The Great Reset: Part II

Governance and Participation:

Council of Chads:

The proposal for a 'Council of Chads' is a preliminary idea that I believe is necessary. If the experiment that is WSC continues, we need to be able to move faster than we have and we need to be able to act on market events more quickly than we have. We can execute the most recent proposals and position ourselves long term, but there are sometimes, weekly and daily events that take place, which should be taken advantage of. The ability to act unilaterally was sacrificed for 2 years in the spirit of “decentralization” and in order to do that, I enforced passing proposals in order to get anything done with the treasury.

The issue with that is that we have missed out on the opportunity to convert our ETH, sell the top, and buy the dip a number of times, at least 3 or 4 times, and had we done that when prompted, by either myself, Alpha, or a number of others in the community, we would currently be sitting on a larger treasury.

For this reason, the change that I am proposing is for 3 to 4 Chads to be elected, in addition to me, through a combination of Chad holding size, activity within the Chad community, and trading experience, in order to help me decide when to convert the assets into safer allocations, such as stable coins, without for there to be a need for additional community input. For the time being my proposal is for Miner and Alpha to be elected to the council of Chads, as they have explicitly expressed interest and been some of the most active members of our community. In the next few weeks and in the following months, we should explore adding more members that are interested in leading this community to the great Council.

White Paper Amendments:

In addition to the above, the biggest takeaway within the past one or two years for me was also the fact that we have been limited by the initial structure of the white paper. Many things written within it, thought initially as helpful, turned out to not be very helpful, such as the fact that proposals are required for any action to be taken on the treasury. That specific one, once again mentioned above, was written with the best intentions of decentralization, but it has weighed on us ever since. For there to be a chance for our community to grow, the white paper and the governance of the community needs to be restructured. For us to therefore continue, there needs to be two changes:

1. I need to assert and reserve the right to change the governance structure of the community if I believe it is in its best interest and
2. The community members (every single one of you) need to also have the ability to propose new structural changes to our governance.

For these reasons, I believe that there should be both the ability for me to make changes quickly and for community members to share their input. Once executed, then we would need to re-upload a white paper online and it be my responsibility to share if there were to be any governance changes, while in turn being the Chads responsibility to continue monitoring the community chats, white paper, and also propose any potential changes they believe would be constitute an improvement. For the time being, I believe that this structure would provide us with the most flexibility without adding unnecessary bureaucratic steps to our decision making process, which seems to have been the main weight burdening us for the past few years.

Active ChaDegens:

An additional change that I believe is necessary, was mentioned in the past, but was unfortunately never acted upon is also the selection of a number of Chads, 3 or 4, to actively “trade” with a portion of the existing treasury. If there will be a bull run within the next few years, there will be many events along the way. Tokens, communities, protocols, chains, etc. We need to be able to take advantage of that, but cannot if the workload is distributed. If everyone shares the work, then no one really does. The result of that is that we might end up not moving and missing out on many opportunities. In regards to this, my proposal is for us, this week and the following ones, to determine the “types” of active “traders” that will be created. One can be focused on NFTs, another on new protocols, etc. and determine the funds potentially allocated to them. These “traders” would have to abide by certain legal requirements and would be incentivized by being provided with a specific percentage of the profits that they would achieve with their allocation of the treasury. In line with this, the potential structure behind this would be that a certain percentage of the profits would, at different points in time, be added to the funds allocated to community proposals, which brings me to the next change that is important to mention.

Community Proposals:

In order to allow for the above to take place and keep the current structure that we have, my proposal is for us to segment the treasury into two areas. A portion to the active traders, and a second allocation, larger, that is dedicated to community proposals that the community can continuously make proposals on. The treasury allocation for community proposals will soon be distributed across three ecosystems: BTC, SOL, ETH.

Funds will remain in these ecosystems, and instead of closing and opening the Corponet at various times, the Corponet will be left open at all times. Yes, you read that right, forever.

The reason behind this relates back to everything mentioned previously. Inspiration is not something planned. It is the product of spontaneous combustion, of ideas that clash in mid-air, fusing, and creating something new. For us to move quickly, for there to be a chance to succeed, for us to take our rocket to the moon and back, all Chads will have the ability to make proposals whenever they want in order to take advantage of new alpha they might encounter. How does this work in conjunction with the active traders?

The idea would be that the

1. Active traders are incentivized to grow their allocation by being provided with a (potentially larger) portion of the profits of said allocation, and
2. The profits that would arise, either at the end of specific predetermined periods or sporadically (TBD), would be distributed back into the “community treasury allocation”, thus growing it and providing Chads, in theory, with more firepower to make proposals with over time.

Psychological Shift in Community Approach:

All of the above will necessitate a shift, not just operational but also psychological. Members must now engage with a mindset of active experimentation and contribution, rather than a passive one. We have developed the platform, and while some proposals have not been as successful as hoped, others have shown promise. We are now at a critical juncture, two years later, with the same community but needing a different approach – one of curiosity and collective exploration.

Increased Community Involvement:

The need for more community members to actively participate in shaping our future is paramount. My own life has been subject to continuous change, and recent tragic events have only added to the burden. If the community is to persist and thrive, it must evolve into a collective effort. Each member's involvement and initiative are crucial for our continued existence and success. For this to really take off, I believe there should be potential incentives to be created. Throughout the years, many have reached out to share that they wanted to help before quickly disappearing. Once again, I understand as we live in a complicated world and many have more important priorities, which includes family, partners, demanding careers, and much more. I believe that the reason that all these valiant Chads fell to the wayside is because of the lack of financial incentive for Chads that want to participate more in the development of this community. Once again, it is important to underline, regarding this point, that I am attempting to start a conversation and explore what this can look like.

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Implementing these changes involves considerable legal structuring and effort. However, if we, as a community, believe in our collective vision and future, these steps are essential for safe and sustainable continuation of WSC.

For this to move forward, next steps include:

1. Operational expenses to be debited, for the purpose of retaining a legal counsel. It is important to mention that all of the above ideas that were mentioned are still that, ideas, and that the purpose of retaining a legal counsel would be to determine the viability and legal feasibility of these ideas. As a result, it is important to mention that if the legal counsel were to say that some or all of the above aspects are legally inadvisable and can lead to problems further down the line, that the decision that would follow may need to be to dissolve the community.

If the sentiment about all of the above is positive, follow-up steps for us to continue developing this community will include:

A. Follow up announcement for the structure for the Council of Chads and a proposal for additional members to be included B. An allocation for general operational expenses to be made. C. Immediate amendments to the white paper D. Announcement for the potential incentive structures for active traders E. Announcement for the best dissolution strategy to implement

We have sustained a long and cold winter, and now are facing the possibility of making great changes. We have the possibility to grow the treasury, take advantage of this incoming bull run create an interesting public experiment, and community where we can support each other and help each other not only learn but also grow within the crypto ecosystem, but it will take all of us to get there, and if this attempt is to be made, it is important that it is grounded in reality.

Sincerely yours, S