The Cyber Republic Interim Council and Secretariat got together again on Wednesday, February 26th to discuss two projects: Starwire and Locket. Both suggestions have been in the rounds for the better part of the last month.
Starwire, the project which aims to support the efforts of filmmakers and artists by automating trust throughout production, was a major source of discussion for the group. Yipeng Su and Alex Shipp agreed that this is a project still in its early stages whose funding should ultimately be decided by the incoming CR Council. Yipeng elaborated on the project, explaining that it is quite complicated, and that it requires significant expertise to manage. He feels there is a lot of uncertainty surrounding both its development and perceived ROI.
Yipeng believes that, in general, if projects were not to be rewarded until after milestones were accomplished, then he would be more open to many such Suggestions. Alex Shipp noted that a payout breakdown of 10% up front, 20% for mid-term milestones, and 70% for completion might be more palatable for Yipeng. Yipeng retorted, saying that even a 10% allocation up front could be excessive, and that such an allocation could still present itself as a money-grab for certain project teams. Yipeng concluded by saying that CR is wise to invest in projects such as Hyperconnect, which have their own visions and infrastructure in place, as well as teams of established developers.
Locket, an upcoming dating App set to be featured in a television premiere on A&E Network and Amazon Prime, was discussed amongst the group as well. In reference to Yipeng’s points concerning Starwire, Alex Shipp noted that the Locket team has little to show as far as a track record is concerned. The council also agreed that the Locket team has not supplied an adequate breakdown to justify their large budget request. Feng Zhang expressed similar concerns as well, particularly in regards to the budget request. Feng prefers projects that can grow with or without CR funding, and which seek to achieve self-sustainability earlier than later.
Yipeng and Feng concluded by saying projects like Proposal #131: ELA Land are far easier to fund because they involve supporting pre-established blockchain applications. ELA Land, for instance, is already using ETH, NEO, and TRX. Working products and well developed plans are ideal; on the other hand, big ideas absent critical infrastructure demand up-front funding and a heavy dose of trust.
Certainly a week of critical discussion to be considered deeply by CRCandidates looking to join the CR Council in a month’s time!
Look out for the next Cyber Republic Interim Council Meeting slated for Wednesday, March 4.