3 May 2023 / 09:00-11:00AM (UTC-5)

ATTENDEES

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Council: Elation Studios, Ryan, M&N, Strawberry Council, Sash, DR, Rebecca, Phantz

Secretariat: Cassie, Greg

ABSENTEES

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Jingyu, PG Bao, Infi, Song Sjun

AGENDA

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1. ELA incentive program
2. ELK Proposal Update
3. Secure plan for BPoS consensus
4. Total reward and incentive proposal for next term Council node
5. Freeze some ELA addresses

REPORTS

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1) ELA incentive program

• Proportional rewards assigned to those lacking votes to go live.
• 60% to validators/40% to candidates.

Comments

MButcho – Proportional to lowest nodes doesn’t seem right. Should be percentage arranged.

Who will manage the voting? Should votes all expire at the same time – who will re-vote the 1 million ELA at such a point? How many days were they voted for? Who is responsible? DAB?

DAB – The 1 million ELA is perfectly positioned to cover this. DAB works closely with tech teams to ensure the BPoS runs smoothly. How long the program lasts is not known.

2) ELK Proposal Update

• 6 month period for review is up and CR can decide to keep the LP or not after analyzing the data previously provided:
  • Current positions:
    • https://info.elk.finance/elastos/account/0xe1c72f3cad306daeaf745463add90e158213b482
    • https://info.elk.finance/elastos/account/0x6f820f0be61d437a226d7c49d238629ed1d54ae8
  • Dex stats: https://info.elk.finance/elastos/home
• Elk are developing more technology that works with the Circle CCTP USDC bridging. Eth and Avax only for now (from Circle), but the opportunities exist for Elk to bring this to other chains.

Comments

All council members agreed to leave LP in place.

3) Secure plan for BPoS consensus – Mbutcho

• There isn’t enough funds to support a standby system like this for the new BPoS consensus.
• It doesn’t work so it should be terminated.

Comment

Fakhul – A suggestion to create a new proposal for BPoS that allows the CRC Treasury Wallet (not Asset Wallet) to vote on emergency nodes to activate might be worthwhile. There is enough ELA in that wallet to activate them on short notice

(This is not a suggestion to use the asset wallet as that needs to be spent on proposals as they are approved. Future treasury wallet funds cannot be spent/swapped, but a way to use them to vote temporarily could be explored. Gelaxy team could build something.)

The only consideration is how much from the treasury could be used to stake in this circumstance – perhaps it should be 10% lower, as that is the amount that is sent to the asset wallet for new council terms?

4) Total reward and incentive proposal for next term Council node

• https://www.cyberrepublic.org/suggestion/644d72b4ff77e50078358bb5
• Main points:
  • Support running costs.
  • Encourage attendance.
  • Maintain enthusiasm.
  • Worth considering for a test.

Comments

MButcho – Attendance once a month is fine, it doesn’t have to be rigidly every other meeting.

Sash – The voting record is great, good proposals, good progress – lots to be proud of. An ask to join once a month is reasonable and will help align everyone even more.

5) Freeze some ELA addresses

•  Pushed to the next meeting.

Comments

AOB

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• MButcho – Elephant nodes are offline and won’t be coming back as they’re being shut down.
  • They are used for Light Wallet – Ledger hardware wallets so at the moment there is no Ledger Support.
  • Light Wallet hasn’t been updated for the longest time.
  • Something needs to be done about this.

ACTION ITEMS

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1.  MButcho – terminate standby proposal