Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
House of Stake - Open Q&A Session
Recorded: May 29, 2025 Duration: 0:52:30Space Recording
Short Summary
In a recent discussion, key stakeholders outlined ambitious plans for the House of Stake, including the launch of an AI assistant, strategic partnerships with universities, and a focus on community-driven development through grants and bounties. With millions in treasury funds earmarked for innovative projects, the initiative is poised for significant growth and engagement in the crypto ecosystem.
Full Transcription
Thank you. Thank you. All right.
I think all of the people have managed to switch, so we should be good to go and hopefully
more people join.
I'll pass it on to you, Lane, and I'll try and update
the links wherever I can
on Telegram and Discord.
But yeah,
maybe you could get started with...
I think it was very interesting
and very insightful to see
the podcast you recorded.
I'm almost 80% through, but
that was pretty insightful
for people who haven't listened to it already.
Yeah, shout out to the Stable Lab folks for hosting that. That just went up
in the past 24 hours. So definitely give it a listen if you haven't yet.
Yeah, we got a chance to talk about a lot in that episode, including my own journey,
how I ended up kind of working
on this in the first place, and, you know, a little bit about NBC and some of the things
that went wrong and, you know, some of the kind of principles and priorities for House
of Stake.
Yeah, I mean, I'll reiterate something I said at the beginning of the Delegates AMA that
happened about a week ago, right, which is that I recognize and I think we all recognize
that we need to be doing a better job of communicating about what we're all up to
and progress that's being made. And so I think we can totally just keep it casual today. I know this
came together very last minute. I know we don't have a specific agenda for this call. So, you know,
thank you for everyone who's tuning in or listening to the recording. Okay. It looks like we are recording. Good.
Thank you for that. And yeah, I mean, we can do these more often. I'm happy to do these as often
as once a week. If we have questions, obviously that, you know, if that frequency is too great,
then we can do it less often than that. But yeah, I guess the point I'm trying to make is like,
I'm here to answer questions. I'm here to communicate. I'm doing my best, but I have a lot on my plate. We all have a lot on our plates. The delegates are all volunteers, as everyone knows. So I'm just like very hesitant to create more work for them. But I also recognize that we need to communicate better.
as well as of course, you know, the New York Governance Forum and X.
I'm happy to just jump in and like try to respond to some of the stuff I've seen,
but I suspect some of the folks here are able to follow even more closely.
So I'm like, maybe you guys could fire questions at me.
That might be a better use of time.
Do you hear me? Do you hear me well? Yes.
So, Len, my question is, I know your idea is to implement as much IE as possible in government.
So my question is, when we can expect first IE assistance in house of stakes,
or even when we can expect first IE delegate?
Yeah, great question.
Yeah, great question.
You know, I'm trying to add you as a speaker, by the way, I keep getting an error.
I don't know what's going on, but maybe one of the other hosts can help with that.
Okay, so AI assistants, AI delegates. I mean, the short answer, and Evgeny, obviously you and I have spoken about this previously as well, is that, I mean, we can begin working on the AI assistant
immediately. I mean, I think you guys all know I've been sort of negotiating two or three potential
research partnerships, including with a major research university. I posted about this
in the most recent Transparency Threat update a week and change ago. And I really am excited
about the idea of working with real academic researchers on these sorts of problems.
And they have some really interesting ideas about how to take some of this stuff to the next level.
And, you know, like, I think we're pretty good
at like building software in the new ecosystem,
but we're not as great at doing real academic research,
publishing actual papers, you know,
really pushing the envelope of like human knowledge,
putting together conference talks, things like that.
And that's kind of the side of things that I want help with. of like human knowledge, putting together conference talks, things like that.
And that's kind of the side of things that I want help with.
But that will all take time and that's fine.
I think that we have a bias for action and just kind of shipping here.
So yeah, I think we can begin working on this immediately.
You know, I really honestly believe we could get an early prototype of an assistant out in like a week.
You know, if like, if, if we have like a quiet focus week, you know, to just like dedicate
to building, um, the problem is we don't have anyone focused on building right now.
Uh, like it's really just me right now.
And I've just got too many other things on my plate.
Believe me, I would love to take a week off of everything else, put everything else aside
and like, just, just work on this. So, um, yeah, I mean, I guess it's a bit of an open call. I will continue trying to
I'm trying to think, I mean, maybe we need to hire an engineering team. What the foundation
typically does is we typically work with contractors.
So for example, we have folks like Fastnear and Agora building, you know, the front end and the back end. So like there are dev shops that we can hire to do this, but the issue there is like,
it's just, it's a bureaucratic process. You know, we have to kind of find the right team. We have
to vet them. We have to background check them. We have to do like a KYC, KYB process on them.
We have to negotiate a contract with them.
Like all of this stuff just gets in the way of building, right?
I would much rather just do this as an open source project on GitHub,
completely in the open that anyone can contribute to.
I'm inclined to do that, but I don't know who's actually going to do the building.
So anyway, sorry, this is just stream of consciousness.
I think we can begin working on this immediately,
but I don't have engineers to work on it yet.
So how do we recruit those engineers?
It's kind of an open question.
AYINI HUANGOVSKI- Great question to you.
Can we maybe put the idea out to community,
and somebody could just build it?
And it won't be an endorsed delegate.
Instead, it would just be a normal delegate.
And then it itself would just run its own path
and we will see whether or not it could really work
for AI being working in governance,
working as a delegate,
like voting on the different proposals.
And like we could also,
a few people could also like delegate
some of their near to them to give them voting power.
And we'll be able to see like
whether or not this concept could work.
And if it works well, I think more and more developers, more and more engineers will come
in and continue on to build more AI agents.
And then we won't be starting with, we'll just be starting with one and two, but maybe
in a few months we'll have like five to 10 different like AI agents being delegates.
Right.
So I think this could be an rfp or like an open call
but the important thing is most people do not know where to start so maybe you know where to start
you know where how to like build the foundation for it that could be how we we plant the seeds for
the ai agent delegates to like really come into fruition or even we could ask Lime, the base staff in Nier, to try to spin one out.
Yeah, look, I agree with all of that.
I think we need a dev kit.
We need a sample piece of code.
I'm just thinking now.
I'm speaking as a developer.
I need a sample piece of code that I can fork.
Literally, there's a repository.
It's a template.
I can fork it.
I can go in.
I can change the model.
I can change the I can tune it. I can change the model, I can change that, I can tune it, I can change the parameters, I can, you know, change the policy document, etc.
That's basically the starting point. Again, I am a developer, and I really love, I really wish
I could dedicate a week or two to building this myself. But the reality is, I just have too many
other things on my plate right now. So I will, yeah, I mean, I think you're right, you and I
think that there's a lot of guidance I can
and probably should provide here.
I can certainly provide pointers,
but I still think even getting to that place
where we can do an RFP and have builders begin to contribute,
like there's just some legwork,
some technical legwork to be done.
And I'm just hesitating,
because I don't know if I should be, as I said,
like kind of trying to hire a dev shop to do this,
or is that too slow, too expensive, too bureaucratic?
Should we leave this to the community?
Yeah, like just plant the seeds out, in my opinion.
Like just let it go.
We'll see how the community takes it over.
Maybe we'll see like a super, like a not really sophisticated, but a simple AI agent.
And then people continue to fork it,
continue to develop on it
and then at least we're starting from day one, right?
Instead of like not starting at all.
And I do know that Ray Suzanne
and James did unmute himself just now.
Just feel free to chime in.
No worries on that.
This is just like an open AMA
if you want to ask any questions
to Lane or about House of Stake.
Okay.
I didn't know the decorum.
Lane, in terms of the AI agent,
what would you like the agent to do?
In terms of the AI delegate,
I believe we are too early
in the pipeline of this construct
because the real delegates
doesn't have much to do
apart from communicating
the development of the infrastructure.
So maybe one or two months later, when we have a proposal pipeline and a flow of requests,
at that point, building an AI delegate would make absolute sense. But up until that point,
this AI chatbot that you mentioned, what would the board do? What sort of features would you like it to have?
Okay, great question.
So let me try to speak in more concrete terms
about what I'm thinking, kind of what my vision is,
and what I've discussed with people at Near AI.
So we're thinking of two very concrete initial AI projects,
both of which I think you may be right.
It may be too early, but my personal sense is probably, actually, we could begin working on both of which I think you may be right. It may be too early, but my personal
sense is probably actually we could begin working on both of these soon. So the first one, we're
calling it a call for data. Okay. What does that mean? We want to build a data set of governance
related data. Some of this is low hanging fruit, right? So you could imagine scraping governance
forums like the near governance forum, you know, Arbitrum, Uniswap, ENS, just sort of existing, you know,
EVM ecosystem project governance forums, EIP proposals from Ethereum, BIPs from Bitcoin,
PIPs from Python, Linux governance, right? Can we go back and look at Linux mailing lists? Can
we do Bitcoin dev, et cetera, et cetera? Can we expand from there? Can we collect data on corporate governance? Can
we get Harvard Business Review? Can we get Harvard case studies? Can we include texts on political
philosophy? A lot of that's in public domain. Can we look at things from like, you know, legal
systems? A lot of that is public as well. Can we collect,
you know, legal cases? Can we collect housing? What are they called? HOAs, housing association,
you know, documents, et cetera, et cetera. We can probably get a lot of this from Internet Archive.
We want to create a big data set and do an open call, not just to the near community,
but kind of the blockchain community, the global open governance community,
put all this together and use it to like fine tune a model.
So we're not talking about training a model from scratch.
We're talking about taking something like a Lama 7B or something, fine tuning it, post training it on all this governance data.
I mean, all of that is a big project that will take time.
It will activate the community.
It will produce a real public good of real value. And then we can use that later to build all the stuff we're talking about, to build governance kind of chatbot
assistance type thing that could help you co-author proposals or review proposals, as well as actually
delegate, right, that could participate directly. So that's the first idea. The second idea involves
public goods funding. So I think I've spoken about this a
couple of times, but the most recent Gitcoin grants round for folks who are familiar with
Gitcoin, right? It's kind of a project that's from the EVM kind of Ethereum ecosystem. Obviously,
they've done things in many other ecosystems as well. They have done 20 something of these rounds.
I think they do something like four per year now, where they take funding from Ethereum Foundation and some other sources and have the community,
they have people from the community submit proposals, right?
So anyone who's working on something that's basically open source or public good can submit
a proposal.
And then there are basically anyone can then come in and vote, right?
And then the strength of your voting, it's a very complicated system, but it has to do
with, you know, your voting, it's a very complicated system, but it has to do with, you know,
your reputation, let's just say.
And so actually in the most recent
Gitcoin grants round that wrapped up
about a month ago or six weeks ago,
they earmarked a piece of that funding
for AI agents to allocate.
And it was a very cool project
where they created three different AI agents
that were, I guess you could say, I'm trying to think of the right terminology here.
They had three different policy documents, right?
So they were aligned with three different kind of political factions in the community.
And each of them reviewed all the list of proposals and produced a proposed allocation of funding.
And there were still humans in the loop,
human expert reviewers who took a look at this
and kind of nudged things a little bit.
But that's a very concrete project
that I think we can do as well.
And in fact, I've seen the code.
I've seen, you know, it's all open source.
It's all on GitHub.
I know the folks who built this
and they're keen to work on this with us as well.
So that is something I think, again,
we can like, it's not exactly like a fully autonomous agent that's just out there voting on things. But it's a very specific, concrete application that I think makes a lot of sense. So let me pause there. But those are the two things I'm thinking right now. I'm curious if people think those are good ideas or if they have other ideas.
I have a question about those ideas, which parts of it, you know, either idea, which parts are involving near AI?
Specifically?
Yeah, that is a great question. I mean, I'll be totally honest. I don't know exactly the relationship
between the AI stuff we're doing
in House of Stake and Near AI yet.
I mean, one thing we can do
is just rely on their expertise.
I mean, I'm certainly not an AI expert.
I don't claim to be one, right?
When it comes to kind of this stuff,
you know, we have Cameron,
obviously among our delegates
and he's on the Near AI team.
You know, I think they're very happy
to kind of answer questions
and provide guidance and things.
So that's one thing
that's quite an indirect connection.
Obviously, Near AI has two products right now.
I shouldn't say obviously,
it's not super obvious,
but the first one is a assistant called Kami.
I believe there's like a prototype that's running.
I could probably find the link
and share it with you guys
if you want to play with it.
I believe it's like fully functional now uh running on near ai infrastructure and the other
product is the agent hosting the secure agent hosting um it seems to me that both of these
are useful right because i think one way we could build our ai assistant is just taking kami and
forking it right obviously we have access to that to that code um and just again using this like
training data set that i described a moment ago, I think
if we literally just did that, that we would already have something useful for governance.
And then I think our agents can and almost definitely should run on the near AI agent
hosting. We get nice things like the verifiability. I don't know how critical those are at this stage,
nice things like the verifiability.
I don't know how critical those are at this stage,
but those are a couple of synergies that come to mind.
Cool.
Yeah, I just wanted to highlight, you know,
the governance infrastructure and processes working group
has been working on this.
And I've been collaborating with Cameron
over the past few weeks to build teams
working on various aspects of this ongoing,
you know, long-term project.
So I'm just wanting to make sure that's called out here because it sounds like we're starting
from scratch when we're not.
And, you know, I'm also curious to explore these ideas further because I think there's
so many directions we can go and we should experiment and try things out sooner than
later.
Like an assistant is a big idea in itself. You know, there's lots of different kinds of assistants. And then for an AI
delegate that's not necessarily voting on everything, but maybe has a purview. I think
that's really interesting. I would actually favor that idea because it's more near AI specific as far as I know, as far as I can tell.
But yeah, I'm just wanting to jump in here because I've been working on this as a volunteer and I don't think people know, I guess.
So I just wanted to mention, but I'm really open to feedback and I'm really hoping it can be a community project like you said.
And I'm wondering as another question, you know, what's preventing that? Like,
you know, how is it not already a GitHub? You know, like, what's the blocker?
Yeah, thank you, James. Look, I think one of the sort of flavor of questions that I've seen come up
a number of times in the Telegram groups is like, what are the working groups doing?
And again, I want to acknowledge that like, you know, all of us, including you, including
me, including the leads of the other groups and basically all the delegates like could
and should be doing a better job communicating about what's going on.
So like you're doing important work and I want people to be aware of that.
So I think that's why, you know, these, these X spaces are so important. I feel X space feels so weird. I keep wanting to
say Twitter space. I don't know why. Yeah. So directly to your question, look, I think what
you're doing is awesome. Like, like this is a community initiative. You know, it's always a
balancing act. Like I'm, I have a lot of kind of my own ideas and I am a product person, but
as with everything with house of stake, like i'm really trying to kind of uh act as a quote-unquote credibly neutral steward here um and and not
like lead things too much uh i mean it's it's a balancing act right like obviously i'm here to
provide as much support as i can i'm here you know as a liaison for the foundation and the foundation
obviously is wants to support all this but um i think it is very important that house of you know, stand on its own two feet and be a community initiative from the beginning rather than having me or Near AI or Cameron or, you know, or anyone really, you know, kind of like driving the vision too hard in a direction, like in a selfish direction.
So, I mean, I think like James, I think it's like I have to turn the question around, right?
Like what is blocking you or anyone else from beginning to build this? Is it is there some specific resource that's lacking? And if so, like, let's put our finger on it. Let's figure out what it is. And let's like fill in that gap. I think the foundation can do a lot of that today. But, you know, increasingly over time, we need House of State to do that as well. So, you know, if we decide that XYZ, you know, specific resource is missing, then let's throw together a proposal and get the delegates to
discuss it and have that be like our first active proposal. I'd be glad to. But, you know,
my answer to the question is, it's not blocked. And I've been working on it. And it seems to be
going unnoticed. And I'm not blaming anyone or saying that's anyone's fault or anything like that. I'm just thinking about the processes and how we're doing updates. And, you know, I have been sharing this with the community. I actually was talking to an OG builder named Aaron who created a proposal generator that's a multi-agent system involving two agents.
agents. And we've been talking with the shade agents team and we've got them to submit a pull
request to the Near AI hub and they're trying to get that merged. So the shade agents are now
compatible with the hub because that's our preferred approach for the AI delegate.
So there are things happening and nothing is stopping that. But I am a volunteer and, you know,
it seems like there's an additional burden
to not only chat and share these things, which I've been doing, but, you know, more formally
provide these updates and solidify a role that's going beyond just, you know, an endorsed delegate
as a governance working group lead, whatever that means. So I
think, you know, that's my answer. But would, you know, more committed or focused efforts and
recognition from the community, would that help? Yeah, I think that's a big gap right now is just
coordination layer, not knowing what's going on, we're having this space. And, you know, it's
clear that it doesn't seem like people know. So I guess that's my answer.
Yeah, that's a real, I just want to say it's a very near phenomenon. I've seen this again and
again. Like it's, we love decentralization, but like we often find ourselves in this situation
where like a bunch of people are working on the same thing and are unaware of it. So yeah, we need to coordinate better. Uh, sorry, you, you unmuted. Go ahead.
Uh, hi. Uh, so if you want communities participation and recognition for the efforts,
maybe you should let them in on what is happening. Maybe open up the work groups,
uh, to community members. So that way, whoever is in the community at this point
are involved in these working groups. Because if you look at the original mandate of the house of
stake proposal, the delegates have a primary function of creating proposals and making the
right decisions. These builder working groups are actually not in the mandate themselves,
but great initiative. And if you are doing this, and if you feel like you're not getting the
recognition, maybe you should let other people in and see what is happening. Open this up to
the community. That's what I've been doing, actually. And, you know, the working groups
were just a recommendation by one of the endorsed delegates. They're not formally, you know, the working groups were just a recommendation by one of the endorsed delegates. They're not formally structured.
They're really disorganized, to be honest.
And I have been using the public group instead of the private group for the governance working group, just to be clear.
So when I'm sending messages in there asking for help and you're sending responses, very thoughtful, engaging conversations happen
and we learn, we've actually made progress.
So I think sometimes, you know, it seems like there's a lot going on behind the scenes when
there's not, and that's a problem.
But, you know, I'll just say that you're not missing anything.
You know, it's really about what's happening in the community in public um for me at least so
so that's that's what's happening um it might not be enough you know we can do more but it's
it's just something where we're always kind of you know going back and forth this is the
this is the first time i am hearing about your efforts with me at ai to build something like
this but that's not true because we talked about it.
We can go back and look.
We were having intellectual conversations
about the need for these specific solutions.
But as a community member,
I wasn't aware that you are actually
in the face of building this out
for everybody else.
Well, that's what I'm trying to comment on right now.
Are there working groups?
Yeah.
I'm sorry.
Are there private working groups in Telegram for all these work screens where delegates,
all nine of them, work on these solutions with chosen partners?
Are there other groups?
This is a reputation of GWG days where we had closed
door meetings and closed telegram groups. Yeah, I'll reiterate, you know, that's what I just
mentioned. There are four private groups, one for each working group. There's another private
group that I know of that has all the endorsed delegates. And, you know, there are a lot more
things happening in the other private working groups, but the governance working group is focused on staying transparent.
So we've been using the public group, the House of State group, and that's where I've been asking for feedback on the AI-driven governance solutions that we're building.
the AI driven governance solutions that we're building and you've been giving feedback.
So, you know, that's, that's where it's going on, you know, in terms of this, this topic
of AI stuff.
The other working groups are preferring to stay private, you know?
And we've been talking about that as part of the governance working group in terms of
the processes and, and when, or, you know, why processes and when or why or even if to open them up.
So I'm all ears.
I want to be clear now because we have had these conversations in the public group about
AI stuff and it just hasn't gotten through.
I guess it didn't resonate't uh resonate or and you know
there's a lot of work to be done so it might have seemed like a far-fetched plan that was just
getting started and and it really is because it's such a big project so i don't know i that hopefully
that answers your question but i know there's a lot of questions to answer still the um yeah james
i think it's awesome that you guys have made the decision
to kind of work more in the open. I mean, I'm an openness maximalist. You'll hear me say this
a bunch as well. I totally respect that. I think it's up to each group and each kind of like group
lead what works for them. But know that we are like nudging everyone and reminding everyone
to kind of do as much in the open as possible.
On that note, actually,
Evgeny here has kindly volunteered to actually collect and like collate
notes and updates from each of the different working groups.
So in the effort to communicate progress, like what's going on,
what decisions are being made, you know, et cetera, et cetera.
Like that's a work in progress.
Evgeny, do you want to say anything about how that's going?
When do you think you might be able to share the first update?
Yeah, so there are four working groups
and I have already collected updates from three of them.
And I just left one from my working group to collect back.
It's from you, James.
So I'm pretty sure we will talk with James after this call,
and I will finalize my update,
and we can publish it today, this evening.
So, look, I want to just offer a massive thank you to Evgeny.
This is an amazing example.
He just volunteered, literally just stepped up and said,
guys, I want to help. What can I do? I want to be more active. And the first thing that came to my mind was,
was this was, was increasing transparency about the working groups. So this is like house of
stake working as it's intended to work, right? Like in an organic kind of community first way.
So, you know, I know there's like a tendency in the near ecosystem for people to kind of,
or maybe it's just human nature to kind of complain about things. But as much as possible,
like you'll see when I reply to people who are complaining, I kind of say, look, be constructive,
right? Rather than complaining, this is, there's no, there's no they in house of stake, right? It's
just us. So like, offer a constructive idea, like Evgeny did here to step up and help fix the problem.
Right.
So again, rather than complaining, he offered to kind of help increase transparency.
So I think you'll find that like pretty much everybody, you know, certainly the delegates
are like very happy to be open and share what's going on.
They're just busy people.
Right.
So if you make that process easy for them, then, you know, there will be more sharing.
So that's coming soon.
And hopefully this will fix some of what we're seeing here, which is like, you know, noise being lost in the big groups.
You know, we can begin publishing regular updates.
And so these things aren't getting lost.
Yeah, I definitely appreciate that.
I just wanted to maybe throw out a contrarian view that, you know, we're all
volunteers as delegates. And, you know, I don't, I don't know if it was, if it's the most
thought out process to just have somebody collecting updates and compiling them.
collecting updates and compiling them.
So just wanted to mention that I'm very happy to share updates,
but it is work.
It's something to think about, and I really want to do a good job.
So part of me thinks we should be doing the updates ourselves,
and Evgeny shouldn't have to do it.
And maybe that's what he feels too.
But if he really wants to do it, I respect that.
And I'm here to help.
But I just want to mention that we kind of, you know,
just throw things on the wall and see what sticks.
And I think we should have a little bit more intentionality sometimes.
My idea was just to collect all feedbacks And I think we should have a little bit more intentionality sometimes.
My idea was just to collect all feedbacks
and make later these updates what we have been working on.
So that's all.
You can also post your updates on forum by your own.
And I can collect it from your forum message.
And we can just make a statement or later what could be what we
have been working on last month for example I mean maybe really what we need
here is an AI bot that listens and just collects the update on its own I mean I'm
half joking but I'm quite serious like we have actually in the near foundation
slack now which is very high traffic I guess it's a in Slack, so many of you may have seen it.
They have a recap thing.
Literally, I just glance at it once every 24, 48 hours,
and it tells me everything I need to know about what happened
in all the channels I can't follow.
So we should probably set that up as well.
Yeah, James, my point of interest was just to help Lane
and some other people in house of stake so uh it just it
was one of my ideas how can i help it's not my main task yeah i love it i'm i just i think there's
better things you can be doing honestly um because it feels like the the updates are are there you're
just kind of like you know putting them together and writing the
forum post. I think it's wonderful how you've, you know, kind of spurred the actual transparency
by just asking, you know. But I'm just trying to take a step back and think more long term. I'm
not really commenting on the current, you know, effort you're doing um and i know you're
busy with other stuff so don't get me wrong i'm i'm just trying to be be pragmatic and and think
ahead and really like um explore ideas like what the one lane mentioned that's a great one to get
ai you know involved with the updates that's definitely a low-hanging fruit yes
agree but it's a one of one of a lot of tasks so it's just a little bit of my
efforts yeah but I'm pretty sure we can manage it in much better way in future
but for now I just wanted to collect feedbacks and post it on form but yeah I
totally agree with you.
I'm kind of stating the obvious here,
but one of the goals for House of Stake is to responsibly deploy DAOs of Stake treasury.
And something I've seen work well in DAOs before,
for example, I helped set up a DAO in Ethereum
way back called the Ethereum Cat Harters.
And there was a little bit of overlap with house of stake in the sense that like,
it was a coordination mechanism and it was, you know,
would like join the core devs calls and like take notes and like try to
communicate them basically like increasing communication,
increasing transparency.
And we found that bounties worked very well,
even very small bounties,
like sometimes as small as a hundred,
200,
300 us dollars community members.
I mean,
that's a lot of money for some people,
right?
People would be very happy actually to come in and, you know, do a transcript for a meeting
or something for that amount of money. I mean, I guess we have AIs now that can do that. But
there's a lot of things I think that people could do. So, you know, like, maybe we should start
doing bounties sooner rather than later. Maybe we don't even need to wait until the whole voting system is up and the front end is up.
I think if there's appetite for that kind of thing.
James, just reading in between the lines a little bit in some of what you're saying,
I think that a lot of this stuff is hard work.
And maybe people in the ecosystem, maybe including the delegates,
maybe other community members could and should be compensated for some of that work.
So just throwing that out there.
Sorry, to be honest, it was my next question uh my question was how we can
open these bounties i mean um yeah we can use new arm for bounties but um
how is process of providing money will work this money will go from house of stake treasury or from near foundation how how do
you feel about it so let me actually this is a good opportunity let me provide a quick update on um
kind of the house of stake entity setup so i've mentioned this i know this came up on previous
calls and things so just for context here there are two treasuries. And so I'm leaving Near Foundation
out of this entirely. So under House of State, there's basically two treasuries. The first is
the NDC Trust. And the second is the Treasury.Near Treasury. So let's talk about the NDC Trust first.
That is something like 3 point something million near that was earmarked for NDC.
Obviously, some of that was spent under NDC, but there's still three point something million
near left.
And so basically, a new legal entity has been established for House of State.
And what's going to happen is those funds, that treasury is going to be transferred to
What's going to happen is those funds, that treasury is going to be transferred to the new entity.
the new entity.
And I had mentioned before that, you know, that process was happening and the legal team was leading it.
So the blocker there was setting up a new multi-sig to govern those funds.
And I'm not a signer on that multi-sig.
None of the delegates is going to be a signer on that multi-sig.
Basically, it's going to be like corporate officers for the house of stake foundation there's going to be i
think like a lawyer and an accountant and like maybe someone from the security council on that
multi-sig um we finalized the composition of that this week and we are figuring out how to set up
the multi-sig right now basically Basically, the two options are near treasury.
So for anyone who hasn't seen it, near treasury.com, there's like a near native multi-sig option.
And then the other option is fire blocks, which like surprise, surprise, the like accountants
and lawyers are more familiar with.
So I just wanted to give you an update.
I'm very hopeful that this entire process is like done within the next week or something.
That's the blocker there. Once that multi-sake is in place, those funds will be transferred over. And then basically, we're off
to the races, right? So we can then begin deploying those funds more or less immediately.
You know, the legal structure of the House of State Foundation, right, the sort of corporate
charter there, there are like corporate officers, but they are legally
obligated to do what the delegates and the DAO tell them to do, as long as those things are legal
and within like the purpose of the foundation, basically, which is quite broad. So, you know,
best case scenario here, two weeks from now, we will be able to begin spending money out of that
treasury. The other one I mentioned, which is the treasury.near contract, that's much larger.
Um, the other one I mentioned, which is the treasury.near contract, that's much larger,
uh, that I think we need to figure that out together, like how to begin tapping into that
in a responsible way. But, you know, we don't need to tap that money anytime soon, because as I said,
there's several million near and several million dollars in the existing funds that near the house
of state will have access to very quickly. Um, and then evgeny directly to your question in the interim i can get funding from the foundation for things like this if you know if that
needs to happen like asap but i do think that by the time we get you know bounties or whatever
running or grants those funds will be available so i think we should begin working on them now
on them now.
thank you awesome
Awesome.
Wait, question about that.
So for the NDC trust treasury to be migrated to the new treasury, isn't that under vote
by the community?
Can we, from the delegate side, just do a vote and use it?
Just want a confirmation on that that's my understanding um i need to kind of double check the rules with our legal team
about like a spending cap or any kind of guardrails there or anything but as far as the actual like
legal entity goes it my understanding is what I said, that the officers,
in the case of the trust,
they were called trustees.
This is not a trust.
This is a foundation.
And so I'm just calling them corporate officers.
They are legally obligated
to do what the DAO tells them to do.
So you and I believe
the answer to your question is like,
yes, it's up to the delegates.
Maybe like we,
would there be like other documentation about this? Because
I did read through the medium as well as forum, but first time hearing about the offices at the
moment, or maybe I missed something during my reading. Yeah. So just to reiterate, so it is a
Cayman Foundation, right? And a foundation is just a nonprofit corporation. I mean, I'm not a lawyer,
obviously, so I can't speak in great detail, but if people have more detailed questions,
I can ask a member of our legal team to answer them or even maybe convince them to join an AMA,
right? So you guys could ask questions. Any corporation has at least three officers. There's
always like a president, vice president, or president, secretary, treasurer, treasurer,
something like that. Or you can think of it like a board. I mean, again, I'm
simplifying a little bit because I don't know the precise details of the corporate structure,
but there's a set of people, I think it's about three people, corporate officers or board members
who are like the listed contacts, the people of record for that foundation. And just to be very clear, like, again, it's not me. It's not any
member of Near Foundation. It's not any, like, existing Near leadership. Like, these are people
that do this professionally. Like, all they do is they sit on boards and they act as officers for
Cayman Foundations. So they work for us. They work for the Near Foundation at this moment, right? The
Near Foundation pays those bills, but that will change, right? They will work for house of stake once those funds have been transferred over.
So they act as like a, like a safeguard, right?
Like I said, if, if the Dow were to vote to do something obviously illegal, right?
Anything that violates, like, I guess, you know, the laws of Cayman Islands or whatever,
or anything that falls outside the purpose of that foundation, right?
And the purpose, again, it's quite broad.
It's something like just promoting the near ecosystem.
They would block that, right?
But anything that complies with those things, they are obligated to execute, right?
So if there's a proposal to send a certain amount of near to a certain address or something,
or certain address or something, they will do that using the multi-sig.
they will do that using the multi-sig.
But there is that human layer there.
But there is that human layer there.
I know we can share, I'm happy to share the corporate documents with the delegates.
I think we could probably share them publicly.
They may even be public already.
I just need to check with our legal team if you want to read the details yourself.
In simple words, as I understand, it will be like NDC Trust consoles.
Do I understand that correctly or not?
I don't know much about the NDC Trust, but I do think it was a similar idea.
There was a set of trustees, and I guess NDC would tell them, would instruct them to do things,
and that they would have to do those things unless they were illegal. I think it's probably similar in that respect.
Yeah, it's similar. I think it's the same, but just different roles and names, that's
all.
Yeah. And I've spoken to folks about other DAOs. I think this is quite a common setup,
by the way. So we're far from unique here.
Yeah, Mr. Potato, you raised your hand or James you unmuted like do you guys have anything you guys want to say?
I was letting Mr. Potato go first if he's not able to speak up. I can ask my question. I was wanting to make sure that we've coordinated with the trustees
and making sure they're prepared to send the funds to the new multi-sig in a timely manner.
Are they informed?
Sorry, can you repeat the question?
I want to make sure I hear that clearly.
Yeah, I was just, as you were talking, I was wondering, are the NDC trustees informed
and prepared to vote and get the funds moved over as soon as possible?
Yes.
Yeah, they're fully in the loop here.
They're, yeah. as soon as possible. Yes. Yeah, they're fully in the loop here. Yeah, I don't...
Like, I think that will happen very quickly
as soon as all the kind of stuff that I mentioned,
mainly this multi-sig is in place.
I don't foresee any delays there.
Cool.
Cool.
I just want to check if folks can hear me now
because for some reason, I don't think people could.
My question was, so with the NDC setup, we had these trustees taking care of the treasury.
These were primarily near OGs, if you'd like to call them.
near OGs, if you'd like to call them.
In this new setup for this Cayman entity,
is it only going to be like professionals,
as you mentioned, like accountants, lawyers,
and people who strictly look at these corporate structures
or will it involve any kind of folks from the ecosystem that have some affiliation with NIR?
Obviously, you said that it won't be anyone from the foundation or leadership,
but will it be strictly professional people who do their job
or will it have like some kind of affiliation element?
Yeah, excellent question.
So my understanding is that this is really just a
formality. Like these are, I don't want to be offended. I'm trying, I'm going to say this in a,
in a, in a kind of a diplomatic way. Like there are people like lawyers and accountants who are
really good at like checking boxes and like crossing their T's and dotting their I's,
right? That's like what they're paid to do. It's not like i don't see that there's necessarily a need for them
to be like near ogs or or even necessarily kind of active in the ecosystem right like literally all
they're doing is checking boxes and making sure that like laws are not being violated basically
um you know they're like they're gonna get a message or a summary that says xyz proposal
passed right here's the action that needs to be taken right there needs to be a summary that says XYZ proposal passed, right? Here's the action that needs
to be taken, right? There needs to be a transaction that's executed, or even like,
we'll create the transaction. And it's like, we just need you guys to co-sign this transaction
or something, you know, just make sure that like, you know, I don't know, maybe there will be like
an AML, like an anti-money laundering step or something there. Again, this really depends on,
this is a question for the legal team. But short answer is, I don't think that there's any need for that, those people to
be, you know, ecosystem participants. Having said that, you know, I think it's a possibility.
Like if someone here feels like they want to be an officer of a Cayman Foundation, you
know, like, we could certainly discuss that. I'm, you know, I don't know if it's up to
me anyway, but it's not, it's not out of the question.
But I think it's a very boring job is what I'm trying to say.
Yeah, 100%.
Like, the only kind of concern is, and like, this is kind of like the experience we had
with the NDC is, you had these trustees who on paper are fantastic individuals but there was like increasingly frustration from
folks in the community to get in touch with these people for whatever reason it may it may be like
payment delays and stuff like that and and sometimes also like getting context on certain situations. So I'm trying to see like whether this new structure fills in like
the problems we had with the NDC trustees, which in theory, I think it does. If you have people
that are strictly professional and good at what they do, there shouldn't be a problem. But the
concerns with the NDC trustees were around communication
and, like, not being in the trenches, so to speak,
with understanding whether...
And then there's this other question of whether...
Who kind of keeps the officers in check with flagging stuff
that maybe they need to review like is there
i mean it's stuff that's probably like uh tbd but there should be like um some kind of checks uh
flowing through um some other entity that uh keeps these officers um alert of anything that they need to kind of review.
Yeah. So, yeah, so point taken, I think probably we need to get our legal team to weigh in on that.
I actually have a list of running questions for them. I'm going to add this to the list.
Yeah. So some of these questions have actually come up in at least one of the working groups,
right?
We began discussing kind of what is the like exact detailed flow.
Like if we were to draw it as a diagram, you know, like a proposal appears, there's a vote,
it gets approved, like what actually happens after that, like between that and like funds
actually getting, you know, dispersed from the multisig treasury?
Is there a bank account?
Are we moving anything through fiat,
et cetera, et cetera, et cetera.
Let me work on all of this and get back to everybody here
with answers from the legal team.
And if possible, we can schedule something
so that one of them can answer somebody's questions
more directly than I can.
Just mindful of time, we only have four more minutes. So if there's, you know, I think we have time for a couple more
questions. It's not a question, but rather, maybe I can add a bit more value to the flow of how
things were in the previous NDC. So once you have approval from the House of merit the proposal goes into a queue of which again gets reviewed
by the trustees who does calculation of the exact near value using a very specific
equation which was again approved by the house they just convert the near according to that
monthly weighted time weighted average i believe was what was used to convert the near and
send the transactions
to the recipient's wallet this was the
flow so the house of merit approves
the proposal goes into a
contract or goes into a flow the
trustees leads it approves it
but again as Mr. Potato
seriously explained he
is like there was considerable
delay for the four trustees to get a consensus
and sign in time. But this was the flow.
Lane, be sure to... Oh, sorry.
Go ahead, James. Go ahead.
I was just going to riff on that because I think a lot of the challenges were involving the identity verification piece because it needed to be
separate from the like main ecosystem provider or like a separate account with the same provider
that near foundation had so i would just highlight that yeah i've got a note here about this so yeah
that's a good point um and ut, thank you for sharing that as well.
Yeah, look, if it's up to me, I would say that this board, I'm just going to call it
a board of the HOS Foundation needs to convene once a week and like execute, like we queue
up tasks and like, I think once a week sounds reasonable, right?
Shouldn't take longer than that.
But let me get answers to some of these things, as I said, and come back with more detail
next week.
So guys, stay tuned next week for more of your questions answered, as well as for more Q&A.
I would like to say thank you
so much for letting to join us today
and also thank you, Ewan and
Mr. Potatov who helped me to organize
this Twitter space.
Thank you so much, guys.
Yeah, thank you
very much, Evgeny. Thank you to you as well.
I mean, this, again, just to reiterate, this was
super organic. This was very last minute
because it just literally
came from you and from the community.
Happy to do this on short notice again,
but also happy to make this a regular thing.
So I leave it up to you guys.
Just let me know.
All right.
We will reconvene and reschedule one next week,
but there will be also an AMA with Agora next
week to talk about their work with UI.
So maybe we'll have like two different sessions.
One talking more about Hustle Stake with Lane, another will be UI updates from Agora for
Hustle Stake.
So stay tuned to next week and we will announce the schedule as soon as we can.
Thank you so much, guys.
Thanks, everybody.
Thanks for the great questions.
