19 July 2023 / 09:00-11:00AM (UTC-5)

ATTENDEES

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

Secretariat: Cassie, Greg

ABSENTEES

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AGENDA

Airdrop ELA to incentivize KYC users
Developers Incentive Program

REPORTS

1) Airdrop ELA to incentivize KYC users (Bocheng)

DID users combine official IRL credentials with on-chain DIDs
KYC integrations work has now been done
Now we need DID users to test and use the service for:
- Suggestions/feedback/improvements
And prior to promotion to the wider Web3 world
1000-2000 ELA should be sufficient to reward each “beta tester” user with 1 or 2 ELA for doing KYC

Comments

Bocheng – The only point is to incentivise a group of testers to improve the service. The DID is not just a string – it’s a real person. Once the KYC can add credibility to the DID it is more valuable. DeFi partners can benefit from this.

Greg (for Elation) – Beta-testing is the goal here. If the suggestion can be specified as this, with clear parameters for participants then the community can see the value it brings to the progress of the DID evolution.

MButcho – How many testers are needed?

Bocheng – 700 testers minimum, 1000 ideally. This is because the diversity of testers is important to fully explore the product. 1-2 ELA should be enough to get them to play.

Greg (for Elation) – Elevation team members have some experience of running campaigns to collect users for XP points for actually very reasonable/small rewards. If Bocheng wants the help then we can offer some assistance with setting things up that might help (https://zealy.io/ galxe.com etc.)

MButcho – 1000 testers is unlikely, especially with the data storage questions on those servers.

Elation – Regarding the KYC for 1-2 ELA I am skeptical it would result in take up as the amount may not be a large enough incentive to convince users to KYC themselves.

2) Developers Incentive Program (Bocheng)

Make the fees 0.01ELA per tx
Gas costs are very low on ESC
Using 50% of the gas fee to incentivise developers to build on ESC.
Profit share gas fees between projects and chain

Comments

Sash – to clarify, the CRC nodes collect these gas fees so will need a mechanism to reward projects that are accruing the fees from activity.

Bocheng – ESC gas fees do go to the CRC nodes. A manual solution to distribute these reward would need to be arranged.

Sash – ESC being cheap is a benefit, but perhaps it is too cheap. 0.01 feels like a huge increase – when one of the main benefits of ESC is the low cost for fees, to increase them without an increase in opportunities on-chain might be destructive not constructive.
However, it is also possible that the CRC can build a revenue source from this fee increase to pay for incentives to the community. On-chain activity needs to be considerably higher for this to be practicable though.
We also have to be careful that it can’t be exploited in some way by projects looking to cash in on the incentives somehow.

Bocheng – Systems would need to be built to protect against this. A more robust solution would need to be considered.

Sash – In general I agree. It is too cheap today. But we are early in the ecosystem’s growth. With the bull we will see ELA rise in value and with it the price per tx will also rise. 0.01 is high, even at 1.3 USD ELA, keeping the price to under 1c per tx is worth maintaining while we are trying to attract users and projects.

Bocheng – Gas costs will be changed following consensus. Automatically.
We have a small community and urgently need a way to entice others.

Elation – The Growth Team is preparing an accelerator campaign (Destiny Calling) which would benefit from an ongoing profit share situation that fee cost increases and shared distribution can provide. Therefore making this part of a wider and larger campaign/strategy is the best course of action for this.
The ongoing nature of this idea is a strong aspect and we’d definitely like to discuss this further.

Bocheng – We can certainly discuss this and find the best solution for ESC growth.

AOB

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ACTION ITEMS

Elavation and Bocheng to discuss ESC fee sharing idea as part of a wider campaign but with an ongoing future to continue supporting and incentivising successful on-chain Elastos protocols. (Completed)