Community Review & Fund Operations AMA
IOG Catalyst Team host an AMA to address questions the community has about their F10 Fund Operations proposal.
Fund Operations AMA
IOG Catalyst Team host an AMA to address questions the community has about their F10 Fund Operations proposal.
Participants
Nigel Hemsley - Head of Catalyst Governance
Kriss Baird - Product Manager - Catalyst
Daniel Ribar - Catalyst Community Manager (Facilitation)
Steven Johnston - Lead Architect - Catalyst
Links
F10 Catalyst Fund Operations proposal - https://cardano.ideascale.com/c/idea/...
Extended documentation - https://quality-assurance-dao.gitbook...
Issue Board for this proposal - https://github.com/orgs/Quality-Assur...
Timestamps (QADAO)
Timestamps (QADAO) ----------------
Introduction
Introduction - Daniel Ribar - 00:02
What if proposal not funded ?
What happens if the proposal does not get funded ? - Joey - 01:36
(Pause in Treasury ?)
Will be a pause during 1694 Hard Fork - Nigel Hemsley - 02:03
(Training of Cardano dReps, part of Bootstrap period design)
Competitive footing - 02:40
(Level of IOG Catalyst Team competency, development of competition, first funding period challenge is continuity)
Will IOG funding stop ? - Joey - 03:49
Yes - Catalyst becomes self sustaining from Cardano - Nigel Hemsley - 04:13
(Fund operation funded same way as projects)
Operations Challenge Strategy
Operations Challenge Strategy - Tevo - 04:31
Existing operation needs to know what funding looks like over 1 year - Nigel Hemsley - 05:28
(Operation or business ?)
(Constrained by funding rules to apply in 1 fund)
(Set out reasonable costs of 3% per fund)
(NB - Total F10 Budget = 50m ADA - 3% =1.5m ADA)
(NB - Total Cost per Fund Period of 4 months: ₳2,140,000 )
Pitch for a year - to scale up takes time - 06:30
(Annual review position is reasonable)
Why not describe that situation in the Challenge setting ? - Tevo - 07:07
Could have been an oversight - Nigel - 07:17
(Level of detail demonstrates transparency)
(Never going to get it perfect)(Identifying improvements)
Benefit of hindsight - Daniel - 07:54
(Challenge stipulates annual plan)
(Challenge tied to single funding round)
(In hindsight a clearer description that levels the Challenge more)
New funding situation
Kudos to 9 fund operation - Thorsten - 10:04
New funding situation - Thorsten - 10:36
(No level playing field)
Assume that everyone is working hard - Thorsten - 11:03
(Everyone has to pitch in a proposal the same way) (No guarantee of payoff)
Using stage of main Town Hall - Thorsten - 11:31
(incumbent advantage)(F10 handover not realistically possible)
Not a collaborative approach to say if proposal not funded "its all over" - Thorsten - 12:03
(If you do not vote for us you walk into uncertainty)
Other people do not have the same stage - Thorsten - 12:25
(Do not "blackmail" the community)
Consensus on success of Catalyst - Thorsten - 12:44
(Open up operations to the community )
F11 and F12 opportunities - Thorsten - 13:10
Cannot answer all of that - Nigel - 13:29
(Transition from "free" to funded service)(to a successful business)
IOG will ask why do this for free - Nigel - 13:58
Inclusion - setup already includes community suppliers - Nigel - 14:18
CIP 1694 direction - Nigel - 14:53
(Sustainable & secure treasury access)
Difficult for people to compete - Nigel - 15:08
(Definitely something people can compete with)
NB - Contradiction (Requires similar competency to Catalyst)
Achieve competition over next year - Nigel - 15:38
Carving up Catalyst - Nigel - 15:50
Catalyst Team want to run operations for other chains - Nigel - 16:02
Need for continuity in F10
Need for continuity in F10 - Thorsten - 16:10
Leveling playing field in F11 & F12 - Thorsten - 16:40
A year to achieve that - Nigel - 16:53
Stability more important than change - Thorsten - 17:01
Importance of a commitment to enabling competition - Thorsten - 17:24
Make a category in F11 to train people up - Nigel - 17:47
Upcoming F11 categorization workshops - Daniel - 18:05
(4 workshops planned)
Cooperation and co-building in the Catalyst Systems Improvement Challenge - Daniel - 18:36
Meaningful collaboration
Meaningful collaboration in Catalyst Systems Improvements - Steven Johnson - 19:43
How to approach assessment stage ? - Jorge - 22:20
Do not be afraid to voice your opinions - Daniel - 23:07
Accountability, Metrics
50 million in a single transaction - Lloyd - 24:03
Catalyst Operations proposal step in right direction - Lloyd - 24:47
(Accountability, Metrics)
Voting for 150 million ADA being returned to the community - Lloyd - 25:20
(Alternatives too risky)
Vote of confidence - Lloyd - 25:50
Internal disagreement on timing of F10 - Nigel - 26:09
Community decides whether they want 3 funds in next year - Nigel - 26:24
3 questions
3 questions - Lloyd - 27:09
1 - Will there be a Voltaire vote for Catalyst ?
1 - Will there be a Voltaire vote for Catalyst ? - Lloyd - 27:17
(As an additional step)
Allocate F10 then figure out the other funding rounds - Nigel - 27:35
CIP-1694 Bootstrap period - Nigel - 27:54
(Might have to download 2 funds in 1 round)
Uncertainty going into Voltaire - Lloyd - 28:39
(Work through as Voltaire progresses)
2 - Building competition
2 - When will next years competition take place ? - Lloyd - 28:57
(Building competition)(Any leeway ?)
Any operator should have minimum year funding - Nigel - 29:26
Next proposal category may specify handover - Nigel - 29:42
Categorical elements, breaking things up - Lloyd - 30:12
3 - Funding of Working groups
3 - Funding of Working groups ? - Lloyd - 30:39
(Planned for F11 ?)
Build out from basic infrastructure - Kriss Baird - 31:23
Structural transition plan ?
Structural transition plan ? - Stephen W - 32:49
1 - Legal Clarity / 2 - Catalyst Funding Vehicle & Team / 3 - Service Level Agreement - 33:17
(Risk assessment on transition ?)
Draw down a fund to hold in a legal vehicle - Nigel - 33:58
(only one beneficiary = Cardano community)(avoid small treasury withdrawals)
Contractual separation based on proposal acceptance ? - Stephen W - 34:33
Client account analogy - Nigel - 34:50
(Asset management)(Money only used to fund Catalyst innovation)(Smoother operational setup)
Who drafts service level agreement ?
Who will draft service level agreement ? - Stephen W - 36:15
Legal counsel will require degree of independence - Nigel - 36:23
(Dependent on jurisdiction of where Catalyst Trust is setup)
Risk assessment ?
Risk assessment for the transition ? - Stephen W - 36:36
Only in the way we manage operations currently - Nigel - 36:43
(Nothing special in terms of risk assessment)
Currency risk ?
Currency risk ? - Stephen W - 37:12
(Fallback plans for delivery ?)
Same currency risk as everyone - Nigel - 37:24
(Managing upside and downside)(draw down from Catalyst Development Trust)
Use of any surplus profit ? - Stephen W - 38:06
Re calibrate the next fund - Nigel - 38:14
Next 12 months ?
Most important thing to work on in the next 12 months ? - Simon - 39:32
Consistent funding - Nigel - 40:12
Cross over with CIP 1694 funding - 40:48
(Funding from other VCs)
Improve community interaction - 41:20
(Community involvement in fund operations)
Sustaining grassroots networks - Daniel - 42:00
(Deterioration of grassroots community over last 6 months)(Volunteering is expensive)
Lowering barriers to entry - Steven - 45:04
(accessibility of technology stack)(sustainability of services)
Assembly line analogy - Joey - 46:27
Confidence in funding - 47:25
Replacement of Ideascale - 48:03
Assistance with testing - Nigel - 49:05
Recruit from community - Steven - 49:38
(partners in process)
Will milestone process apply ?
Will milestone process apply ? - Thorsten - 50:55
Independent oversight of milestones - Daniel - 51:28
(IOG sense checking role)(Long process)
Contingency for expansion ?
Contingency for expansion ? - Thorsten - 54:10
Evaluate and respond - Nigel - 55:16
(NB - Agile approach)
Evaluate and respond if bigger operation required - Nigel - 55:16
Data Licensing
Data Licensing - Darlington - 56:37
Open Source solution - Nigel - 57:46
Encrypted data - Darlington - 58:05
GDPR Limits - Steven - 58:31
(Email address registration causes GDPR responsibilities)(Wallet registration sought in the future).
(Avoiding custody of data also reason to exit Ideascale)
Data liabilities - Daniel - 1:00:12
Interoperability of data - Steven - 1:02:25
Short term concerns - Darlington - 1:03:37
Catalyst System Improvement context - Steven - 1:04:21
Operational fiduciary detail - Darlington - 1:04:47
We can look into that - Nigel - 1:05:24
Open community involvement in process- Darlington - 1:08:01
Decentralised authorsation - Steven - 1:09:05
(Role based access control)
Decentralised UX - Steven - 1:14:10
Co-creation not in milestones ?- Darlington - 1:15:45
Data migration - Steven - 1:17:49
Category scoping workshops
Category scoping workshops - Quasar - 1:19:49
4 biweekly workshops - Daniel - 1:21:14
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