Update:
Our law firm needs the names of the Board of Directors to complete the KYC process.
I have updated the budget to decrease costs ~$5,000 by cutting down the Board of Directors to 3 total with a higher payout per member.
Question for the community…
Is there any interest from leading community members to serve as a Board Member or Supervisor for 1 year?
The Supervisor’s role is to manage the board of directors and ensure the foundation is run according to the constitution, by-laws, and any local laws. This is expected to take ~4 hours a month and be paid +/- 1M BSN for the year for this.
The Board of Directors guide the Foundation and are expected to spend 8 hours a month and to be paid +/- 2 to 3M BSN for the year for this.
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Update: To start with paying for the first year’s costs The Grants Council needs more BSN funding to be able to pay for the Foundation’s costs.
The legal team provided updated costs. Estimated costs for Years 2-3 were added as well. The low price of BSN is the largest issue with the DAO being able to fund the first year and be able to plan for years 2-3+. See the budget here.
The hope is that the upcoming demand for BSN from the new research shared, utility of BSN upgrade to earn ETH fees for the Treasury, and ecosystem growth with Restaking Cloud will lead to a smaller amount of BSN required for year 2 & 3.
A new Tally vote will be made to help fund the BSN Foundation and other initiatives currently in the works for the DAO.
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Update - Request for Help from the Community & Labs Team
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The Foundation needs support from the Blockswap Labs team and community to have 2-3 leaders added to the Board of Directors for the Foundation to be successful.
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Right now we don’t have anyone from the Labs team supporting and no one from the community willing to be KYC’ed and responsible for the Foundation legally (aka serving as Board of Directors).
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The Foundation also requires additional funding that is above the current Grants Council wallet, therefore support from @Blockswap_labs will be required to approve additional BSN to fund the ~$23,892 USD + 11M BSN first year costs and $13,798.06 USD + 22M BSN required for years 2 & 3.
If you’re interested in applying to serve as a Board of Director please reach out on Discord to @LootyBooty or myself @Kentphilly.
With community support we can launch the Foundation to enable the Blockswap DAO to operate as a traditional business with a bank account and funds to pay for growth in the community. I hope we can get there together.
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