7th September 2022 / 09:00-11:00AM (UTC-5) 

ATTENDEES

Council: Elation Studios, Rebecca Zhu, Song Sjun, Sash | Elacity, M&N, DR, PG Bao, infi, Strawberry Council, Ryan, Phantz Club

Secretariat: Cassie, Greg

ABSENTEES

Jingyu

AGENDA

  1. Elavia Suggestion
  2. ELAB proposal
  3. Elacity DRM
  4. Gate.io/Kairon metrics NDA and discuss collaboration with eastern MM
  5. Close inactive proposals

REPORTS

1) Elavia Suggestion – Ahmed

  • https://www.cyberrepublic.org/suggestion/62fa6ea86705da0078a779cc
  • Elavia is a daily trivia game the team would like to launch on ESC. 1,000 players per day is the average traffic on the existing app that inspired the suggestion (Kurdivia).
  • The price to play is 5-10c,  with 10-20 questions per game day. The questions start easy and get progressively harder.
  • The goal is to promote Elastos and provide a peaceful daily game.
  • There is both an app and a web app for development.
    • The web app is for minting the tNFTs 
  • tNFTs are used as the tickets needed to enter the app and play the game.
  • Financials.
    • Entry fees go to:
    • 70% to the winner.
    • 20% to marketing etc.
    • 10% maintenance and profit.
  • 17k ELA is needed for the budget part of the game
  • There is a development team working on the app right now.
  • Ahmed’s friend is willing to give a design and UI for the Elavia game.

Comments

M&N – Which Elastos pieces are used? Which wallets are supported?

Ahmed – ESC only, solidity, etc. Essentials would be the only wallet supported.

Phantz – Kurdivia quiz app? How long has it been going?

Ahmed – One year. It grew from 20users on day one, and has peaked at 147,000 daily users. The organic growth is attractive and potentially beneficial for Elastos. 1,000 users per day is the average.

Ryan – What is the point of the NFTs in the game?

Ahmed – No Paypal, credit cards are needed. They are used as an alternative to a transaction.

Rebecca – Is the existing game blockchain-based?

Ahmed – No, it is centralized. In my religion and country crypto is not seen as permissible.

DR – DID implementation would be neat as it would keep some anonymity when connecting with a wallet. Will there be a public leaderboard to promote competition?

Ahmed – This can be added in the future. We have lots of plans for the future.

2) ELAB proposal – MButcho

  • There is such low engagement for E-lab right now that it should be discontinued and the remaining ELA returned to the treasury.
  • 10,000 ELA would come back to the treasury if E-lab was to be terminated.
  • 50,000 ELA will not be withdrawn.
  • The consensus changes for the CRC can include an alternative to E-lab through the CR systems/website. We can use the E-lab mechanics for a referendum-style via cyberrepublic.org instead.
  • MButcho believes that all funding requests should be channeled through one conduit – cyberrepublic.org
  • The suggestion to terminate E-lab has been made already: https://www.cyberrepublic.org/suggestion/6310a4f2cfe3620078837f21
  • Future mechanisms for community voting should be tied to ELA amounts held by voters. This is more in keeping with DAO practices elsewhere.
  • The suggestion is open for amendments until the end of this week. After that it will be signed and made a proposal.

Comments

DR – I’m in favor of consolidating ELAB into another consensus. While ELAB in theory was a great idea, it just didn’t pan out as we were planning. 

Song – It makes sense to close this proposal.

3) Elacity DRM – Sash

  • https://www.cyberrepublic.org/suggestion/630cbb5ebb2f8d00783f1a24
  • Elacity is aiming to use all the Elastos technology – the digital capsule concept.
  • At the moment Elacity is the only project that has it all in use. DID, Hive, ESC.
    • Using Carrier 2.0 is on the agenda but as it won’t be ready until later this year it’s not worth pursuing further until that point.
  • After the DRM idea came to light, Rong Chen had a conversation with Elacity and introduced them to Dr Wang as an expert and leader in DRM. Topics discussed included: how blockchain technology can be used, including NFTs. Dr Wang and his contacts, students and wider network have been very supportive and already helped in both guidance and technical considerations.
    • For example: So far, some of the traditional style contracts for DRM have been converted to smart contracts for use on Elacity DRM.
  • A PoC has been created that allows for DRM to be implemented via Elastos technology on Elacity.
  • With a DRM system in place, managed by smart contracts and using NFTs, over 90% of video revenue can be received by the “asset creator” in a way that is not possible with the status quo (Youtube, Netflix, Amazon, Apple, etc.) The existing video providers control all the data and the monetization is entirely in their hands. Elacity wants to move this control to the creators.
  • If CRC agrees to support the DRM suggestion then EF will also support Elacity to become a first-mover in DRM on blockchain. The goal is to create an open-source DRM suite that, with Elastos powering it, opens the doors for Web3 multimedia.
  • Documents, eBooks, music, video are all on the table for Elacity DRM.

Comments

Song – What is the status of Elastos tech on Elacity?

Sash – DID and Hive are fully integrated. Verifiable credentials are also in place (Twitter, Facebook, KYC). Hive minting is also nearly ready. NFTs are currently backed up on IPFS. Moving data between Hive vaults will be added when Carrier 2.0 is ready.

Sai – If it’s open source why isn’t the funding from elsewhere? Can CRC be considered for revenue-sharing, as an investment?

Sash – Elacity will only get EF funding if CRC agrees to support this proposal. Elacity will deliver a DRM system using NFTs and EF will fund the initial 7 months. CRC funding would not be required until the EF-funded 7 months have concluded.

CRC isn’t a venture capital arm so investment and returns would be another conversation.

Fakhul – Because it is open-source code it returns the value to the wider community. Elastos and Web3.

Sash – Bringing ELA utility is the end goal, to bring eyes, interest and success to Elastos by democratizing DRM instead of leaving it in the control of a few centralized entities.

Song – Projects become open source because they want to get consensus from other teams. Open sourcing shouldn’t be a goal. So why is it being open sourced?

Sash – Elacity itself isn’t open-sourced. The DRM element has to be open source for EF to fund it. And close source defeats the point of DRM as it’s trying to remove the power from the massive centralized entities currently holding the DRM monopoly/duopoly.

Synergies for Elastos tech can be found between Feeds and Elacity quite easily considering the open-sourced nature of the platforms:

  • Elacity – Is looking at data monetization with DRM and NFT ecosystem (also with Hive, DIDs and Carrier).
  • Feeds – Are working on DIDs, SocialFi, Hive. 

This puts both teams in a position of strength in their fields as first movers.

MButcho – DIDs on CR website are in place, but email is also needed. Can Elacity verifiable credentials be added to the CR website?

Sash – Out of scope – can be discussed another time.

Fakhul – Is this proposal only being done now so that EF will fund it?

Sash – EF will support Elacity on the condition we get equal support from CRC. The way I’ve structured it would be that, with CRC support, there isn’t any ELA sell pressure over the next 7 months. This will let markets recover by asking for EF support with CRC consensus first.

4) Gate.io/Kairon metrics NDA and discuss collaboration with eastern MM – Fakhul

  • https://www.cyberrepublic.org/suggestion/631117cd9457330078eaa368
  • https://www.cyberrepublic.org/proposals/63126477cfe3620078839113
  • Kairon Labs needs more liquidity for the exchanges we have ELA on.
  • Kairon initially requested a larger amount, which was subsequently reviewed by Elation and reduced to 75,000 ELA
  • Options:
    1. No further liquidity and Gate goes live.
    2. CRC can provide half the ELA, and private donors can be found for the other half – Fakhul recommends this option.
  • All private donations made so far can go to the treasury at the end of MM agreements.
  • The same wallet is used for this and previous MM arrangements.
  • Is there another MM for ELA? Can they cooperate with Kairon?

Comments

MButcho – Which exchanges does Kairon support?

Fakhul – Kucoin, Huobi, Coinbase.

Ryan – We have liquidity on Uniswap too, ~30k ELA. ELA/ETH. https://info.uniswap.org/#/pools/0x412940fdac1214fc3df430769f54e69210a18e49. Original amount was 50k ELA but half was converted to ETH to create the pool. ETH:ELA price ratio is not that far off from what it was then (1.5 yrs ago)

Nenchy – Can we change the liquidity that Kairon manages?

Fakhul – Yes we can increase or decrease at any time. There are some management costs to this. We should follow the demand, and we have the flexibility to do this as required.

Nenchy – How much ELA does Kairon have already?

Fakhul – 350,000 ELA matched with USD

Should Kairon focus on liquidity first, then P&L to cover monthly retainer? Or vice versa?

Ryan – Liquidity first

Fakhul – Let’s offer 75,000 ELA and pull some back in the future as needed.

DR – If we free up the dead projects holding, it should be enough to cover the 75k ELA, no? Without “technically” impacting the original CRC budget. I have no concern. They have kept the price relatively stable during the past few weeks in regards to the overall market movements. If we didn’t have Kairon, I could only image the price action.  

Rebecca – As ELA is a small MC coin the spread doesn’t need to be so tight. It could also improve the P&L.

Fakhul – Spread and depth is why we have the MM. The tighter these are the more attractive it is to traders and algos to participate in ELA trading.

Kairon would like to focus on P&L but understand and are happy to stabilize liquidity as instructed.

5) Close inactive proposals (if there is time left)

  • Cassie has a spreadsheet of the proposals scheduled for closing and those projects whose proposers will be contacted.

AOB

The current treasury was explored and Cassie has a spreadsheet with the values that the Council can request.

ACTION ITEMS

  1.  Review minutes