Summary

Due to Snapshot character limitations, the majority of the Summary of this proposal can be found here: Proposal #16: Tracer Growth Fund.

The following parties offer their services to the DAO in order to create and manage the Growth Fund, via a 4/7 multisig:

Growth Fund Manager	ETH address
1. Raymond (Co-founder) of Mycelium	raymogg.eth
2. Ash (Co-founder) of Mycelium	0x7F12f21602fF600c9871fc46E298B8c07ff1B4b6
3. Pat (Co-founder) of Mycelium	0x9C58Bdf481Ab88CBfc9FFBb10aAd74bef78c3390
4. Michael and Vance (Founders) of Framework Ventures	0x65DCD62932fEf5af25AdA91F0F24658e94e259c5
5. Richard (CEO) and Aaron (Research Associate) of DACM	0xf8ccf1f5381956f4152B5570627C49D42eABB60e
6. Balder Bomans (Managing Partner) & Mathijs van Esch (Investment Manager) of Maven11	0xF66d7aB001B06b44B473E23d70eaC1E47B19e453
7. Chris Berg (Co-founder) of RMIT Blockchain Innovation Hub	0x219BaD06180F4024A06C372d754E882D175Df098

Collectively, these parties will be referred to as the Growth Fund Managers or Managers.

Remuneration

The Managers will not receive any remuneration for the provision of these services.

The following tokens will be transferred to a multi-sig controlled by the Managers:

1. 280,000,000 TCR Tokens (28% of TCR total supply) vested across the proposed distribution: a. 80,000,000 TCR Tokens (8% of TCR total supply) vested linearly across year 1 (year 1 commencing as soon as Growth Fund is implemented); and b. 200,000,000 TCR Tokens (20% of TCR total supply) vested linearly across years 2-10.

Deliverables

If this proposal succeeds, the Growth Fund Managers will commit to provide the following deliverables:

1. A monthly update, via Discourse, including all activities conducted by the Managers; and
2. Ensuring that the fund is effectively spent.

At this time, it is expected that the Growth Fund will be used to further the following initiatives:

1. 80,000,000 TCR (8%) new Service Providers and contractors and employees of existing Service Providers;
2. 80,000,000 TCR (8%) operational expenditure;
3. 60,000,000 TCR (6%) cash reserves;
4. 30,000,000 TCR (3%) advisors; and
5. 30,000,000 TCR (3%) short-term development.

This proposal envisages that the remit of the Managers will be decisions involving growth opportunities and operational expenditure related to the the short-term and long-term development of Tracer DAO and Tracer. Each of the above initiatives are detailed below:

1. Engaging contractors and new team members of Service Providers, to perform certain services on behalf of the Tracer DAO. For example, developers and auditors;
2. Engaging professional services to support the operational and strategic decision-making of the DAO. For examples, lawyers, accountants marketing professionals etc;
3. Cash reserves to cater for situations where the Growth Fund needs to exchange TCR for non-TCR tokens (particularly USD) to support the aforementioned activities of the Managers. For example, unforeseen expenses and DAO M&As;
4. Engaging advisors to support operational and strategic decision making of the DAO;
5. Engaging short-term contributors via proposal or grant (can be retroactively reimbursed) and funding events and programs.

Additional considerations:

Innovative solution ideas were raised within the ‘Tracer Drop’ call with RMIT Tracer Drop Episode #04: Development Funds. These ideas will be further explored using the Growth Fund and implemented where deemed suitable. Ideas included:

• Granting funds (TCR tokens) to ‘philanthropists’ to execute solutions for certain problems;
  • This effectively combines a typical ‘Grant’ model with the long-term incentive structure of venture finance; and
  • These ‘philanthropists’ in time will receive reputation for their work and will become trusted to deliver future work.

Commitments

If the Managers is engaged to provide the Deliverables, it will:

1. Not use tokens held in the Growth Fund to vote on Tracer DAO Proposals.

Variation and Termination

1. The Managers acknowledge that, if engaged, its engagement can be varied by future Proposals. For the avoidance of doubt, the engagement of certain members of the Managers can also be varied by future Proposals.
2. The Managers expects that any engagement will be terminated if they fail to deliver in accordance with the deliverables specified above. If the engagement of the Managers is terminated, all remaining tokens in the Growth Fund will be returned to Tracer DAO’s treasury.

Conflicts of Interest

In the context of the Tracer Project, conflicts of interest include:

1. Existing Service Providers who are Related Parties; and
2. Existing (vested and unvested) holdings of TCR tokens.

The Managers wish to declare the following conflicts of interest:

1. Raymond is a Co-founder of Mycelium, an existing Tracer DAO member (Service Provider);
2. Ash is also a Co-founder of Mycelium;
3. Pat is also a Co-founder of Mycelium;
4. Michael and Vance are Founders of Framework Ventures, an existing Tracer DAO member (Strategic Partner);
5. Richard (CEO) and Aaron (Research Associate) of DACM, an existing Tracer DAO member (Strategic Partner);
6. Balder (Managing Partner) and Mathijs (Investment Manager) of Maven11, an existing Tracer DAO member (Strategic Partner); and
7. Chris (Co-founder) of RMIT Blockchain Innovation Hub, an existing Tracer DAO member (Academic Advisor).

Interpretation

Unless otherwise defined in this offer, all terms beginning with a capital letter which are defined in the Participation Agreement have the same meaning unless the context otherwise requires.

If this offer is accepted as a Proposal under the Participation Agreement, the Managers may more formally document aspects of that Proposal.

Copyright Waiver

Copyright and related rights are waived pursuant to CC0.