DAO Call – March 10, 2021

DAO Call – March 10, 2021

Summary Notes

Team in Attendance: Chris, Jesse, Rochelle

Members in Attendance: Alan, arthuxart, Bastiaan, Bree, DJSTRIKANOVA, dorlo, Jehudah, JT15, JW, mikel, Phankeys, Polishhodler, rob31, verige,

ANNOUNCEMENTS:

Proposal 27: Lowering Cycle Funds https://dashboard.effect.ai/proposals/27

Final vote: NO

High Guard: N/A

The DAO really did not like this one, or at least felt it wasn’t appropriate at this time. This proposal will be presented by the team every three to four cycles to encourage planning ahead. People may vote as they please of course.

Proposal 28: Wrapped EFX to ETH https://dashboard.effect.ai/proposals/28

Final Vote: YES

High Guard: will NOT approve as is. However, the HG will provide thorough feedback to the author for addendums toward a viable solution, including relevant information the author is not presently privy to. The feedback for this proposal will be made public.

(Don’t count on the need-to-know privy info being public in the feedback. There is always a good reason for some information being held private.)

(For the sake of transparency – Jesse did vote yes for this proposal)

Proposal #30 - DAO Calculator https://dashboard.effect.ai/proposals/30

Final Vote: YES

High Guard: passed.

People really like this one, HG as well. The team (likely Laurens) will work to implement this feature into the dashboard. It would be better if there is someone else who would like to take on the development of this. Team will then integrate with the dashboard.

High Guard is working hard. The last meeting lasted two hours! The HG team has been tightened up to have meetings every week. This will ensure regular discussions about all matters as they arise.

Chris left about 10 minutes into the call for an interview.

(He did not say what the interview was about???? A new social media girl????)

DISCUSSIONS:

Proposal 29: “Worker of the Week” Page on DAO Dashboard

https://dashboard.effect.ai/proposals/29

status: pending

This is a really thoughtful proposal. This gives a more permanent record of Force Friday’s worker recognition. And also suggests giving a method to be able to reward workers with tips in the form of EFX.

Proposal 31: Create Effect.ai plot in “The Uplift” NFT property platform

https://dashboard.effect.ai/proposals/31

status: pending

This could be interesting, Chris remarked about the whole blockchain space going mad, specifically referencing NFTs.

Have a good read through this proposal so we can have a good discussion on it next call.

This seems really interesting. Many comments about not knowing what it is about. But general sentiment is positive curiosity.

Other Discussions:

Commenting Enabled on Dashboard

Questions arose about having a space on the dashboard to provide High Guard feedback directly to the proposal author when required, and to provide direct feedback to the author from DAO members as they place their vote. For example, having a comment box to leave your rational behind your yes or no vote. Perhaps also be able to up-vote or down-vote a comment. Some discussion about the down-vote, various opinions.

• Team agreed that this would be a good idea. Discord is the place for discussions, but there is more engagement on the dashboard, so it would be appropriate to integrate comments and discussion directly within the proposal and/or a discussion location on dashboard.

• This would encourage engagement.

NEO-EOS Swap (more accurately migration, not swap)

There are currently two different draft proposals addressing this topic. #32 and #33.

#32 – proposes to keep the swap open, with limitations, and with community member assisting in the swap process for a fee. This allows the community to have access to their funds and takes the pressure off the team for proposing the swap.

#33 – proposes an accordance with #32

Why should a token swap be left open indefinitely? People should keep their eye on their investments.

The swap should remain open indefinitely because it was asserted by the team when the swap was originally set up that it would be open indefinitely. The open swap window was very limited initially, but the ability to swap would be indefinite through the team. When the swap was forced to close it was due to issues directly relating to NEO, and not because of a team decision. There may be a day when the swap is not possible again due to NEO upgrades or changes to protocols. However, to be ethically fair the swap should not close because the team has previously announce that it would indefinitely be possible, if within their power.

Looking forward, if the team are to hold favourable public regard for future bridges they need to be seen to be reliable with bridges they have already committed to. ETH bridge user will be able to research the EFX NEO/EOS bridge and determine reliability and commitment.

There is a cost to keeping the swap open. The team’s time and energies spent on the swap is costly. Proposal #32 aims to alleviate this by outsourcing the swap to community members. Also dumping is impacting a valid actualized market price for the token. Proposal #32 aims to prevent dumping by limiting the amount of tokens swapped in a month.

Jesse does feel that the swap should not be open indefinitely. That it might not even be possible to keep it open as NEO makes development changes. The swap has been open for two years now and that is a really long time. NEO 3.0 is coming up and the swap should close before this happens. As it is now, we need to come up with an end date. Jesse will read #32 more thoroughly and then get some feedback to the author.

A sufficient end date may be ethically reasonable, ample time with lots of announcements. There is some debate upon how controlled the swap should be.

There are still team tokens (unlock next month) and foundation tokens (unlock in September) on NEO. We can assume that the swap can’t end until after these tokens are unlocked.

Question: Where does the EFX-EOS come from after the swap? Essentially the EFX-NEO is burned and the EFX-EOS is created/generated. So it is a 1:1 exchange.

There is a fair amount of discussion regarding the amount of EFX-NEO left to be exchanged… … … … … go on to the NEO block explorer if you are interested in amounts.

Some guessing that there is a great amount of NEO accounts that it is forgotten.

There is a great dichotomy between those who feel it is alright to close the swap vs. those who feel it is unethical to do so.

Some ideas for solving the swap issue are to:

• Place a time frame on the swap, giving an end date (especially to avoid conflict with changes to NEO 3.0)

• Having the community help the swap process

• Having a fee for performing the swap

• Have that fee increase over time

• Letting the swap stay open indefinitely

• There are not many NEO addresses that have significant numbers, just let them swap

In time, price dumping won’t be a problem as the platform becomes more used. The bigger concern is that NEO is close to an upgrade and the swap should be closed prior to this event.