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
- 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.
- 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.
- Worst case outcome
- One or more council members absconds with their 0.14 ETH (the $500 long con scenario).
- Success criteria
- Money flows from Numerai => Council, then Council => Community as viciously as possible.
- Funding required, if any.
- 1.122549034 ETH