Summary of Function X All-Hands Meeting on 19th August 2021

Thank you for those who have participating the first all-hands meeting via Twitter Spaces. Here is the brief summary:

  • Decentralization in the actual practice is a journey / road. What Function X is doing is to grow decentralization and it is not an easy task. We are ready for the next step.
  • To have a successful decentralization, Function X Foundation will facilitate and empower the community. We saw a lot of creative ideas (in forum) and hope to get it live with Ecosystem Genesis Fund (EGF) (or Incubator fund). The details can be checked on the August Hash Out. Let us know your feedback.
  • EGF is originally from the fund we’ve allocated in the Function X Concept Paper. 20% of the supply will be used as EGF. Over 99.9% is untouched and now it’s the time to deploy it with our community.
  • We have set up to several categories : Consumer (non-coding part, evangelism without coding involved) — Decentralized Marketing, Developer, Infrastructure service provider, financial service provider (to create trading platform, etc — we are planning to launch on chain exchange focused on perpetual derivatives market), emergency bridge reserves (for extreme market condition).
  • Incubation fund will be distributed in tranches (milestone-based). The proposal owner needs to have a vision.

How to apply for the grant?

  • From forum.functionx.io. For now, we will do the manual voting first while the auto snapshot will be launched in 3 months.
  • The usage of the fund is decided by the community. To initiate the community voting, 10,000 FX is required as the security deposit.
  • It is recommended to have a prototype to show the community, and after that, the project owner need to deposit to initiate the voting.
  • As a project owner, you will be required to publish your plan / proposal on Function X Forum. It is recommended to have 3–4weeks before the voting, so the community can get more information regarding to it. You can make the proposal better based on the community feedback.
  • A valid “yes” voting has to meet two criteria:
  1. Over 40% of the total delegated voting power participated in that voting session (“participation voting power”); and
  2. Over 66.67%(⅔) of the total participating voting power voted “yes” for the project.

By giving out the grants, it will make the ecosystem bigger. This is not the grants for you to get rich fast. It’s for growing the project, making it stronger and benefit to all FX users in a decentralized way.

It is recommended to apply for lower amount of the grants first. After successfully delivered the plan, applying for bigger one will be easier (already gained trust). For the ones who work for Function X or Pundi X, they need to apply for the grants also.

Decentralized marketing proposal

  • Objective: grow FX network and encourage community to create content and contribute for Function X.
  • The community members can also invite media, influencers. and more to increase the Function X exposure.
  • More information will be published and need community’s feedback regarding this.

Normally for other projects, they have allocation for teams/foundation/etc, but the usage of the fund is decided on the key personnel, instead of decentralized voting. This is not what we want, we want a decentralized way. Instead of the foundation deciding the usage of funds, we want to give this rights to all stakeholders.

Questions and feedback from the community

  • How to get the community engaged in the voting?
    Suggestion: add project voting on the Function X website, so the community will be aware. Function X wants to be the promoter of good projects. Function X will also use social media etc to promote the project so it can reach awareness of the community.
  • Foxcoin already submitted to http://forum.functionx.io. The 40% delegated voting power is the concern (too harsh). Zac mentioned that we can try in a while and review after that.
  • As a guide for prospective applicants, what sort of details should be contained in the project proposal?
    It’s detailed in the August Hash Out. There is no fixed format but you can provide as much detail as possible, so the community can get familiar with the project / plan.
  • Do we have any plan to invite creators (i.e from Youtube) to promote Function X?
    It is part of the Decentralized marketing. Community can facilitate one.

What do you think about our first All-hands Meeting in Twitter Spaces? Is it a good way for you to engage and participate? What can we do to make it better? Welcome to discuss and feedback at http://forum.functionx.io

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