# Senate Minutes - June 23rd, 2022

**URL:** <https://forum.kong.land/t/senate-minutes-june-23rd-2022/174>\
**Category:** Senate\
**Created:** [July 15, 2022, 12:19am UTC](https://forum.kong.land/t/senate-minutes-june-23rd-2022/174 "2022-07-15T00:19:18Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![cameron](https://yyz2.discourse-cdn.com/flex036/user_avatar/forum.kong.land/cameron/32/13_2.png) [@cameron](https://forum.kong.land/u/cameron)\
**Post date:** [July 15, 2022, 12:19am UTC](https://forum.kong.land/t/senate-minutes-june-23rd-2022/174/1 "2022-07-15T00:19:18Z")

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# June 23, 2022

## Senators Present

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

## Agenda

- 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
    - Contract owner permission needed to change
    - “Statue\_##” change to “Statue[space]#[digit]” formatting so it looks cleaner
    - [Kong Land Citizen 250.00 ETH - Collection | OpenSea](https://opensea.io/collection/kong-land-citizen)