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Update differences from Matt Luongo's proposal

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Eran Tromer 2019-11-15 06:00:15 -05:00
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@ -49,27 +49,21 @@ This proposal is based on Matt Luongo's `Decentralizing the Dev Fee`_ proposal,
which has similar motivations. The major changes are as follows:
* The Dev Fund slice intended for external recipients (beyond ECC, Zfnd and
existing Zfnd grants) is changed from 1/2 to 1/3, and is permitted to be used to
fund ECC if no alternatives present themselves, to mitigate unwarranted loss of
existing capabilities.
existing Zfnd grants) may be used to fund ECC if no competitive alternatives
present themselves, to mitigate unwarranted loss of existing capabilities.
* For simplicity, the above slice is combined with the Foundation's existing
grant system; but is accompanied by explicit requirements to achieve its goals,
independent advisory input, and a Restricted Funds mechanism to enforce these
requirements.
* The "easing function" and associated burning of coins are removed, in favor of
capping each slice at $700k/month funding target. Any excess is kept in a reserve,
from which it can be withdrawn only to maintain the funding target in the future.
* The "easing function" coin value cap is removed, in favor of capping each slice
at $700k/month funding target. Any excess is kept in a reserve, from which it
can be withdrawn only to maintain the funding target in the future.
* Strengthened the transparency and accountability requirements, and harmonized
them across ECC, Zfnd and major grantees.
* Removed Zfnd's supervisory role in determining the "principal developer",
fixing it to be ECC (changing this would be sufficiently dramatic to merit a
fork).
* Removed the changes to the Zfnd board. These would have replaced 3 of Zfnd's
board seats with: a representative of ECC (it is better to keep Zfnd independent),
a new independent research advisory board (we currently have no mechanism to
elect one) and direct vote of ZEC holders (we have no voting mechanism
implemented, and this virtual member cannot be held to the requisite legal
duties of directors).
* Small differences in prescribed changes to the Zfnd board.
* Call for, and incentivize, development of decentralized voting and governance.
* Clarity and brevity.