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Offline toast

DNS dev fund - backpay and future transparency
« on: October 04, 2014, 10:57:17 PM »

Here is how the dev fund was "spent" when I offered DNS backpay to early supporters / investors:

https://docs.google.com/spreadsheet/ccc?key=0AjWEvwFB1BZ7dHlRMFFlRHVvM21XU3pqS2NoSUFqWWc&usp=drive_web#gid=0

In addition, 5% (1% of initial allocation / 0.5% of max allocation) of the dev fund was sold for $20k (the dollars have not all been spent and will be used for anything that does not accept DNS). Those 50m DNS will be held for 6 months and then sent to Bo Shen who will split this stake among the early investors who pooled the $20k. These investors are mostly influential BTS community members from the Eastern side.

AGS that was for Keyhotee was claimed for the dev fund - sorry founders, AGS wasn't part of the promise until after keyhotee drive ended, and the AGS day 0 keyhotee thing is a completely broken model.

This leaves us at 958,016,700 DNS in the dev fund.

I'm first to acknowledge that "toast secretly decides" is not the best way to spend these dev funds and that so far I have been "overspending" relative to the DAC's optimistic projection of its own shares. So here are some steps towards better process:

* Inflation will be favored for anything that is not a large infusion of capital or a "strategic partnership".
* Dev funds will not be sold without public notice.
* In the next release I will put source locks on each of the remaining 4 dev keys (200m a piece) - this is an additional check on spending power which requires delegates to approve a hard fork which unlocks these.

Glad to hear concerns and suggestions.
« Last Edit: October 04, 2014, 11:00:52 PM by toast »
Do not use this post as information for making any important decisions. The only agreements I ever make are informal and non-binding. Take the same precautions as when dealing with a compromised account, scammer, sockpuppet, etc.

Online Shentist

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Re: DNS dev fund - backpay and future transparency
« Reply #1 on: October 05, 2014, 08:43:36 AM »
transparency it asking the community is always a good way to move forward.

don't look to much to the left and right, it is your project.

Offline fuzzy

Re: DNS dev fund - backpay and future transparency
« Reply #2 on: October 05, 2014, 11:11:54 AM »
Eventually the Voting DAC might make spending your funds a whole lot easier too. 
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Offline testz

Re: DNS dev fund - backpay and future transparency
« Reply #4 on: October 05, 2014, 07:59:27 PM »

Offline ripplexiaoshan

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Re: DNS dev fund - backpay and future transparency
« Reply #5 on: October 05, 2014, 08:04:53 PM »
Very clear, we all love you +5%, and we will love you more if all expected functions of DNS can be realized. :D
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