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ArbitrumDAO Procurement Committee Update [Meeting Notes]
Joseph [Axis Advisory]
00:00So the first one being and I think this is a much needed conversation that maybe we should also maybe potentially discuss on school or even on the forums to establish a standard. The compensation has been updated to 1000 usd per month. But excuse me, but payable not from an arbitrary tokens prior to that, it was 7500 arbitrary tokens, but given the recent price fluctuations, that would mean paying part time contributors, somewhere between 12k to 15k, which is an exorbitant given the mandate, skill set and workload required. So to ensure more consistency over the six month period, and even set a standard for some liquid workloads and skill set required, required on the Dow in the next years. We set the standard that 8000 USD payable in all different tokens, and we're still going to request the prerequisite amount which is one of the 65,000 ARB to make sure we have a look runway to be able to satisfy the compensations for the three members and the multisig as well. So that is the first point and maybe a topic of discussion that we can have on separate call on the following post whatever it may be on, you know, establishing compensations for the alternate route or other how to quantify compensation, sales incentives, etc. Because we were using the ARB standard so always denominating and paying out, but given the price fluctuations even during the proposal, process that could lead to certain inconsistencies. Secondly, the last point will be implementing KPI based system for the different points of the of the mandate. So for each point of the mandate for the entree proposal, there will be a KPI based system for each of those well for each of those tasks. I think this ensures I think further accountability and transparency for those committee members and that also have a sort of path towards achieving that particular mandate point. So those are the only two points, but we have an update that will to see if you guys have any questions before voting or if you have if you have voted, so that is basically the scope of this this particular goal. What do you think about the sorts of organizations that will be affected? Or the one that was affected in relation to the compensation and basically if you have any questions whatsoever about the procurement committee
Joseph [Axis Advisory]
02:25and the compensation was updated on on the foreign post as well. So you refer to foreign text, it is now $1,000 Worth payable in order to ensure a bit more consistency. of payments I think makes more sense. You have any questions, please feel free I won't take too much of your time.
Joseph [Axis Advisory]
03:18Yep, go ahead.
Angela O
03:21Maybe not a question, but I mean, not not directly related to the proposal, but I'm trying to briefing like the, the proposals so it's clear for more delegates that jump into the meetings, and I'd like to ask you directly which points of this proposal ready to go to tally are already on tally. Do you like to like highlight in terms of more delegates to putting their efforts here? Is that clear?
Joseph [Axis Advisory]
03:55Yes, yeah. So the proposal is currently on snapshot. And it looks to be going well 98% in favor and 31% said 1 million votes at this point in time. And there are also some delegates that will be voting in the coming hours. Also in favor. It will go up on tally might think tomorrow morning or Wednesday latest and they do that there is that three day buffer period. What will change from the snapshot vote to the default are two things there will be the compensation which will be denominated in USD but payable and arbitral tokens. So that is number one. And also there will be this KPI based system for the different points of the mandate of the procurement committee. So those are the two optimizations that will be made for the on chain and the vote. You know, that was of delegates to hold this particular snapshot. So don't change anything but these are things that won't do any harm but will only provide value I think, for the for the procurement committee members and from even from an assessment and transparency perspective, it will ensure further accountability. So two optimizations that I think will be will be very good and will provide the value and so those are the things that will be different on the on the entree vote side for the research collective which is a separate them never altogether. I think the on chain vote initiates in a couple of hours. I'm not sure I think before hours for delegates in this call, please vote on the one that says updated because we had some issues posting the proposal on TV that were resolved after speaking with the Taliban but please vote on the one that says updated so I think that one initiates let me actually check since we're on this call
Joseph [Axis Advisory]
05:36to format for myself, it's in about 12 hours I actually don't know for you guys but if you go on Thursday, you can actually see the code there. So yeah, let me actually as a final note, post, the community forum post on here to see if you guys have any questions or want to assess and your comments you can actually go there so that is So does that answer your question underlying nobody answered it accurately or there's the concern
Joseph [Axis Advisory]
06:16perfect Does anyone else have any questions? Yes. I'll wait like three minutes. See if you guys may be reading through some comments. I'll be back many questions. And in such case we'll we'll end it here short and sweet as they say.
Joseph [Axis Advisory]
06:42Also, keep in mind that the elections for the procurement committee members initiated three days after the televote is is passed that if that ever does pass, so three days after the on chain vote, passes, we start the election of the of the committee members.
Joseph [Axis Advisory]
07:18Also another point since I'm reminded after the snapshot vote passes if it passes for the orbitron law procurement committee, so for this particular proposal, we will also be implementing the clawback mechanisms that were implemented for the research collective. So a clawback mechanism for the Dow to be able to vote to get the funds back from the multi SIG. So that's the first clawback mechanism that will be implemented via the Zodiacal governance module, and safe multi SIG that has number one, and the second one will be that the option allows all our token holders then etc, will be made the grant administrators of the stream that will then pay out pay the sort of compensation of the different members that are elected. That will be done after we know who's elected to the procurement committee. And that will be a function that will be implemented in the hedging interface. So two different clawback mechanisms one catering for funder three from the multi SIG one that will enable the participant to actually stop the stream to any procurement committee member. If for example, there is a breach that definitely needs to be terminated. So compensations will be on a monthly basis. So liquid enables the 16 day voting phase of the entree vote. So the person has preached within within that time period, the second compensation the next compensation, there will be enough time to actually stop the stream for the second compensation after the breach has materialized. So those are two functions that will ensure I think that's two checks and balances in place to ensure further accountability and give more control to token holders. But through on chain governance, I think it's a toggle function stuff. So we have there aren't any more questions we'll then 
within a minute thanks a lot to everyone for attending. Yeah, we look forward to the conclusion of the of the snapshot. Thanks a lot guys. Thanks, Joseph. Thanks guys. Good evening.
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within a minute thanks a lot to everyone for attending. Yeah, we look forward to the conclusion of the of the snapshot. Thanks a lot guys. Thanks, Joseph. Thanks guys. Good evening.