Formal Governance

[Audio Link](https://soundcloud.com/makerdao/makerdao-governance-meeting-february-26th-2017

Thank you all for joining the formal governance meeting. We have 19 participants on the call today.

This part of the meeting will be recorded and will serve as the formal record of the community consensus. Proposals need to be clearly stated, debated, and generally agreed to prior to the meeting. Once a proposal has gone through these three checks it can be brought up in the formal governance meeting for finalization. Proposals should be posted to forum.makerdao.com and can also be discussed in #proposal-discuss on Rocket Chat

Upon conclusion of the formal portion of the meeting, further topics will be discussed and debated.

Proposals:

Formal recognition of the Dai Foundation (approved)

• Transition of fund to custody of Rune until foundation has been fully established
• Transition of governance meeting to non-binding advisory function. Meeting will continue in its current format and time and serve as the focal point for establishing community consensus.
• Transition Alpha Dynasty Multisig to Dai Foundation Multisig
• https://forum.makerdao.com/t/establishment-of-the-dai-foundation-repost-from-blog/780

Amend weekly MKR sale to 1050 MKR (approved)

• https://forum.makerdao.com/t/amend-weekly-mkr-sale-to-1050-mkr/781

On Record:

March Budget Guidance

Name	USD Equivalent
DappHub*	52,000*
OneUp	15,000
OnChain	5,000
Total	72,000

• Formerly Nexus development
• Adding @geronimo and @james

Dev Update:

Maker Core (DRI: nikolai):

• Simplified dai mechanics by eliminating one of the CDP states
  • Leftovers from liquidation are now simply plopped back into the CDP
  • Owner does not need to open a new CDP, can keep using the old one
• Separated feedback mechanism into a third component called the "vox"
• Primary component of Maker (the CDP engine) now down to 20,038 bytes
• More system architecture diagrams:
  • Flows of value: http://stablecoin.technology/diagram2
  • State transitions: http://stablecoin.technology/UrnStage
• Updated makerdao.com to incorporate suggestions by @zandy
• Reviewing updated version of the MakerDAO whitepaper by @rzurrer

Maker Market (Oasis) (DRI: Rune):

• Reviewing the Maker market matching algorithm invented by @r001

Maker Model (DRI: Jake - mbrock - haskell work):

• Framework is nice and clean
• All actions implemented (except swapping Dai token address)
• The “purple paper” is looking nice typographically
• Haskell type system verifies fine-grained data read/write access of actions

Simple Stable Coin (DRI: zandy + OneUp):

• sent a ds-feeds PR to be checked
• npm package was published as dsfeeds
• repeater is almost finalized
• tests next week and deploy this new version to Ropsten

MKR Sale update (DRI: rune + zandy):

• 2197 ETH for 1050 MKR
• No orders from zandy

Video (DRI: kenny):

• Scripts nearing finalization
• Animatics mostly completed
• Rough versions of all three videos are complete
• Voice over work continuing

Foundation:

General Topics:

Topics discussed here are not binding and should not be taken out of context of an open discussion. More is said during the general topics than what can be faithfully transcribed into written text

Simplecoin

White paper

R001 and reverendus proposal

• https://blog.makerdao.com/2017/02/19/establishment-of-the-dai-foundation/

February Budget Guidance

Name	USD Equivalent
DappHub*	45,000
OneUp	15,000
OnChain	5,000
Total	65,000

• Formerly Nexus development

Audio Link