OIP-15 The Octagon Council Members

OctoFi

Hey Octonauts,

As you already know we are working on the decentralization of our beloved project, to make it even more censorship resistant and unstoppable.

Check our The Tentacult Manifesto if you haven't already:
https://den.octo.fi/d/83-introducing-the-tentacult-manifesto

To make the project more decentralized we need to introduce a group of people who will support the project and oversee certain responsibilities. We've created a small job profile to ensure we can select the eight best people possible.

Octagon Council Member (Job Description)

Main Benefits:

Get news for OctoFi before everyone else
Admin rights for the telegram group
Access to a closed group for all council members together with Dr. Octavius and OG
Access to e-mails council@octo.fi
Multi-signature key holder (51%) for Project Reserve - 5/8 required for signature
The prestige that comes with pioneering a project such as this
Learn from some of the best people in the space
Monthly payment of 30 OCTO (long term stream with Sablier + multisig)
Being part of a successful crypto project with a bright future
Making meaningful decisions that can change crypto history
Elected for 888 days 8h 8m 8s

What you need to bring to the table

Passion
Free time
Salt and pepper
Active Twitter account
Skills in one of the following fields (Marketing, Software Development, Project Management, Social Media Influence, Business Development, Design)

One of our early backers, is fully funding the first 888 days salary for those elected into The Octagon Council.

Cost: 7000 OCTO
Wallet: The first 888 days will be paid by one of our early backers (no project funds required)
Question: Do you like the idea of The Octagon Council?

After a successful OIP, we will open applications for The Octagon positions and commence another OIP to vote for the 8 best people from all those elected.

You can also suggest different ideas on our corresponding governance discussion: (include specific den.octo.fi link)
We will include them in another OIP round if required.

Best wishes,

Dr Octavius.

Vote Options:

I like the idea of the Octagon Council
Don't like it
I don't know, do what's best for the project

Vote here: https://app.octo.fi/#/tools/governance/octofi/proposal/QmSwrPCS2bsY8oL8jyhs91LvvRpaEdRhAThpyN29b6oeZC

AkadoSang

Just wanted to mention, for everyone to see, that 7,000 OCTO at the current prices of ~$50, means someone is willing to pay ~$350,000 of their own pocket to help the project! That's impressive

DelinquentMind

Well this seems like a no brainer if it's financed, very good news. What will the roles be?

Also, is this original backer a big token holder etc? Not sure if this is common knowledge or disclosed as I'm relatively new.

jav555888

Love it, might even roll the dice myself. I run a Web design business so could help with Marketing/SEO/Content.

CFow

Wow. First off, huge props to the early backer! Such an amazing show of commitment and belief in the project.

Overall, this is amazing for OctoFi. It will be another huge step towards decentralization while at the same time bringing the community together even more so.

My only concern is the length of time for the elected council members and keeping everyone motivated, interactive and working hard towards the same goal. Keeping aligned with the manifesto's "make trust obsolete", there are a few questions floating around for me:

How will members be elected to their role and held accountable for their actions?
What will members need to do to retain their roles?
Will all members be elected at the same time?
Once elected, is the 888 day term set in stone for council members or will there be community/council review periods where council members could be replaced by a vote? (If so, a review every 2-6 months seems reasonable to me)
Will there there be any legal responsibilities or requirements for council members?
Could there ever be any legal onus or burden on council members?

I'm sure more questions will pop up over time but these are the main ones I'd love to find out more on. Thanks in advance!

nathanj

I love the idea and I'll be throwing my hat in the ring as someone with Software Development experience.

testouille

Superb idea, but...

I must vote NO for this proposal as it stands.

888 days is far too long.
Holders must be able to evaluates the work of each council member and have a way to revoke.

I also think that the salary should be in USDC converted each month and not in OCTO so as not to interfere with the Holders & fees. It is up to the member to convert back to OCTO if he wishes.

DelinquentMind

testouille I agree with this, 888 days is soo long, or there should be a get to know you period.

I disagree though, the reward should be in OCTO, reward should be in native token and exposed to upside for motivation.

CFow

DelinquentMind Agreed. OCTO has already been donated so it shouldn't interfere with holders and fees. Any fees earned off of the fund before OCTO is distributed to council members should be used for project funding/liquidity.

ciko85

CFow I would agree with you on this. As council members they should also be for platform growth. And their octo share would dilute some value from it...

DeFi_King

The reward is too much in my opinion. Assuming OCTO becomes successful, then at some point a price of $1,000 per OCTO is no longer a very strange value.

This means that council members would receive 30k monthly and that seems unnecessary and too much to me. In addition, at that time it would also be considerably busier and we could probably use assistance of many more new council members that we could pay with the current fund.

A fixed amount of $1,500 seems more than enough to me and of course any council member can convert this directly to OCTO.

tosquito92

DeFi_King

Not sure I agree with you there.

At such a valuation that would mean the Octagon council are really pushing the project to new heights and would totally be deserving of said reward/salary. Seems like a positive feedback loop.