A Really Short One: Update on Governance and POC
nly a short update today. About four weeks in, we are diving into details in all areas. Three of the topics that mainly kept us busy are (1) the POC design and detailed specifications, (2) the funding and governance model, and (3) the validation of several technical and economic aspects.
For the POC design, Dominic has mostly done research on data storage, the coin issue mechanisms, and the biometric identification using facial recognition. Apart from the last point, he has made enough progress to start with coding. In the meantime I have outlined the layout of the iOS app, and we started to engage a designer.
We are still going back and forth on our options relating to funding. It becomes ever more obvious that this will require either lots of legal work (e.g. through a SAFT), or the implementation of a meaningful governance solution so that investors can be comfortable.
A great blog entry by the CEO of Colony at https://blog.colony.io/the-colony-token-sale-7ac14c845bc0 points out the core challenges. He describes how they ended up with a 4-step approach that results in the team ceding control until a full Distributed Autonomous Organization (DAO) has been established. With our main funding (ICO?) not really being required before March or April next year, we seem to be on the right track, particularly in respect to getting early stage investments from accredited investors, in batches of $50k.
Something still does not jive here, and we may need to adjust our strategy. We are still on the drawing board in some of the key areas, even while continuing to make steady progress in all of them.