FIP #18 Proposal for Introducing An Entrusted Foundation to Participate in The Governance of Budget

Proposers: The 1st Budgeting Committee, EOSC Development Team

Introduction

The Budget System of EOSC mainnet has been running for six months with the management of the Budgeting Committee elected by the community. Based on the exploration experience for half a year, we found that distributed and collaborative non-fund management professionals cannot fully utilize the vitality of the organization and promote the ecological development of the budget system. In order to better explore the governance model of the budget system on the blockchain, based on the EOSC mainnet consensus mechanism, it is proposed to introduce an entrusted foundation governance solution, hereinafter referred to as the Foundation.

1.Responsibility

According to the requirement for development of the community, effectively utilize the budget system to promote ecological sustainable development.

2.Election

Anyone of the community members and BPs can participate in the election of the foundation. Candidates shall clarify the responsibilities of the foundation and make plans for community development during the term of office. At the election, candidates shall present their plans in turn. BPs will vote and the person with the highest votes will serve for the Foundation.

3.Requirements

3.1 The Foundation shall lead and promote the development and construction of the community, and complete the work of project planning, budget evaluation, development implementation, and continuous follow-up. At the same time, the Foundation is required to make a timely publicity of the recent work plan, the latest progress, and the whereabouts of each budget expenditure to the community.

3.2 The Foundation shall approve and monitor the progress and implementation of community proposals and make them public in a timely manner.

4.Tenure

The tenure of the Foundation shall be 6 months. After it has run out, if BPs do not actively renew the contract on the chain, the foundation account will lose the control of the budget system and the Foundation will also be re-elected.

5.Supervision

BPs are responsible for supervising the Foundation. If the Foundation does not operate properly and fails to achieve the expected goals, the account control of the budget system can be modified when more than 2/3 BPs approve.

6.Funds

A budget shall be proposed for the expenditure of the Foundation and community proposals from the budget system. It will enter a 7-day publicity period after being approved by the Foundation. If there is no objection during the publicity period, a withdrawal proposal can be proposed, and EOSC will be automatically transferred to proposer’s account when the withdrawal proposal is approved. If more than 1/3 BPs vote against the budget proposal during the publicity period, the proposal will be rejected.

7.Incentives

The incentive part of the Foundation is determined by the candidate according to the specific planning and goals.

The elected candidate shall claim the budget from eos.budget account.

April 9th, 2020