of the SDK.
There will be some open source available in a few weeks from now.
When it’s ready, the team will be very excited to share.
This is going to be a multi- account transaction system with fees embedded on the blockchain. This is going to be a really nice system that will make everything work automatically.
This is going to be the main base for the system and will be open sources when it’s ready. We will share it and talk about it a lot.
The journey to the SDK is a journey done in parts. It’s going to take longer than one month, it will take several months to really get to a finished product. It is a long journey with many steps and this base system is nearing completion and is going to underly other technical builds.
The team is quite far along in this build and details will be released as there are more available.
How is the progress of migrating Effect Force over to BSC coming along?
This new account system is the basis of this. See above comments.
At the core, you can earn on BSC as well as EOS, Effect Force and fee collection, everything will be integrated into the core.
Managing competition
Human Protocol
Perhaps not, their platform isn’t built, yet. But early adopter advantage needs to be considered.
Oracles will be used to verify completed tasks for quality prior to releasing payment for task completion. – so completely decentralized with no middle man.
They are focusing on AI algorithm. Much like the earlier tasks of Effect Force.
Their staking protocols ensures access to high paying tasks go to people who stake more tokens.
They are marketing and getting visibility, though it is for a token offering.
They are on ETH, Solana, and Polkadot. They are going on to different blockchains, they have similarities to the tech.
They are an API, they are direct competition, so we do need to be mindful of timing. We need to get the SDK out as soon as possible.
The SDK is going be crucial to get out and get Effect Network functionally ahead of Human Protocol getting it’s build out.
It is important to keep an eye on this, but Effect Network is easily the superior product, but timing and speed of release is important.
CryptoTask
Much like Fivver, this project has a middleman and is not decentralized.
This is a market for sell of skills and completion of single jobs.
This is not really competition. This is more B2B. which we are not.
Effect Network’s marketing really needs to promote large scale job completion.
Scalability; decentralization; work force decentralized quality checks; higher paying tasks based upon reputation, not how many tokens you have staked;
HACK-A-THON:
Using Devpost to host/interface for hack-a-thon might be a good option.
This is basically the structure that is envisioned for the Hack-a-thon
Universities often use this for their developer students. Universities could be one of the marketing targets.
Using Devpost in combination with a DAO controlled IPFS might be a good way to access developers and store the submitted projects and dApps.
May begin using Devpost, but then slowly move over to the DAO dashboard.
An interface could be created where DAO members could see the progress of the hack-a-thon projects and also vote on them after submission.
So it’s on Devpost, but also voteable in the DAO. This means creating a platform for this purpose. Perhaps a page with information, for promotion, and tracking. This then could be integrated into the DAO dashboard.
There is a price point for using Devpost. There could be a significant price point for the DAO cycle funds to cover, this might be better brought to the Foundation for funding.
At this point there is no set plan, the team and the community developers are to work together to develop a picture on how to go about doing this.
This could be on GitHub. Archived on GitHub and votable on the DAO.
Make it marketable and then archive and send to the DAO for vote, where possible the DAO should be included to actively engage in projects.
Jesse and Aleks will get together to brainstorm and formalize a committee to work on this event.
Chris announced a prize pool of 50k, but did not specify if this was dollars or EFX. Jesse did not know which, when asked. He will check on this.
Was this amount random? Was there discussions about this?
Dashboard improvements could be a mini or test hack-a-thon.
Focus on DAO tools, that don’t necessarily need an SDK to build.
It’s not really too hard to look up EOS information for developers provided you know where to find the libraries, such as Greymass.
Perhaps, improvements to DAO member searching, pie charts of members, and or other improvements.
There are already some students interested in helping to build out. This would be really good for them to
OPEN DISCUSSION:
Network Fees:
100% of network fees go into the fee pool and are controlled by the DAO.
Will soon be automated.
The network fee is collected in the form of a tax/charge derived from 10% of what is paid to the workers. While the workers do get 100% of the charged fee for using the workers – no middleman – this amount is taxed 10% to go to the DAO.
The DAO is charged with supporting the workers, providing work for the workers, ensuring the Network is functioning, and expanding the network.
There are costs to managing and running the Network which are currently paid for by the BV. At some point the DAO will need to be responsible for paying for hosting services, paying for upgrades to the network and other managing costs.
These costs need to come out of the collected network fees.
Once these duties are taken over, the collected network fees cannot all be distributed out for rewards to members. There needs to be a budgeted amount set aside for managing the Network.
The BV is contracted out by the Foundation to manage these things.
Is it the foundation that is responsible for these expenses? Will there be a shift away from the BV to the foundation? Or, will there be a formal statement from the Foundation that they are hiring the BV to take on these jobs under the DAO’s direction. (hosting, smart contract update work, etc.)
At this point we are at too far a distance to be discussing in details. Perhaps in a few years when we have a good system going we can look into this.
The team is responsible to both the BV and the Foundation.
The BVs purpose is to build profitable dApps on the network for clients.
The foundation’s purpose is to expand the platform, not create a profitable dApp.
The SDK and hack-a-thon is Foundation centred.
Making a profitable dApp isn’t a bad thing, but right now it looks like there may be a conflict of interest because there is only one company asking for money from the Foundation, but this should change in the future as other companies seek funding to build upon the network, expanding TEN.
Which BV dApps have been directly or indirectly subsidized by the Foundation? Translate?
Which dApps are Foundation dApps contracted to be built out by the BV? Rossette, Pieces?
The Effect DAO Store where any profits will be distributed to the DAO is a good candidate to request funds from the Foundation.
This could be used as a model for other companies to make applications to the Foundation.
This could show that the Foundation can be accessed by other businesses than Effect.AIBV, and provide steps in how to do this.
Community interview AMA – update
June 30, next week during the DAO call time
Interviewers: Jehudah, Mikel, Aleks, Ana, Rochelle, Bree
Description of the event
Questions will be reworded to remove emotion and get to what is actually being asked.
Additional information for clarification was given to each question when appropriate.
Team will be given the questions in advance to answer in writing.
Interviewers will go through the responses ahead of time and work out further questions needed for clarification should have these back to interviewers Monday or Tuesday
Event: questions will be asked in priority, there will be a time limit. Should all questions not be asked, there is the written responses.
Interviewer will encourage further information or more full information
If the time limit is adhered to there will be time for an open mic session
OLD DISCUSSIONS (tabled)
Discuss further with team about incorporating worker pay in perpetuity of trained algorithms.
Discuss a system to subsidize or support resource fees for DAO members.
Potential Proposals:
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
Developer costs for dashboard improvements
The community developer group
There will likely be a proposal mapped out with multiple phases.
Before the proposal is put forth they need to decide how to arrange for taxes and other dynamics related to payments
Proposal for opensource the product
Timeline
Proposals to the Foundation:
DAO Store start-up expenses
Hack-a-thon expenses
Tasks:
Dashboard updates:
Reward calculator (P30)
Timeline
Token Flow Map
Worker of the Week into DAO dashboard (P29)
Create a sub-group for brain storming. – attendees not yet enough to warrant a smaller group
Ambassador TEAM google Drive
Discuss decentralized options or to create an interface to access IFPS storage
GitBook:
Guide on how to become a guardian
Hackathon group creation
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