DAO Call – May 5, 2021
Weekly DAO Call
May 5, 2021
Summary Notes
Team in Attendance: Laurens, Jesse, Chris
Members in Attendance: DJSTRYKANOVA, @ce, Alan, Rochelle, Femyeda, Bree, Howard
Roles:
Call Moderator: Bree
Recorder: Bree
Treasury Reporter:
ANNOUNCEMENTS:
Like the new tech question videos. Great idea!
Someone representing the team will plan to be in attendance at each call.
Questions for the team that we ran out of time for will be gone over next week.
Questions for the Team:
Can The Weekly Effect include new proposals and updates to closed proposals?
Yes, this would be a good idea. Especially if there are not too many. It would be a good idea to share what is happening with the treasury funds and the decisions that are made.
Is there a finder’s commission still for those who bring requesters/clients to the team?
5%, as a general rule for finding requesters.
Can be upped depending upon the situations.
Team is really at capacity at the moment with clients and with other work, and don’t really have the ability to manage taking on more requesters. Keep this in mind if you have a lead you want to share.
So if you have a lead, make certain you have crystal clear details and plans.
And if you have any leads on large companies, yes, definitely bring them in.
What is the current plan for NFX?
There is no plan to make changes to NFX.
P22 will continue NFX’s main use case.
Regarding liquidity, the team will look at/consider adding more funds to Defibox as the slippage fee is really high for larger swap amounts.
When will the mechanics for network fee distribution be implemented?
This is an important topic for the Telegram community.
There is no date on implementing this framework yet.
The team’s priority needs to working on making the Software Development Kit (SDK) really good and the framework good so that there are more apps on the network that are subject to paying network fees. Then everything can be tied together, to have it all make sense before implementing changes to the protocals.
Also, once SDK is ready and available to developers, things will solidify around how and when these fees will be collected, and when and in which manner.
So there is no date yet, but it is very important, and will be fully developed when all the pieces fall into place.
When will the 10% Effect Network fees be distributed?
Regarding backpay specifically, this is also important and will definitely happen, there is no date yet.
This is an administrative task that needs to be done.
The network fees from Effect Translate, Effect Captions, etc. are not automatically collected and looped in yet (see above for mechanics)
It is an administrative task to go into the blockchain for the numbers needed and pay the network.
This should happen within a few months.
It is on the agenda, but it is not the highest priority at this time.
the fees will come into the network and will be distributed, likely as an airdrop, but it will be a bit of time.
What is the 10% Network Fees based upon?
Once the development has been completed, the mechanics in place, dApps built on Effect Network will pay a base network fee based upon criteria and needs, which will fully go to the workers.
There will be an additional cost to the requester (builder/developer/client) that will be 10% of the network fee.
So the requester will actually have two payments. The worker fee which 100% will go to the workers, and an additional Network fee that will go to the DAO, which will be 10% of the worker fee.
(Think of this as the product price and the added tax for the government.)
This will be an automated service. Until then, this needs to be calculated manually.
While this is important, it is not the primary priority. The priority is getting the documentation in place for enabling developers and ensuring that the network is fully ready for developers to be building upon it. So all the bridges/connectors/technology between BSC/EOS and documentation need to be done first.
More development needs to happen on the network to see how dApps will connect and will work together to best determine the underlying mechanics.
Is there a plan for full automation for requesters to access and utilize Effect Force?
The original presentation of Effect Force was to have no middleman, requester to worker – results to requester. Does this remain the goal for Effect Force?
This is important to know in regard to new development, and emphasis on an important social good/equity model vs a traditional business model.
This is still the main goal.
See previous question.
Once all the BSC build has been done, the documentation has been made, the hack-a-thon is done, development on Effect Network will begin.
The Hack-a-thon will definitely be this year. And should be a lot of fun.
Enabling developers through documentation and supports is the priority this year.
The documentation for developers, SDK, will be done before the Hack-a-thon.
Is there an Effect Network gallery space connected to Effect Pieces already in the works?
Laurens is really passionate about Effect Pieces and is highly interested in fine arts.
Effect Pieces will be relaunched when ready.
How Effect Pieces will be revived is yet to be determined.
A related aside, check out ‘social coins’ in NFTs and social movements in blockchain.
Proposals (Active, Pending, and Newly added) for Discussion:
Tutorials for the Effect Dashboard and Binance Smart Chain
http://dao.effect.network/proposals/40
Status: Processing, Vote: Yes
https://sites.google.com/view/effectguides/
Mikel is working on a guide for setting up ledger on EOS and BSC, could this be added to Hudi’s website?
It would be good to add any future guides to this website as well so there is one easy location to find the guides.
Blockchain Cold Wallet Safety Guide – For BSC & EOS
http://dao.effect.network/proposals/41
Status: Pending
Most likely that this will be a yes vote as well.
Please leave feedback in the Discord channel for proposal #41
There is good support for the creation of helpful guides relevant to Effect Network.
Potential Proposals (discussed):
Any developer or business to build on Effect Network must become/be a DAO member.
(and their dApp idea approved by the DAO prior to building).
While it would be good to have all parties using/building on Effect Network, this cannot be enforced.
Moving the DAO away from EOS should respectfully be approved by guardians first.
Doesn’t look like this will be a necessity to even consider, as the underlying tech will be staying on EOS.
Network fee amount for future dApps be subject to a preset fee.
Once the programing has been completed for onboarding dApps onto Effect Network this will be embedded into the protocol. So this is type of proposal will not be necessary.
NFX to be moved over to BSC/Pancake swap, or not.
Most likely a non-relevant concern.
Can revisit this if it is deemed necessary in the future.
DAO built dApps to generate funds for the DAO.
Brainstorm session, any potential results put into a proposal for approval
For a future discussion after Effect Network has been fully built out and onboarding clients is automated, and SDK is completed.
Past Items for Discussion:
Extending EffectDAO Constitution to clarify IP rights
https://dao.effect.network/proposals/25
Status: Processing; Result: Abstain
Should a proposal be drafted to have the constitution explicitly state that IP rights belong to Effect Network, unless otherwise stated in the given proposal? Is this necessary?
This is a no vote. Not necessary to revisit.
What are the updates for proposals:
36, cause and effect video (yes/executed)
This video has been released.
30, estimated DAO reward calculator (yes/accepted)
Not a priority for the team to build
The person who makes the proposal needs to have a plan on how it will be built before making the proposal active
Open Discussion:
What are good resources to prepare developers for when the SDK launches?
A lot of the tech will remain around EOS, the SDK will give lots of support and is to enable BSC developers and other developers to make dApps on Effect Force, especially around the beginning. So, if you want to make templates, campaigns, and put tasks on Effect Force EOS is still required.
The bridge will provide a cross-chain extension of Effect Network. The core of the bridge will remain on EOS for the foreseeable future.
So the source code for the smart contracts will likely be on EOS, but the payouts on EOS and BSC.
Likely be a multi-platform system
Is it more about buying EFX on BSC, making EFX more accessible, but not necessarily about building stuff on BSC?
In the future there may be a cross-chain features where tasks could be posted to Effect Force using BSC, but EOS is the primary way to do it.
There will be bridges for developers using BSC to build on EOS.
The SDK intends to be a complete resource for enabling developers to build on Effect Force, regardless of their pervious knowledge of EOS.
Could there be potential problems with a multi-platform system?
You have some dApps running on TEN EOS and some TEN BSC, what if one of those chains are missing EFX to work properly. Could the EFX on BSC be missing and cause a problem?
More likely BSC EFX through arbitrage could run more expensive than the EFX on EOS. There could be a premium for using BSC if there isn’t enough liquidity.
There could be incentives to put your EFX and BNB in Pancake Swap. This could lead to a lack of liquidity if most of the people leave most of their tokens in the DAO to get the revenues, and some people stake via BSC swap pool, it could lead to the situation on both chains where there is not enough tokens to really work with them on a budget.
Alternatively the treasury could interject and add their own EFX to the pools to help control the price.
Effect Network has always been blockchain agnostic.
It could be possible for Effect Network to run atop many chains at once. It could be possible for TEN to run on NEO again (not likely), while also running on BSC, ETH, other chains like DOT, and EOS.
Ideally, for most users, it’s going to be a layer 2 solution, so they aren’t even going to know what blockchain is running in the background.
One solution is for Effect Network to run it’s own blockchain.
This has never been a desire of the team.
This would take too many resources from the small team, not really a viable solution, team isn’t really big enough for their own blockchain.
Documentation is coming a long and will go hand in hand with some updates. The team is working hard on it.
The documentation is very important and is a priority focus.
The main goal right now is to enable developers to be able to independently build upon Effect Network.
Key: Main Priority for the team at this moment is to make Effect Network accessible and inviting for developers to build on the network, with the goal of increasing the use of Effect Network.
On the Roadmap there is a native mobile app for Effect Force.
Will there be more hires for creating mobile dApps or things like this?
Yes, there is room to be hiring more for this area. It is not in the plan to be hiring more at this time. If interested, or know of someone interested, then bring in a resume with samples of code work.
But first, Effect Force will have a redesign for mobile, and then there will be an app for minimal support for announcements and other features, that can be developed further later.
Rochelle says it’s beautiful!
Still working on finding Rochelle 2.0. Rochelle says:
If you haven’t done the Star Wars tasks yet, they will give you 100ap.
There are German tasks coming up.
Badges
We are all wanting a lovely Ambassador badge in the Effect Force dashboard.
Can the AP points be upped?
There could be about 5000ap for Ambassadors when it
Validator badges are needed.
We would like a DAO badge.
Jeffery is finishing up and then there will be soft launch of the redesign of Effect Force that he and Laurens have been working on with Rochelle’s input.
The biggest part will be the whole platform stuff first, then the gamification stuff will be updated.
About the 10% revenue fees on top of the value of which the requestor pay to TEN.
Observation: there is no space for the revenue for the companies in between.
The example Laurens gave of 1EFX per task at 200 tasks, for a total of 200EFX, in addition a 10% on top, leading to 220 total EFX amount.
This doesn’t leave a margin for the business to make money.
Example: KH isn’t paying in crypto, so KH is buying tasks through the team, an additional 10% of this task purchase amount is to go to the DAO in reward distribution. The problem with this is that it is unclear if KH is paying BV extra than what is required for the worker pay to cover management fees, or if BV is taking a cut away from the workers to cover management fee.
So long as TEN is not automated, management fees are an acceptable cost, but where is the cost being covered from? What is the percentage of this cost in relationship to what the workers are receiving?
Laurens/Jesse explained what the workers get, what the DAO gets, but didn’t actually state this is the total of what the company is paying to BV. So KH could be paying more than what the workers/DAO receive, and outside of the worker/DAO amounts it really isn’t the concern of the DAO.
So, as a DAO we are only concerned with what the workers are actually making and that it is a fair wage. And that the DAO is receiving their ‘tax’.
Once it is fully automated, BV shouldn’t be taking a cut. However, presently, BV is managing and it is fair that they are compensated for this management service.
Once is it fully automated in smart contracts, the DAO potentially could become a completely autonomous guardian/custodial manager of TEN. This would include technical updates and fiscal management. Until then, so long as BV continues to be a custodial manager they should have a right to compensation.
So far as revenue for businesses using TEN, they should be gaining revenue from whatever the results of the tasks the workers are doing provides from them.
The workers are an expense, a means to an end, the results of which will bring profits to the company.
It was really nice to hear from Jesse and Laurens that they are booked with clients. That the team are really busy with clients.
The catch 22 is that while we want to know who the clients are, the majority of clients using this platform are not going to want people to know who they are.
This is another reason why it is really important to get the automation done.
Then all the transactions can be seen and followed, so we can see the wheels running.
Presently, it is really challenging to see what is going on because not every transaction is running through the blockchain (ie. paypal), so much of what is claimed to transact feels exaggerated because it cannot all be discovered.
The biggest advertising for TEN will be to have the 10% fees from TEN start coming regularly.
When the ROI can be calculated and predicted this will do a lot for promotion.
Being on both chains might be a good thing for creating pressure on EFX to raise the price.
We can discuss marketing / advertising next week.
We think Chris has the marketing all ready to go, but is waiting on the BSC Pancake Swap to be up and going.
Once all this happens and the Chinese market is actively involved, we should see marketing ramp up.
How can the DAO support this marketing?
To discuss next week. (ran out of time)
All are moved over to the agenda for next week, which will be up in a few days.
Tasks:
Create a sub-group for brain storming. – attendees not yet enough to warrant a smaller group
Select a treasurer, role expectations.
Secretary role expectations.
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