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.
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.
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.