Rework the Community Repayment Process

Discussion in 'Denied Suggestions' started by owned, Mar 16, 2023.

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Rework the Community Repayment Process
  1. Unread #21 - Mar 24, 2023 at 6:18 PM
  2. MyPvM
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    Rework the Community Repayment Process

    Copy Pasta:
    A 2 of 2 multisig consists of 2 separate wallets (usually on separate machines and potentially controlled by separate people) that have to be used in conjunction in order to access the funds. Both wallets have the same set of Addresses.
    • A common use-case for this is if you want to collaboratively control funds: maybe you and your friend run a company together and certain funds should only be spendable if you both agree.
    • Another one is security: One of the wallets can be on your main machine, while the other one is on a offline machine. That way you make it very hard for an attacker or malware to steal your coins.
    More Info:
    Multisig Wallets — Electrum 3.3 documentation
     
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  3. Unread #22 - Mar 27, 2023 at 8:40 PM
  4. owned
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    Rework the Community Repayment Process

    Thanks @MyPvM. This seems like a great solution.

    Also:

    1) The public should be informed on who is currently "holding" the Community Repayment Funds wallet.
    2) Does the person who holds the funds use the address for personal reasons?
    3) Who determines when repayment rolls occur, and how do they decide when to roll? Where do they publicize the roll results?
     
    Last edited: Mar 27, 2023
  5. Unread #23 - Jul 15, 2023 at 10:54 PM
  6. Andy
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    Rework the Community Repayment Process

    - I currently hold the funds and am the only one with access, it's not a personal wallet either.
    - Repayment rolls are determined by the availability of the staff member holding the funds, as each roll requires a significant amount of attention to ensure records are being kept properly and so nothing is overlooked as we basically re-validate every request before it is paid out during a roll.
    - Sythe is notified whenever the guardian of the funds is about to change and is free to approve/deny the new guardian.
    - Likely some form of legal action I'd imagine, but that's more or less up to Sythe himself.
    - There is a public ledger here that marks all sends and receives from the wallet, which anyone can follow and track. I regularly encourage other staff members to monitor the thread/wallet as I have done when other admins (Pendulum/Video/Gen) were holding the funds.
    - It would be very hard for someone to quietly embezzle funds without anyone noticing, especially given the regularity with which multiple staff members keep tabs on the wallet.

    1) Due to the way crypto works the address would change rather constantly as splitting a large block of currency within a wallet requires the remainder be "transacted" to a new address within the same wallet. With access to the current public ledger it is still rather simple to follow the funds and addresses being used.
    2) The wallet has only ever been held by one admin at a time for simplicity sake, again as I stated above I am the current holder of the wallet. We will update the ledger thread to publicly name the current holder of the funds.
    3) If you have a proper suggestion for a better system you should publish it, the current one has worked well for years at this point but we are always open to improvement.
    4) The roll schedule is likely going to remain sporadic unless the wallet holder is specifically hired to adhere to a schedule, as I am not going to step away from IRL obligations for volunteer work, nor would I expect this of any other staff member.
     
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