21 June 2023 / 09:00-11:00AM (UTC-5)

ATTENDEES

Council: Bocheng, Elation Studios, Gelaxy, M&N, Strawberry Council, Sash, hwedini & 4HM3D, PG Bao, Rebecca, Song Sjun, Sai

Secretariat: Cassie, Greg

ABSENTEES

Tyrolee

AGENDA

  1. Brief self-introduction from all Council members (All)
  2. Tracking the functioning status of the CR Council nodes (Bocheng)
  3. CR Treasury update (Cassie)
  4. Multisig holders for CR asset (Fakhul)
  5. Elabox proposal (Nenchy)
  6. Elavation update (Fakhul)

REPORTS

1) Brief self-introduction from all Council members (All)

  • Details of a personal nature shared with the group:
    • Bocheng – Core engineer involved with blockchain amongst other elements of Elastos technologies.
    • Elation Studios – Fakhul, Leads Elastos Growth Team, CEO of CreDA. Previous attempts to make CR profitable was met by a lack of support from the council, some felt the CR should be a non-profit and so goes against our ethos to have a venture arm (this is not the case for most other chains FYI). Other blockchains generally have a foundation, DAO and commercial arm.
    • Gelaxy – Elastos blockchain team specialist.
    • M&N – Nenchy a business specialist, MButcho more technical, both have been part of the Elastos Guardians.
    • Strawberry Council – Node runner and longtime Elastos community member. Strawberry Council supports ideas for foundation/venture arm.. Many successful projects (Solana, Cardano, etc.)  likely would not have gotten nearly as far as they have during the last Bull without venture capital to assist with developing/promoting the ecosystem.
    • Sash – Elastos Guardian, Former Orchard team member and founder of Elacity.
    • hwedini & 4HM3D– Community mods and ardent supporters of Elastos with banking background. A lot other chains have such a venture/investment arm.
    • PG Bao – FilDA, Manhattan fund CEO. 
    • Rebecca – Product team for Elastos and previous CR member and Secretariat General. I support what Fakhul said. We are not a NGO, we need to make profit and survive.
    • Song Sjun – FilDA, ShadowTokens Bridge are his creations and he’s always seeking to find innovations to help Elastos grow more.
    • Sai – Made a clear case for CR as an investment arm and to use successful DAOs/products as inspiration for what works and how we can replicate this. CR can be for-profit.

Comments

MButcho – The only concern is the SEC for now. But with so low MC Elastos has, I don’t think we have a target on our back and I’m not sure whether the US is our major target anyway.

Fakhul – I think our SEC risk goes away once we leave the US. I am working on closing the DAO LLC and creating a new one (am thinking Switzerland or UAE but open to other suggestions). Considered HK but the EF are opening an entity there so no need to duplicate. 

The India market is very interesting, so it will be great if we can brainstorm on that, Sai, throughout this term.

2) Tracking the functioning status of the CR Council nodes (Bocheng)

  • CRC nodes are critical for ESC and EID as they are the validator set for these chains
  • How can these be properly secured by the individuals or providers (Gelaxy/Elasafe)?
  • Bocheng needs to know:
    • Do the nodes all meet the requirements for the 12 council nodes?
    • Can Fusion have RPC access to your nodes for monitoring purposes (RPCs)?

Comments

MButcho – Elasafe is running 3 nodes for council members. And can work with Bocheng to get the information he needs.

Hardening the security of the nodes is needed. Elasafe will set something up and share with Bocheng to help increase the security and reduce attack vectors for the CRC nodes.

Bocheng – Will provide documentation on how to set everything up in the best way possible alongside MButcho.

3) CR Treasury update (Cassie)

Redacted

4) Multisig holders for CR asset (Fakhul)

Redacted

5) Elabox proposal (Nenchy)

Redacted

6) Elavation update (Fakhul)

  • Some significant moves have occurred already: Alibaba, infrastructure additions (Witnet oracles, Bitstack), Celo and, finally, the market-led approach being undertaken by the growth team is now a sentiment shared by the EF.
  • Multichain bridge deployment was poised for rollout. During our due diligence process the Multichain team situation appeared to implode, with bridges going down across their product. Rumors abound still and no clarity from the team has been provided yet. At this point we will not be continuing the addition of Multichain as another bridge into Elastos.
  • Axelar self-service model is now the next major bridge we are pursuing.
    • Validator set needs to be determined. If we use the same number as CR nodes then 12 is affordable.
    • Just waiting to hear more details about the self-service model.
    • Cosmos-friendly too.

Comments

hwedini – Is it worth speaking to Chainge for bridging? DJ and Sunny have a relationship. DJ was a co-founder of Multichain.

Fakhul – Change needs liquidity. Where does this come from?

Sash – Apparently Essentials isn’t permitted to support Chainge. It’s an iOS thing (in-app browsers etc.)

AOB

  • N/A

ACTION ITEMS

  1. Bocheng to prepare documentation guidance for node owners.
  2. Multi-sig changes to be completed.
  3. Multi-sig wallets to have a “leader” decided upon for gathering signatures as needed.