DAO Call - May 19, 2021
Weekly DAO Call, May 19, 2021
Summary Notes
Team in Attendance: Jesse
Members in Attendance: @ce, Bastiaan, Bree, DJSTRIKANOVA, Femyeda, Rochelle
Roles:
Call Moderator: Bree
Recorder: Bree
ANNOUNCEMENTS:
P22 with technical details and an activation date will be up for proposal to confirm the go ahead.
Questions/Discussion (with Team):
Regarding the reward calculator, the community developer group are trying to figure out where to get their estimations from. Is it possible to just take 10% of the account that the workers get paid from ‘efxrequestor’. What are your thoughts on just taking 10% of what comes out from that account to estimate the fees?
This will require some more thought. We can estimate how much has come in during a certain period task-wise, and then 10% of that would be the fees. And then we can estimate the leftover DAO funds that are going to the people. Jesse will put in some more thought into how to best estimate the 10% fees.
The 10% of the network fees going to the DAO are based upon the transactions from the account that pays out to the workers.
P22. This second proposal is really just to confirm the start date of implementing P22 and to give a confirmation to go ahead with this proposal with knowledge of some of the technical details and pro/cons. Original proposal https://dao.effect.network/proposals/22
Discussions with the High Guard revealed a division regarding the entry barrier for voting, with some preferring there be no entry barrier, and other preferring a defined entry point to provide some protection against spam voting and other problems. There was a suggestion to split into two proposals, with a second suggesting a barrier to entry. The original proposal has a minimum entry barrier of 1NFX:20EP.
Jesse brought this up for discussion where we too debated some pros and cons of having a barrier.
Pros – accessible to everyone. People with low vote weight might feel they belong and will be willing become more involved in DAO.
Cons – could allow for influencer to bombard the vote to the influencer’s bias.
It was noted that there is still the 500EFX required to sign the constitution. Should it be determined that the barrier to entry into the DAO needs to be raised, it is this entry point into the DAO that could be raised, while leaving the vote barrier free once in the DAO.
What happens if you unstake after you sign?
Should we have a minimum of 500EFX to match for staking benefits?
Currently when you unstake it’s possible to do so. Technically it doesn’t matter to have a barrier or not, in either case. We do need to reengineer some parts of this, because we will be going from a small amount of members to a large amount of members. We will be moving from about 100 members to about 400 members very quickly. The smart contract will need more CPU available in one transaction to countervote in the cycle. But having a barrier or not won’t make any difference technically.
Perhaps it would be prudent to have a minimum vote requirement of 500EFX, and with a ratio of 1:20 NFX:EP.
Should we have two proposals?
one for dynamic range without barrier
one for entry barrier, could be conditional on the other passing
We should post the proposal as is for the original proposal, and if people don’t want the entry barrier then people should vote against the proposal and we can reassess.
However, there are really two parts to the proposal. The ranks are very strict, this proposal smooths out the holdings between the ranks.
To address the entry barrier separate from the dynamic range in a separate proposal. So do we have a separate proposal for the dynamic range and one for the barrier? Or do we just have the one proposal? Then if people are against the entry barrier then the proposal might not pass and would need to be revisited.
Should there be a separate proposal that might suggest possible minimum entry barriers?
Discussion moves toward one proposal based upon the original. And the amount for signing the constitution is still in place to serve as a barrier for entry. If people disagree with the current barrier proposed in P22, then they can vote no.
Questions/Discussion (yet to be had with Team):
Of the total fiat amount that clients pay for Effect Translate services,
What percentage of that total amount is changed into EFX on the market?
What percentage of that total amount is paid out to workers?
Will KH Chicago be paying through PayPal?
Token Flow Chart
The last Genesis drop was March 3, 2021.
Are there any remaining DAO reward fees left to be distributed from prior to March 3rd?
If yes, what is the plan for the distribution of the remaining amount?
What is the plan to phase out the use of PayPal or other pay intermediaries?
Will the mobile app include a payment and/or wallet options?
Will the App have a section for requesters?
Will the Effect App be designed with non-crypto people in mind?
To automate their process where they don’t even know that they are using crypto.
A one-stop-shop for onboarding, workers, wallet, anything.
The only thing for certain is that a new swap code cannot be obtained.
Is there a time limit on how long swapping will continue to happen for those with codes?
Is there a time limit on how long swapping could continue for those with swap code exemptions?
Such as team tokens, foundation tokens, or perhaps early investor tokens.
What is the plan for moving over the team tokens over? How is this progressing?
Please, can we have a North or South American paid/team admin on the main TG chat?
We really need 24 hour admin engagement and support.
We strongly welcome Fabrizia to engage with the community and start letting us get to know her.
Can we expect to see an increase of Medium articles and other sources of written articles highlighting activities and partnerships?
The newsletter is great. It would be nice to see more of Team written medium articles in the newsletter.
Perhaps a community written article in the newsletter.
Would also like to see an article each month that give an update to team token movement.
Would like to see articles about audit reports.
Would like to see AMAs written up in a Medium article, with all questions addressed.
Is there a plan to update Effect.Network?
The blog page should be updated weekly or more frequently as there are articles available. This could be a go to page for promoting Effect Network.
Regarding the physical hubs. These are understandably challenged due to COVID-19 restrictions and can be put to the back of thoughts with all the more immediate concerns, but very important aspects of Effect Network.
How are things going with the hub in Georgia?
Is the trip to Georgia this month still in the works?
How are things progressing with Akon?
How is the relationship with United Nations being maintained?
What is the layout of the Hong Kong office?
How many people are staffing the office?
What are their roles?
Proposals (Active, Pending, and Newly added):
DAO GitBook Write-Up http://dao.effect.network/proposals/42 Status: Pending
Effect Merchandise Webstore http://dao.effect.network/proposals/2 Status: Draft
Discuss what should happen with the profits from sales as 100% of the profits for the store will go to the DAO.
Is there a certain place that should be stated in proposal about where these profits will go? i.e. general fund, treasury, straight to distribution to members according to weight, etc. (in part or in full)
Most people would likely be happy for the profits to go to distribution by weighting.
The financial reports will be done quarterly. This will be very transparent.
Distribution of profits could go out after the reports are completed – so quarterly.
Payments will be able to be taken in crypto and fiat, but not in EFX at first.
There will be about seven proposals to vote on regarding the e-store for completion of this project.
The first proposal will be everything laid out and there will be an ask.
If this passes then the project can begin.
There will be about 7 phases to get this to fruition. Each phase will have its own proposal and ask.
Permission still needs to be asked/given to use the art from Effect Pieces.
There will likely be proposals put forth to have the store be a requester for Effect Force to use the workers in a collaborative way.
Global shipping is a hurdle.
Will this be a custom build or will this be using WordPress or something like that?
The hosting has not yet been selected. But it will be a custom build.
The supply will be handled by third parties.
This will be a dApp running on Effect Network to access Effect Force, with its own domain, that is not part of EffectBV, this is purely a DAO dApp, with all profits to go back to the DAO.
A network fee will be paid to the BV for all tasks that run on the network, and then 10% of that will go to the DAO from the BV.
When the accounting is done (quarterly), the DAO will have access to this, and the DAO will be able to see what the network fee is.
Use of Effect Force to help create images for putting on the merchandise will require a network fee to be paid.
This may be the first opportunity for the DAO to really see what a network fee charge is and how that translates into the 10% reward distribution.
Potential Proposals:
Cost value for time spent on DAO notes and organization
Now is a good time to put in a proposal about covering the recording secretary role.
The price of EFX has really dropped, so consider an appropriate ask for the task requirements. If the price raises, lower the ask amount accordingly.
Will write this up for this cycle
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
DAO Roles
Proposal Tracker
Recording secretary
Past Items for Discussion:
Blockchain Cold Wallet Safety Guide – For BSC & EOS http://dao.effect.network/proposals/41 Status: Processing, Vote: No https://sites.google.com/view/effectaihelp/
Open Discussion (without Team):
Tokenomics:
Of the total fiat amount that clients pay for Effect Translate services,
What percentage of that total amount is changed into EFX on the market?
What percentage of that total amount is paid out to workers?
Will KH Chicago be paying through PayPal?
Token Flow Chart
These are questions that will most likely be resolved as the reward calculator is built. Exact dollar amount is not required, simply the location of where to find and the flow of the tokens.
A written description of the network dynamics is being drafted: what is included in the network fees, what specifically is used for Network calculations, what are the hidden costs in running the network, etc. This is about understanding what type of income there is, what type of expenses there are. Making the categories/types logically fit together. To put all the pieces of the puzzle together. This is not about knowing exact dollar/euro amounts. Just making sense of the structure and the locations of where to find the pieces.
In theory, everything on EOS is all public. So we should be able to know as soon as someone buys, or requests some work on the network, this should be able to seen right away, but right now it is a bit obscufated. Once everything is figured out it will be better for everyone.
It does make sense that some companies will need an intermediary. A service provider to allow them to access the network and that the intermediary will have a fee for the service they provide. EffectBV provides this service to KH.
It also makes sense that the BV would not want to publicly share the exact amount that is charged for this service as they could be undercut by another company stepping in to provide the same service. Effect Network is using the blockchain to be highly competitive, but there are other microtask operations out there.
When asking questions, if answers can’t be given regarding fiat so be it, ask more specifically about the EOS smart contracts.
What is the smart contract address for the trading bot. (need to confirm that it is translate.ai, are there other bot accounts?) Everything that is on EOS/BSC itself should be able to be answered.
So in theory, what happens if someone pays money for their services, then they owe that ‘somewhere’ and then that bot at the right key moment purchases EFX for that work. After that from ‘translate.ai’ the EFX is transferred to efxrequester which then pays out to the workers.
The last Genesis drop was March 3, 2021.
Are there any remaining DAO reward fees left to be distributed from prior to March 3rd?
If yes, what is the plan for the distribution of the remaining amount?
The payback up the March 3 Genesis Drop has all been fulfilled. So far as Jesse knows this is all done.
All the backpay for the Genesis drop has been paid, from the snapshot in December. Any more backpay to come will not be as much as the Genesis drops because they will only go back as far as the snapshot. – This could be verified by the team.
The rewards are important to be calculated to really discern if it is better to be on the DAO or to be on Pancake staking.
It may be possible to get a lot more rewards on Pancake than you could on the DAO, even considering impermanent loss.
So long as calculating the rewards is not possible, skepticism will move people to Pancake swap.
There is no timeline on the calculator that the community developers are working on, but they are working on a proposal to get the funds to start work on it.
There will be two components to the calculator:
10% transaction fees
Share of the non-distributed treasury funds
There is a really good amount of development happening on EOS at the moment that could have a positive impact upon EFX.
What is the plan to phase out the use of PayPal or other pay intermediaries?
Rochelle already touched on this. This question is just for feedback from Jesse or Laurens on this from their perspectives.
Will the mobile app include a payment and/or wallet options?
Will the App have a section for requesters?
Will the Effect App be designed with non-crypto people in mind?
To automate their process where they don’t even know that they are using crypto.
A one-stop-shop for onboarding, workers, wallet, anything.
The Weekly Ask videos that Jesse and Laurens have started doing is really good.
We may be able to slip in some of our questions to those videos.
Questions for Weekly Ask:
Will the app have a section for requesters?
Will the app have a wallet for non-crypto users (requesters and workers)?
The only thing for certain is that a new swap code cannot be obtained.
Is there a time limit on how long swapping will continue to happen for those with codes?
Is there a time limit on how long swapping could continue for those with swap code exemptions?
Such as team tokens, foundation tokens, or perhaps early investor tokens.
What is the plan for moving over the team tokens over? How is this progressing?
Is it possible the team has moved their NEO-EFX tokens over yet?
Please, can we have a North or South American paid/team admin on the main TG chat?
We really need 24 hour admin engagement and support.
Not Rochelle! Another Jehudah that lives in the Americas (north, central, south)
We strongly welcome Fabrizia to engage with the community and start letting us get to know her.
Fabrizia is part of the team, she is responsible for the announcement channel.
As community members we would like to engage with Fabrizia more.
We don’t need to have her act as a full-time admin, but we need to be able to interact with her. We would like to see her respond to questions and statements that are directed to her and to engage in the occasional banter. Just to be more accessible.
If there needs to be a choice between Fabrizia writing more Medium articles and engaging more on Telegram, then writing Medium articles is the easy preference.
There are changes coming to Discord that will be vastly improved over what is now and what is Telegram.
There will be many more admin available for engagement on Discord.
Can we expect to see an increase of Medium articles and other sources of written articles highlighting activities and partnerships?
The newsletter is great. It would be nice to see more of Team written medium articles in the newsletter.
Perhaps a community written article in the newsletter.
Would also like to see an article each month that give an update to team token movement.
Would like to see articles about audit reports.
In other projects there are medium articles written about code audits and the revealed vulnerabilities and how they were corrected.
Should there be, or should there not be, audit reports from the Effect Foundation? The foundation is not a private company, correct?
Private companies don’t need to provide public audits, but should there be reports made up for the DAO? A token flow map will support this.
Effect Network, Effect DAO, Effect.AI BV, and Effect Foundation are all distinct, but tied to each other.
Would like to see AMAs written up in a Medium article, with all questions addressed.
Is there a plan to update Effect.Network content?
The blog page should be updated weekly or more frequently as there are articles available. This could be a go to page for promoting Effect Network.
The brand has been updated, but the content needs to be updated.
On GitBook Bree will start a blog-type forum where she will be exploring Effect Network for understanding. This will be an organic process to answer questions about Effect Network and to develop a good understanding of what it is and what it could be. This will include selected videos, interviews, interpretations, analysis, and thoughts to create a resource for understanding the network. This is not meant to be a how to guide, more a what is it and why are things as they are.
Regarding the physical hubs. These are understandably challenging and can be forgotten about with all the more immediate concerns, but very important aspects of Effect Network.
How are things going with the hub in Georgia?
Is the trip to Georgia this month still in the works?
How are things progressing with Akon?
There is desire to have hubs in North America.
In Canada, underemployed, homeless, and special needs populations. West Coast.
East Coast America
How is the relationship with United Nations being maintained?
What is the layout of the Hong Kong office?
How many people are staffing the office?
What are their roles?
There will be changes to Discord. There will be private groups for the DAO and the workers, but there will be public chats and improved call channels.
There will be admins and moderators
There could be NFTs issued for attendance 😊
There was a significant amount of time in this meeting spent discussing the need to start organising the DAO management if we are to become a viable authentically decentralized organization that can function independently of Effect BV. This is not something that will happen in the mean time, but is something that is a projected goal. And, as is understood, to be a goal of the BV team.
Discussions centred around roles/jobs that may or may not be required.
Treasurer – DAO developers will work on a token flow chart which will be enough for now, as the DAO isn’t currently self-managing funds.
Recording secretary – determined necessary at this time
Secretary (management)
Chair/president
Vice-chair/vice-president
Event organizer
Proposal tracker – determined necessary at this time
Other
Discussed the importance of retaining quality in these roles
Determined that these are roles of responsibility and it would be fair to have financial compensation in these roles by means of a stipend, honorarium, quarterly payments, regular pay, or other option.
We will be working on defining the necessary roles and then will put to the DAO to vote on the role creation and details
Start with recording secretary and proposal tracker
Tasks:
Dashboard updates:
Reward calculator
Timeline
Create a sub-group for brain storming. – attendees not yet enough to warrant a smaller group
Select a treasurer, role expectations.
Secretary role expectations.
Proposal Tracker role expectations
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