The results of the 2018 election are in! All Items of Business passed. Item of Business 5a was chosen for the monetary policy. This year’s election was held on-chain thanks to our partners, Govurn and Netvote.
Four board seats were up for election. Two of the winners have declined their seats. Medha Parlikar, Product Manager, declined so that she can focus on delivering main net. Christophe Freeshee also declined for personal reasons. Barry Cynamon and Kevin Goldstein joined the board.
The current Board of Directors is:
- Kevin Goldstein: 3 years
- Greg Meredith: 2 years
- Ian Bloom: 2 years
- Vlad Zamfir: 2 years
- Kenny Rowe: 1 year
- Evan Jensen: 1 year
- Barry Cynamon: 1 year
Here’s a quick overview of the changes we’ll see once the Items of Business are implemented.
- Quarterly financial reports
- Operations roadmap
- Conflict of Interest policy
- Public Request for Comment period for major Board decisions
- 410,663,574 RHOC will be burned
- RChain Improvement Process will be implemented by December 1, 2018
- A supermajority of Board members is required to reject a member vote
Section 1 – Results of Directors
Four candidates will be elected to four director seats. Three of the seats will be for a three (3) year term, with one seat being for a one (1) year term, replacing Aleksandr Bulkin for his remaining term.
Candidates (Ranked in Order)
- Christoph Freeshee (declined)
- Kevin Goldstein
- Barry Cynamon
- Medha Parlikar (declined)
Section 2 – Items of Business
Ballot Measure 1: Financial Transparency (Submitted by Barry Cynamon)
The RChain Cooperative shall be required to disclose financial reports on a quarterly basis to be delivered no later than 20 days after the quarter ends. If resources and time allow financial reports may be delivered on a monthly basis.
Ballot Measure 2: Operations Roadmap (Submitted by Barry Cynamon)
The RChain Cooperative shall create and maintain a public operations roadmap that exposes to cooperative stakeholders a series of objectives and milestones for the organization to be presented at every developer conference or similar gathering.
Ballot Measure 3: Conflict of Interest Policy (Submitted by Barry Cynamon)
The RChain Cooperative board of directors shall craft a policy that defines a potential conflict of interest so that the organization has guidance when making decisions. This policy will be enforced by the Audit and Finance Committee.
Ballot Measure 4: Member Participation in Governance (Submitted by Barry Cynamon)
The RChain Cooperative board shall define some parameters by which a decision (to craft a deal, make an investment, or distribute staking tokens) can be deemed “important” and institute a non-binding process for public deliberation to precede the cooperative making any important decision.
Ballot Measure 5: RChain Monetary Policy
Regarding whether RChain Cooperative shall implement a monetary policy regarding the usage of tokens from its treasury.
Ballot Measure 5 Proposal A (Submitted by Jason Plepel)
The RChain Cooperative shall implement a monetary policy to create supply certainty and reduce centralized control of token holdings. The policy will be formed around a rule that restricts supply held by RChain Cooperative, Partners, Research and potential future substantial entities funded by the cooperative to never exceed 1/3rd of circulating supply. There will be a maximum supply of 1.1 Billion REV to ever be circulated. 620 Million of those REV are to be programmed into the mint contract that distributes tokens over the next 100 years.
To abide by the 1/3rd rule, the Cooperative must complete actions (a, b, c) within 5 business days of policy approval. Actions (d, e) must be completed and prepared prior to REV issuance.
- 410,663,574 RHOC Sent to the Reserve Wallet from RCM
- 50,600,000 RHOC Sent to the Token Sale Wallet from RCM
- 4,000,000 RHOC Sent to the Research Wallet from RCM
- 410,663,574 RHOC Burned from Reserve Wallet
- 620,000,000 REV Generated in Mint Contract
There will be a scheduled distribution of REV’s from the Mint Contract to designated wallets held by Validators, RChain Cooperative, and Research as detailed in the “RChain Monetary Policy V2” spreadsheet linked below. Variables on the linked spreadsheet are subject to change, but changes may never override the rules defined on the spreadsheet. All interpretations of the proposal are determined through the “Action Items and Definitions” tab, as well as consultation with the proposal’s author.
Additional Information for Ballot Measure 5A:
Ballot Measure 6: RChain Improvement Process (Submitted by Medha Parlikar)
The RChain Cooperative shall define and implement an RChain Improvement Process no later than December 1st, 2018 using the attached outline.
Furthermore, the RChain Board of Directors in collaboration with RChain members will define program goals for the upcoming calendar year after the yearly members meeting.
Ballot Measure 7: Proposed Bylaws Amendment (Submitted by John West)
Clause in the Bylaws: Article 2, Section 5 which reads as follows:
“Submission of any matter to consideration or voting by the members will not diminish or override the ultimate authority of the RChain Board to manage RChain’s affairs.”
Shall be amended to read as follows:
“Passage by general membership vote of any matter that requires voting by the members in the annual meeting of the members, or in a special meeting called by the membership, shall be binding unless the board rejects it by a vote requiring a supermajority, or legal counsel deems it illegal or otherwise improper.”