Profile of Novocrypto in ApeCoin
Posts by Novocrypto
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Reduce Special Council monthly compensation
by Novocrypto - No Role
Posted on: Jan. 4, 2023, 3:58 a.m.
Content: I actually asked about the rationale behind $ 20 k SC monthly salary during the discussion period on the Elections and Nominations AIPs but my question was ignored by the AIP authors :woman_shrugging:t 2 :
I agree with your assessment in terms of this position not having any specific accountability checks and balances or any professional or workload requirements! The nomination criteria was virtually non existent (just holding one $ape, signing up to discourse at any time, and passing the general KYC). The selection process was then left 100 % to the community of voters with large holders disproportionately affecting the results as we saw it happen live! We were lucky to have 3 amazing members voted in but the process could have easily ended up recruiting random people backed by whales or large stake holders or someone with a very high level of popularity in the community but little to no experience of leading a DAO!
This is the system that we have now and I don’t think only reducing the salary of SC will fix it. If there were certain professional criteria in place plus an ask for full-time commitment to the “job” then I think $ 20 k per month is not too much over the average pay for a position like this.
I’m not sure about arbitrarily cutting down the salary to 1 / 5 of what it is currently. Again, I think we need a wholistic approach to this issue and decide how to attract and retain the best talent for this leadership position from people with a successful track record of involvement in de-Gov (even if not necessarily in Apecoin DAO).
Thank you for raising the question! I think it’s important that we discuss this as a community and hopefully improve the process for the next election cycle. :raised_hands:
Likes: 8
Replies: 0
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AIP-200: Add “Abstain” option to Snapshot
by Novocrypto - No Role
Posted on: Jan. 3, 2023, 2:41 p.m.
Content: Been saying this almost from day 1 ! Thank you so much @Amplify for doing the work and submitting the AIP. I hope this can go up for a vote and be implemented asap. :raised_hands::handshake:
Likes: 7
Replies: 0
No replies yet.
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The Contingency
by Novocrypto - No Role
Posted on: Dec. 17, 2022, 9:35 p.m.
Content: Thanks Brian! I appreciate all you, Brandon and your team have done for the DAO and understand where you’re coming from with your AIP. I’d personally be very sad to see Cartan voted out of Apecoin DAO as I’ve had nothing but a fantastic experience working with you so far in the course my own AIP process and the elections and other AIP processes.
In any case, appreciate your willingness to see the DAO through a transition period, should that become necessary.
I still hope it won’t! But here to help the DAO get through this if that ends up being the case.
Likes: 1
Replies: 0
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The Contingency
by Novocrypto - No Role
Posted on: Dec. 17, 2022, 9:28 p.m.
Content: Thank you!
I assume that no matter what, as part of a transition process we will need to set up new multisig Safes onboarding new Council members and potentially other nominees from the community who are willing to take on such responsibilities.
For the benefit of those and others, I’d like to share a legal framework model that goes through tax and legal liabilities facing multisig owners in a DAO context. It’s been helpful to me when I was doing research on this topic a while back.
It spells out some considerations that we will have to take into account in mid to long term. I find it useful to look at other DAOs and learn from their experiments.
dYdX Foundation
Legal Framework for Non-U.S. Trusts in Decentralized Autonomous Organizations
dYdX Foundation is introducing a framework for the creation of a Guernsey purpose trust that solves several issues for decentralized autonomous organizations.
A bit more context here especially touching on the slow path to decentralization
Blockworks
What Is a SubDAO? A Way To Keep Governance Decentralized
SubDAOs and metaDAOs may be in the cards for many protocols as they scale, but implementation is still an issue.
Est. reading time: 4 minutes
Likes: 3
Replies: 0
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The Contingency
by Novocrypto - No Role
Posted on: Dec. 17, 2022, 8:51 p.m.
Content: As far as I know Brandon mentioned on Spaces that they would not cut off community access and continue to cooperate with the Special Council to make outstanding payments and renew subscriptions during any necessary transition period.
Perhaps @btang can correct me if I misunderstood something. :slight_smile:
Likes: 2
Replies: 1
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- btang: Hi @Novocrypto our value proposition is to act as a trusted administrator for DAOs and in our role for this DAO and other DAOs, we serve in a professional and institutional manner. If the vote proceeds as is, our intention would be to communicate with the new Council and ensure a smooth transition. This DAO is creating new paths and we are also going through this new uncharted waters with the community.
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The Contingency
by Novocrypto - No Role
Posted on: Dec. 17, 2022, 7:12 p.m.
Content: Thank you so much for your post.
Bottom line: what can possibly and realistically be done in less than 10 days if the vote stays against and DAO is left without an administrator come January?
One of the most urgent things to consider is how to keep treasury funds safe while drawing up ideas on which path to take to stay legally and financially covered.
As a last resort we can make the DAO dormant in its various operations while putting the funds in Special Council custody (or a multisig of top 10 willing nominees). This will be a complicated process but keeping other transactions dormant for a period could give us time to make a call for other (off-shore) companies to offer their administrative services.
This would ensure that all funds currently controlled by the DAO are safe and secure, while also allowing more time for the DAO to assess its options when it comes to finding a new general administrator. Additionally, advertising for tender could lead to multiple competitive offshore companies offering their services, allowing the DAO to negotiate terms that suit its needs and interests. Although I personally think that we are getting a reasonable deal with Cartan which may in practice not be outperformed by others given how niche our sector is.
I can imagine most of this two-step approach (becoming dormant with funds under custody of elected members and searching for a stop-gap solution) will be handled by the Special Council in conversation with the community. It is up to the Council to decide how they would be paid in such a situation.
Again I hope it won’t come to this but if it does, I can’t think of a safer or faster last resort that’s achievable in 10 days.
However, this approach would also mean that other operations of the DAO may be temporarily halted while these procedures are being carried out. Members should be aware of this consequence and understand that the goal is to secure the funds and provide a way for the DAO to find a new specialized and reliable administrator that can guarantee the safety and sustainability of the DAO. Or gradually develop new decentralized infrastructures within the DAO that can help us navigate different risk and opportunity environments.
Many other questions will need to be answered but I think we must keep things super simple at the moment given such short notice we got.
Here to help with anything and everything :saluting_face:
Likes: 3
Replies: 1
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- ssp1111: Great, thoughtful post as always Novo.
One thing I will quickly mention is whether or not we as a community wish to keep Discourse up and running. If so, there will be a payment due by the first for the Enterprise Package, so we may want to think about that.
If, on the other hand the community doesn’t want to renew the subscription, I think there’s a possibility that the DAO’s historical data might get lost. Not 100% sure on that, but again something to consider.
Just a small reminder for everyone.
Peace
SSP✌?
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@Novocrypto - Nomination 1/2022
by Novocrypto - No Role
Posted on: Dec. 15, 2022, 6:01 p.m.
Content: Thank you PAI. It’s amazing to have you here. I appreciate your encouraging words and kind support. :orange_heart:
Likes: 1
Replies: 0
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@Novocrypto - Nomination 1/2022
by Novocrypto - No Role
Posted on: Dec. 15, 2022, 6:37 a.m.
Content: Thank you Apecoin Fam for all your support and encouraging comments.
I’d like to share a Spaces we had yesterday ( 14 th Dec) with the 5 brilliant women running for Special Council, including yours truly Novo :saluting_face:
Feel free to have a listen to learn more about each candidate! Such a powerhouse of women in web 3 leadership positions :fire::fire::fire:
Would love to answer any questions you may have based on this conversation :point_down:
twitter.com
Ladies of BAYC
@LadiesofBAYC
twitter.com/i/spaces/ 1 DXGy…
6 : 00 PM - 14 Dec 2022
36
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Likes: 3
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@Novocrypto - Nomination 1/2022
by Novocrypto - No Role
Posted on: Dec. 15, 2022, 6:29 a.m.
Content: Thank you so much for your kind words and support. It’s been a pleasure contributing to DAO discussions and interacting with other builders in the ape ecosystem like yourself. I look forward to helping the DAO grow and decentralize more in a sustainable way together in whatever capacity I find myself in going forward. :saluting_face:
Likes: 3
Replies: 0
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@Novocrypto - Nomination 1/2022
by Novocrypto - No Role
Posted on: Dec. 11, 2022, 11:47 a.m.
Content: Thank you so much for the kind words. I look forward to working together in whatever capacity that shall be to help our DAO grow in a fair, transparent and sustainable way. :saluting_face:
Likes: 3
Replies: 0
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