Weekly Catchup [21/10/2024]
The Budget Committee discussed three main topics:
Dubai Presentation Plans:
The Committee plans to present a proposed Treasury withdrawal range of 300-500 million ADA
The presentation will outline high-level goals and committee work types, without specific budget allocations
There was discussion about managing the withdrawal's impact on ADA price
The plan involves gradual conversion to fiat/stablecoins rather than a single large conversion
Historical data suggests Treasury withdrawals have not significantly impacted ADA price
Technical Consortium Discussion:
A proposal was discussed regarding a technical consortium involving IOG and 15-20 partner companies
Questions were raised about how this would integrate with Technical Steering Committee (TSC) decision-making
Key concerns included:
Process for adding new engineering suppliers
Management of engineering hours allocation
Relationship between consortium and TSC authority
The committee agreed more documentation and clarification is needed
Treasury Working Group:
Discussion of forming a treasury working group including experts from different organizations
Agreement to include regular reporting to the Budget Committee
Plans to engage multiple auditors for financial and treasury management
Focus on transparency and communication with the broader community
Additional points covered included discussion of onboarding new members and the decision to rely on a code of conduct rather than NDAs for managing confidential information.
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