Senate Minutes - June 23rd, 2022

June 23, 2022

Senators Present

#0007, #0027, #1001, #045, #051


  • Review Minutes from Jun 16, 2022
  • Treasury Diversification
    • how much money do we actually need
      • chip inventory strategic reserve
      • operational cost
    • suggestion arrange bottoms up budget
      • napkin math for runway
      • hiring contractors
        • pay in $land
        • create tooling for partners to airdrop tokens/nfts to their halo/silo’s
        • create tooling for partners to bulk scan inventory before shipping out
      • chips for future work
  • Side Discussion on Feedback from NFT NYC
    • Urgency from DAO’s and NFT projects issuing physical merchandise
      • A lot of daos and NFT projects currently now making merchandise - very few are incorporating chips
      • Communicate superiority of kong land solution (availability, non-custodial)
      • Missing Onboarding, dev tooling, manufacturing, video content on why virtual assets are rad
      • MetaFactory new virtual fashion wearable standards
        • Works on vrchat, cryptovoxels, decentraland, extensible to other platforms
    • Backend Engineer to store pubkeys of halo chips before shipping to to customers
    • Frontend Engineer to display asset upon scan (v1) link to image of item, v2) link to metafactory garment 3d file format
    • Blockchain Engineer for launching basic ERS
    • Apparel projects at NFT NYC were super bullish on Kong Idea when they get it
      • Transformative to go from being an apparel company to being a tech company
      • “Apparel Tech”
  • Treasury Diversification
    strategic is the right approach with a focus on MVP, but here are some ideas on what might target in different scenarios:
    • a) A Large
      • Build a custom, open secure element. Roughly 50% of the budget would need to go to this between R&D and fabrication. The remainder would be used for (1) grants in the KONG Land ecosystem with an expectation of token from sub-DAOs, (2) ERS development through grants (3) regular $CITIZEN IRL events
    • b) B Medium
      • Focus on 10 grants up to $50k to sub-daos. 50% dedicated to ERS and subsequent tendermint chain (most likely to the tendermint chain). $100-200k for staking (eating our own dogfood). $100-200k for small scale events over next 24-36 months.
    • c) C Small
      • No sub-dao grants, or very limited ones. Focus on ERS, and planning out tendermint chain but not building/shipping it. Get ERS to ramen profitable via fees. Small grants for marketing, community and limited event budget (say $25k over 24 months).
  • Immigration
    • Share Immigration document with community in order to launch publicly on 4th of july
    • Putting $land aside for
      • Vulnerability reports (bug bounty)
      • Hackathons
      • Community goodwill projects (ie tooling around statue reveals)
    • Open Sea curation