With the tokenomics change, a new Firo Community Fund (FCF) is created that earns 10% of the block rewards.
As such we should start nominating members of the community fund who will help evaluate and propose how these funds will be utilized. This committee is meant to be a temporary setup until we have the infrastructure needed for a quadratic voting via funding option.
I am proposing we aim to get 7 members on this committee. The initial members shall serve a period of 6 months as a trial after which we will re-evaluate together with the block reward division.
Current Nomination List [not final and will be updated from time to time]
These are the current community members that have been nominated (but not yet elected/appointed). There will be a separate election/vetting process along with a short live interview to assess eligibility.
What happens after nomination?
There will be a live interview (that can be done over text/online meeting) that will be done for nominees. The transcripts/logs of these interviews will be made public.
The purpose of this interview is to ensure they meet the minimum requirements and also to give greater transparency to the wider Firo community into the nominee.
Things that would be asked would be mainly talking about why they’re believers of Firo, their understanding of certain aspects of the tech, a little more about who they are (no requirement to DOX) and their vision on how the fund would be utilized.
Proof of being an active part of the Firo community for at least a year may be requested for those not recognized.
Responsibilities of Community Fund Committee (CFC) member
- To decide along with taking into account community feedback on how the community fund should be utilized
- To help evaluate community requests for funding, do due diligence of applicant applying for funding and obtain all necessary information to ensure sufficient detail for scope of work
- To evaluate and approve payment of milestone requests
- To make all reasonings of the CFC for approval/rejection public
- CFC can request for core team’s feedback and opinion on proposals.
- To always conduct themselves with professionalism without resorting to personal attacks or insults.
Minimum requirements to be eligible to be a committee member
- Be a recognized and active community member of Firo for at least a year OR a recognized industry expert/specialist.
- Solid understanding of Firo’s technology stack and current roadmap and goals
- Cannot be a current full-time member of the Firo core team. Part time contributors or contractors of Firo’s core team are allowed but must be disclosed.
- Be able to attend a CFC meeting once a month or to appoint a proxy to do the same (though proxies should be used sparingly).
- While a technical or development background isn’t required, having a few committee members with some coding background would be helpful in evaluating proposals.6
- Be able to read, check and vote on proposals for funding at least once a week.
- Be 18 years old and above.
Removal of CFC Members
- If a CFC member is suspected or found to have been involved in fraud or scam or other deceitful behaviour, the other CFC members can vote to remove them via majority of vote.
- If a CFC member has acted in a manner that is unbecoming or in an unprofessional manner, the other CFC members can vote to remove them via majority of vote.
- If a CFC member is absent for 2 meetings in a row without due cause, they shall be removed automatically.
- If a CFC member has continuously failed to vote on proposals for funding, a vote shall be held at the next CFC meeting by the other CFC members on whether to remove them.
- If a CFC member is removed, nominations should be open for the spot for the remaining term.
Meetings, Quorum and Voting
- A meeting should be held at least once a month with CFC members. The purpose of this meeting is to discuss proposals or to choose how to allocate the FCF funds or any other matters arising. Given CFC members may be in different time zones, this should be taken into account when determining the time of the meeting and opportunity to take turns for amenable timing.
- Core team members or their representatives should always be allowed to observe and attend all CFC meetings but shall not have a vote unless otherwise specified.
- The minutes of these meetings shall always be publicly available.
- Meeting can be conducted by text or online meetings.
- Quorum should be 5 members. Votes are passed using majority of votes. In the event of an equality of votes, the core team shall have a casting vote.
- Proposals for funding can be approved without the need for a meeting and shall be voted on in the proposal thread itself.
- When voting for or against a proposal for funding, all CFC members are required to state the reasoning of their choice.
- Anyone can open a proposal for funding including CFC members.
- If a CFC member is an applicant for funding, the member cannot vote on that proposal. Also if a CFC member has a close relationship (for e.g. family member, best friend, significant other, spouse) with the applicant for funding, the CFC member should disclose the relationship and put it to the other CFC members to decide whether the member should be allowed to vote or choose to abstain voluntarily.
- If the CFC wishes to make funds available to the core team to assist them (for instance to cover a shortfall or to pay for a specific employee to retain them), a higher vote threshold is required which is 5 members out of 7 instead of the usual majority of votes.
General Guidelines to Community Fund Usage
- Trust needs to be earned. While anyone can propose to be funded from the FCF, the person’s track record needs to be evaluated, the necessary due diligence needs to be taken and milestone payments adjusted appropriately.
- The CFC can choose to employ contractors to embark on specific tasks but shall seek community feedback. Where it involves core code, the CFC has to consult the core team.
- The CFC should not be used to host parties or purely social events. Educational or awareness events are okay but should be done with appropriate evidence and not paid upfront.
- The CFC is to be used and while there shouldn’t be a pressure to spend the CFC funds, the CFC funds shouldn’t be hoarded.
- CFC funds should always be utilized for the benefit of Firo. Research or development that does not directly benefit Firo should not be undertaken.
- CFC funds should not be used for giveaways even for the purpose of promoting adoption or participation. These have limited effect.
- All CFC expenditure has to be disclosed. Contractors that prohibit this should not be engaged.
- Should the CFC deem fit, FCF funds can be burnt by sending it to this burn address.
What the CFC is not
- The CFC are NOT representatives of the opinion of the Firo Community. They are only tasked with matters to do with the Community Fund and do not replace the usual process of getting feedback from the general community and core team in implementing large changes.
- The CFC shall not represent itself as core team members or as representatives of the project.