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Explore NDC & NEAR Governance
Recorded: Aug. 29, 2023 Duration: 0:51:49Space Recording
Full Transcription
Thank you so much for watching.
Thank you so much for watching.
Thank you so much for watching.
Thank you so much for joining us today.
Let's give another three minutes so everyone's here.
All right.
Let's get started.
Good morning, good afternoon, and good evening, everyone.
Thanks for joining us today.
I'm your host, Ang Linh.
I'm the Head of Growth from MetaLabVC.
So today, we're going to explore NDC and NIR governance.
First, I'll give a little background.
So NDC originally proposed by NIR co-founder Elia, and now it is an independent movement led
by the NIR community.
So the NDC set up what the community use on-chain voting to decide how funds are used,
ensuring fairness and responsibility.
And the upcoming V1 governance elections will create the foundation for these governing bodies
to work well and openly.
And also, don't forget, in just three days, the deadline for I Am Human and OG SBD registration
ends.
So today, we're excited to welcome Alex from Aurora Labs, Amos from Late Tech and MetaLab Ventures,
and Illuminti from NDC.
They'll discuss NIR governance and why we shall take upcoming NDC viva elections.
First, let's let our speakers quickly introduce themselves.
Illuminti, do you want to start first?
Yeah, sure.
Thank you for having me on here.
Hi, I'm Illuminti.
I look after operations and processes at the NDC, and I'm excited to tell everyone about
what we've been cooking.
Amos?
Hello, everyone.
My name is Amos.
I'm currently the managing partner at MetaWeb Ventures, and also the CEO of Late Tech.
I think a lot of you have been quite familiar with MetaWeb, so I'll make the intro quite
short.
But MetaWeb essentially is one of the primary ecosystem VC for NIR.
We founded in the beginning of last year and have raised about $30 million from NIR Foundation,
from Sequoia Capital, from JSR, Dragonflight, and more.
And currently, we actually have already deployed half of the money primarily into NIR ecosystem.
And in terms of Late Tech, it was actually previously called NIR Asia Hub.
We were the first regional hub for NIR.
And we built a community in China and started a community in Korea and Vietnam.
And obviously, all this community has been spun off from Late Tech, where our primary focus
at the moment, besides NDC, is also to help NIR to accelerate the ecosystem growth by incubating
a lot of the projects on NIR, providing them, you know, dev support, fundraising support,
marketing support, and so on.
So that's a not-so-short intro about myself and the companies that I founded.
Thank you, Amos.
Alex?
Hello, everybody.
This is Alex Syrchenko.
I'm the CEO of Aurora Labs, the company that is behind the development of the core pieces
of the Aurora ecosystem within the NIR ecosystem.
So Aurora protocol itself, or the Aurora smart contract, has been developed and maintained
by my team.
And also the Rainbow Bridge, pretty famous, probably pretty known to all of you, the bridge
between Ethereum and NIR blockchains.
They are one of the very few unhacked bridges.
And besides that, it is also a trustless and permissionless.
And yeah.
So that's a little bit about myself.
But here I am representing Aurora side of the NIR ecosystem.
And let's get into the governance topics.
Thank you, everyone.
Okay.
So let's dive right in.
So first question is for Illuminti.
As we are getting closer to the election dates, can you brief us what users could expect
in the near Constitution V1 and how the community members can get involved in this phase?
Yeah, sure.
So we're going to have elections very soon.
Let's just get off some key dates for everyone.
So, you know, as you mentioned earlier, the opportunity for people to get their I'm Human
SBTs and be able to vote closes off on September the 1st.
Same with the ability for OGs to get their OG SBTs and be able to run in the elections.
So, you know, what's around the corner?
On September 8th, we kick off the first inaugural elections of the NDC.
We will elect as a community the members to the three houses of governance.
So we can kickstart grassroots funding again in the ecosystem.
We've got a lot of exciting things going on.
And I'm happy to dive deeper into how the NDC works as we progress on the spaces.
Thank you, Illuminti, for the information.
So my next question is for everyone.
Why decentralized governments matters?
And why will NDC be impactful to the near ecosystem and even the broader Web3 community?
Amos, do you want to start first?
Sure.
I think decentralized governance matters because, you know, blockchain, it is a decentralized system frame.
From both, you know, since the early days of Bitcoin and Ethereum now to NIR and many other, you know,
obviously apps and ecosystem building on NIR, I think everyone's ultimate goal has always been decentralization.
Because crypto was actually and blockchain were actually built to solve, you know, the issues of a lot of the decentralization and centralized system in the world today.
And so that's one part.
I think switching back more to focus on the topic we were discussing today and why, you know, NDC and then building such a, you know, a large decentralized governance ecosystem on top of NIR matters.
Is because, you know, I think just stating from the original, you know, history of NIR back in the early days during the NIR token distribution.
If you go to NIR.org, the article is actually still there, right?
So approximately actually 40% of the token supply was designed to be allocated for, you know, community and various ecosystem initiatives.
But obviously, you know, due to the absence of like a decentralized framework back then at the beginning of the network launch, NIR foundation essentially assumed that the custody of the funds, right?
But that actually creates a couple of problems because on one hand, this is like a very centralized decision making process.
It creates, you know, lots of potential regulatory liability for NIR foundation and NIR protocol, of course.
And at the same time, because of this is also very not scalable, right?
Because, you know, there are lots of people trying to apply for grants, but NIR foundation just one entity.
So that's not efficient or necessarily the most effective way to distribute such a large amount of capital.
And more importantly, the long term goal for NIR has always been, you know, building like a whole decentralized Web3 economy.
So I think it is like in both like NIR's original mandate and in the post to return the funds to the growing community.
And recently, you know, NIR foundation also had this post about, you know, how they plan to continue to support the grassroots communities through NDC.
And there will actually be 15 million NIR advances to the NDC community treasury post a successful V1 election.
So I think it really matters and highly encourage everyone to participate just from the pure, you know, the sheer monetary amount of money in the form of NIR.
The NDC will actually be able to, you know, manage and all those, you know, money will eventually be used to empower the NIR community, right?
So if you as a NIR user, you want to have your voice heard, want to help NIR, you know, shape this ecosystem.
This is actually a very good chance for you to participate and get your voice, you know, heard and make some impact to the ecosystem.
So, yeah, so I think that's actually very important for NIR.
Moving into the details of these questions about the decentralized governance, I would like to, you know, take a little bit of philosophical, I would say, point of view.
If you will take a look at the decentralized systems that we have in the real life.
Yeah, then what to obviously see that there is this communities of people and because of some reason they decide that they are a single country.
And within these countries, there are some governance systems, because it is just extremely hard to listen to whatever, for example, 100 billion voices of people.
And because of this governance, governance evolved since the time when people were in just tribes.
And if you will take a look at the most efficient governance systems that lead to prosperous economies, growing economies and the most sustainable setup of these ecosystems of people or the countries.
And you will see that these setups are the democratic setups of the Western world.
And within such a system, anyone with some obviously requirements that needs to be fulfilled can can apply for some position in in one of the branches of the government.
Right. These branches, they do have ways to influence each other.
There is this separation of branches of governance that is installed by default in order to make sure that no one is going to have kind of too big impact on the whole community of the whole country.
So MDC, from my point of view, is a very, very straightforward way to move and how to move the blockchain governance into something that is closer to the normal, ordinary democracies of the Western world.
It is there.
It is there.
There is the separation of the branches of the governance.
It is not absolutely one to one the same as usually.
However, it can be iterated.
We can take a look at the results of the governance.
However, this is this is a path forward to the more democratic setup of the blockchains.
And this is also, from my point of view, is very, very important.
Because for the countries, the important thing that people are getting control over during in case they are, you know, politicians, they're gaining the control over the obviously laws that are created and implemented.
But besides that, they are governing the allocation of the tax money into different kind of public goods, right, public programs.
And by default in the blockchain, usually what we have is the some kind of allocation of money for the community initiatives, which can be, we can think of this money, the tax money,
money that the creators of the blockchain were already paying or they were allocated into the community treasury.
So from this point, these pieces are very, very aligned with the ordinary governance.
And an NDC is a way that allows you to implement this democratic kind of set of entry within a blockchain governance ecosystem.
And, you know, I love both of your responses around, you know, why governance matters.
I kind of want to focus on the, you know, the impact on the near ecosystem, the wider web through community.
I think that the biggest page we're turning here is that we're putting the community in the driving seat.
And that's very important when it comes to the way a variety of verticals in the ecosystem grow.
With a model like the NDC, we're able to put domain experts into positions where they can grow the verticals they've had the most experience around.
So, you know, I think the challenges with centralized systems is that you have to have a lot of generalists that can cover a lot of ground to understand how an ecosystem would grow.
But one of the core parts of the NDC's design, you know, with the number of seats we have, with the way the sub funding nodes work is that we really allow domain experts to be the decision makers when it comes to core decisions and their part of the ecosystem.
So I think, you know, we have the potential to drive a lot of ecosystem growth through the NDC.
And, you know, for the wider web through community, I hope we serve as a champion of decentralized, you know, grassroots funding and we're carrying out the largest experiment in in governance in Web3.
So I think, you know, I'd love for us to become the textbook example of how it's done right.
Thank you all for your insights.
So the next question is addressing to Alex and Amos.
How are you going to get involved in the NDC people and governance?
Amos?
Alex, you can start first.
Yeah, OK, sure.
So, first of all, Aurora being a major participant in the NEO ecosystem,
we have been promoting the NDC and the elections.
And as far, to my best knowledge, the people who were kind of connected through Aurora and were registering their SVT tokens through the Aurora sharing links,
we represent the number one amount or number one community in overall registrations in NDC.
So we have been pretty vocal about about the NDC up until now.
Now, the next question is whether some of the of the people from the Aurora community are going to participate, are going to run for the elections.
Right. So and I already saw in the current list of candidates that there are some people from the community who are applying for the positions, which is which is pretty great.
So let's see how Aurora is going to be represented in the NDC.
As for me, I think the biggest question that I have for the biggest the biggest kind of concern is that I think it will it needs to be a really, really diverse group of people that is that is elected in order to disallow any problems with conflicts of interest, especially for the House of Merit.
The organization that is going to do the actual allocation of funds.
So that's super important. And so we are following all of the updates here, happy to support and contribute into the governance procedures.
Yeah, from my side, I'm still kind of like deciding between one of the joining the House of Merit or the Council of Advisors, but definitely, you know, myself and perhaps, you know, a couple of other team members from both MetaWeb and Leitech will join NDCs.
We want governance, because, you know, like we just said, it is very important for both near and the broader Web Street community for NDC to be successful. Right.
So we do plan to, you know, spend efforts here to help NDC grow and in return, you know, help near grow.
And at the same time, you know, I'm also, you know, encouraging and try to pursue a lot of, you know, the project that MetaWeb invested or, you know, project that Leitech have helped, you know, like other network, you know, Paras, you know, SenderWallet, all those guys, you know, to join as well.
Because I think it is important for NDC, at least in the beginning to have lots of participation from some of the largest projects and most important builders from there to help them to share their opinions and spend efforts with, you know, NDCs development.
But at the same time, it's also important for people to join because they're able to bring their respective community and represent their respective community in the decision process of NDC. Right.
So, so, yeah, that's kind of like our plan for NDCs, you know, upcoming event governance.
Thanks.
Thanks.
So, my next question is, what kind of synergy benefits do you think the NDC can bring to projects or to the near ecosystem in general?
Ilumenti?
Yeah.
So, I think it goes back to, you know, domain specific expertise.
The great thing about the NDC is that we'll have representatives from different parts of the ecosystem that can really talk about the specific issues that their verticals are going through and, you know, very specific solutions for them.
You know, coming from the NFT vertical, having groups of people that are running that represent that community has been a very exciting thing to see.
And, you know, I think the challenge we've had in the past as projects building in this space is that where you do get support to an extent with, you know, respect to financial support, there's a lot of heavy lifting that's involved for projects to get off the ground and be successful that does more than just money.
And, you know, I think this is where the NDC can really come in to help with support in that it's not just grassroots funding, it's all the other parts you need to be successful in launching a project.
So, you know, getting your legals down, getting your operational structures down, you know, nailing your product market fit, and having people in governance that have been there and done that, and are experts in their respective areas of the ecosystem, I think really just makes it a lot more inviting environment for new projects.
Thanks.
Thanks.
Amos?
Yeah, sure.
I think I sort of, like, answered this question already for the previous one, but I guess just to expand further on that is, you know, I think especially during the bear market right now, one of the challenges is obviously funding for some of the early stage projects.
Right?
I guess someone found some of the more mature, you know, project already with funding, they can just, you know, focus on building.
But for a lot of, you know, the really early stage project, you know, a couple guys, you know, try to build something new, something creative.
It is actually indeed quite difficult to raise money from VCs right now.
But at the same time, you know, like I mentioned, New York Foundation has also been very conservative and kind of slow in terms of distributed funding.
Right?
So I think just from that regard, with, you know, ideally, the first version of the NDC, you know, the different houses actually staff with, you know, people who have done this before, like I said, you know, some of the ecosystem, you know, project leaders.
And obviously, you know, we see such as myself, and really, you know, a couple other VC joining, I think those people will be able to, you know, offer some feedback and then more importantly, able to make some decision about, you know, supporting this project in a more decentralized and perhaps, you know, faster ways compared to some of the existing funding sources.
So I think if that's effective, that will certainly bring, you know, more projects to NIR.
And at the same time, you know, just from my experience, you know, back in the days, working at NIR Foundation, as the global CMO, there are quite a bit of things that NIR Foundation cannot do just purely from like a legal and, you know, regulatory perspective.
Because after all, you know, the regulatory environment, whether in the US and some other, you know, jurisdiction in the world, are not so friendly, if you actually operate in a centralized manner.
But in the case of, you know, NDC, all those decisions are done through DAO, is not even being operated by the centralized entity who actually issued a token.
There is, you know, much less of a burden from a legal perspective to be able to support some of the, I would say, the more aggressive type of, you know, ecosystem marketing initiatives, right?
I mean, a lot of other layer ones and infrastructure projects are actually all doing this because they're taking a less conservative approach in terms of marketing compared to NIR Foundation.
I'm not saying that, you know, the way the NIR Foundation operating is wrong, but it is, you know, something that they cannot do from a legal perspective, but that's something also kind of missing for NIR right now.
So I also kind of hope that, you know, ideally post-NDC, we won election, I will actually personally want to see a lot of, you know, projects apply, you know, funding to help, you know, this project to further, you know, grow, you know, their community to kind of try to bring back a lot of, you know, the DGEN type of stuff within NIR, whether that's, you know, DeFi, NFT, you know, gaming or social app.
I think that's something that has been missing in the ecosystem for a while.
Adding to what Amos was saying, you know, I also can say that at the moment, what we have right now is a very specific moment in time for the whole crypto market.
market and this is a bear market and I do believe that NIR ecosystem has a chance to use this time to actually conquer more land, more users, more attention of people.
And the reason why we are able to do this is specifically because of the extremely, extremely successful fundraising that was done in 2021, in the end of 2021 and beginning of 2022.
And this fundraising was one of the biggest fundraisers in the whole crypto space and totaling 450 million raised back then.
And for sure, only some of the competing ecosystems were able to raise more or less similar amounts of money.
And obviously the bear market is the time when there is no money for the builders.
And I myself being a CEO, I know that the most important thing that you need to do at baseline for a CEO is to pay salaries.
Right.
And in case, in case because of some reason you are not able to do this, then people are just going to leave to the place where people or others are paying salaries.
So from that standpoint, if you would think of the NIR ecosystem, especially in a bootstrapping phase, because I do believe that at the moment almost nobody in the blockchain has found the product market fit with the things that they are producing.
And I'm pretty sure that NIR as a whole did not find the product market fit yet, which means that this is still the phase of the experimentation where we need to invite lots of people with different ideas that will be able to help the experiment and slowly trying to find the product market fit for all of the tech that is built by the ecosystem.
And from that standpoint of view, having a hefty amount of money is exactly the thing that you need in this particular situation, because other ecosystems might not have this money, which means that you are able to attract more developers, more founders into your ecosystem and within your ecosystem.
And that's why you're able to speed up the resolution of the product market fit questions, which would lead directly into the more adoption of the protocol and subsequently to the financial benefits for the NIR token holders.
So from that standpoint, I do believe it is super, super important right now, not to be conservative and be pretty aggressive with marketing, be pretty aggressive with grassroots funding and with all the other things that include here.
Just because we are privileged to be in this particular situation and obviously a big thanks to everyone who was involved in the fundraise for the ecosystem one and a half years ago, that was a tremendously good decision and we need to continue to build up on top of this great decision.
Okay.
Okay.
Thank you all for answering this question from this different perspective.
And then my last question is for Alex and Amos.
Why do you think NIR users should pay attention to or participate in the NDC V1 elections?
What do you think is the most important element as a representative of the NIR constitution?
Yeah.
So like I mentioned in the beginning of the AMA, I think NIR users should really start paying attention to NDC because it is going to manage a large portion of the NIR treasury, right?
It will actually have 15 million NIR post-election and NIR foundation's recent posts about grassroots funding support.
It will actually have potentially up to 100 million NIR in the treasury.
Right.
And I think some arguments could have been made, you know, because, you know, as Alex mentioned, you know, NIR has done such a large fundraise.
What about also, you know, allocating some of the stable coins to the NDC treasury, right?
Because, you know, once again, the original mandate, NIR has always been set up with the aim to decentralize.
And right now, you know, the NIR foundation manages such a large treasury.
It's just, you know, a very centralized way of, you know, deciding how to use the funding, but more importantly, creates lots of regulatory problems.
So I do, you know, want every, you know, NIR user who cares about NIR's future growth, care about how the ecosystem should develop, participate in the election and have your voice heard.
So I think that's very important because I think the more people, you know, started to vote and more people participate in the governance process,
will actually, you know, create confidence in NIR foundation and the broader ecosystem that, you know, NDC is actually real, decentralized governance is actually happening.
You can actually make a direct contribution into NIR even as a user.
In terms of the people who are still thinking to run, I think one of the more important elements is obviously, you know, previous experience in NIR,
especially, you know, whether working as, you know, like a pretty important member of, you know, NIR foundation or Pagoda,
or, you know, participate in some of the largest projects or, you know, work as like a VC, which have invested in quite a bit of money in NIR.
Because I think familiarity with NIR and some, you know, personal back, you know, personal holding of NIR,
will certainly help, you know, you to make the most responsible in the decision to help NIR growth.
And I think some other elements, obviously, I think time commitment is also important.
I do think especially for the first, you know, version of NDC, since it's just getting started,
I can imagine there will be lots of changes, lots of like controversy.
So you do need to, you know, allocate a certain amount of time to become a representative of NDC.
And last but not least is the, you also need to be very responsible for the decision you make, right?
Because essentially, you are representing all the people who voted for you.
So you want to make sure, you know, you are, you know, making the most responsible decision for NDC and NIR.
From my point of view, the importance of participation in the NDC and kind of involvement in the things that are happening,
maybe not on the level of, you know, running for a seat in the NDC,
but just from the standpoint of being aware of what NDC is and also participating in the government's governance.
By the way, a big thanks to the NDC team and I saw Blaze listening to us at least some time ago.
A really good infographics that you started to provide with the short description.
So this is exactly the thing that I was mentioning that is needed to raise awareness about the NDC.
So from my point of view, participating in all of this stuff is absolutely the same
as participating in the political life of your country.
In case you are aware of the things, you are able to spot some changes that are happening.
You are able to understand what is the wind direction and where the ship is steering.
Because if you are not doing this, then at some particular moment in time,
you can find yourself in the country that started a war against its neighbor like Russia did right now.
So Russian people right now, what they are doing, they are facing the consequences of the absence of the political will of the citizens.
It was methodically demolished.
And I'm not going to go into deepest depths of the political here.
But in order to avoid this stuff, in order to avoid centralization of the power,
every single vote and every single opinion is really, really important.
And this is exactly what we are trying to fight with the whole blockchain technology.
We are saying the whole premise of the blockchain that decentralized is better than centralized setup, right?
That we are able to build things that are censorship resistance, that have this kind of failure resistance against the black swan events, right?
All of that stuff.
And in case people are not taken care about what is actually happening in terms of governance,
that kind of puts all of this premise also under one big question, right?
Is it a good setup of the blockchain when just a single person can dictate the direction of the development and things like that, right?
Because from many standpoints, this is actually what we have right now, unfortunately, with the Ethereum setup, right?
And there is just one person who says what is right and what is wrong.
And it seems like that, you know, things are obviously many people are willing to follow a leader.
But having more voices in the room and being able to choose from these voices, I do believe that this is really, really important.
And especially taking into account the fact that many people who are involved in the NEO ecosystem are invested in the NEO ecosystem.
So, again, many people hold NEO tokens or stake them or are using some of the applications that are available inside of the NEO ecosystem.
And in case something is going wrong, something is going off the rails, you know, that people potentially can lose all of this.
People can lose the services that are provided.
People can lose their investments.
And that's a problem, especially for the parties who invested, who are heavily invested.
So, these parties, I do believe they must be extremely, extremely bullish about the ability to participate in the community governance
and being able actually to steer the NEO ecosystem towards the direction that they believe would be the most beneficial for them both economically and also from the community side.
So, that's, you know, to keep it short, to keep it short, I don't know the good phrasal for this or a good kind of little saying about the politics.
But in my head, it's always something like this.
In case you are not going to follow the politics, well, then the politics will sometimes, at some point in time, follow and find you.
So, please be very reasonable.
Please be very aware of the things that are happening and contribute at least with your opinion on what is good and what is bad for the ecosystem.
Thank you, Alex and Amos.
Now, I have some questions from our engaging community.
So, the first one is, what procedures will be in place to ensure election integrity?
Where can I find the most accurate and up-to-date information about the election?
Illuminati, can you take this?
Yeah, of course.
So, look, we have a lot of safeguards in place.
You know, starting off from the uniqueness check and getting the I am human SBT to the criterias we have for who's able to nominate themselves and run to the checks and balances we have within the houses of government to make sure that no particular body can have too much concentrated power.
And then, you know, the checks that we have in the legal framework and the governance framework overall, and ultimately, you know, giving responsibility and autonomy to the ecosystem to dissolve whole bodies of government if they're not happy or satisfied with the results they're delivering.
So, you know, and for this upcoming election, we have what's called the Election Integrity Committee, which is a group of OGs that are not running for office that will, you know, use a variety of data feeds to monitor the real-time, you know, election results and look for any suspicious behavior and react accordingly.
So, you know, we've put a lot of measures in place, then we put some more measures in place, and then we put some more on top of that.
And, you know, there's a lot of redundancies there to ensure that we have, you know, a smooth first election.
And then, you know, for where to find the most up-to-date information, the NearDC Twitter, so it's at NearDC, will provide you with a lot of up-to-date recent information.
And then the NDC Medium as well is the go-to place for the most up-to-date information.
You can also find information on Near Foundation or Near Protocols blog posts.
But, yeah, those are probably the three most important places to go and check.
And the next one is, among the three elected households, House of Mayor, Council of Advisors, and Transparency Commission,
which house do you anticipate will have the most challenging role in maintaining the balance between governance and avoiding cartels forming in the ecosystem?
And this question is from CloseClose90.
Ilumentee, do you want to answer this?
Yeah, of course.
So, look, I think all of the houses will have their own responsibilities and challenges, you know, getting up and running.
But I think the one that will probably require the most amount of work together as a group is the House of Merit.
So these are people that will be elected to put forward proposals and vote on proposals for funding.
And, you know, there needs to be a lot of thought put into this process and a lot of consensus making within the House of Merit.
So I'd say that's probably the one that will be the most challenging role initially.
But I think, you know, we've put together a lot of processes to make things as smooth as possible.
And there's going to be a lot of handholding with the first elected body to make sure that things go smoothly.
And then, you know, avoiding anti-cartel behaviors forming in the ecosystem.
That's very much what the Transparency Commission is for.
And, you know, a lot of the safeguards we put in are for.
But the Transparency Commission is specifically responsible to ensure that all the other operators in governance are acting in good faith and declaring any conflicts of interest and abstaining from votes where they could benefit directly from the outcomes of their votes.
So there are a lot of mechanisms in place.
But the biggest one is probably the Transparency Commission.
Thank you. Thank you. And then the last question is how my vote can shape the future of the near ecosystem and what are the key days to remember for the NDC elections?
This is from Zion77. And Amis, do you want to take this?
Yeah, I think I already said it multiple times throughout the AMA today.
But once again, you know, your vote actually is very important for the future of the near ecosystem.
It will have, you know, a direct impact into, you know, who will actually be selected for the three, you know, different houses.
And these three different houses will actually directly make decisions about, you know, how the treasury will be used, right?
In terms of, you know, in terms of the treasury after, you know, the first election is complete.
There will be, you know, once again, 15 million near.
So at today's price, that is, you know, I don't know, 16 or $17 million US dollar to be managed by NDC.
And all those could be used into, you know, various initiatives, whether that's, you know, funding for projects, you know, funding for marketing initiatives, for developer initiatives, for, you know, for everything that can help near ecosystem grow.
So your vote actually will have a direct impact in terms of, you know, how, you know, those funding can be applied to, you know, what is that initiative for the future of near.
So in terms of the key days, so the most important one is actually September 1st.
So by, you know, 11 o'clock, actually 12 o'clock at midnight, you know, before midnight, September 2nd, actually.
So the last day, September 1st, it is actually the deadline for both voter registration through the I am human verification.
And at the same time, you know, for those who are interested in applying to become like a representative to run for the houses is also the final time, the final deadline for you to apply an OG badge to be able to, you know, nominate yourself.
So once again, September 1st is actually the very last day you can do it.
So that's actually in two days.
So, so please, you know, if you plan to do it, please do it as soon as possible because both process could actually take some time to complete.
And in terms of the actual voting that will happen on September 8th at midnight and the voting will end on September 22nd.
Okay, thank you, Amos.
It's been a very informative AMA session today.
Before we wrap it up, does any of our speakers have some final words to share?
I just wanted to say that please be active, participate in the governance and let's steer the new ecosystem to a better future together.
Don't be shy.
All of the opinions should be considered.
Yeah, I want to share that same sentiment.
I think a lot of people listening in have been in this ecosystem for quite some time or, you know, you might be new as well.
But a lot of us have seen the highs.
We've seen the lows.
And as members of the community, we get an opportunity to be in the driving seat.
So please vote.
Please go out and register and nominate yourself.
Participate because you can help shape the future of this ecosystem.
Yeah, since I just spoke, I just want to say, and every man, everyone, especially people who just joined, please, you know, get your I am human face verification before September 1st.
So that's happening in two days.
After that, you actually cannot get it.
You will not be able to vote.
So please do that, you know, as soon as possible.
Okay, thank you so much for being here today.
Please mark your calendars.
You know, ensure you're part of the action by signing up.
I am human by September 1st.
Start voting on September 8th.
Thank you so much.
Have a great day, everyone.
