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RE: Steem Alliance: Foundation Proposal by Witness @upheaver
Glad to hear about the professionally managed fund.
The student thing makes sense in some ways, but I think there should be other requirements for free memberships with some kind of mechanism in place to prevent an entire class or school from signing up together...ie an approval process for free.
I didn't realize you also helped with merger until I heard about it today. Your ideas seem good and to come from some sort of experience.
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Thanks. Yes, the student memberships would require a manual approval anyway as the credentials need to be validated (usually a valid university email + scan of student id). There can be limits on student memberships imposed anytime if it becomes a problem - but what I've seen in other foundations it never is.
I'm an venture capital investor myself and have been around in similar structures, startups, funds so a lot of the ideas aren't new but they come from years of observation and / or experience.
Merger proposal has some great ideas, but I see a major problem with it relying on volunteer staff and not professionals, that's why I kept mine as well as I think it has something to offer. In reality operating a fund is a full time job which requires domain excellence and expecting people to do it for free will lead to major performance issues and mismanagement of funds.
I will be honest. I like the idea that it's funded by membership dues. There was a lot of talk about how some were thinking to take away authors rewards as a tax for development. However, I think just putting in some kind of opt in funding for an enhanced membership or account would be good. Ie. Give us 100 SBD a year or whatever and you get voting rights, an account badge If you want it and possibly something else.
This foundation is in part replicating the role of Steemit Inc. when it comes to ecosystem support and funding so we have more than one corporate structure based in FIAT world supporting the ecosystem. Now imagine for a second that Steemit Inc. would be funded by author's rewards... It would not work for them, why would it work for this foundation?
Also important to note that in my proposed structure, the initial donation made by Steemit Inc. would be paid as a corporate membership fee and they would be treated no differently than any other corporation, no fixed board seat, no special rights.
That kind of experience is exactly what we need. Some people look at steemit and think it is massive or the chain just makes free money. Anything that requires money needs to have financing. There ain't a bank out there that will give the foundation a loan.
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