January 2022 and its new beginning has us looking to a new legally compliant and more proactive approach to regulation in the ecosystem, as evidenced in our payout process (as referenced in @grace’s November and December update posts).
Simply put, we will be installing a new payout process which involves identity verification(s), ideally by the end of January. And until this new process is in effect, all payouts to Guilds, projects, contributors via NF Community Team established channels (i.e. Ecosystem Development DAO, Marketing DAO, invoice or otherwise) will be on hold.
These identity verifications protect all of us (DAO Vertical Council members, NEAR Foundation team members, to general community members and Guilds looking for sincere and genuine contributors) from scammers, malicious agents, and individuals residing in banned countries or regions. They are also required by NF legal counsel before we can proceed with the further dissemination of tokens for any activity.
We are looking to make the new process consistent and seamless across the different access points to funding whether via NF Funding, Education, or Community. This cross-team level collaboration does take additional time and coordination but it’s sure to result in a smoother funding pathway for all of our community members regardless of the kind of funding support they’re looking for!
Interested to see a sneak peek at what the new funding process will look like?
Read on to see the STILL UNCONFIRMED working flow:
Continue to post your [Proposal] in the appropriate category on the Governance Forum based on the content of the proposal and the affiliated Guild. For clarified information on how we’re encouraging Guilds to self-identify and apply for funding based on a new tiering structure, see more here.
After the proposal has received sufficient offline discussion on the Forum i.e. there are no more comments on the post to be addressed and the community has had time to respond to the contents of the proposal and receive clarification, the proposal receives implicit community approval.
- Please refer to the Marketing DAO and Creatives DAO funding guides for more information on their approval processes as their approval needs to be explicitly granted by the respective DAO Council on the Forum.
- This discussion and engagement on the Forum is key to this entire process, so please share your thoughts positively and respectfully.
For Ecosystem Development DAO: after approval has been granted implicitly, the Guild representative must post their proposal as a poll on the Astro DAO: Vote > Propose a Poll. When the DAO Council votes in favour of the poll, the silent NEAR Foundation FLO (Finance, Legal, Operations) team member will note that the payout can proceed provided a successful identity verification check.
- If the DAO Verticals would like to follow this process by using Astro polls, they are more than welcome to! We ask that they then also make a point of sharing the poll’s results in the comments of the Forum post proposal to make the outcome of the proposal clear and easy to reference.
To get the payout process started, the Guild Leader, DAO, or Community representative (‘representative’) must:
- then be directed to a third-party service provider powered ‘Know Your Customer’ / KYC identity verification check that will require a piece of formal ID and photo. [ONE-TIME STEP]
Denomination of the payment ($NEAR for now) and amount will be doubly confirmed in the new comments feature for polls on Astro by the DAO Council. The representative will then receive an email to a ‘Reward Agreement’ confirming the token amount and requesting the representative’s signature.
- The agreement will need to be signed for every unique USD $10,000 transaction AND for all cumulative transactions equal to USD $10,000. The NF FLO Team will be tracking the transaction amounts but it is good practice for Guild representatives themselves to do so also so the agreement email is expected.
- Any proposals requesting USD $20K or higher will be encouraged to apply to the NF Funding for a grant.
After the above paperwork has been completed - and the outcome of the Astro DAO poll is favourable - NEAR Foundation Finance will execute on the approved payment.
- The funds will be sent to the personal NEAR wallet address provided in the Google Form and it is up to the Guild or project representative to ensure these funds are transferred to the appropriate DAO.
Please give a maximum 2 weeks for your payout to be processed, especially for the first payout instance under this new process.
Thank you for your patience as we work through this new payout flow and feel free to tag @communitysquad if there are any questions or concerns!