2018-0005: Reward Structure Adjustment to Make a Community Fund

[ellaismer]

(Rendered)

Adjustment in reward structure to make a community fund (not a devfee), and still continuing with the principles of Ella of being pure.

[stevemulligan]

I haven't been motivated to dig into this myself since I'm not a fan of exchanges and I expect this funds primary use will be for paying listing fees.

I don't mind paying for servers out of my own pocket or donating time when the people that benefit are part of the community. People at the exchange will take our listing fees and make money using the network that we maintain. So my personal time and cash isn't just going to the community anymore, it's also going to support exchanges that will make money of every ella trade. This happens now but it's tolerable because the number of exchanges are small. As the number of exchanges grow I may begrudgingly ask for a small percentage of the server fees that I pay (wiki & wallet) as a matter of principle. This desire would be somewhat mitigated with promotion in the education sector like was mentioned in the suggestion section.

I think the specifications remain true to the core principles that drove me to ella in the first place. I do think we should post a sale schedule so we are transparent about exactly how much and how often we will be converting to exchange fees. Will it be an ongoing process where we sell x per month, or will we try to sell a large block when we are offered a listing. Who will manage the funds during the sale after they are removed from the community wallet. At this point it would be a single entity which makes me nervous. It would be nice to offer formal OTC purchase of ELLA for BTC to defer selling on exchanges for say 0.5% below current market average for instance.

[D-TAU]

As I know ella has dev fund addresses (dev and fund ) for donation. Or is it something else? Can you provide more information about new Reward Structure Adjustment ?

[sc0rp1on]

@stevemulligan I think the funds should mostly be used in development and not the listings in major way, unless the community decides otherwise. Also, it will be a matter of consensus of where the funds will be used. The important part is to have funds first. My motivation to start this was to make ella self sufficient have funds for the projects and marketing essentially.
@D-TAU This is different from the funds we have, please go through the EIP, it is self explanatory. (click "rendered")

[D-TAU]

@sc0rp1on thank you

1. Also Ella community has own dev pool.
2. Does this not contradict the principle "No mandatory dev fee" ?

[sc0rp1on]

@D-TAU, No as this is not a devfee. This fund will be completely controlled by the community as the community will be able to elect the people controlling the funds and the funds will only be released with a 51% consent of the controlling entities(9 to 15 people from the community). These funds will be used in different fields and not specifically to pay the dev

[stevemulligan]

It does contradict the no dev fee in my opinion (community fee, block fee whatever you want to call it) but that isn't one of the things that attracted me. Other people might feel strongly about not having fees. The points @sc0rp1on makes about what the dev pool has collected with 1% vs how much could be collected over a year makes bounties on projects much more feasible. Plus the way it's being proposed to be managed is transparent and open and anyone in the community can participate which is different than normal 'dev fees' you hear about.

My only concern is how to avoid a single person holding it to convert to BTC. Is there an atomic swap service we could use with a BTC multisig wallet? If we have to use exchanges will there be regular scheduled trades to BTC so we don't have to dump a large amount in 1 shot?

[stevemulligan]

There should be a formal spec for this community wallet which also includes how often to review # of signers. We need to eliminate signers that aren't around or who lose their keys. With 9 of 15 signers needed 7 people could lock the funds, either due to not being able to sign, or to intentionally lock the funds. And if the community is large enough to add more signers, how often will the number of wallet signers be increased?

[ghost]

This issue should be closed now, as there is no interest in implementing a fee to mined blocks.