Keith Millette, the XX resident node and documentation expert has recently put together a video for an important but vital part of the XX Network’s governance system built into the blockchain – that being the function of the treasury and council to fund community projects:
As per page 5 of the XX Economics Whitepaper:
“The xx network will grow post-MainNet through the contributions of the community in the form of writing code, creating dApps, developing educational materials, and participating in Governance. The treasury’s primary purpose is to fund bounties and rewards for these activities as proposed by the council, tech committee, or community at large.”
As activity around the network began to ramp up more in 2024, it is a great time to reinvigorate this core idea and encourage folks to help grow the network with the use of treasury funds, which come from the normal operation of the blockchain. This means treasury funding is a sustainable way to reinvest in the network. It is also a completely separate system and process from the Foundation grants which may not apply to many community driven ideas and use of the treasury can potentially be a much quicker means to an end.
Anyone in the community can take the initiative whereby they propose work to be (or that has already been) done by them and/or a team of people they are working with, along with a request for a specific amount of XX Coins to fund said proposal. Should you go on to formally submit the proposal to the blockchain, the council would then vote on it and treasury funds would be released at the end of the voting period if successful.
As described in the video, if you have a great idea and can propose the fine details, first go to xx.polkassembly.io, sign up if you haven’t already, and add a post after selecting ‘Discussions’ on the left. This will give a platform for your proposal from the outset, without actually submitting it formally. Once you’re confident the proposal could get funded, use the official web wallet to create the proposal on the blockchain, then link your discussion to that proposal with the tools in Polkassembly. The video above shows you all the steps to do so.
The other way is to propose something on the blockchain from the outset but this is likely to be only if you’re absolutely confident and have an extremely good plan likely to succeed, or perhaps that has been discussed ahead of time elsewhere. Beware that if your treasury proposal is rejected outright then you may lose your deposit to submit it.
If you’d like some tips for how to structure any proposal you wish to discuss, see below for an idea of what the council would like to ideally see.
I’m hoping to see some great initiatives emerge from the community that the council can help fund with the use of the treasury. Get your creative caps on and good luck!
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