DAO Call - Sept. 29, 2021

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​​If you are unable to join, an audio recording and a discussion thread will be placed in Discord under DAO Calls.

Please participate in the discussions – on the call or in the thread.

Weekly DAO Call, September 29, 2021

Discussion thread and audio link for the DAO calls is: https://discord.com/channels/519860537891487745/876965243455164446/892802998600888371 (you will need to join the specific thread)

Team in Attendance: Jesse

Members in Attendance: not recorded

‌Roles: Call Moderator: Bree Recorder: Bree Proposal Tracker: splottingham

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ANNOUNCEMENTS:

Noman has made updates to the DAO Dashboard. Check them out!

You can now leave a comment when you vote. Look for a leave comment hyperlink under the vote button.

REQUESTS:

Bree would like help with creating short tutorials for the basics of becoming a DAO member and all the little things that go with that. – see the list below.

Rochelle is putting out an appeal for Discord users to contribute to boosting the server through Nitro.

Would there be someone willing to look further into creating a POAP NFT for meeting attendance? Or some other NFT reward for meeting participation.

PROPOSALS:

Weekly DAO Call Recordings https://dao.effect.network/proposals/73 Status: Active Vote: Yes

• This is an invoice for time spent on DAO Call Recorder related jobs that is outside the scope of Effect.AI.

Task creation funded by unused DAO funds https://dao.effect.network/proposals/74 Status: Active Vote: Yes

• This is a sentiment seeking proposal: to collect funds for creating tasks.

• In general, people support this, but which tasks are funded may be more debateable.

• The only concern is the wording that these tasks will be provided by the team.

  • All agree that the tasks should be DAO initiatives and not team related.

  • Tasks should provide some benefit or income to the DAO.

• This proposal is suggesting that funds are automatically collected in a separate account. That the amount available in that account would be small at first, but then the account would grow over time. That these funds would have a very specific purpose of creating tasks for workers.

  • There might need to be a committee created to manage these funds.

• This proposal is not very specific yet. (Jesse)

  • If a project wants some funds for creating tasks they would put a proposal in specifically for that project.

    • It makes sense if someone or a group of people would request a small amount of funds that they would be responsible for distributing those funds in trust. If they did a poor job of it then they wouldn’t be approved again.

    • There could be a page where it mentions the funds available and where it would mention the requirements to apply for those funds.

    • We would trust the committee in charge of those funds to approve and distribute the funds to projects needing it.

    • In the future perhaps a smart contract could be set up for this specific fund pool that would automatically send out tokens. But it would be best to see what kind of use this pool would have with a committee managing the funds before making things complicated with a new proposal system smart contract.

    • It would take too long for some projects’ needs to wait out the cycles.

  • We could make some pools of funds that have specific purpose

• What if instead of a limited time frame, instead to require funds from the smart contract there would need to be a percentage of vote required before a pass is given.

Continuation of the EFX Pancake Swap LP Reward Farm https://dao.effect.network/proposals/75 Status: Active Vote: Yes

• 2.5 M yes to 505k ab/no

• To have this MC approve it needs to pass the 90% threshold.

  • It is important to have a significant yes vote so that future requests for funding of this MC are more guaranteed to pass.

  • The threshold is determined to be between yes and no votes, and not include abstain votes.

  • Of the y/n votes it looks like this will pass.

DAO Call Recorder for August 2021 https://dao.effect.network/proposals/72 Status: Closed, Accepted

QUESTIONS/DISCUSSIONS FOR/WITH TEAM:

• SDK:

  • A set of 3 Medium posts are planned, the first has been released, this will provide updates for both the SDK and progress on the Effect Force update.

    • The first of these posts is found here: https://medium.com/effect-ai/tech-blog-effect-account-system-a3bd8dfe93d4

    • Second tech blog: https://medium.com/effect-ai/tech-blog-on-chain-microtasks-6e8bb82c8e1d

• How is the latest crackdown from the Chinese government making all crypto transactions illegal impacting Effect Network in China?

  • Effect Network is a blockchain project and is promoted as such in China, therefore the crypto crackdown in China does not have a direct impact on Effect Network.

• What is the progress with Akon City? Does communication with Akon continue?

  • This is really an Effect.AI initiative and so is not a DAO issue.

  • Some feel that this could be used in promotion and something positive to speak about in attracting new members, so indirectly is.

  • This is not something that Jesse attends to, so has no input on this initiative.

• Something to consider, the full 10% network fee is to go to the DAO in the form of a reward. As is, network fees do not bring income to the DAO. There may need to be an adjustment to this where part of it goes into the treasury or into a multi-sig DAO controlled account. Or an additional 2-5% tax added.

  • Could the 10% network fee be divided up to put some into the treasury to as income into the treasury or into a marketing fund, some to contribute to the liquidity on PCS, and the rest to rewards?

    • If there were a marketing committee created, the best thing would be for the marketing committee to put in a proposal to request funds.

    • Committees should prove themselves first

  • Could or should the 10% be increased?

    • There is a point where the ‘tax’ could end up be prohibitive for requesters. It would be prudent to keep this reasonable and competitive.

  • At this time, it too early to even be thinking about this. And it is likely that people would not want to give up any amount of reward atm because rewards are currently quite low.

  • Having a % of transaction fees added to the treasury would be a bit like burning because the release of the funds is so slow that it would be like locking up the tokens for a long time.

    • Because the funds are released so slow, activating the burning mechanism has not yet been considered. Should we get to the point where we might want to burn some tokens, perhaps then we could consider instead of burning putting tokens into the treasury.

    • Direct tokens to the treasury would remove tokens out of circulation and would replace some of the spent tokens, creating more sustainability.

  • There is no rush to implement this, just to keep in mind for when it might be needed.

• Would someone break down the set up of the treasury and what’s available?

  • The treasury is an EOS account that is owned by the DAO.

    • Contains ~160M EFX, the release of these tokens is restricted by the cycle budget, so it is a slow release. Most of what is not spent is sent back to the treasury. This is really a long-term release and not part of the circulating supply.

  • So the only option we have to increase the DAO’s treasury is the return of unspent tokens.

    • The goal of the DAO should be to increase the treasury pool as much as it can.

    • There are a few ways to increase this fund.

      • Create some sort of income generating ‘business’ or ‘project’ where all profits are put into the treasury.

      • Divert a percentage of the collected network fees into the treasury

      • Take a percentage of the distributed 30% leftover cycle budget rewards and divert into the treasury.

      • Take a percentage of what is in the fee pool (reward distribution pool) that would include network fees and the 30% leftover cycle budget.

    • Another possibility, perhaps controversial, would be to increase the network fees paid by Effect.AI BV. And have that increased amount put into the DAO’s treasury

      • [An interesting listen at about 33minutes into the recording.]

      • The mechanism that will be put place to automatically collect network fees will work across all dApps on the network.

      • Currently, Effect.AI’s network fees are not automatic (coming with the next network upgrade) and are dispersed intermittently.

      • Raising the network fees for one would raise them for all.

      • There is a balance between raising them too much and having them too low. It is likely better to keep them competitive and have them lower than higher to encourage more requesters and support horizontal scaling.

        • This is essentially like tax theory.

      • Horizontal scaling is necessary to support the growth envisioned for Effect Network.

        • Effect.AI does not have the scaling capacity to support this envisioned growth of the network.

        • There is significant scaling of KH tasks to come in progress, but this will in no way support the growth requirements of the network.

        • A small company like Effect.AI working with a large company such as KH does not allow scaling in the way that the network needs to be scaled.

        • More decentralization is necessary for scaling.

        • Effect.AI is not the solution to scaling Effect Network and developing a strong DAO.

• The mobile App

  • The new Effect Force comes with a mobile app.

  • It is a few months away from being released, but it is looking good.

• Updates to DAO Dashboard include:

  • Leaving comments

    • A toggle switch will open up a comment window

  • A black checkmark to show that you have voted already

  • A tab hyperlink for the bridge/farm

• Could we have a little DAO tag in Telegram to indicate a safe person to talk to about DAO related content or to leave questions for?

  • Rochelle has created badges in Discord, but is unable to so something similar in TG.

LIQUIDITY INCENTIVIZATION/VOLUME:

• Would it be possible to add a feature to the farm that shows the current value of the original assets staked?

  • DJ gave a long way to calculate it, but could this be added with all the calculations already done?

    • https://discord.com/channels/519860537891487745/850380095796281384/892479480638107748

    • Jesse will create a GitHub issue for this to be added to the farm

  • The new Master Chef could have the price of your pool assets shown. This will be looked at to have price numbers added. This should be feasible.

• The new MC is looking good and will not take much to have it ready for deployment.

HACK-A-THON:

HIGH GUARD:

OPEN DISCUSSION:

• GitBook:

  • DAO Community Centre has been updated to more easily access the guides.

    • Also added helpful links.

    • https://effect-dao-docs.gitbook.io/effectdaocc/

  • Could the notes be automatically posted into Discord?

    • It’s linked to GitHub, so it might be possible.

• Call for a volunteer to look into creating a POAP NFT

  • Rochelle provided a link for this information

    • https://poap.xyz/

• GitBook

  • The community centre page has been updated into tables. https://effect-dao-docs.gitbook.io/effectdaocc/

    • There are step-by-step guides needed.

      • How to become a DAO Guardian/Member

      • How to join the DAO Discord

      • How to participate in DAO discussions

      • How to access the DAO call recordings

      • How to understand EP, Stake Age, NFX

      • Why Stake in the DAO vs. Why Stake in the Farm or contribute liquidity to PCS or Orion Protocol

      • Other?

  • Bree put out a call for help in creating these simple point-form guides.

  • Rod E suggests making little videos to visually support these guides.

    • He may be open to helping out in creating the videos if the text is pre-written.

OLD DISCUSSIONS (tabled)

• Mascot

  • Bree is still working on a proposal for a mascot creation competition.

• Is it better to build one or two liquidity pairs on one platform PCS, or to diversify platforms?

  • • Some more thought on this may be warranted.

    • We want to attract as many people to EFX as possible, without sacrificing too much spread and not getting anywhere.

• Discuss further with team about incorporating worker pay in perpetuity of trained algorithms.

Potential Proposals:

• Renew the MasterChef

• Create a proposal to have a competition for a memeable mascot

• Confidence vote in current HG membership, with conditions set to allow for removals and additions

• Giving the HG general Treasurer responsibilities

• Funds for the MasterChef contract over the next few cycles.

• 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

• Timeline

• Proposals to the Foundation:

  • DAO created NFTs

  • Hack-a-thon expenses

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Tasks:

1. Stage Channel

2. Add a link to the team written DAO Chapters

3. Research non-profit models

   1. Create a responsibility map

   2. Create a workgroup to plan this out.

4. Clean up the Community Center Gitbook page

5. Listen to July 14th audio regarding future Foundation management

6. Create a visibility list

7. Create a mascot; create income NFTs for the DAO

8. Vigor inquiry

9. Time zone proposal

10. Dashboard updates:

    1. Reward calculator (P30)

    2. Timeline

    3. Token Flow Map (team should be working on this as per AMA discussions) Noman is looking into

    4. Filter system (DJ is considering working on this) Noman is looking into

    5. Roadmap for DAO goals and benchmarks (by Foundation).

11. Ambassador TEAM google Drive

    1. Discuss decentralized options or to create an interface to access IFPS storage

12. GitBook:

    1. Guide on how to become a guardian

Recorder: Rochelle

https://files.effectdao.tools/2021/Dao_Call_29_09_2021.mp3