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ALGO RADIO EP 12: Decentralization on Algorand: xGov Roundtable
Recorded: Sept. 11, 2025 Duration: 1:05:00Space Recording
Short Summary
Algorand's Algoradio episode 12 unveils a structured grant program with 3 million algo allocated for funding innovative projects, emphasizing community engagement and transparent governance. The initiative includes detailed proposal processes and voting mechanisms, aiming to foster a thriving ecosystem.
Full Transcription
Thank you. Thank you. Welcome everyone.
I'm thinking about a video.
That's pretty much it. I'm not sure if anyone can hear me, but I cannot hear anything, so I'm going to...
We can hear you, Audrey. Go ahead.
Here we go. Awesome.
Welcome, everyone. Algoradio, episode 12.
We are talking decentralization on Algorand.
And we're going to go through the new XGOV proposal and Vol voter journey.
We have on the board today, co-hosting my partner in all things governance, Michele Treccani.
Michele, want to say hi to everyone?
Ciao a tutti. Hi, everyone.
And I will bring the other speakers of today on stage right now.
Here we go.
Fisherman, I'm adding you.
Kuzma, I'm adding you as well.
Simon, I'm inviting you.
Simon, I'm inviting you.
I saw Michael also here.
I'm inviting you.
And Dr. Urush, I'm adding you.
And Kyle sends his apology.
He was rugged by his ISPp so he unfortunately cannot join us tonight
all right let's let's let's kick this off um we have taken off here we also have
cosimo bassi here um cosimo do you want to say hello introduce yourself please
Cosimo Bassi here. Cosimo, do you want to say hello and introduce yourself, please?
Hi, everybody. I'm Cosimo. I help as a solution architect for the XCOV overall architecture
on-chain and off-chain. So, happy to take either technical question over the architecture
and the process.
Thanks, Cosmo. He is the architect.
From the council side, we have Simon Bellinger, our council chairman.
Simon, do you want to say hi?
Hey, everybody. Good to be here. Looking forward to this conversation. We also have Michael Chuang. Michael, want to say hi?
Okay, Michael is not on the speaker board at the moment.
Giamit Zoni, let's go over to you.
I think everybody knows you.
Hope everyone is doing good.
Okay.
I see that Urosh and Michael have popped out,
so I'll keep an eye out for them coming back on.
But let's kick this off.
We have a big agenda today.
We are here to talk about the new ex-gov platform, the proposer journey, and the voter journey.
So lots to cover in one hour.
to cover in one hour.
And let me start by talking about some of the basic rules
for the grants as we kick off this new platform.
We are still in beta.
We have launched in early this month. We have been collecting enrollments
from the block proposer community.
We have added the ability
for the reti pools to enroll
that went live last week.
So we are stretching it out,
this enrollment phase,
a little bit longer
so we can build up a healthy first cohort.
How this cohort is built, Cosimo is going to talk about that a little bit later in the call.
So we are hoping to start accepting proposals towards the end of this month.
All right, so let's go through the proposal journey.
What can you propose? So in this first
iteration, we are starting with proposals for retroactive grants only. So that means whatever
is that you want to get a grant for must be fully built and operational.
We are also starting with open source only. So we want to incentivize the community to think about what public goods do we need as
an ecosystem and hopefully get you building them.
And therefore, we need to have, you know, we want to see this ecosystem grow and having
our wonderful community of builders being a big part of this.
And so it has to be open source from the get-go
and it has to be registered with Electric Capital
because they look at the stats
and they are positive for the growth of the ecosystem.
We have three categories,
small, medium, and large.
So small grants cover anything from 2,500 algo to 25,000 algo. The medium category
go from 25,000 to 100,000 and the large category go from 100,000 to 200,000. These values can change
over time. We are starting with slightly smaller values in this category
because these smart contracts are brand new
and we just want to start slowly,
make sure everything works properly,
and then we can increase this as we go.
We have 3 million algo allocated for Q4 and Q1.
And we want to see the quality of the projects,
the grants that are dispersed.
And then we will evaluate towards the end of the year
what the budget for this program will be next year and moving forward.
year and moving forward okay so these are the basics and now how can you become a proposer
Okay, so these are the basics.
and make a proposal so to become a proposer you go to the xgov.algoran.co website and you
connect your wallet and you click on the get started button and you navigate to your profile
page and you click create a proposal and then you have to do your KYC first and that process is not
fully automated yet so when you do KYC you're going to get a link that will take you to the KYC provider page.
You will perform your KYC with them and then you will receive a confirmation from them.
And our legal team will inform myself and Michele, we're in charge of running the backend of this.
form myself and Michele.
We're in charge of running the backend of this.
And we will approve you in the system
once we get the green light from that.
And once you've been approved,
you can create your first proposal.
It's a super easy process.
There's a cost to create a proposal of 100 algo.
And also when you create a proposal, you pay an anti-spam deposit,
which is now set to 3% of the total ask of your grant.
So when you create a proposal, you have to pay your deposit fee and your anti-spam deposit, and you fill in the form.
And once the information is all good, you're ready to go, you just submit your transaction, and it automatically goes into the discussion phase.
and it automatically goes into the discussion phase.
The discussion phase lasts three weeks for all the proposal sizes.
And once the three weeks elapsed,
the proposal will have the option of submit the proposal for the voting phase.
If three weeks were not enough,
you want to discuss your proposal for a little bit longer. You can leave that open and you can submit the proposal for voting phase a little bit later.
The voting phase will last one week for the small and medium size proposals and two weeks for the large proposals.
for the large proposals.
Once the voting phase has elapsed,
if the proposal is approved,
there's a final terms and condition checks
that's done by the XCOV Council.
We're going to talk a little bit more
about that at the end.
And then if the proposal is non-compliant,
that anti-spam deposit is lashed.
If the proposal is compliant, then they will get the anti-spam deposit refunded,
and the funds that were approved will be dispersed.
If the proposal was rejected, they would just get their anti-spam
deposit back. Okay, so very simply, this is the whole life cycle of creating a proposal.
And I have written a guide for this on the forum. Once Michele starts talking about the voter
journey in a second, i will pin this here
for you guys so you can go and have a look a little bit later happy to take questions
about this otherwise we can move to the voter journey
okay i just quickly mention i think uh michael and rose got like kicked from the space adrian
if you could have they come back i will i will have a look while michele talks about the forward
journey thank you john perfect okay so uh essentially uh I'm going to cover the XGov experience from the voter's
point of view, right? Because we want to stress this is a full Web3 experience. You go to
the website and the website is just a UI for the interaction with the smart contract. So
in principle, you could renounce to the UI and interact with the smart contract.
This is the way that the voter will interact with the smart contract,
either with the UI or with the method codes. the ex-gov is what we think the highest level of engagement and interest in the in the algorithm
ecosystem and we measure its engagement by the blocks that he has produced within a particular
time frame and then Cosimo will talk about in detail later. So suppose that he has already
produced blocks and he wants to participate in this journey. So he has to sign up to this
process and currently it's five algo and probably soon after the grant phase will be open we are going to raise to
These algos are just needed for covering the operation.
It's not a way to get funding because it's very minimal and it's also like an anti-spam measure in order to have a minimum threshold of attention and commitment to this.
So you cannot spam with 10 or several hundreds of accounts just to be there.
You have essentially several ways to participate in consensus, and this has consequences in how you interact with the X-Corp.
So the easiest and the most, let's say, degen way is like solo staking.
So you participate with your own account, you set up a node, and so you are in full control of everything.
In this case, you sign up, you go to the web page, you sign up with your account, and you do all the process.
Also, in the case of delegated participation, like in Valar case that is the funds are still in your possession but you are
delegating the participation key to Valar or other equivalent protocols also in this case you have to
sign up with your own account and this is the usual way what we intend to be the usual way. The other way of participating in XCOV is also through RETI,
but in this sense. Suppose that you don't have enough ALGO to participate as a solo staker,
so suppose you have a thousand ALGO, so you contribute and you enter in a ready pool in a particular ready pool
in this case uh the the the burden the the operations must be initially set up by the ready owner okay so you as a user you don't have to do anything at the beginning so the ready owner
uh thanks to the ui that we have implemented at the RETI webpage, can sign up and be counted as a future ex-gov participant.
in pipeline in order to allow the final user to participate to express his opinion and then it
will be on the responsibility of the reti owner to collect aggregate and relay the devoting to the to
the final x-gov framework but from our perspective from the x-gov smart contract point of view
is the the account which is holding all the algos
and which is actually producing the blocks that are responsible for giving us the preferences
in voting.
Okay?
And so, once again, if you are a ready user, you cannot go with your personal account into the XCOV webpage because there you
won't be acknowledged as a legitimate voter because you are participating in
the consensus through the ready structure okay so Cosimo could you
please help us understanding how the voting weights are created
yeah sure so let me give you a bit of a context here so when we designed the architecture of
xco one of the goal that we tried to pursue was to try to push the architecture as far as we could on chain
and having a minimal trust assumption and trust model on the process,
meaning that we wanted really the Algorand Foundation to have the least footprint on the process.
Of course, the Algorand Foundation will be funding the program.
So this was the goal.
I'd say we have partially achieved this goal in this sense.
The architecture of the EXCOV program is made by a central XCOV registry what we call the XCOV registry which
is responsible for onboarding the user type that the other enemy can adjust described so
proposer and XCOV and being really the factory of the proposal smart contract and this is fully on chain.
So the first feature onboarding, creating proposal, and then there is the third component,
how to measure your voting power.
And so this is quite orthogonal to all these architecture, but that can be seen as a general architecture to
organize opinions vote so you can think of the registry and proposals as a general
on-chain machine to make votes now the rule on how uh what is your your power is another discussion. So when we defined the rule, we said since now the only thing that is incentivized in
Algorand is participating in consensus because we have no general governance, we have no
other things.
We thought that being a block proposer and stay committed as a block proposer for a long
time, so accumulating an history of proposed blocks
really shows some accountability on algorithm because you have stayed in you have proposed
blocks so you are running a node correctly you are showing up or maintaining your nose so somehow
you are um you you gain some some reputation you gain some reputation And so once we define the rule,
which is how to attribute your power,
the last missing step will be how to find a way on chain
to basically include your vote
and plug your vote into the voting machine
that I just described as a registry and proposal.
So we are not there yet in terms of fully decentralization, meaning that...
Oops, I think we have some problem.
Cosimo, it seems that you are connecting.
We cannot hear from you.
Okay. um okay
echo cosimo are you back can you guys hear me again yes yes now yes yeah yeah sorry my ex So I was saying, we have still not achieved fully on-chain automation on counting your vote automatically, your voting power automatically, but there are ideas of last step of back-end procedure to basically publish your voting power on proposal. But I want to say that we have defined a rule which
has been specified in an algorithm request for comment, ARC number 86, which 86 which define this rule and this rule is fully accountable which means that
everybody just having a copy of the Algorand ledger can really verify that
this is the voting power that I deserve so we basically organized the ex-gov in an ex-gov committee. An ex-gov committee is a group of ex-gov that meets two conditions.
They are block proposers and they are enrolled as ex-gov on the registry.
And I want to specify here that being a block proposer does not imply that you are an
incentivized block proposer so even though if you produce blocks with no incentive so if you are
participating in consensus just with one algo so below the threshold and you somehow are lucky
enough to propose a block we accept that block as a as a vote so we don't care
about the fact that you are being paid or not by the consensus incentive so this is just a clarification
so how uh the rules is very deterministic so it's just based on three parameters which is
based on three parameters which is the block at which the registry was created
and two time anchor that define the lives the validity of the each ex-gov
committee so the ex-gov committee will be renewed every millionth block. And you know that a millionth block in Algorand has a special role,
because it's the role that now defines the drop of the incentives,
and from now on will also define a new ex-gov committee.
So every millionth block there will be a decay of the consensus
incentive and the re-election of an ex-gov committee and the election proceeds as
i don't know the block uh 54 million which will be the first block of the election the the history of
block proposal is observed retroactively for three millions block back and so we
collect all these three million block proposal we discard all the block proposers that are not enrolled in the program.
So, for example, block reviews by the foundation are not counted in, block for, I don't know, protocol that never showed up are not counted in.
So, whoever is not interested in participating in XCOV, a although being a block proposer is not
included in the committee. Whoever has showed up and registered on the XCOV
registry then is taken into account and so each block will equal one vote and at
the end of the day your voting power will be a proxy of your historical position in consensus.
So the more blocks you propose the more voting power you have. And the process of renewing
the ex-gov committee is asynchronous with respect to the life cycle of the proposals.
Each ex-gov committee is identified uniquely by an hash, an hash of a data structure that is
described in the standard that I mentioned before. So if you guys want to build tools or verifiers that just verify uh what the selection is you can
you can do that so you can prove uh the algorithm foundation wrong if something uh happens so and i
encourage you also to do your math and and derive your own ex-gov committee and
actually verify that the hash that you obtain is the same that the algorithm
from the table. And so once this hash is uniquely formed, it is stamped on the
proposal and we know that at the proposal creation time, as soon as
the proposal is created, we attribute to the proposal an ex-gov committee
that will express the vote.
Now, this is, like I said,
the last single of off-chain bit
is reading the ledger and publishing these results on-chain.
There are maybe options and idea on how to do that
in a fully permissionless way.
So even eliminating this last backend bit,
we are not there yet.
I don't think this is now the highest priority
for the program.
We have other priority on usability,
on user experience, or tuning the process.
But this is something that is doable.
And I just want to add a last things on the difference
between the address that proposed the block
and the address that votes,
because I think there was some confusion so
if you are not actively producing blocks as a block proposer um
i mean it's it's if you want to enroll in the program you can but you are not going to collect
votes unless you start producing block so uh if you propose block or you are not going to collect votes unless you start producing block. So if
you propose block or you are participating in staking pools or LST
pools there are other processes to participate in XCOB and the
distinction between the XCOB address and the voting address is the one that
Michele mentioned. So we are looking the block proposed by the X,
what is declared by the X as an XCOB address.
We know that usually people tend to use, I don't know,
Ledger, hardware wallets.
So those kinds of addresses are not really suitable
for day by day operation, like voting on an UI.
That's why we try to decouple those things.
So you can, you have to enroll once
just with your real address that proposed block,
but you can appoint another address
to express vote form.
And that could be an address that I know you can easily control
I don't know on a pair of wallets just to participate on UI so the first intent of the
delegation was really user experience and usability but you can also think about delegating i don't know if you have a friend that is highly knowledgeable
about algorand and you want to delegate both to him you can do that so we can have literally a
delegation system a political system i i'm not suggesting this is the way you should do that but this is technically possible and the smart contract is
set it up in a way that the original xcov address can always revoke and change the delegated
address so if you have any other question i'm happy to take it
So if you have any other questions, I'm happy to take it.
Thanks, Cosimo.
Does anybody have a question regarding to the committee formation?
Right.
So just to recap, because now we're going to get to the most important part, which is voting and how it works.
But let's quickly recap.
So we covered the rules for the grants.
We covered the initial budget, the proposal steps, including the discussion phase and the voting phase.
We covered how to enroll and the different types of enrollment.
And we covered how the committee is aggregated.
And we also cover that we can include delegation in this process in the future.
So what's missing? How voting works.
And Michele, do you want to take us through that?
Sure, sure. So let's start with the with the current
situation so just to just to have the concrete numbers and work with them so as of now we have
two and two ninety eight or seven and remember let me check two8 because i just approved a ready pool 298 accounts which have signed up
for the process so as cosimo correctly stressed several times this is not enough this is
necessary but not sufficient because once we reach the 54th million block, we have to cross-check this initial set of accounts with the accounts which actually produce it.
That's why he stressed this part, because we are seeing currently some accounts which have signed up apparently for no reason.
In the sense that as of today, and we are at 53 million point five,
they have not generated any blocks.
So it could be that there is some misunderstanding.
So please spread the words that you have to both sign up
and be the one who is actually producing blocks.
So as of now, we have two hundred and eighty and ninety eight X-COVs.
We have not counted yet the number of blocks that they have produced.
But let's start with with an assumption, a realistic assumption.
So suppose that at the block fifty four million, we reach a very good number of five hundred
X-COVs, single accounts with a total voting power of two million, which is quite
optimistic, but we like to be optimistic.
This is the committee of the ex-govs who will vote on the grants that will be proposed.
Suppose that after the block 54 million, an interesting project asks for 70k grant okay so by looking at the table
in the documentation for the x-cov contract which i strongly suggest you to have a look because it
it has a nice table which summarizes all these parameters you can understand you can realize that this is a request will be in the medium bucket okay
this implies that as we said the discussion duration will be always three weeks the voting
duration will be one week and then there will be the quorums which are the numbers necessary to
which are the numbers necessary to approve this graph.
So in this case, for the medium bucket, we have a so-called quorum, simple quorum of 50% and a weighted quorum of 60%.
What does it mean?
implies that see if we have 500 XCOVs at least 50% of this 500 must be present
in the vote at that particular grant so 250 accounts must vote on this grant
proposal at the same time 60% of the total voting power must be present.
So, once again, if we have 2 million, this implies that 1.2 million votes, let's say, must be present at this voting session.
Remember that this implies that you can go there with a yes, with a no, or with an abstain.
you can go there with a yes with a no or with an abstain okay so after this condition this quorum
has been met we are going to check if the majority the pure majority of the people of the of the
weights sorry have voted yes so 50 plus one of the total voting power who has actually voted this grant must vote yes.
If all these three conditions are met, this grant will be approved, or better, it will
pass to the next step.
This is essentially the voting mechanism. From an ex-Gov point of view, you have this window
in which you have to go there and vote. Let's say that we suggest that if you don't have a view,
it's still better to participate and abstain.
If you think that there's something fishy, maybe it's better to completely not participate
to the boat.
That's the potential understanding.
What about... about, okay, I would say on our side, I think we have described the majority of the topics.
Any questions about the vote, the voting sessions? Okay, one thing, maybe it's useful. These
are votes are not suspended, right? So you have, let's say say i don't know 10 000 votes because you produce
10 000 blocks you can participate with this with your this your voting power to all the possible
grant proposals that are out since the beginning of this era of opening the grants.
So it's not that if you spend 10,000 votes in one particular grant,
you cannot vote to the other.
It's like your voting power, but forever or better,
until the next update of the committee, the ex-COV committee.
Last observation, we are updating the calculation every million blocks,
but with a rolling window.
This means that the change will be gradual, so it's quite impossible
that you will be kicked out unless you have stopped producing blocks
in the last 3 million blocks.
OK, if you have questions on this, please.
Anyone on the speaker board have questions?
I don't see any raised hands at the moment from the community.
Maybe I have another final observation. Sorry, Adri, because just came to mind.
Since we are introducing the X-Cov Council, in the last iteration with the X-Cov Council,
we have agreed on, I would say, a very useful practice that is the following.
Obviously, if you go into the documentation page of the
smart contract, you realize that we have we had to define a plethora of parameters, right?
The discussion duration for small, medium, large, the quorum for small, medium, large.
It's clear that it's quite a leap in the dark for us because we don't know the profile of the XCOV committee.
We don't know what will be the adoption.
So we started this with an iterative attitude.
So these are the initial parameters and we agreed with the XCOV council.
it's one of the best inputs from them that we are going to to revise these parameters
from i don't know monthly basis by looking at the activity and uh thanks to the to the nature
of the smart contract we can uh we can update these parameters in order to be more effective or
parameters in order to be more effective or be less prone to possible gaming.
That is the reasoning.
Andrei, please.
Yes, I think, yes, we, as I mentioned at the start, we're still in beta.
So that means all these parameters, everything can still be changed.
We really have to launch and see how the program will work,
how the usage will be, and we can adjust as we go.
Hopefully, by the end of the year, we can find our footing
and start 2026 with something that has already been tested in production.
All right.
So now we're going to give the floor to our wonderful council members who are going to
tell us a little bit about how they will approach the proposal review process,
because their main role as we launch this is to make sure that the proposals are aligned with the terms and conditions.
So once you voted for them, we can actually, and if they are approved, we can actually fund them.
So who from the council would like to take the floor first?
Go ahead, someone.
Yeah, I'll just take it away.
So, yeah, firstly, I just want to say to say like we have so many different counselors with
diverse backgrounds and you know unique insights that we should be able to give relevant feedback
during the entire process and you know this clearly shows when we had our conversations
with the foundation and the ex-cov team uh so yeah uh just to clarify because i think there is still
one misconception going around about the council and its role, like we don't have like this immense power.
Our role in this entire EXO process is fairly limited.
However, we'll do our best to have like a meaningful impact.
So, on to the question that Adri asked.
So, how will we review the proposals?
So our current plan, and this might change in the future,
is depending on how many proposals we will have,
we will be dealing with because we don't expect too many,
but you never know.
So current plan is to form an opinion as a group
and then give a joint statement slash recap
about each proposal.
However, if any of the council members, you know,
wishes to engage in discussions, to argue a certain topic, etc., they will, because we were voted in as individuals,
and, you know, we can all represent our own opinion if we want to.
So, yeah, that would be like just a brief overview
on how we'll be reviewing the proposals.
Thanks, Simon.
Anything else you guys want to add about the process, the proposal itself or?
or anyone?
Anyone?
Perhaps I can add
just on the aspect
so this is Sura speaking
from the last account
on the aspect of
the role of the council
which is at the end
just determining whether a proposal
that was already approved
also meets the terms and conditions set forth by the Algorand Foundation.
And if the council decides that it doesn't meet them, then we can block the proposal that already passed.
the council just to minimize such happenings for anyone that wants to apply for a proposal
to seek feedback from the council beforehand so that the community doesn't waste time
if a proposal is approved and in the end turns out that it doesn't meet the
terms and conditions of the program. And we as a group, as Simon said, will try to
publish our opinions on the proposals before the voting even begins.
Okay, thanks, that's a very good point. Because if at that stage, the proposal has been voted on, but then it's determined that it doesn't meet the terms and conditions, that's when the anti-spam deposit is slashed and the proposal does not get that back. That's the only time that happens. So it is good to, you can,
if you are a proposer and if you're thinking about, you know, you can discuss your proposal
even before you create it on the ex-gov platform, you can go on the forum, you can create the
discussion thread for your proposal ahead of time. You can bounce ideas with the community, ping the counselors,
ask for everyone's opinions.
And then once you have that formed,
you can check if the terms and conditions are met.
You can talk to everybody, to us all about this.
And then once you have gone through this pre-processing process,
you can then create your proposal knowing that you will tick all the boxes.
I think that would be a good way to approach this as we launch the program.
All right. Anyone else wants to make any comments? Any questions from the community? I don't see any hands up. Simon, yes, please.
Yeah. So if I might, just like my personal take on something. So if you're considering
applying for XCOF, you know, to get the funds uh don't hesitate just be among the
first ones because just looking at the you know at the quorums and you know the the percentages
needed uh you know to pass certain proposals it's gonna in my personal opinion obviously it's gonna
be beneficial to be among the first proposals being voted on because everybody will be still
you know fully engaged looking at at stuff, wishing to cast
their votes. And later on, this enthusiasm might drop and we might have issues with the quorums,
et cetera. So again, hopefully it won't happen. But if you're thinking about applying, you should
do so rather sooner than later.
to learn them later.
Mikhail and I have been thinking about something cool
that might keep people's attention, you know, there at all times.
So we'll see.
We'll see how that turns out.
Let's launch and, you know, observe how things go the first month or two,
and then we might we might
make an announcement about this right Michele yeah let's not say anything now
wait yeah yeah we really want to see how the process work before we start adding
any complexity to it as well yeah but we have surprises along the way
okay i i think we have also three questions in the
in extra so we could address them uh here if we if we can
answer together yes so i read them loud so three million algo per quarter six
billion total a question question from Trillion. I suppose that it is about the funding.
I think I touched upon this at the start. So we have three million algos that we're going to stretch along Q4 this year and Q1 next year.
Q4 this year and Q1 next year.
And we want to see the quality of the proposals
and what gets passed
before we can go back to our finance team.
Hi, Harpal.
And organize the budget for next year.
So $3 million for Q4 and Q1 in total.
And TBD for what's coming in 2026.
Yes, I will add that we have to justify the fact that we ask for more by looking at the quality
of the grants that we distribute. So I think it's fair to not commit to a huge quantity if we don't see how the process unfolds.
So I think it's a fair, an adult, let's say, attitude toward these new things that we don't
know how it would be.
Okay.
So, second question.
Will the retroactive requirement be in place for these two quarters?
Adri, please. Let's play this this game i make the question and you answer
yes we do retroactive only baby yeah exactly once again we start
easy and then we can add the complexity at
libitum so let's start with these things and
we can definitely go we
we want to go honestly we want to go we would like to be able to arrive at proactive and request for
for product kind of things but for the time being we we stick to retroactive okay next question. Is KYC kept private to foundation and council or public?
Oh, private. I think not even the council has access to KYC. And in the foundation,
only the legal team has access to it. Michele and I don't. So, once you do KYC, you will have
So once you do KYC, you will have the results posted to you, I think, at the end of the process.
And then our legal team needs to check and they will give us like an update once a day or something like that saying,
OK, wallets A, B, C, D have been KYC approved.
So we can go on the back end of the Xcode platform, look for those wallets and manually tick them approved.
And once that happens, the proposal,
when they go to their profile page,
they will see the button to actually submit
or create a proposal will be activated.
Yeah. KYC is really a compliance requirement. It's not something
that we some information that we use for other purposes. So it is handled like
compliance information. Yeah, also this new company that we've enrolled since I
think it was July this year, they are really good and we kept KYC really light.
So there's not a lot of information that is required.
Yep.
So next question,
where does the 3% anti-spam go if this is withheld?
It stays on the system.
It stays on the system. I think it goes to the part of the grants that are available.
Yeah, right. So any slashed amount is used to fund the XCOP treasury.
used to fund the the ex-cub treasury okay then next question what window of block
proposing will be considered in voting wait sorry you don't understand the question oh yeah it's
uh we have already responded is from 54 from 51 million to 54 million so we have to wait
let's say roughly speaking until September 22nd to have the 54 million block produced and then
from there we are going to make the calculation and then after that every millionth block we look at the previous three million blocks so same on the 55 55 56 and
so forth perfect exactly so if you want to do your own calculation you are already able to do
it right you go back and you look how many blocks we are proposed from 51 until now and this is
now and this is roughly speaking your voting power okay so next question but i think we have
already addressed it where does the council sit in the process uh yes address it so yes council
will check the terms and conditions make sure that it's all kosher. This is their only power for now.
I think Mikael and I have discussed this with you guys when we first started this
council process. We want the role of the council to evolve and we're going to work with this first
amazing council. I think the community did a great job voting this council in to see how, you know,
how, what else can they do in the future?
So lots of conversations to come,
but for now, just approving TNCs.
And guiding the discussion for.
Yes, thank you, Cosimo.
Yes, thank you, Cosimo.
Yes, okay, the questions are over on Exo.
Is there anyone with curiosity, suggestions?
John, maybe you asked a question before I started and I didn't understand properly.
You want to reiterate your question?
John Mitsuni, fisherman.
Did I ask the question?
No, I remember you talked before I started, but I don't remember.
I was just saying Michael and Eros can join. I remember you talked before I started, but I don't remember.
I was just saying Michael and Rose can join.
That was all.
Yep.
Okay.
Yeah, I'm here now.
Simon's hands raised.
Maybe he has a question.
Simon, please.
Oh, no, they're just ex-playing games playing games oh no no hands raised i didn't even see there was a hand raise access being really bad for me tonight
okay
so i have a question i'll ask this question to my colleagues and the council.
What kind of proposals would you like to see pull through?
Anything in particular that you think that the ecosystem needs that you would like to
see built or maintained?
Anyone?
I'll add just that I think seeing some public, some SDKs or some libraries
just to lower the friction for devs.
I'm trying to work on some mobile related ones, but yeah.
I think Larkin or um mark mentioned like
in the roadmap uh the unveiling of that that um that they're gonna have some like rfps or some
directions so that some people can build um what the com what they think community or the dev
community needs but um i'm waiting for to about that. We'll see where it goes.
Great one, Michael.
Yeah, I do think RFPs are required.
They are on the roadmap.
We will launch this.
We will see how things, you know, kick off, and then we're going to put together a ex-gov
improvements roadmap that we can share with everyone.
So TBD.
Oros, you were going to say something just before Michael started?
Yeah.
So perhaps, personally, I'm looking for applications that are not yet available also on other chains.
So unique use cases, also broader beyond just financial applications
and for applications that build on existing products
that are already available on Alagrand,
for example, in privacy based on Argoplank and so forth.
So to really propel the ecosystem further by building new things and building on top of existing parts.
Excellent. I would love to see those as well.
I would love to see those as well.
If I may, it's something that would be useful, as we said,
for the ex-cov, that is the ability
to create on-chain and in a trustless way
the cohort of ex-covs, which is essentially the least
of the block producer in the past.
Obviously, it is needed by the XCOV framework
because we have built everything on top of it.
But I think that it could be an interesting starting point
point for other kind of products like the airdrops if you if you want to have airdrops
for other kinds of products, like the airdrops.
this is a very direct and trustless way to have a list of the most important accounts in the last
three months so from there you could you could build the other other. So I think it could be useful.
Thanks, Michele.
Simon, you have something?
Yeah, so like me personally, I'm more basic. I will be supporting every project that applies
that actually has users that are actively using
whatever solution they provide.
And the open source requirement is they are just more for a safeguard.
So that even if something weird happens, you know, community can still
pick up the project and keep it going. That's my take on this.
Yeah, that's a great take. And on the open source as well,
one thing that we didn't mention is that
the whole xGov repo is open sourced.
So you can, if you're a dev, you can go have a look, you can contribute to it.
There's on the forum at the governance and XGgov user guides section,
there's a post that introduces ex-gov and there's links to the repo,
to the bug bounty,
to the contribution rules.
So please check it out.
It's important that you guys run with it.
That's one of the reasons why we want to incentivize open source.
We want the community to contribute to what we do as well.
So as Michele said,
we'd love to see the cohort making product builds
and supported by our wonderful community via grants. So please have a look.
Right, Kelly? Yes, and as Simon said, the first you arrive there, the more chances will be that you
you will get approved and suppose that we have a high success.
At some point, the funds will be finished.
So hurry up.
Well, that will mean if we approve a lot of really amazing products,
it will be very easy to go to our finance team
and ask for a good budget for
2026.
You're welcome.
Cosimo, please.
Yeah, thanks.
So from my side, I think this XCOP release has taken a bit long, but we are finally there.
So I'm happy to see how it played out and I think at the end
of the day this is about being on the same ecosystem together from foundation from community
from Mexico Council everybody building something for an infrastructure that we care about in which every one of us has invested passion time energy
resources and and so i hope for the first time since we have this retroactive and open source
requirement for now to see really kind of great public goods being funded in the in the
ecosystem and i really look forward to see the creativity unleashed and i hope the engagement
stay stays high so this is also a social experiment of course because we are building in the open
the infrastructure is open and so it's really interesting also from a social standpoint to see
for example how a public vote goes on or what are the opinions what are the debates and i think
What are the opinions? What are the debates?
And I think the result will be net net positive
because fostering open discussion, public votes, opinions,
I think will naturally put positive energy in the ecosystem.
And I think we all need this kind of positive energy injection.
Yes, we do. All right, I think we are at time.
Thank you all so much for joining.
Thank you to all our speakers and all the community members who are here with us live
today.
We keep an eye out for the 54th million block oh sorry yes and because when that
happens like that either on the day or the day after the proposals will be
open so that is the day for us
us be ready with your grand proposal and shoot it yes all right go read the go read the user guides
on the forum uh ask questions if you have any uh i'm always lurking around there and always happy
to to engage and answer questions as they come.
All right.
Thanks everybody.
Uh, we'll see you at the next one.
Bye.
Thank you guys for being here.
Ciao, ciao. Thank you.
