minutes (thanks peter for saving notes)
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Initial Board Meeting
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Feb 3, 2017
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2:05-3:02 pm EST
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In attendance: Andrew, Peter, Matt, Naval, Rainey
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Minutes
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-------
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2. Incorporation
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- Board agreed to approve bylaws.
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- Try to be a charitable nonprofit?
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Board a strategy to go for 501c3 and revert to 501c6 if that fails.
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- Officers
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Secretary: Peter
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President / Treasurer: Andrew
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- Andrew plans to schedule a weekly office-hours hangout.
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Peter plans to attend frequently; digest in email if board-important issues discussed
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- Reminder to Please send conflict of interest forms
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3. Funding report, plans for how to handle it:
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- Board agreed to a broad strategy of folding funds primarily in Zcash (we’re less relevant if Zcash value crashes)
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Some in dollars for bare minimum of near/medium term expenses.
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- Operational: possibly a multi-sig scheme where 5 of directors should hold key shards, policy to be determined. 3 of 5 to sign?
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- We begin with donation pledges of portions of the Founder's Reward, the largest of which comes from Least Authority
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- Board agreed to prefer a 1-time permanent transfer of rights rather than month-to-month
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4. Priorities, ideas.
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- Community development, diversity
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- Communication platforms to hear stakeholders and actively encourage their participation. e.g. Miners, mining pools
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- Development funds, bug bounties, fellowships
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5. Future of governance process.
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Start with no governance framework, but develop one. Goal is to eventually over to the “community”, via the “governance process”, in 9 months.
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By polling current users. We should also represent people who are not part of the community yet.
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Zcash Foundation Board Meeting
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==============================
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April 5, 2017
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Started 9:12-9:55 PM (Athens time)
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In attendance: Peter, Andrew, Naval
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Minutes
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1. Need a new 5th Board Member
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- Board discussed potential candidates but did not reach a decision
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2. Application for non profit status and ‘activities’ statement
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- Peter wrote an initial draft of activities statement
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- We discussed a conversation with our lawyers at Bryan Cave on managing Conflict of Interest involving our involvement in Zcash, and what this means for our viability as a 501(c)(3).
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2. Budget update
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- Andrew received the first dibursement of pledged donations from Zcash Co, consisting of a portion of the Founder’s Reward that has already sold and earmarked for the foundation (estimated ~$90k).
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- We discussed the need for a management team, such as an Executive Director or half-time administrative staff.
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3. Test transaction awards.
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- Andrew proposed making a “test transaction” awards, a one-time only, community award, to (partially) subsidize volunteers who have invested a lot in zcash infrastructure. In particular, I would like to propose that we make the following three, one-time only “Test Transaction” awards, worth $2,000 each, to mineZcash, lustro, and radix42.
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- The board approved the test transaction award proposal
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Resolution
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==========
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The board unanimously approved (over email) to invite Yan Zhu as fifth board member
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Zcash Foundation Board Meeting
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June 9, 2017
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Started 11:00 AM EDT
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In attendance: Andrew, Peter, Yan, Naval, Matt
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Minutes
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1. We welcome Yan as fifth board member
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- General discussion welcoming Yan and reviewing scope of organization
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- Financial Privacy broadly vs Zcash network specifically
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- Each member shared what they are excited about regarding the plans for what the foundation should do
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- Andrew: grants to good samaritans in the community
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- Peter: working groups (like W3C) to create more organic development of the tech that outlasts the Zcash company
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- Matt: Encouraging research on new uses for the protocol beyond cash, privacy and zk proofs in other realms and applications
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- Yan: agrees with Matt, very excited about all the ways the tech can be used
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- Naval: make sure foundation is run as sensible enterprise (with good cash management).
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- Yan asks what the impetus for the foundation’s creation was
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- Andrew: much of it to be a recipient of the funds that are to be pledged from the mining reward for open development/non-profit
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- Andrew discusses our status as bootstrap board and the ultimate movement, potentially toward a permanent board.
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2. Discuss pending 1023 application, yet again
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- We reviewed a further revision of our activities and purpose statement
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- We reviewed a discussion with our lawyer on whether Zcash Co is a "parent company," and concluded "No", as we do not have a leadership role or controlling interest within the Zcash company.
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- The board approved to file our non-profit application
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3. Budget
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- The board approved to reserve 300 ZEC (approximately $80,000) for the grant program
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- We reviewed a job description written by Peter and Andrew for a Senior Project Manager and/or a Communications Manager. The board approved publishing the job description
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- The board approved to reserve a budget for a 2-year salary for project manager, $83,200
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- The board approved for treasurer (Andrew) to determine a way to exchange ZEC into dollars for this purpose, having money in $ safe to pay employee(s)
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4. Working groups
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- The board approved a draft of policies for a "Working Groups" model for coordinating volunteers.
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- The board approved to authorize the President (Andrew) to approve a working group without needing a board decision.
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