Author Topic: DAC employees  (Read 6073 times)

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Offline Agent86

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I want to propose a way for a DAC to have ongoing funds to do development and promotion in a democratic way, without designating a specific portion in the beginning or begging the community for donations.

Just like DACs elect delegates to write blocks… DACs could also elect employees (such as paid developers).

How it works:
Right now every spent output is assigned to a delegate (for/against).
You could make it so every spent output assigns a desired inflation rate… e.g. 2% and designates (for or against) a key for a potential employee.

The median of all specified inflation rates is taken e.g. 2% and then the elected employee/employees are granted the power to issue new shares at a maximum rate of 2% per year (proportional also to the amount of stake supporting them).

If you don't think the community needs paid employees, you just set your vote to 0% inflation.  If more than 50% of the stake doesn't want employees with power to issue shares than there will be no employees (median inflation would be 0%). If someone says they want 100% inflation it doesn't matter because it takes the median.

Employees will be judged on how much money they use and how effectively they use it.  They will all need to maintain a public ledger of where the money goes if they want any credibility and they can be fired in a heartbeat.  They can only issue new shares slowly over time so they have no way to make a big money grab.

EDIT 6/18:  Voting method
The voting method for employees I propose to be "approval voting."  There are no down-votes and no restriction on how many different employees you can vote for using your stake.  Not voting for an employee indicates you do not support that employee.  Along with your vote for an employee you indicate an appropriate annual salary in bips (gets paid out daily).  Only an employee with over 50% support from the DAC will end up being paid.  Their salary is the median voted by stake (people who did not vote for the employee are included in the median as voting for a "0" salary).

Any "inactive stake" (no transactions for over 1 year and paid inactivity penalty) should be removed from the voting algorithm.
« Last Edit: June 18, 2014, 12:08:24 pm by Agent86 »