Related to Codify the FFS standard and improve end-user experience.
Forum Funding System: change of policy
rocco posted this 8 years ago
Friends, Family, Crypto People.
With the Froum Funding System always funding more and more Projects, we need to learn from the past and etablish a new rule in my eyes. The FFS got etablished so the community can fund monero related projects with less risk than usual. We need rules to assure that, otherwise the FFS cant do its job and protect the donors (but also the reciver ofc)
I will take the GUI project as potential example: 14k got collected, no milestone or payout window got defined, so the 14k got sold when the project started. If a bubble happens and the Project theoretically wouldnt work out for some reason, the Donors couldnt be refunded in theory and the money is lost.
i will try to phrase a simple rule, for example:
Every project with Community Funding over 10k$ equivalent at the time funded needs at least 3 milestones with defined payouts. The reciver is
only able to decide what happens with the Funds of the next Milestone. If its reached, he can decide over the next one (hold or sell)
basically, to protect the donors, we need to prevent the FFS going full short with the whole amount. we all know shorting xmr in the long run is unwise.
> the Donors couldnt be refunded in theory and the money is lost.
I don't think refunding donors has ever been a thing. ??
ok so reply is broken so i just reply here.
based on my understanding the FFS was created so the money can be held (partly) in escrow, so its less risky for the community to fund projects, right? what else would be the purpose of a FFS like that? if everything gets sold when the project starts, this is not possible anymore.
with contracts on an hourly basis (like the GUi was, so maybe bad example) it may be something different, but i hope u get my point.