On March 11th, the CR Interim Council and the Secretariat discussed a handful of Proposals and Suggestions: Proposal #169: English Community Reward for Feb 2020, Proposal #170: Chinese Community Reward for Jan 2020 and Suggestion #244: CR Exchange Fund (Proposal 1 of 2), which request the formation of an Exchange Fund.
First on the docket were the Community rewards proposals for both the Chinese and English Community Moderators. Both Proposals were unanimously agreed upon by the Council members as being necessary for community support and operations. Regarding other Suggestions and Proposals in general, Alex Shipp posed the question of whether the Interim Council will be able to approve new projects, especially seeing as its operations are likely extending into May.
Yipeng Su laid out two reasons in regards to the difficulty of supporting news projects. First, once the new Council is elected, all the remaining funds of the Interim Council will be returned to EF’s Inflation Address as planned. Secondly, when the Interim Council is dismissed, the Interim Council Wallet will likely not exist anymore, and they will be unable to carry out milestone payments and related signatures. As a result, the CR Interim Council does not want the operations of any approved Proposals – especially those involving Milestone Payments and Project Completion Payments – to carry over into the term of the full CR Council.
Suggestion #244 was the next to be discussed. Clarence Liu, VP of Development for Elastos, created this Suggestion in order to build a strong market and increase liquidity of the ELA token. Alex Shipp expressed the imperative to bridge Elastos’ legal and regulatory management to the development of its fully decentralized Elastos SmartWeb. It is very difficult to list on exchanges because the listing fee cannot be disclosed publicly. He also said that having a fund or organization with a multi-sig wallet and a trusted team to work on the listing and contain all sensitive information could be part of a working solution for CR. Suggestion #244 has garnered more community support than perhaps any other Suggestion in CR’s short history, a sign that it addresses the concerns of many community members.
Feng Zhang questioned whether CR will provide ELA to the Exchange Fund for operations or if they will request a budget for a listing on a specific exchange. He then stated that If CR cannot publish the listing fee, it will not be possible for CR to cover such an expense. He added that there is not a concrete amount of money that is required in order to pass legal compliance, which only creates further challenges. The cost of the necessary legal opinion and related lawyers’ fees is a lot of money, and performing the legal audit costs the most. Yipeng would like to see a better breakdown of the $150,000 budget. He does not know whether it is enough to list on elite exchanges or whether more money will be requested in the future for exchange listings. Yipeng also pointed out that there is no specific country mentioned in conducting legal compliance for exchange listings. He wants more information on the website and needs a more concrete plan, as opposed to concepts and ideas.
Alex Shipp expressed his trust in Clarence Liu, but admitted that Feng and Yipeng pointed to a number of valid question marks. Feng Zhang acknowledges Clarence’s experience, but is unsure as to whether his team will be able to get ELA on the top exchanges. He does not like that the whole Suggestion has started from scratch, and that the organization is requesting CR funds in advance. Feng wonders whether a project like the Manhattan Project Fund (MPF) would be able to work on a listing. Based on the fact that MPF has teams and a fund in place, it may be a more suitable fit in order to get ELA on a top exchange. Alex Shipp explained that while CR can pay for services, expertise, and connections, they cannot find a team that has the combination of resources, expertise, and devotion to Elastos. He would like to see CR be able post “Jobs,” with fixed rewards in advance, so that capable individuals and organizations can rise to the occasion to accomplish them. Alex also stated that the Legal Audit is based on risk management, and that Clarence will certainly need to address these concerns and uncertainties while providing solutions. Both Feng Zhang and Yipeng Su concluded that a third party would be more suitable to discuss exchange listings.
Stay tuned for the next CR Interim Council Conference Call wrap up!