YIP-16: End of V2 Governance And Audit Finalization

The launch team proposes the following relating to the end of the V2 Governance period and V3 audit completion.

Item 1:

We propose to update the conclusion of the V2 interim governance period to 11:59PM UTC, August 31, 2020. All valid proposals and amendments passing with quorum at that time and not superseded by a conflicting proposal will be implemented in V3.

This timeline ensures all currently valid proposals will have time to conclude, with the exception of the proposal to create a more formal YIP process. While this idea is valuable, the governance process will necessarily change with the fully functional V3 protocol, and a proposal framework can be developed through community dialogue without a V2 vote.

Item 2:

We propose the following audit details:

Auditor: Peckshield Inc. Cost: $28,000 Length: 3.5 person-weeks Rate: $8,000/person-week Start Date: Week of 8/31/2020 Completion: Approximately two weeks after start

This option was chosen based on auditor availability, as well as the fact that Peckshield is already familiar with the codebase due to their work on V1 to V2 migration.

Item 3:

We propose the remaining funds from the Gitcoin audit grant will be used to fund future audits and a bug bounty program to be instituted at launch, at the launch team’s discretion.