[Proposal] Allocate 1.123 ETH to reimburse multi-sig setup and prepay gas costs for each Elder

Council of Elders
1
  1. Proposal

  • This is a proposal to allocate 1 ETH from the Council of Elders treasury to be split evenly amongst the 7 Elders to pay upfront for the gas costs to use the wallet. A test transaction at current gas prices cost approximately 0.0125 ETH. 1 ETH / 0.0125 ETH per transaction / 7 Elders = 11 transactions per Elder. It would cost one transaction per elder to perform this proposed transfer of ETH so we would effectively be prepaying for 10 transactions each. When we make decisions using the multi-sig, only the one person making the deciding 4th vote ends up paying for the transaction so we can internally balance who casts the deciding votes based on who has used up their initial disbursement. So this should last us a while, possibly a whole term’s worth of transactions. Since we haven’t proposed anything on compensation, this proposal will include an informal agreement to repay any of this gas money back to the council wallet if there’s any left over once our term on the council ends. But there won’t be any formal mechanism to enforce that in place yet.

  • Additionally, @jrai paid 0.122549034 ETH in setting up the multi-sig so this proposal will also include a transaction to reimburse those transaction

  1. Timeline
  • We would like a quick turnaround for the public comment period on this one so that we can get started as quickly as possible. I would suggest that we take comments for at least 24 hours on any proposal that involves funds though. The execution of this proposal can happen quickly after the comment period, dependent on when Numerai provides the initial funding to the council wallet.
  1. Best case outcome
  • This funding will allow the council to work more quickly without any financial barrier to involvement for all 7 Elders. It will ensure equality of participation in the decision making process with in the Council.
  1. Worst case outcome
  • One or more council members absconds with their 0.14 ETH (the $500 long con scenario).
  1. Success criteria
  • Money flows from Numerai => Council, then Council => Community as viciously as possible.
  1. Funding required, if any.
  • 1.122549034 ETH
2 Likes
2
How would you rate this proposal?
  • Very strong
  • Somewhat strong
  • Somewhat poor
  • Very poor
  • Unclear, needs more development

0 voters

3

totally, yes. I think this is a great proposal.

4

Does the treasury contain ETH or NMR? Is the process to trade NMR for ETH and then distribute the proceeds?

5

Perhaps the vote result should not be revealed until after polling is closed. After I voted, I can see the result and change my vote.

6

Currently the treasury is empty, but Richard suggested that they would donate both ETH and NMR to get things started. You can see the wallet here: https://etherscan.io/address/0xF58B7c28DAF13926329ef0c74FA3f7258f5A9131
The first test transaction we did was to send the remaining ETH back to jrAI that he put in initially to do the setup transactions.
I think being able to see the results and change your vote is fine. I don’t see the need for secret ballots since this is the part of the process where we would gather public feedback. Discussion and disagreement on proposals will be welcome and encouraged.

7

Agree.

My only concern was manipulation.

8

Meta: isn’t 24 hours a too small time window? I would suggest agreeing formally on a fixed time span in which each proposal should be discussed before voted on.

9

We figured that the waiting period should probably vary depending on the value of the proposal and how controversial it might be. In this case, since Numerai didn’t put the funds into the wallet for a while anyway, it ended up being a 10-day waiting period.

Now we’ll be moving forward with the CoE voting on the transactions laid out in the proposal. For transparency, this is the process that I laid out in our discussions with the other CoE members to at least get things rollings. We’ll keep iterating on this process if there’s feedback:

  1. I post in the forum and in the rocketChat that we’re moving forward with voting on the proposal. (I’m doing half of that right now, right here!)
  2. Any of us who would like the prepaid gas funds then creates their own transaction in the multi-sig wallet to send our own wallets the 0.14 (and jrAI will add more to repay himself for the gas he paid to set up the multi-sig as laid out in the proposal).
  3. Any 3 additional members of the CoE provide the additional confirmations for each of our own transactions, effectively completing the majority vote. Whoever’s the 4th confirmation will choose not to execute the transaction immediately however.
  4. Once there are 4 confirmations on our own transaction, we will execute the transaction ourselves. We’ll have to front the gas one more time before it’s immediately reimbursed.

After that, we’ll track our gas costs ourselves with the understanding that if any is left over after our time on the council is over, we’ll be expected to reimburse the CoE treasury any remaining gas money.

1 Like