The Sovryn treasury (which includes BTC raised, the development fund, the ecosystem fund, and the adoption fund) is of critical importance for the success of the Sovryn project. It is most important now, in the bootstrapping phase of system development. Funds use may include, but is not limited to:
- Provision of liquidity in the system
- Provision of rewards for liquidity (liquidity mining)
- Adoption and promotion of the protocol, including referral rewards, advertising and other marketing initiatives
- Grants, bounties, partnerships and ecosystem development
- Core team ongoing compensation
Each of these needs can change rapidly from day-to-day and effective deployment of funds requires that highly informed decision makers can make decisions rapidly. These types of decisions can not be made effectively by Bitocracy. If each decision must be voted on, there may easily need to be several votes per day, which is simply not practical. If we wish to make effective use of the protocol treasury, we need an alternative - in the long term and most certainly in the short term. We propose a Treasury Committee - hereafter referred to as the Exchequer in honor of the Bitcoin Genesis block quote.
Please find for comment the proposed SIP below: