ApeCoin DAO to implement Transparency Act for Ecosystem Fund Allocation

ApeCoin DAO to implement Transparency Act for Ecosystem Fund Allocation

In a bid to increase the transparency of Ecosystem Fund allocation AIPs, ApeCoin DAO is currently voting to enact a transparency act. With less than 24 hours left for voting, approximately 100% of the community appears to be in support of the initiative.

In September, @giacolmo suggested that some adjustments be made to how Ape Improvement Proposals (AIPs) are drafted, the voting process, and follow-up reporting. The proposal hopes to increase the transparency of Ecosystem Fund AIPs, enhance the voting process, and standardize periodic reporting.

As per the proposal, teams requesting funds from the Ecosystem Fund should provide details on the team members and the cost of implementation.

If passed, APE Foundation/Cartan Group will update the contents displayed on the Snapshot voting page to include the overall cost of the AIP.

This allows the voter to see at the first glance the purpose of the proposal AND the cost involved, without the need to open the link of full proposal, and find at the bottom of the full proposal the cost, which is a critical item.

Secondly, the Foundation will make it compulsory for proposers to provide a description of their team members and Web3 experiences when applying for funds.

In addition to the two adjustments to the cost disclosure and team members, Apecoin DAO will release monthly reports about fund allocations, supplying details such as the total funds committed and payment of funds up to date.

The update is expected to take about two weeks to implement and at no cost to the DAO.

Although the idea was widely accepted in the ApeCoin forum, some members were concerned about the need to pass through KYC checks. Web3 consultant and prominent community member Amplify said:

I am against KYC and identity verification as a requirement to participate in any form whatsoever, now or in the future. The whole concept of a DAO is that we are decentralized. As soon as DAO workers and participants are all doxxed, they are publicly at the mercy of their countries’ regulations and purview, which may not be in alignment with the goals of the DAO.

A note from @giacolmo: KYC was one of the topics discussed in Discourse during the draft phase, the AIP final version doesn't have any mention about it.

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