$PAC Community Spotlight #2 | Chris (CB) Community $PAC Fund Manager

$PAC Community Spotlight #2 | Chris (CB) Community $PAC Fund Manager

An interview with Chris, Manager of the $PAC Community Fund, a home for the private funding of community voted micro-proposals.

$PAC is not the only project to make use of a DAO (Decentralized Autonomous Organisation) in order to provide an alternative funding option for startups, private projects, $PAC marketing efforts and blockchain development. If anyone can truly ‘Plug into $PAC’ then, there are limitless opportunities for creativity, innovation and awareness campaigns to flourish under the joint efforts of our global community.

Chris, known as ‘CB’ on the various $PAC social channels was kind enough to conduct a short interview with the $PAC core team to share his opinion on the current DAO, his experience gaining funding from the $PAC network and the benefits his own proposal has helped to achieve.

Hi Chris, thanks for taking the time to talk with us, can you talk about the $PAC community fund, why it was started and how people can get involved?

My name’s Chris, I have no connection to crypto/tech or anything, my actual first crypto interaction came in December with XRP, so I’m very much a ‘crypto noob’ and it took a while for me to grasp the reality of what cryptocurrency trading was about, volatility is an understatement! I have an Accounting & Business degree which gives me a grasp on the economic & business challenges of the project. My story of $PAC, isn’t as exciting as others’, after a successful trade with XRP, i foolishly thought “this is easy” and remained trading,. I happened to be trading ETN on cryptopia in early January, with my XRP profit, I bought some ETN and was on the lookout for a cheap coin, I saw the old Paccoin on cryptopia at 1 sat and thought, “well that can’t get any lower” not realizing¬†you could trade it against other pairs for much less and here I’ve remained.

Initially, I created a mining proposal (back end of April 2018) to try to help stabilize the network when prohashing.com kept hitting $PAC’s blocks, even after the fork, when price was at 81sats, the mining proposal would’ve been feasible and i was trying to think of ways to redistribute any “profit” from the mining. After watching one of Brad’s live streams suggesting people have meetups to try and get the $PAC brand out there, I also saw various projects done by community members, such as Pawel who created some stickers that he initially paid for out of his own money and other giveaways on twitter, etc as much as i think $PAC is great and community based, I didn’t think it was right that the community paid out for these things out of their own fiat or $PAC holdings and should be at least covered and compensated for their time as well.
I saw issues with the current DAO system (30 day superblocks, huge MN holders potentially swaying votes, 5000 $PAC proposal fee, inflation/deflation of proposal prices) and thought of perhaps running a community based slush fund for mini-proposals (up to $1500) to enable community members (mods included) to promote $PAC on a more down-scaled level via their own social media giveaways or locally in their neighborhoods, etc.
Enabling the $PAC team to concentrate on bigger marketing and promotions rather than dealing with people asking for $100 for doing something. However, as the price started to fall in line with the trend in the global market, a huge amount of $PAC would’ve been needed for the mining proposal, so I quashed that and after several positive comments from other community members, decided the community fund was valid on it’s own merits, spent my $PAC on a proposal and waited for comments.
The DAO governance system ended up voting my proposal through and the Community $PAC Fund was born, after spending two weeks with a forum builder, tweaking various things, getting feedback from community members that I trusted, the site went live and has grown in numbers after a slow start.
The place to create & discuss mini-proposals is https://minipac.fund/.
The great things about the community $PAC fund are:
1) No 5000 $PAC proposal fee.
2) Everyone has an equal vote (voting is not based on wallet size).
3) Not having to wait 30 days for the superblock (the mini-proposals require a minimum of 4-6 days voting depending on value).
4) No inflation/deflation (we require mini-proposals to be valued at your fiat of choice, this enables the community to vote accordingly against ACTUAL price, once the mini-proposal has ended, I make payment valued against fiat at time of $PAC payment, screenshots are provided as proof.

The transparency of your current proposal, where the funds are going and how many coins are left in the budget is setting the standard among the current proposals on the network, how important is transparency in project funding for you? Do you think this might be why your proposal has some of the highest YES votes on the PAC network? What advice would you give to people out there who are thinking of submitting a proposal to the PAC network?

Costings are hugely important in basic business terms, due to my accounting & business history and being involved in multi-million pound projects ranging in all different sectors, plus all the comments regarding proposals, valuations, etc it’s fundamental that costings are transparent, perhaps not every single last cent, but the vast majority should be accounted for.

 

Judging by recent proposals, I’m not so sure the transparency of mine is affecting the voting, I can only assume it’s had a positive reaction due to some of the mini-proposals and the potential this fund could have. Perhaps they’ve seen the 2m paid out in 6 weeks to community projects and thought it has some merit and adds a benefit to the current DAO system. My advice for others with new proposals, create an idea, discuss with those you trust, then firm up with a pre-proposal discussion, take on board feedback, submit your proposal and try to cover as much info/detail as requested by any new feedback.

What are some of your favorite community proposals that have gotten funding to date and why?

My favourite mini-props so far have been Sergey’s pavement graffiti, it’s a new one on me and it’s been said they last approximately 6 months so value for money they’re very cheap, but then of course ‘Paccoin4Prez’s‘ twitter giveaways have created a huge buzz and had big numbers on his analytics.

I’m intrigued to see the outcome of the Venezuela conference and the St Lucia conference. Hopefully these are the start of things to come, there’s no real way to see if they’ve benefited the coin or not, but the community fund has at least enabled these attempts to try to promote $PAC. I’m looking forward to future mini-props that have been mooted as possibilities like sponsoring ‘Jay’s’ fleet of vehicles or some of ‘pikemason’s’ Uber cars in Washington DC.

$PAC Community Funded Caracas Conference

 

In a previous statement from yourself, you only originally intended the community fund to last 1 month and due to an error the proposal was submitted for 2 years… considering how popular the proposal is, do you plan on keeping it going indefinitely now?

Initially when I created the main proposal, there was a bit of confusion on how it worked, I created the prop with the intention of how it’s working now with a fund that gets topped up when it gets low. I suppose the community fund will last as long as the community wants/requires it. End of the day, I’m just the organiser/holder of the funds, it’ll only prove successful as long as the community use it, so ultimately it really does depend on the community.

Do you have any plans for any more proposals in the future?

Unfortunately I’m not technically gifted, so can’t come up with apps/tech props, but I’m always trying to think of ways that could help promote $PAC. I have a couple of ideas based on charity initiatives, one involving a Hospital League of Friends charity and one involving providing lunches in schools in poorer areas.
So to summarize, the Community $PAC Fund was set up to enable the community to have easier access to funding to provide them with the opportunity to promote $PAC themselves and also to remove some of the burden on the marketing team.
It’s managed to achieve the highest amount of ‘YES’ votes and the total amount of votes cast, so at least the community has looked and decided on the funding. Ultimately it’s there for the WHOLE community, so don’t stand back, if you have an idea throw up a mini-proposal and also let’s get people participating and contributing to improve the coin and project.
Check out https://minipac.fund/ for more info.

Leave a Reply