DAO Call - May 26, 2021
Summary Notes, Weekly DAO Call, May 26, 2021
Team in Attendance: Rochelle
Members in Attendance: @ce, Alan, Bree, femyeda, DJSTRIKANOVA, JW
Roles:
Call Moderator: Bree
Recorder: Bree
Proposal Tracker: TBA
ANNOUNCEMENTS:
A thank you to Fabrizia for increasing her accessibility in TG.
Questions/Discussion (with/for Team): [Comments added to these questions are from discussions without core team input.]
Technology:
How are things progressing with the SDK?
This is considered a priority for the DAO developers so that as a DAO we can begin building on TEN.
There isn’t an expectation that it is complete, just a curiosity that it is coming along well.
What is the smart contract address for the trading bot. (need to confirm that it is translate.ai) Are there other team bot accounts?
This is important for creating a token flow map and for the reward calculator
The creation of a token flow map by DAO developers
A bit more information about some accounts is needed, but otherwise it is in the works.
Token Map:
The token map on DAO dashboard no longer shows the x.efx account. This account is showing increased activity lately.
What is the reason for this account being removed from the token map?
Aside from network fee distribution to the DAO (genesis drop), what is the purpose of this account?
There exists small to large amounts of EFX being issued to accounts that seem to go straight to exchanges through this account that provoke questions in the community as they do not make sense.
This is DAO related, at a base level because the DAO is concerned with the flow of tokens in and out of TEN.
Requester account
The foundation tokens say they are locked, but clearly they are not locked because 100m tokens was moved out of the foundation account into liquidity/partnerships.
It makes sense to use the foundation tokens for liquidity.
What are the partnerships in the liquidity/partnerships
Who are those partnerships with?
Are these major partnership?
What is the scope/plan for the foundation funds?
If the foundation is using tokens for partnerships, these funds should not be used to get the BV a partnership, just the network. There should be no benefit to BV directly. At this moment the BV is the only one who can build dApps.
The BV should not have priority over other companies building dApps on effect force, these should be considered equals. There needs to be a distinction between the foundation and the BV. This is a little blurry at this point.
The foundation should have involvement with the overall network, whereas the BV should be detatched from the network in the same way that any other BV building on the network would be a distinct entity using the network. They built it. But then then need to just be another business that runs on the network, where the foundation is distinct from the BV. And so the foundation supports the network and not the BV.
There should not be a conflict of interest, and it is currently unclear if there is or isn’t a conflict.
What exactly the foundation is remains an enigma. This really needs to be clear.
As other BVs start utilizing the network, it needs to be clear that EffectBV is not getting any favouritism by the foundation over other BVs using the network.
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. – Could be verified by the team?
Organization:
Effect Network, Effect DAO, Effect.AI BV, and Effect Foundation are all distinct, but tied to each other.
There are many new members, and there is confusion among member who have been involved for a while, about what each are and how they are distinctly different from each other and how they are connected and work together.
There should be a written Medium post to outline these roles.
These entities need to be explicitly delineated. This is not specifically DAO related, but there is overlap though as the DAO needs to be clearly defined on what it’s role is and what it can grow into.
The Effect Network community (collectively) would greatly benefit from a written statement given by the core team that clearly outlines:
What they will and will not disclose about the private BV
What can be public knowledge and what isn’t
What the BV is involved with
What is the BV and what is Effect Network – lay it out.
There is some sentiment that there is a conflict of interest between the BV and TEN.
If 10% of the revenue is to go to the DAO then the DAO should know what that 10% is based upon.
What is the 10% actually based upon [ExTEN is exploring this more fully and this will be resolved with a rewards calculator.]
The amount going directly to the workers or a combination of other fees?
Automation will resolve this.
Some people are not confident that the team is providing what they say they will regarding the 10% fees. There is a craving for transparency.
Even with the knowledge that the underlying tech is coming that will automate the process on the blockchain making transactions fully there is still confusion. Or people not happy that automation is not already done.
Proposals (Active, Pending, and Newly added):
DAO GitBook Write-Up Consolidation
http://dao.effect.network/proposals/42
Status: Active, Vote: Yes
Deployment of Dynamic Rankless Vote System (P22)
https://dao.effect.network/proposals/43
Status: Active, Vote: Yes
There is no resistance on this. There is a start date for P22 to begin.
DAO Call Recorder
https://dao.effect.network/proposals/44
Status: Active, Vote: Yes
Potential Proposals:
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
Roles of responsibility (with compensation)
Define role: Recording secretary
Define role: Proposal tracker
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
Past Items for Discussion:
Blockchain Cold Wallet Safety Guide – For BSC & EOS
http://dao.effect.network/proposals/41
Status: Closed, Vote: Rejected by vote
Open Discussion:
Will it be possible to integrate an EFX payment directly into GitHub?
If a community developer completes a ticket that Jesse or Laurens have put up because they haven’t the time for it. And the final code is accepted by the team, then could there be a mechanism where the developer is automatically issued an EFX payment upon the team’s acceptance.
So far there are two issue completed. It would be nice to have a reward for solving the issues that are distributed upon completion/acceptance.
Jesse or Laurens could decide how much they think an issue is worth, that could be paid out upon acceptance. This could be manual or perhaps might need to go to a proposal.
Perhaps a proposal could be made pre-authorizing a stipend based upon Jesse and Laurens’ judgment of the task required.
It would be more beneficial for NFX to be issued to the developers than EFX.
The team has less NFX than EFX
There is a very limited amount of NFX and it is all held privately.
Where would the NFX come from to make pay outs in NFX.
What is the maximum factor you can reach with Effect Power?
A factor of 6.
At 0 days you have 100EP
At 200 days you have 200EP
At 400 days you have 300EP
At 600 days you have 400EP
At 800 days you have 500EP
At 1000 days you have 600EP
Every NFX is 20x more powerful than one EFX, but then you have EP.
In the rankless system you are limited by the smaller amount of either the amount of NFX you have or by the amount of EP/20.
Both sides need to be equally balanced to have equal benefit from NFX and EP.
You could have an imbalance of having more EP than you have voting weight because your NFX balance is less than EP/20.
If you want your maximum vote after 1000days.
Holdings of EFX divide by 6, then multiply by 20. (EFX / 6) 20
This can still increase in vote weight by adding NFX.
It is possible that all NFX could be staked in the future.
Proposal Tracker: What is this role?
Keeping in touch with the author of a proposal to keep the DAO updated about the progress of how the funds are being used, if there has been funds issued for a project or something to yet be completed.
Giving a statement of the results.
DJSTRIKANOVA will create a template, and make it up to date. And will develop a proposal.
Reward calculator is being worked on.
Once it is finished it will be on the creator’s site.
They will sell it to the DAO through a proposal and open source it with the sale.
The DAO can decide if they want to buy the source code and have it integrated into the DAO dashboard.
Effect Captions has automated quotes. However, Effect Socials and Effect Translations requires contacting the team for a meeting (Stephan and Chris) to determine the needs.
China: Crypto ban news impacting the crypto markets negatively.
Effect Network is a blockchain based business that uses a utility token to fuel blockchain transactions.
Effect Network is not a cryptocurrency business or application. There is no focus on EFX as a currency, or speculative token. EFX is strictly a utility token, the price of this token will fluctuate depending upon the demand of use of the network.
The growth of Effect Network in China will depend upon the adoption of The Force by requesters and workers.
Effect Network is registered as a business in China. All local documents for Effect Network are translated into Chinese. It is promoted as a business, not as a crypto project.
What was the ICO money intended for? [This response is a statement by me to answer this question. If someone knows things to be different, feel free to let me know - Bree]
There had already been investors prior to the ICO, such as SD and other advisers/investors, but the ICO was the purchasing of EFX tokens in speculation that the tokens would increase in value after Effect Network was built out and functioning. And that the money collected through the sale of the tokens was designated to build out Effect Network, which included Effect Force and the technology build out to facilitate tasks done through the Force. Effect Network was to have three parts, The Force, AI market, decentralizied powered. Here is an article summarizing the three phases. https://medium.com/effect-ai/announcing-effect-ais-288dc5e4733a There has been adaptions and some adjustments to the original plan, but Effect Network is what the team set out to build and this is essentially done now. It is in essence an AI/Human hybrid pipeline. A read for review or refresher, https://medium.com/effect-ai/effect-ai-the-hybrid-automation-pipeline-2358888196f8
Phase one: the pipeline – complete
Phase two: marketplace – This phase has been eliminated due to other similar projects (? Confirm with team)
Phase three: Nearing completion, Decentralized platform powered by EFX, as in the diagram, there are a few technical aspects still to be completed. To eventually be managed by Effect DAO which will take some time to mature.
There are a few things still needed that will get done.
“[Effect.AIBV] has made a commitment that any product or service we build on TEN will have a 10% fee attached that goes directly to the DAO. Any other builders who use TEN will have a fee based on DAO votes and that percentage can be adjusted with each Phase by the voting. But the 10% fees from Effect.AI products and services will always be part of the fee structure.” https://chrisefx.medium.com/the-effect-dao-ten-fee-distribution-296396a594ff
It was publicized that there is a 10% fee then this needs to be done through the smart contracts. Jesse has already stated that this needs to be done at the protocol level and that it will get done.
There may need to be a proposal made that will allow Jesse to create a mechanism for collecting a 10% fee automatically from any future dApp built upon TEN.
Telegram is the most accessible place for people to initially make contact with the project and with the team.
Rochelle has done research on other NFT and crypto communities on Discord that have public servers. They seem to have thriving communities.
She will be working toward making Discord public and accessible, with private areas for the workforce and for the DAO.
This is a work in progress.
Telegram should be used to help filter and direct questions to the appropriate place, and moderated accordingly
Discord the ability to address specific items, in a public and/or private manner.
Tg is important to keep active, with enough moderation so there is moderation in all timezones.
Tg is important for crypto investors to check out projects and needs to work with Discord.
Moderation does need to be addressed by the core team. One formal admin is simply not enough, especially as the North American community grows.
The Burn Toggle:
The burn toggle may be included in the network fee technical build.
The burn mechanism would be good to have when the price of EFX is low as there could be a lot burned, when it’s high there would be less burned.
There needs to be a proposal to turn the burn mechanism on or off.
In the future there could be specialized tools built to simply turn it off or on, but as is it will require a proposal.
There could be an oracle programmed into the smart contract to turn it on and off at set parameters.
It might be possible to have cross-chain oracles that could work with EOS.
Volume of EFX would need to increase to consider oracles.
Public access to DAO call recordings:
Recordings of the calls will be stored in the old Ambassador TEAM shared Google drive for now.
Rochelle will clean up this space to make it appropriate for the DAO.
These calls are evidence of growth and will be kept for archives.
The audio recordings of the calls will not be made public at this time. There is much casual discussion not necessary for the general public.
Tasks:
Dashboard updates:
Reward calculator
Timeline
Archival/filter system for proposals
Create a sub-group for brain storming. – attendees not yet enough to warrant a smaller group
Ambassador TEAM google Drive
Update to be a storage for the DAO
Discuss decentralized options or to create an interface to access IFPS storage
Create a document to start developing role descriptions
Secretary role expectations.
Proposal Tracker role expectations
Questions that are determined to be not directly or indirectly related to the DAO: These questions have been forwarded to Jesse to be brought into an AMA or the Weekly Ask. Though, there could be a special question/answer period created.
Regarding the physical hubs. These are understandably challenging and can be forgotten about with 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?
Effect Network App
Will the app have a section for requesters?
Will the app have a wallet for non-crypto users (requesters and workers)?
Could be connected to fiat bank or to crypto wallet.
Why would we have a direct to PayPal or a strait to fiat option?
The whole purpose is to use the cryptocurrency utility token.
Most people are not crypto inclined so to have multiple options is prudent.
There will always be the option to earn without a crypto account, but when workers want to cash out, they will need to have a crypto wallet.
There will be many guides available to make this process easy.
dApp map is coming along.
There will be many good resources.
An example of daily postings (Stripes) for guides and supports is posted in the weekly call.
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.
At what point will NEO-EOS swap action in its entirety cease? Has the team been able to swap all their tokens yet?
Is there a plan to update the Effect.Network website blog page content? http://effect.network/news
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.
This does need attention by the team to update.
Can you share what marketing strategies will be put in place for making Effect Network prominently visible, in the crypto world? Outside crypto, in the business world?
Fabrizia has her role and is a part of marketing, but just one part.
Most of the important business building marketing done should be business to business. Client to client at a personal level. This is not going to be clearly ‘visible’ to the tg community. This is the target of BV.
Focusing on the market price isn’t what clients will want. Clients will want to be able to plan for their budget. Stability in price.
Tg community wants visible marketing in the crypto space to help push up the market price. The negativity on tg is taking away from positive marketing that would come from a positive tg group.
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