Community fund on nns

Hi,

I’m asking to give asap more information about the community fund button on the NNS.
Their is zero of information for the community.
Don’t understand why it’s allready available, with such little ore zero information for the community and privet investors. Please, update this asap to the people. Or on the website or on the NNS with full explanation.

Thanks

5 Likes

This has already been asked here. Service Nervous System | Governance for Dapps - #91 by diegop

Please WAIT for confirmation by @diegop and/or David

1 Like

Currently, the button triggers a JoinCommunityFund Operation that will set a joined_community_fund_timestamp_seconds attribute on the neuron, indicating if and when the neuron joined the community fund.

It is very much a work in progress: Sign in to GitHub · GitHub

Few notes for transparency:

  • the NNS frontenis dapp team has received feedback on making it clear what the button does (so folks like me do not need to clarify).
  • as mentioned above, this is very much just a start.
3 Likes

Not only on what the button does, also if people are able to mind ICP in the mean time + if people will get their ICP tokens back at the end + a basket of Governance tokens. Or they lose their ICP and just get a bunch of Governance tokens in return. I see this questions everywhere. Apparently no one seems to have the answer to this.
If the case is that people lose their ICP tokens and dont earn rewards in the nns anymore, this should be clarified in the very beginning. It’s deffenitly not a small commitment. + Don’t think anyone would like to lose their ICP tokens anyway.

So make this clear to everyone, before people blindly start to push the button. Not knowing.

3 Likes

Dominic agrees with you:

In his tweet (https://twitter.com/dominic_w/status/1457111002038738947?s=20), he says:

‘Yes… a “community fund” toggle has appeared on neurons! But restrain your itchy trigger fingers until a blog post explains the functionally so you know what you’ll be getting into.’

Seriously though. How can a toggle just appear on neuron? How can we roll something out IN PRODUCTION without even knowing what the feature even is?

Would the nns dapps team care to explain? The community is abuzz with puzzlement and excitement on this.

2 Likes

A quick flare to send up from ICDevs.org viewpoint here…and super happy to have any fears or concerns allayed.

Obviously a “community fund” was kind of what we were going for with ICDevs. There are limits to how we can set it up and still gain the tax advantages for donors and ourselves. One huge limitation is the restriction on the organization making a profit and especially from our donors making a direct profit from donating. From what I’ve read about the initial vision of the SNS and this modified community fund button I have some concerns for the legal well-being of developers who may take advantage of this feature where there is a promise of the return of tokens or profits for their contribution.

I think we all agree that the current rules(especially in the US) around fundraising, accredited investors, blah, blah, blah are archaic and in need of serious revamping. And I’m all for some good civil disobedience from time to time. But I hope for the sake of the legally ignorant devs that may start to take advantage of this program that the DFINITY foundation will provide significant guidance or at least a set of guiding principles that a dev can use to make sure they are not illegally issuing a security or putting themselves in legal jeopardy. The same probably goes for investors that are going to add their neurons to the fund.

The fact that this button is just appearing without much explanation is a bit spooky if this program ends up on the wrong side of jurisdictional intervention. I’d imagine there are hundreds of scenarios where this can be done the right way with drastically reduced risk and if the Foundation has put resources and work into assuring that I’d encourage transparency so that everyone can understand what they are getting into.

There are some serious and significant paradigm-shifting potentialities in the IC and we should leverage them to shape the world into one that we all want to see. I’d just encourage that we balance the wild-west exuberance with a bit of rational thought, optionality increasing planning, and risk mitigation.

11 Likes

I could not agree more. On one hand, the excitement of paradigm shifting potentialities is palpable in the community. The ability for someone to create and actualize an entire business sitting in a public library accessing IC!

But as someone rightly said, with great power comes great responsibility. I am hoping, like @skilesare, that the pathways to doing the community fund the right way have been extensively researched by the Foundation; so that the devs and the investors don’t find themselves on the wrong side legally. I think that publishing that research, in a series of well understandable blogs, would be hugely valuable to the community.

Lastly and quoting @skilesare , “I’d imagine there are hundreds of scenarios where this can be done the right way with drastically reduced risk”… to end on a positive note.

5 Likes

I agree with the legal risk of the community fund. My personal interpretation of ICP and neurons is that they are probably not securities because it is a project in the hands of the community now; no one person or entity failing to deliver is going to doom the internet computer and its token holders at this point. But the community fund would have a team of developers who must deliver or the ICP donors get nothing. That smells more like a US security to me and would have some burdensome legal requirements. I would love to see what the DFINITY team has to offer to mitigate these concerns.

That being said, the community fund is a super cool idea, and I hope it can make the vision of decentralized project funding a reality. The fund, if successful, would obviously be a great help to boosting the internet computer ecosystem too.

1 Like

The NNS dapp interface is horrible. The “Join community fund” button is placed the first one, and is easy to click. And the prompt if you’re sure to join the community fund depends on the click of a button which looks like the dialog when merging maturity. I suggest that there should be a way to write the “yes” or “confirm” word to continue, not just a click of a button.

I got tricked by the interface, when accidentally clicked on the “Join community button” and then accepting it thinking I was merging the maturity. And now my neuron has the status “community fund”. I want to revert it, but don’t know if that’s possible. I don’t even know what it means to have my neuron a community fund.

2 Likes

By joining the community fund (an irreversible decision) and voting on related NNS proposals, a neuron contributes a portion of its staked ICP to help jumpstart DeFi, SocialFi, and GameFi ventures. In return, the neuron will share in the gains or losses of these ventures. Succes

This really is not ok, a irreversible decision depending on a push of a button. I think this should be changed, and the people should have the right to withdraw from it.

5 Likes

A lots of people think the same way. In my opinion the button should ONLY have been their avaliable when everything was a 100% ready to go in public on the nns with full explanation and etcetera… But that’s how it is, it will be a bummer for a lots of people who blindly pushed that button like i said before.

2 Likes

Doesn’t the community have a say in this? Some voting on nns or something like that.

I’ve been reading the forum every day, and I knew that the button popped up there, so I have been cautious about it. But yesterday I was trying to merge my maturity, and while being sleepy, accidently touched the “Community fund” button, when i came to my senses I saw the question if I want to continue, and touched it immediately (thinking it was asking for maturity merging), the moment I read the “irreversible” word, it was too late to cancel.

So I ended up there accidentally. But the concern is that there could be other people who could do something like this. This is a very poor user experience.

2 Likes

Their was a voting on this, BUT lots of neurons just follow automatic whatever the majority says. So many even didn’t realized it. It’s like banking, the one with the most money always wins in this case icp tokens. Those who knew this would come, they already over voted everyone. The end

1 Like

good point made here.

2 Likes

It’s been about 2 months since Dominic tweeted about community fund neurons.

This thread has been active for 16 days waiting for an answer on the button.

Is someone from dfinity even working on describing the exact functionality and detailing of the vision? If so, what are the approximate time-frames when we can expect an answer?

4 Likes

It’s a trick to get people involved in it. The more time passes the more likely people are pushing that button, just not knowing what they are committing to. Their is a little bit more info about it in some article from the dfinity community, but its so vague even then you don’t know what you wil get or lose. It’s allread very sure you wil share the loses of it, and possible profits. But what and how exactly, we will know when they reached their numbers of people they want to join. Im a great private investor myself, but the lack of proffesional handeling just made me stop investing more. It’s letterly allways someting with the dfinity group. Im sure not the only investor that thinks the same way. Hope for those ones who pushed the button for the community fund, they wil not end up like the first seed investors that waited so long for their returns. For all the rest we need to wait for exact details about the community fund until those numbers are reach that they like to see. My advice is do not join, i tell that to every investor like me above 20k that i know. Grtz

2 Likes

Why does it have to be irreversible? Why was it deployed before explanation?

This all seems poorly executed

8 Likes

This post was flagged by the community and is temporarily hidden.

@lara has responded back here

& i have asked for clarification there.