The new EOS Foundation is well on its way to being funded.
With the support of Dan Larimer, Yves La Rose recently announced he is working on the creation of a much-needed EOS Foundation to fund the on-going development of the ecosystem. The following text, written by Zack Gall, is a recap of the events that have taken place so far as well as some notes on what to expect in the near future regarding the EOS Foundation.
Friday, August 6
Yves La Rose, former CEO of EOS Nation, published a blog post announcing his plans for proposing the EOS block producers to fund an EOS Foundation whose mission will be to lead the vision and roadmap for the EOS blockchain. At its core, the Foundation will work to empower developers, businesses, and individuals to build on EOS.
Monday, August 9
Yves La Rose updated the community to inform them that since the initial announcement, he has been gathering feedback, addressing concerns, and working towards reaching consensus amongst the block producers and key stakeholders to support the funding for an EOS Foundation.
This update also included plans for how the initial MSIG for the Foundation would be structured as well as how an advisory council is to be set up to provide strategic advice on the overall direction of the Foundation and to advise as well as sign off on all grant recipients and project sponsorships.
Thursday, August 12 – MSIG #1
The first MSIG which was described on August 9 was proposed on-chain for the block producers to sign off on. This proposal would create a new eosio.grants system contract, which would be under the management of Yves La Rose, Zack Gall (Everything EOS), and Dafeng Guo (EOS Asia).
As an additional layer of checks and balances, a 36 hour time delay was also included in the MSIG plans which would allow block producers to intervene should they ever need to do so to stop a transaction.
MSIG #1 PASSED on August 12, reaching BP consensus in less than 24 hours from it being proposed.
Thursday, August 12 – MSIG #2
Upon the passing of MSIG #1, a second MSIG was proposed to transfer the 3.4m legacy EOS fees contained in eosio.ramfee and eosio.names to the eosio.grants account which was established in MSIG #1. Additionally, MSIG #2 will increase network inflation to 3%, of which 1/3 will continue flowing to BPs and 2/3 will accumulate in eosio.savings for future funding requests on a periodic basis.
As of Wednesday morning, MSIG #2 is currently sitting at 9/15 passing votes.
August 16 – Updating the EOS Community
With several members of the EOS community publicly questioning why MSIG #2 was taking longer to pass than MSIG #1, Yves La Rose dropped into the Everything EOS Telegram channel to update the community.
“Current focus isn’t on getting BP MSIG #2 approval quickly; it’s on getting stakeholders on the same page while doing media outreach.” – Yves La Rose.
Yves also shared that he is currently drafting a long form article which will attempt to answer many different questions and offer additional insight based on feedback he’s received from key stakeholders and active block producers.
Topics and Questions to be Addressed
- How will funds be used?
- Who is on the council?
- How is the council determined? What is the role of the council
- Who is in the Foundation core?
- What is the role of the Foundation core?
- Core vs Council?
- What happens when the Foundation decides to proceed without the Council when it’s close to tie?
- Who has veto?
- Why small number on Council? What is the general flow of funds?
- eosio.saving vs eosio.grants
- How do team receive grants?
- What is the general mission of the Foundation?
- Legal structure, by-laws, trademark
- Failsafe / permission structure
- Current permission set
- Transparency of funds
- Periodical reports
- Communication channels / how to
- Chinese, Korean and English + Community outreach / discussion and feedback
- Administrative costs
- ConsenSys style; Metamask, Diligence, Truffle, Infura
- Foundation Bylaws
- Overall roadmap
- Core EOSIO development, incentivization and coordination
- Foundation permission structure longer term
- VC parallel
- Stewardship language in transfer
- Owner vs active keys of eosio.grants
- eosio.prods explanation
- How to use grants, grant categories
After MSIG #2 passes, 3.4m EOS (~$17m) will be under the immediate management of the EOS Foundation, roughly the size of a Series A VC funding round. With its funding secured, the EOS Foundation will be empowered to begin its work to deliver on its mission to lead the vision for the EOS blockchain. EOS will then begin its next chapter that includes the leadership, funding, and resources that it has been lacking over the last several years.