Multisig Wallet for Oversight board managed Reserves

[dinpd]

We are taking the next step in the direction of accountability with Graft- specifically having the Reserves be managed by an oversight board. The plan is to start by setting up a multisig (4/7?) wallet with 50 million Grft - is that works for a test period, bump it up to the full balance less one quarter operating expenses and liabilities.

In order to set up a multisig wallet, we need to designate community key holders.
Please comment on this thread expressing your interest to become part of an oversight board and a key holder, stating your current and projected interest in the project and your background. (please attach your TG handle as well).
We will put the names to a vote before commencing.

*Keep in mind that you will need to run CLI client to be able to sign multisig transactions

[hardkano]

I will be interested in a future chair on the board. Right now, I'm too busy with job, university, family, etc. The university take all the spare time I had.

My interest in graft, since the beginning when I read the whitepaper back in January 2018, was the ability to be part of the payment industry and giving a new option of payment for customers. And the ability to receive payment in any way merchant desire.

I have a background fully loaded with many experiences. I started to work in the customers services in the early 2000s. I went to sales afterwards during college and started a business with someone right at the end of my courses in the circus entertainment. It lasted 5 years (2008-2013) and we ended it without any debt. It was a great experience and I'm still in good standing with my partner who we share meals few times a year. Now I work in accounting and I was on an employee benefits board for 5 years. I left for my university courses in computer science.

My TG tag @hardkano. I said my speech long before I will ask a vote to be part of the board but it will be already there 😉

[yidakee]

IMHO, this is a tremendous mistake. First you need to set up a legal entity that oversees this operation. People need to be legally accountable for this responsibility. There needs to be rules set in place for basic key management. Community member's identity needs to fully verified. All this is going to attract are opportunists and will invite those to self organise and collude.

I urge you to set up a Foundation first, with proper by-laws.

@dinpd you say

In order to set up a multisig wallet, we need to designate community key holders.

Who exactly is "we" ?
What is the procedure to designate?
What is the criteria to evaluate candidates?
What are the methods to establish the eligibility of candidates?
How will the voting happen?

FYI - I cannot be a candidate due to conflict of interest, nor would I volunteer. Sharing my views as I believe the order of events proposed is inverted.

You cannot just send over control of reserves to the community, to then be able to say "hey, it's a fully community project now, not my problem any more - thank you, bye, have fun".

To do it correctly, if not morally inclined, you need to protect the integrity of the project though a legal entity that can hold its participants accountable.

[dinpd]

We = the community, thus a call to nominations and voting process by the community afterwards. There also needs to be a process set up for booting a member and re-election.

A centralized organization to manage a decentralized blockchain, with one of the main purposes is to avoid government controls? In which jurisdiction? How will any disagreement get enforced? Via lawsuits? Who will pay tens of thousands of dollars to set it up? Why can’t the same structure be accomplished without setting up some fake “foundation” by just being completely transparent and open in the election and governance process?

[yidakee]

@dinpd - Lets not play the centralised card in this context please, and careful with the "avoid government controls", you never know where the SEC might be lurking.

A Nonprofit Organisation, also called a Charitable, or Foundation - can be set up with as little as $700 - That is what serious crypto project do and for a good reason - never for-profit, as their mission is curate the project, not gain from it.

Please have a read here as a primer - https://www.thebalancesmb.com/how-much-does-it-cost-to-start-a-nonprofit-organization-4779852

I don't understand the volte-face. One day you defend creating a Foundation, the other day you don't.

main purposes is to avoid government controls
Wait, so Graft is anti-government now? What happened to the government stable coin project you were in talks with which was going to be huge? Verifone is a rogue anti-government player? Woah, mind-blown

How will any disagreement get enforced?
by majority odd number of multi-sig

Via lawsuits - Not needed if you do it right, civil courts will do just fine at this level.

Who will pay tens of thousands of dollars to set it up? - Graft reserves. I'm sure no one will mind. $700'ish woth, plus little extra. You can still do it without going to 1 satoshi.

Why can’t the same structure be accomplished without setting up some fake “foundation” by just being completely transparent and open in the election and governance process?
Who said anything about "fake" - I totally mean totally legit, and law abiding!
This alternative you propose… it can't be done. You don't have the devs to code it, nor the social structure to manage such an utopian concept. You direly need the rule of law more than ever.