Community Meeting 11 October 2021 11:00 AM UTC+8

Community Meetings
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We will be having another Firo community meeting. We intend to place agendas in these forums prior to meetings so people can discuss to add/remove items and also summaries of the feedback received during meetings.

New threads will be created for each community meeting along with links to the Youtube stream.

Link to upcoming Community meeting stream on Youtube.

1. Hard Fork for FiroPoW and InstantSend

Our hard fork for FiroPoW is scheduled at October 26th, 6:00 UTC.

Miners will reject non instant send transactions on Block 421150.

2. Lelantus Spark Cryptography Audits

We are now considering several parties for auditing Lelantus Spark’s cryptography. We will be going through two proposals that we have received thus far and how they would be funded.

3. Emergency Switch Functionality

Please see discussion here.

4. Transition from Lelantus to Lelantus Spark

An overview of pros and cons of going from Lelantus > Transparent > Spark vs Lelantus > Spark migration of funds.

5. Redenomination Proposal

Please read this thread.

6. MAGIC Fund

We are exploring the possibility of introducing a MAGIC Fund (Multidisciplinary Academic Grants in Cryptocurrencies) to allow members to donate directly in USD/credit card and get tax deductibility. It also part of our effort to decentralize funding and development of the ecosystem away from the core Firo team. Justin Ehrenhofer will be presenting a rough overview of how MAGIC funding would work.

7. Firo Crowdfunding System

Relaunch of Firo Crowdfunding System to be more user friendly rather than relying on Github.

8. Other matters (time permitting)

Birthday, Partnerships, Panther Protocol, FinStreet, Mobile wallet, Tik Tok etc, Elysium, AtomicDEX, Monero Talk interview

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Hello Firo community! I am pleased to be briefly presenting on what a MAGIC Firo Fund could mean for the Firo community.

MAGIC Grants is a 501(c)(3) public charity that can issue grants for research, education, and maintenance of public infrastructure (eg: cryptocurrency payment networks). The intent of the MAGIC Firo Fund is to allow the community to be more involved on issuing grants and to make it easier to store donations in stable USD if desired. And of course - donations to the MAGIC Firo Fund would be completely tax deductible.

More details will come as we have them, but I am extremely looking forward to speaking with you all next Sunday/Monday!

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For the MAGIC Firo fund proposal:
My opinions are as follows:

  1. How should committee be selected?
    -Firo core team should have one or two members to advise on the priority of the proposals and to find any technical flaws
    -Voters can be selected from the most active Firo forum participants apart from moderators and admins.

  2. Should there be compensation?
    -Firo fund committee members should act upon the best interests of project. I think the committee member should not be paid because they are doing a noble job for the project investment direction and vision. When they are get paid, they should be paid a reasonable amount for their time invested. This is because, getting paid too little will make people associate their effort with monetary compensation, thus demotivate them. Given the limited funds available, compensation should only be considered when the adequate funds are available. I think that one off payments provide a better incentive when adequate funds available. This is what I learnt from Freaknonomics.

  3. Who will the initial donors be?
    No idea. Maybe from the well wishings of the community who are willing to donate.

  4. How restrictive do you want the fund to be?
    The committee should be able to invest in anything that has clear benefits for the project. I think committee member can spend up to until 20% of the fund on a project, reserving the remaining for other projects. It is better not to put all eggs in one basket because any project can fail go beyond initial stage. Only 20% to 50% of the funds will be released when the project completes a certain milestone, depending the total number of milestones achieved.
    Educational materials like any other development projects are good, but can only allocate until 20% of the total assets for them. All the spendings should be completely transparent for the community to see. Any fees paid such as buying materials, hosting fee etc need to be attached with a receipt.

You are welcomed to add/correct anything points that I missed. :slight_smile:

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I also think a review of exact amount of firo inflation can be helpful.

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If you missed our Community Meeting earlier this week, catch the replay here:

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