Transcript: [Music] so for our town hall today I wanted to talk a little bit about the progress that we’re making on toonomic and and yeah get some feedback from the community but yeah we could also just open it up at the beginning here for any any questions or concerns that people have or statements that they’d like to make cool things that have happened in Hamza over the past two weeks please just yeah request to to get on stage and we’ll bring you up w it’s been eventful never a dull moment here for us okay I see your

figma so we are wrapping up the shortest month of the year feary I don’t know if B still speaking but I don’t hear him anymore but maybe no I’m not yeah yeah like yeah I don’t know if if people want to jump in or if you just want to observe on my screen we can do it either way but yeah I posted the figma in in the so if anybody wants to to follow along look at what we’ll be talking about then feel free to just jump straight in there otherwise I will share my screen okay right can people see yeah give me

give me a thumbs up in the in the chat I see your screen and I’m in the figma yep okay um so there are a few things that are going on here first of all people may have seen and actually let me me just go back quickly for so people may have seen and may have access to this like large tokenomics board this is like the work that we’ve been doing over I mean like it it represents an evolution of like the way we’ve been thinking about it over the past year and we’re currently in this Zone down here so I

shared a separate file again feel free to poke around it’s sort of a different way of thinking about how we’re going to launch the token and and what we’re going to do with it how the different pieces fit with one another but yeah the the basic concept that we’ve been playing around with is that we like this idea and Jose heard me say this a little bit earlier we Jose we like the idea of describing what Hamza and dcom do as like a Federated front end and a public goods backend and the public goods backend is

just sort of the all the backend logic that is necessary for a e-commerce platform to exist and so the idea is to to extract all that out make it run on the dcom token so it can sustain itself based solely on this protocol token and then it can serve all the mark any Marketplace that wants to come along and build sort of a more centralized front end to interact with these these this trusted infrastructure and so if you look to the right here at the the dcom protocol it’s formatted as a bit of a stack and yeah

Jose you may be seeing some of the like this is sort of what I want to to dive into today is the dispute resolution and product catalog moderation um and this is going to hearken back to some of the conversations that we had way back when but the stack is basically this right you have your data hosting and indexing um which exists on chain in some form can be a provider like Mass Market or maybe some other provider um that is just like know holding the data in a way that’s accessible to every Marketplace

then you have product catalog moderation obviously in order to create a accepted Global product catalog you have to have somewhere where the data is stored but we need to talk about the process of product catalog moderation at a global level dispute resolution and escro are both dependent on having a product catalog right so escro payments would only be accepted or initializable for something that is within the accept product catalog and disputes can only be raised you know products that are in the accepted Global catalog and so I want to

talk a little bit about the the philosophy that we’re approaching this with and some of the ideas that we’re having right now but if we zoom out a little bit you can see there’s like a lot of arrows going you know this way that way uh in general the green arrows correlate to by pressure on the token and the Red Arrows correlate to emissions or sell pressure on the token know they won’t necessarily like result in a sale but but they’re you know increasing sort of the the supply of the token you know that creates some cell

pressure in in aggregate so yeah there’s two main places where we’re thinking that that marketplaces will buy the token so marketplaces are are basically the main buyer of the token in this construction they they buy data hosting right or they pay for data hosting as sellers go through and post the token they need to pay in the dcom token to to continue to have it posted and then they pay to create escrow transactions right so you know at a at a very low level or not the the lowest level but like at a

at a pretty low level the a payment being sent to the escro contract would check an oracle for the protocol fee so let’s say that they we have a global protocol fee here that set at like 5% let’s say let’s say 1% then when a payment is sent to the escro contract it looks to the lp pairs to see what the what 1% of the value sent to the escro contract would be in terms of decom token and then each of the marketplaces have an account or like have a balance of decom token that they’ve given permission to the escrow account escrow

smart contract to spend from and so it takes from that account and deposits it into the escro contract when it is when it’s creating it so then it splits into different orders for different sellers that order has like a state when the state which is something that can be augmented by the marketplace P it becomes complete then we wait for the payment to be released and it can be released in one of two ways it can either be released by it can either be released by the buyer in which case we give them a percentage of the decom fee

or it can be released after a brace period what we call the global minimum grace period just directly to the seller in the case that the buyer doesn’t Rel the payment and so that’s the main like sort of value Loop of the protocol right like marketplaces need it in order to create escro transactions the protocol fee is extracted and either some of it is given some of it is given back to buyers if they you know go ahead and and release the payment and then we’re not quite sure what happens otherwise with

it right this is sort of a question that is worth coming back to right what what should happen to the protocol burned maybe sent to judge pool sent to buyer and seller don’t know um but what should happen here and in what percentages is is sort of a question to come back to so that’s the the basics of the the escrow transaction then we move on to like dispute resolution so this is not actually built out all that much yet and so well let me let me stop and just say does that make is that clear to everyone does that

makes sense does anybody have any questions or comments or anything like that Jose requested okay I have a question but so the protocol fee is in the token that we’re that we’re building right yes and that’s separate from the escrow fee from the platform fee yes okay so the 5% platform fee is something else it’s it’s a it’s what you’re talking about in the little white box over there with the escrow thing on it right no so this is this is like so basically like after one thing that

comes in so when when a escro payment is submitted to the escrow smart contract at a again at a high level it has these parameters and so the protocol fee is something that’s set by the protocol but the platform fee is something that is set by individual platforms right so when so I guess there’s maybe another box here but like after escrow is released it also sends back a percentage fee that is set by the marketplace so this this allows like marketplaces to compete on like their fees right how much fees they’re charging for the

service which is creating this this graphic user interface and and and marketing to people and and the the account abstraction infrastructure and this that and the other right so there’s there’s a bunch of things that the the marketplaces can do to differentiate themselves and one of those is is having a platform fee okay so this so This escrow fee is paid in in usdt or whatever currency the order is settled in right yeah exactly yeah it’s just paid into the The Vault like the the treasury like basically it’s just like

the the esro contract needs to know how much it’s taking out of the the transaction in terms of protocol fee and then it know needs to know where it’s sending it so it just needs an address to send it afterwards but yeah that but but if the seller releases I mean if the buyer releases the the escrow soon the the escrow fee gets returned to the buyer uh so I don’t think so we’re talking about two different things right like so we’re talking about the dcom fee right which is the fee that the protocol

charges and that’s yeah and that’s sort of question right you would you could argue that that’s like added like the the user doesn’t really even know about the protocol fee right the protocol fee is something that’s added and it’s a cost for the marketplace rather than any individual seller or or buyer right so marketplaces in order to do this have to have to pay in the deom token okay I see so so buyers that that have good behavior that is they release the escrow on time they get rewarded

with decom token right yeah ideally yeah okay I see but yeah like in what percentage that’s like still parameters we sort of have to decide on right how much of it is like because we could also say like okay maybe it’s the buyer gets like 50% of the protocol fee which equates to like0 five like if it’s at 1% then it’s like 05% of whatever they ended up buying in denominated in deom token and then what happens the other 50% right is it just burned is it to some sort of emissions pool do we send

it to the seller like those are all things we could do but then we don’t have a natural burn mechanism and we kind of want want somewhere where burn happen well the burn mechanism would be where where the seller uses his I mean the buyer uses his decom token keep and spends it on discounts with the seller I mean because if sellers if if buyers have a lot of decom tokens that mean they’re good buyers they they release the escra on time so it would kind of make sense for the sellers to offer them discounts yeah that one but there’s

other projects that use their main one of the main utilities is staking the token to get discounts but the only the only thought though Jose is that inter kind of overlaps with the marketplace where we don’t I don’t know my only myut feeling is do we want to interfere with the marketplace engagement I feel like as decom protocol it’s just my thought yeah I think I don’t no I agree I don’t know if that’s something that happens at the protocol level I think that that’s more something that can happen at the

marketplace level like a platform can could offer a count for I mean they could offer a discount for having decom token right if they want you know you could design a Marketplace in such a way that you’re incentivizing people to to like stake their decom token and then the I mean and then you could pay the fees out of that like stake decom token but like I don’t know I think that presents its own sort of risks and problems I think that the problem is like when when you say that like the to holding the token gives you discounts

like where does the money come from right like where does the discount to who’s paying for the discount right is is it the seller or is it the marketplace well in this case if the buyer is a good buyer quote unquote that means he releases the escrow on time then the value that the seller is getting is is having such a good buyer and and that’s what the discount would be that’s how he would be rewarded with the discount maybe maybe maybe B maybe not burning the tokens maybe just seeding the token that that bit of token to the

to the seller I don’t know if if if that makes sense hello well I’m here I think B’s muted but I hear you oh okay I think one thing m one thing to be clear Jose and for everybody here is as you can tell we’re talking more about dcom token than HS token and we’re we’re we’re focused on that as being the public investment vehicle now so it’s a little bit different users because the user of dcom is more about a Marketplace such as Hamza left rather than a buyer or a seller and I remember this like both

says this is stuff if you remember James was helping us a year go or so and we were having these discussions as well so it it’s a little bit of a different actors I don’t know if B wants to go back to the actors to define the actors for decom token because I think it’s was listening I’m sorry I had to step away for just a moment but yeah I mean like but if if you think about it like I think the sellers like how much is like having a a buyer who releases the escro on time Worth to a seller I guess so

what you’re saying but but yeah like then it’s not like a natural it’s not a burn mechanism in that case it’s like sellers wanting to give an incentive for people to release pet grow on time and so they give a discount to people who have have the dcom token but you can also just buy the dcom token right so so there’s no guarantee that someone with a dcom token had is like a good buyer in in that case like maybe you want to like offer counts to good buyers which is like a separate thing that we could

track but but if we’re not burning it as a result of like the feed then then it has no natural burn mechanism again unless we’re saying like yeah because because the protocol can’t really can’t really like offer discounts or pay I mean like I guess it could if it’s like no but again then then like who’s paying for it right because then the protocol has to like mint and buy or like mint and sell the token which is again more is is inflationary rather than deflationary so we don’t want to create

a system where like if you pay in decom token then you actually get a discount because the protocol will mint and sell token in order to to do settlement right because then that’s just like netive cell pressure on on the decom token in general I don’t know if people are following that but but yeah so I think I think the only place like this this has to be like the burn has to happen somewhere here right we can give Ecom back to people but it would be in small amounts you know rather than you know we would want to probably be burning more

than we’re emitting like I so so that’s a that’s a question I guess is like where do where would we put um yeah where would discounts go do we want the decom token to be something that gives people discount because I I sort of think no because I think that the the truth of that is that like platforms that do that are are really like supporting their growth through token inflation so they’re saying we’re just going to print a bunch of tokens in order to subsidize these this discount program that we’ve made into the the to

the the tokenomics rather than or into the token rather than having like just sort of a a sound by sell pressure yeah I mean my my thought is we we had this discussion I remember it was like a James discussion I feel but we were talking about in giving reward towards two good performing marketplaces not about buyers or sellers so the the marketplace would have incentives to give rewards to good sellers but our we as dcom is trying to have good behaving marketplaces and incentivizing good behavior in marketplaces yeah do you yeah I think

that’s get that Jose or feel like that yeah well if you if you define what a good behaving Market Marketplace would be I guess it would be the transaction volume higher higher transaction volume marketplaces should get higher amounts of token yep well but this is the thing is like I don’t so I I actually don’t have that built in here right markets in this construction are consumers of the token rather than like buyers of the token I’m sorry are are buyers of the token rather than sellers of the token

right so we’re not rewarding buyers or we’re not rewarding marketplaces for holding the token they need the token in order to get to uh make use of the protocol so one thing I want to say I was I don’t know how anybody here follows the whole blur even the open SE even magic Eden a lot of consumers don’t like it but they basically incentivize what what I would consider wash trading U because they’re just looking at volume so I think openc just talked about doing an airdrop and they’re having their new

V2 of their Marketplace and it seems like it’s I think they call it Farmers I’m not sure but following this story but basically a lot of the kind of collectors they call them or more low volume higher quality buyers and sellers are complaining that these high volume farmers are just wash trading to get high volume to get higher rewards in gaming the system so we should be careful of that in my opinion right yeah I mean it should be costly to gain the system like that right and yeah if and so that’s why like

you need I like this like sort of burn mechanism and I don’t I would I would be reluctant to admit to Marketplace based on like performance like they should be buyers of the tokens but the tokens value if there is like a lot of transaction should go up over time if there is a lot of burn if there’s a natural burn mechanism right yep I’m on I’m I’m on I do think that there should be like there are a couple of places where emissions should happen right so emissions should happen to the judge

pool right one of the core like things that uh the protocol needs needs judges and then also like we need it should admit to Pro product catalog moderation and one other thing it should admit to is liquidity right it should admit to stake liquidity so when people deposit hold and deposit decom token and create liquidity for this this trading activity to happen it should also admit to LP pools at least for a time we don’t want to go the opposite direction like and have too much burn and have no market for the token I mean theoretically it

means that people would be able would then start supplying liquidity or at least selling in into the the protocol but we don’t want the the fees that need to be paid by marketplaces to be so high that they can’t actually Finance buying more and more of the token so so we do need some emissions um and I think that the emissions most likely should be in those three places well well there you go I mean you have a token that that marketplaces buy they have a demand for and Market places in turn need judges and product catalog uh

moderation services so they have to they would have to spend their tokens on that is that correct yeah that’s exactly it and the liquidity pool would be for markets again to acquire tokens set tokens so that they can and for judges to sell their token too and and pro catalog moderation people so you have you have some sort of an ecosystem there already right and then yeah we also have like some investors and speculators who are doing things on here but we also need these again this is this is necessary because it feeds in the the

escrow right the sorry the escrow contract needs a liquidity pairer to read how much decom is is is necessary per transaction and so it needs to know a value of decom versus whatever the settlement currency is so so yeah so let’s dive into if there’s no more questions or any other comments on sort of the general structure seems like we’re good okay so let’s talk a little bit about dispute resolution and what we’ve uh decided here and and I’d like I’d love it if you guys have some input or some thoughts on

how to do this or how to implement this or what we should do but we basically start the idea is that we create this sort of like class of Judges so people people can can join and they join with like a gitcoin passport or some proof of humanity so you have like a gitcoin passport you maybe have your worldcoin ID you have your Twitter account various social media accounts and you can you log in and that that creates like Humanity score for you and then that is like sort of the weight of your vote and so if a dispute is raised it comes into

like a dispute pool right there’s like a something like this so there’s like dispute pool and so disputes come into here right and then judges can go to the dispute pool and there’s like a time period over which like this case is being decided and anybody with a judge credential can go and vote on which way they think the the dispute should be ruled and then over time their voting power now becomes a combination of their Humanity score plus their correct voting percentage so that’s the amount of times that they’ve

been with the majority yeah uh so it’s free this this is a good question the question if nobody if everybody doesn’t see it is is this pre- or Post escro Release and so obviously free escro release it’s pretty easy because there’s money sitting right there but this question like what happens if like the grace period has passed and the escrow has been released to the seller what recourse is there for the buyer then and I’m open to I don’t really have a good idea there does anybody have what what

what do we think should happen at that point yeah Jose seems to be ask the the buyer could contact us to initiate a refund request procedure ideally he should just be able to communicate with the with the seller but if the seller’s not responsive then he gets sent to us and we open a a a dispute a a a post post escro relas dispute but but where where would like money come from H well the I I believe I think the buyer should be able to to should have to provide some sort of a a guarantee maybe in the decom

token okay so now we’re talking about like sell States Yeah well yeah but in this case it’s not seller stake it’s a buyer stake if that’s if he’s the one initiating the the the dispute like for example I I ordered something I I didn’t get the product I want I’m not happy with it I’m trying to communicate with the seller but the seller’s not responsive so I open a dispute to sort of see if I can get my money back or or any sort of customer satisfaction from the seller but that’s that’s that’s when

I require all this dispute process judge pool thing and I guess no but but what I’m saying is like there there should be a peri like there’s a period pre relief right so if you if the the order has been marked complete and you’re like no this order is not complete I didn’t get it like escrow’s not been released you can open up a dispute and then it goes to the dispute pool and judges decide over it but like what happens if they you know but but and if they decide in your favor then you get the money back

because it’s sitting in E right if if you just like hadn’t if it like was moved to to complete and then was 7 Days 14 days however long it is goes by and you don’t and then the es is released and then you realiz you go and know because you just like have been checking um and you’re like hey I never got this package like if you open a dispute what are the how how can how can you get your money back like the seller’s gone like they’re they’re not communicating with you right that that’s actually a good

question and that’s and that’s one of the main problems with decentralized marketplaces in purse the answer was very easy because still you could still move the the money back into escrow had custody of the funds but in this case you don’t yeah but still however if the seller has some sort of a token stake as a guarantee then you could get your money back if the judges decide on that on that on what the what the future of those stake tokens would be based on your dispute yeah I mean but then we’re

talking about like people being able to raise disputes like yeah where where does the seller stake their token right and what do they stake it in well ideally it should be on the dcom token right but the dcom token does not NE does not necessarily reflect the the value of the merchandise because the value is fluctuating right yeah see that’s and that’s the hard thing about like saying that the stake has to take place in the decom token is the decom token is variable and so it does so there’s no like real predictable way

of saying like oh you have to have this much state or or like at least that that doesn’t correlate to a predictable value in in terms of like yeah harder currencies but you could sort of fix it to within a time frame I mean once the once the dispute is initiated and say the merchandise is $100 then at that point you would fix the amount of token to be that I mean that whatever the conversion rate at that moment is and leave it fixed can this be just like another Marketplace like requirement like is this something where

like we say an aggregate that a Marketplace has to have Okay so this maybe this is just like the determining Factor right because we don’t really want this to be a like an impediment to sellers right yeah but if we say that like okay we know that the marketplaces need to maintain a balance of of decom tokens so that you know if if an order is created they they can pay the fee we can we can say that there’s a like per sell like the the basically like the margin requirement for marketplaces is dependent on Sellers and it can come out

of that like well Bo you could you could also make it optional I mean sellers that have some sort of a a decom staking they’re more trustworthy Sellers and maybe that has a that that that that affects the prices that they charge for the merchandise I mean because I’m a worthy seller I have higher costs yeah we we have discussed that over the over time just making it a transparent showing showing is part of the experience people would see how much skin in a game or you know you have you know how much yeah it’s not like a i me

if the buyer if the buyer commits to a c seller when he orders something he has to know that what kind of reputation the seller has if he’s taking token or not and then he decides if he wants to commit to that because based on those Vari the the refund the the the what do you say the the product return or dispute Post escro Release might go differently yeah Marketplace balance requirement based of what’s call it [Music] un I like that idea I think that that’s I think that that’s like and so maybe

this is like an emission here is like sellers who maintain their own stake get some some like emissions but if they just rely on the marketplace balance then they’re considered like an uninsured seller right so it has like reputation implications but individual sellers so like Marketplace like theirs is calculated by like how many sellers uh who are maintain you know it’s like how many sellers they have minus the number of sellers that are maintaining their own stake and seller Stakes get emission right I like that yeah I mean

if you make all these things optional you give people more choices and that leads to a fair Marketplace yeah that’s a pretty elegant solution right is like just saying that the state can be recovered from the marketplace um if you know and then it’s like up to Market places whether or not they want to allow uninsured sellers right because like initially when we launch right when we launch homza we probably don’t want we want to probably be the one that like is ensuring all the sellers with our decom token um because

we want really low barriers to entry right but if instead like Hamza is a very popular Marketplace that sellers want to join then we can change the requirement right like of whether or not you’re you like as a seller you have to have a St AUM token or we maintain it for you or some some percentage right that also depends on the value of the merchandise you’re selling yeah I mean for really cheap items you don’t need that you don’t need the the market you know you don’t need the marketplace

protection but if you want to buy high value items like maybe laptops or stuff like that then it would be necessary yeah okay so that means that every Marketplace needs to have an implementation exactly it depends on how the marketplace values safety buyer safety and and those kind of things yeah okay all right okay cool I like that idea okay so that sort of solves that issue or at least solves it for now I’ll have to go back to like some other people and get some feedback on I’ll have to talk to John and husband about

how we can Implement something like that but I think that like a pretty good solution otherwise does this like so what do we think about this like judge and dispute po how much should we limit people’s ability to join the judge pool yeah this is something I’ve been thinking about for I maybe it’s maybe they can they can work their way up with smaller disputes maybe it’s about what size of dispute because if they get a large dispute that they should be more experience maybe they can work their way

up from low value disputes like well and again we think it’s like it should be just sort of like anybody in the judge pool should be able to rule on almost any any dispute and then it’s just like sort of an aggregate of the vote this is also the place where we would add like AI agents to make sure that there is at least some some vote During the period right yeah so you’re saying anybody could be a a judge I thought there would be some process becoming a judge no I I think we should make it just like really easy and open

to join um I think you should have to stake some some vcom token in order to do it but again it’s like if we just allow a whole bunch of voting but we weigh on How likely they are to be human and then ultimately like how often they’re correct then you know like you it doesn’t matter if someone spam a whole bunch of fake accounts because it won’t matter nearly as much as five verifiable humans who are write a lot voting on one way all right so the questions is do they need to stake how much is emitted and by what criteria

voting power yeah I mean I think we have a pretty good idea I mean like these are these are parameters I do think they need to stake is the answer to this question yes Andre we initially had said like okay people should be able to bet basically on like what they think the correct outcome is sort of like a prediction mark Market but then when Andre and I were talking about it he was like one we should not face the impact on on vote stake at all and two when we’re talking about like the sort of the logic of a prediction Market it doesn’t

actually make all that much sense because the highest yield you would return for like making a correct decision was when a decision was basically like 5149 and we don’t really want to like incentivize close decisions right we want we want things to approach unanimity over time and so yeah what what we do with these like intermediate decisions or these like split decisions is still sort of an open question to me like is there a threshold that needs to be cleared right should it be that like oh they they’ve cleared like 75% of the

vote that’s what’s sufficient to to trigger an execution in One Direction or the other oh yeah okay well if we don’t we we don’t have to have super clear answers right now the the last thing I want to talk about like if we’re cool to just move on yes yeah I think all gota think about these to be honest yeah yeah give it some time think think about it a little bit the final thing and and what I would argue is maybe the trickiest issue of of all these things is the global product catalog moderation and the approach that we take

this this is the thing that keep prevents us from being Silk Road right how do we and and and there are two basic approaches the first is and and the one that we will probably do in the beginning is to be very permissive right so if there’s a seller we allow them to list items almost without question and we make it very easy to flag right the an item as like falling outside of the bounds of something we’re willing to sell on a global fill the other approach is to to have a process where items are proposed they’re sort of reviewed on the

intake and then they’re accepted over time they can go backwards right they can be put back into review as a result of flagging but it makes it a lot harder to get an item into the proposed catalog and I actually like maybe it makes more sense to put these in the opposite orientation because I think what will what is likely to happen is we will move from first system to the second system over time is that initially on launch we want things to be very permissive and also at the pro one thing to remember is

that like at the protocol level we want to be generally permissive right so the product catalog moderation it needs to have some way of saying like there are some social like Norms that we are abiding by we’re saying that we won’t sell children and guns or I mean but but then like guns is a question right will we sell guns right or will we allow guns to be sold because a Marketplace might pop up in the United States that that can sell guns right inate right that can legally do it and so should we globally

take it out of the product catalog similarly sorry go ahead mine well I think there’s a couple of bigger points to think about one is I mean we talk about what kind of products but I think a big one is called Brands copyrights trademarks M barcodes the am that’s one one thing I don’t know if that’s how that would be integrated here this because I think this and the second point is I feel like it’s unverified in a verified like you get like a like a Twitter blue check or gold check like anybody can create a

product but for it to become verified has to be through a process like you’re saying like but I’m not sure like if if you’re aware but the Amazon catalog is based on barcodes so to list a product in Amazon you have to get a unique barcode because it it runs a barcode system and it yeah it says this product’s already listed and it shows it so if if that’s your barcode you need to sell on that listing and okay yeah there’s a lot to this I don’t know I don’t know how much we can get into this

but I’m I’m kind of loing a little bit but two or three points there and then there’s a third there’s a third point of course if if 10 people sell the same iPhone 16 you would have a sub skew like kind of like it’s called a I guess it’s not really like a child but you would you get a basically a alloc you get your own sub code to identify your your lot of stock in the in the listing yeah if that makes you know how we currently handle this is y yeah hello can you repeat can you repeat what you were saying for the

last minute I like stepped away it’s okay so do you so what we’re talking about right now is like so so okay there’s like two layers to this product catalog moderation problem there’s the what do we allow from a social perspective and then there is like product Collision right so like two people trying to say sell the same product and like product skews and barcodes and like sub barcodes and everything like that do you know how we handle this currently like how how uniqueness is given to like a product is

it just like the product idea we assign it well yeah I could tell you that SKU is unique SKU and barcode I think barcode is unique but SKU would be the unique identifier so if two I guess two retail two vendors have the same product they would use a different SKU yeah so we but we assign them in SKU it’s not like looking to like like what is it UPC codes we have I believe we haven’t implemented UPC on the on the on the admin side yet but I believe that’s plan actually we have that as a ticket for the this Sprint or next Sprint but

for SKU it would be we currently would have them put put the SKU themselves but it’s Unique so if another another vendors using that SKU they can’t use that one okay I believe skus are unique to each seller and variance in product so it’s more of an internal number I mean technically I yeah technically SKU by the core definition of my understanding is it’s a company’s provided identifier not a global identifier in my exactly and I could just arbitrarily call any thing on my desk a skew for if my system but it’s

not a global system technically okay but I mean it’s okay to have a skew system the global number yeah UPC but there’s also E I mean there’s all these different bar I mean at least Amazon recognizes two or three different different Global barcode systems I mean I’ve even thought about doing air air drops to them because they’re they’re public databases that you could probably scrape but anyway go ahead Carl yeah I was just saying what’s currently like how the database is designed thank you right that’s how

that’s how appreciate that yeah okay so so then so so I guess like there’s two layers to this like I said like there’s there would be you know yeah there would be the like social aspect and then there would be these like disputes over who had the right to sell a particular like UPC right um yeah so the UPC is UPC also connects to BR brand but but sometimes they don’t get so specific brand could be separate but basically UPC is one one person that owns it and can update it okay so there’s like

PC are there any more like Global uh product identifiers there are I just I could Google them but there’s a couple those are the two major ones but there are a couple others that we can consider to consider or not but there are others okay so okay let’s just call this like Global product identifi and so okay so this can so we allow initially sellers to just push any item that they want right we we I think we don’t like require uniqueness from like a seller to an item right so like if multiple sellers want

to create different listings with the same UPC or E I think that’s okay right yeah you just can’t use the same exact barcode for two products is so okay so let’s say like the like mag safe battery right like if we list like a MAG safe battery but there’s like a a Chinese knockoff version of the same product they have different UPC or E so it’s called private I mean in in the industry we call private label so I could buy a MAG save but I wouldn’t use their name I’d have to private label it

so I could buy it from them it’s called OEM and I could slap my bow super computer on it and then I could slap a sticker on it and then I could make a new barcode and put that barcode on the box but it wouldn’t be mag it shouldn’t be mag safe because that’s a brand and that’s unique Okay so so how are these like man okay this is just trying to understand this now so like how are these Global product identifiers created do you go to some like Arbiter or like some Authority who issues it for you yeah there’s gs1 is

the main one gs1.org uh that’s the main I don’t know what it stands for one us.org is the mean one and there third party resellers and they try to say don’t buy from them because they could be fake or Etc so I’m just saying like Okay so like products that like are these are assigned based on like brand ownership not based on like the kind of product that it is well there’s there’s Brands and then there’s products so they’re not it’s kind of confusing to be honest but they’re not not exclusive

like you can you have a I can just buy a barcode technically I should buy it from the same brand account but I could put any barcode I don’t know sure if Amazon really likes that or not but I could just put any barcode on a product and put it on a brand it’s just but they don’t want to have two and then I go into the gs1 and I put what kind of product it is into the global database of the product and then I put a barcode on it then when you scan it at a grocery store or in Amazon or anywhere that’s

the global identifier that goes to gs1 so the barcodes you see all around the world when you scan it’s a global identifier and it goes and I I as a seller I set that I I create an account on gs1 I registered my company I buy a batch of barcodes I put those barcodes on products I tell gs1 what it is I go to Amazon I say hey I this is my barcode it runs it through the system it says okay good nobody else is selling this you can make a listing does that okay is that helpful so yeah no no no no that’s helpful so

like so sellers themselves buy the barcodes and okay so they should be unique Yep they’re globally unique okay okay and so if someone if someone is selling like an unauthorized like if someone is unauthorized to sell like a particular barcode or UPC or or e or whatever they are then that should raise a dispute and then that is also sent to the dispute pool like a separate dispute pool but yeah yep okay let just clean this up a little bit okay all right okay all right so yeah the judges also have authority to like settle these sort of

like brand disputes and to settle whether or not it is an accepted item so like I guess this is two separate kinds of disputes it’s called this one brand one B I was thinking we it occurs to me that we could also have sellers require like for example some sellers might might have the website link on their on their store information page on hamsa right but if the seller that that would only go one way but if the seller’s website also has a back link to hamsa then that’s sort of like a proof that the seller owns the brand or the

they’re selling well the yeah we can go through brand brand brand claiming brand is completely separate and claiming product they’re both independent so one is claiming a product one is claiming a brand and in Amazon they call it brand registry and the way you verify that is you have to have a us or a globally recognized trademark uh they have a certain amount of countries and then they email the email address that’s registered with that trademark a code and if you’re able able to get that code

from that email that must mean you have access or ability to access that brand and it unlocks the brand yeah I don’t know if that’s something we can do at the protocol level though like because the protocol is pretty slim right although I guess if we’re talking about product catalog moderation then I mean I it’s a really tricky one but to be honest you know with I’ve got experien in hand and a lot of these I know the blockchains always say we can’t we can’t filter but the how do I say this Brands very much hate when

people copy their brands and they they they send legal and they go nuts I guess we could say the protocol can’t be filtered but that could be pushed to the the application layer which would be Hamza or the marketplace layer and but there well but see that’s the thing is like there’s this like Global what we’re talking about here is like the global question like what products like literally are allowed and and so I don’t know like it should settle these like sort of brand disputes these like

low-level brand disputes of whether or not some a product is index but but yeah it’s like the marketplaces themselves can apply their own filter right and and say like we’re not going to lift this product even though it’s globally available the really tricky one I I don’t have an answer is Apple how do we know it’s a real legitimate apple and we can’t let any random person claim that they sell the Apple iPhone 16 right that’s the really tricky one that’s the really tricky one yeah yeah I mean and

again I think it’s like that that’s sort of a question of like if someone okay so let’s let’s take this model right like someone signs up as a seller they post an Apple iPhone 16 right it should be pretty easy to be like to to initiate to like flag that and say hey I don’t think this is Apple I don’t think this should be listed on the protocol right and then it goes to the judge pool and the judge pool decides and okay so the judges because actually I’ve been digging this even with hza more than ever I’ve been

talking to Sellers and I talked to lawyers Alex and I had a long call with a lawyer couple lawyers they say the complaints don’t come from Amazon as much as they come from Brands complaining there’s people infringing on their IP on Amazon and demand Amazon to take them offline I think it’s happen even happen to Alibaba AliExpress even Andres has experienced on this so so how well I mean say say one of these okay say this dispute process has not happened yet right but there is a Apple iPhone 16 being offered by a seller that is on

fake Amazon right Apple could talk to fake Amazon and fake Amazon can easily say oh okay well we’re not going to we’re going to take that listing down right we’re not going to index that lifting right they they choose which data they pull from the like Global hosting Network right I understand but what if they Canever rules they want but what if we let somebody slip in on a global level saying they have the iPhone 16 they are the iPhone 16 catalog item well I guess is it connected to an owner or mple people can sell it but then the

way it works in Amazon is the person that owns it can update the listing the text the information yeah yeah yeah and that’s the thing is like this that would be a brand disp right so that would be someone at like who could flag it at a protocol level and say hey this is this person should not have ownership over this item and then it would go and we would hope that the the judge pool would decide correctly okay but but like without say without giving like any Central authority to anyone to say to make a determination themselves we just have to

trust the Justice process work okay no I agree fair game I know what you mean I’m just still processing this and honestly I’m I’m exhausted okay well it is late for you um and we a little bit over an hour and we lost all of our non-company audience so yeah obviously this is a lot to download and I’ve been thinking about it quite a bit so like I have a lot of context for this conversation but yeah this is this this town hall was meant to just like sort of give an update on where we are in terms of thinking about

the token typically like the the the buy and sell pressures of the token and I think I think it makes like without working out the details of how these individual pieces work which is something that we are working on does it I I guess I would ask does it make sense from at a at a high level this do we think this is like a sort of sustainable tokenomics model so the marketplace is the main buyer but we’ve talked about the seller also having it to to stake as well but again it’s like I think I like this solution here which is the the

seller stake is optional for the sellers but the marketplaces have to like maintain a general balance for for each seller right and sellers can provide their own state in which case they get some some rewards and you know it makes them a little bit more trusted in the system but but yeah we don’t require like marketplaces can or cannot require a seller stake what the protocol requires is that on a per seller basis if they’re operating in a Marketplace then the marketplace needs to to have to maintain a stake for them and the stake

is collateral against Bad actors and that yeah and it it’s paid to the buyer of the of the bad actor if the bad actor disappears or doesn’t doesn’t yeah yeah yeah yeah yeah I mean that would be like a we would have to sell into the liquidity pool to to refund the the buyer so it’s a it’s a bad outcome right for the token and for the protocol and then there is there is governance IND this or no yeah I mean we haven’t talk much about governance but yeah I think that that’s that’s what dictates these

like sort of global variables and I think that it should follow the same sort of model set up in the white paper like we have elected roles okay of course I know it’s kind of like the catch all of a token but that’s also demand side um but yeah I like the seller Sak I mean to judge it I’m I’m I’m I’m on board with this okay any questions or comments before we wrap up no okay well appreciate you guys for coming appreciate your input gonna build all this into you know a rised version of the token of the white paper

and of the pitch deck in the coming days so thanks everyone for showing up FR enjoy your your stay in in Thailand Carl thank you for for making a brief appearance on stage and and and being a homie and and thank you for all the work that you do Jose Mike thank you guys both for being here I’ll talk to you guys later cheers take care [Music]

The post Hamza Community Town Hall 2: Tokenomics, Proposals & AMA appeared first on Hamza Market.

The first Hamza Community Town Hall on Discord provided updates on the project’s progress, including platform developments, tokenomics, and community engagement. The team shared milestones such as the deployment on multiple chains, growing traction with users, and ongoing fundraising efforts. Discussions included plans to distribute the Hamza token internally and explore a utility-driven token for transaction fees. Operational updates highlighted the onboarding of sellers, manual seller processes, and efforts to standardize procedures while building in public. The session emphasized the importance of community feedback, governance proposals, and scaling the platform with user-driven improvements.

Transcript:
(00:00) [Music] so yeah I’ll go ahead and get started welcome to the the well I mean I guess it’s not the first hza town hall but it’s the first one christening our this move to the new Discord with you know and we’ll you know it’s just a place yes thank you thank you thank you wait waiting music I think waiting music is is on the client side David so there should be like a a button in the bottom left to mute music or unmute music did that solve it for you I see I see yeah this is fancier boat it’s like speaker
(00:34) audience yeah I have it muted for mute for me I don’t know how to turn it off like at the system level or if it’s even possible to turn it off at the system level I’m sure it must be but if it’s not too much of a problem then and you can mute it yourself then yeah then maybe we can just go ahead and get started okay cool cool cool so it’s been a long time since we’ve done a more General town hall and we wanted to just sort of start up the tradition again and give some updates on what’s been going
(01:05) on generally with the platform the sort of trajectory of where we’re going and then open up the floor for just as an AMA for any questions that anybody has for me and Mike I think going forward and in the future we may do some interviews with with I know Mike is going to be doing some interviews with sellers on Twitter spaces over the course of the next few weeks we may do some internal interviews here with some developers and some people in the operations staff but yeah for now we’ll just do a little bit of an update and
(01:38) and then open the floor up for questions so I mean as as most of I’m familiar with almost everyone in the audience at this point but not everyone we’ve we’ve been live for a few months now we’ve been aggressively adding features and to the point where we’re now deployed on multiple chains we’re processing transactions we’re processing transactions from people that we don’t know which is nice people who we haven’t directly like reached out to or anything like that so we’re starting to get some
(02:06) um natural traction we are starting to see the the page views tick up getting a little bit more Revenue into the system and then we also produced our white paper and launched or kicked off our raising round and to give a little bit of insight into that so we produced a white paper which was very much a draft I don’t know if anybody if everybody’s here here has had a chance to take a look at it but it presented an idea for the tokenomics and then we started Distributing that around to get some like legal
(02:39) opinions oh can am I still can people hear me I hear you the whole time okay yeah I’m I’m not just sure what to say David it might be I don’t know it could be you could be me but but yeah as long as nobody else has a as a problem I’ll just keep on going yeah I think just going yeah so we distributed the white paper we gave it around to get some legal opinions and to get some just opinions from other advisers and experts in the field and got a lot of like really good feedback I do think that we
(03:10) may end up changing some things in the near future that nothing nothing is like fully decided yet but in terms of the token the one that has been described as the Hamza token is likely only going to be distributed internally and as part of a limited public or like a private Equity sale um because it looks an awful lot like a security and so we don’t want to do like a public sale of it we just want to use it as a rewards for the team and as an internal governance token and then we may move forward with launching
(03:45) a a more like a speculative utility driven token which we’ve been calling dcom sort of at the at the same time but with a much more limited functionality than what we had first theorized for it but the base fun fun ality being that it would be required to to pay like the the transaction fees or the protocol fees for any initiation of an escro contract which which has its own like sort of cool implications for what it means we have to do uh in terms of spinning up like liquidity pools for each of the currency pairs that it’ll be operating
(04:18) on but yeah so so we’ve got a lot you know we we’ve started that fundraising round we’ve got features pushed we’ve got a lot of work has been done on the token and the Dow I should be releasing the n ft for our the sale that we did in November later today and yeah that’s that’s what’s been going on sort of on the the like Tech and web 3 side um Mike do you want to give us an update on what’s been going on in terms of like the actual operation and sales and everything like that sure so we’re we’re
(04:52) proud to say we’re we’re we’re working product like Bose says we have real customers real orders happening on the platform and we are scaling that up even during this call our lead Dev John has giving me some some data that there’s some order I’m I’m losing track I used to know most of the people buying I’m losing track of I don’t think I know all of the buyers I know most of the sellers still but it’s just really exciting and like you said we’re going to have a Twitter space or X spaces I feel Weir I
(05:21) say xace going to call it Twitter space Thursday where we’re going to take a few of our first sellers so we just opened up five a cohort of five sellers that were on boarded to the production or the live Hamza market last week mid to late last week and we’re building a public we could have waited for another few months or half a year to have everything perfect but we wanted to have a working build in public environment so there it is a little bit rough on the edges I’m literally explaining to Jose about the
(05:56) escro release button for his book but it’s a exciting times and so we’re working on a regular process of onboarding Sellers and products where with with regular Twitter spaces starting this Thursday just like this first town hall we’re going to have regular Twitter spaces for decom talks is what we call it for now and we’ll Spotlight some of the vendors and some of the product we talk about some of the transactions so more about like you said the operations of the business answering people’s questions about what we’re
(06:30) doing and trying to engage the community but it’s definitely getting exciting we’re also working to standardize the procedures Sops this keyword standard operating procedures for onboarding sellers servicing buyers support documents Jose here who’ll probably come up later Jose is doing great as being flexible a lots of things are changing and we’re building as we go so we’re figuring out how to leave reviews now I think the review button just got added the seller console is very manual the
(07:03) seller process is very manual you cannot be a seller automatically we have to kind of manually add you and manually add the products but I don’t know about you Bo but I I actually prefer it this way we get to actually build with users alongside them rather than kind of guessing what want so we’re we’re even changing some of our priorities based on some of the requests from sellers so it’s been exciting I will prefer it when it’s fully automated but I agree that I like the process that we’re going we’re
(07:33) building through the automated process with with the view of like what sellers actually need and seeing yeah I mean like we talked about it this morning but like even seeing some of the places where there’s some like pretty obvious features that should have been added that we’re like oh well that that makes a lot of sense is not incredibly hard to implement and so getting those things added to the dev Sprints and making sure that we’re just making this experience as easy as possible great man yeah so so we’re also
(08:01) yeah so we’re trying to just kind of you know improve the process and the team and the procedures and and scale I talked to a potential investor just this weekend and he’s like oh scale it I’m like we are we’re adding on all these the the bus is moving we’re adding on and so he’s interested he’s happy to hear that and to follow up with some more information yeah I mean like it makes me think about like it’s been I don’t remember the last time we had a town hall it must have been in like summer of
(08:30) last year but yeah it’s like kind of wild to think about just how how far we’ve come since we since we did these or even like the one that we did in like January of of 2024 when we had just started building everything and getting like we were I I remember you know the doing a Dev update when we had just selected the Medusa framework as the one that we were going to be the JavaScript implementation and just like talked a little bit about that and give the just the distance that we’ve covered since
(09:01) then to now we’re like yeah things I think are still a little janky if if please excuse my language but they’re you know they’re they’re working we’re processing orders it’s pretty cool we can watch them on on ether scan we’re seeing payments get released and and things like that and so it’s it’s taking in view of the like sort of small victories that we have had and yeah I mean I think we have a much clearer vision of the future one of the other things that I wanted to do in this town
(09:30) hall is like sort of in the spirit of like actually having a town hall is thinking a little bit about Community governance and we have a lot of people here who are like involved would be involved in governing our community and so I think I hope that all of you should have access to it or at least most of you should have access to it there’s a channel in here called the internal team proposal and the internal team proposals are basically like governance proposals for implementing certain things that affect the community and there’s one
(10:03) open one right in in there right now called the token compensation revamp um anybody who was at AR Kumbaya on Friday I talked about it there but please go and go and take a look if you haven’t had a chance to look at it what up Chris oh Goodbye Chris and but yeah so this that’s one of the other purposes of like having the town hall is to start opening up discussion on these team proposals and the first one is just a revamp of how How We Do Fiat compensation versus token compensation and so that’s sort of
(10:34) the unless Mike do you have anything more you’d like to talk about before jumping into that I like it but maybe I justce it for myself but probably others who can or should be able to access what your because this is is this a or maybe even clarify who should be listening to this I believe you’re okay with this being record this will be recorded in public you know in the following days but who are we engaging with for that I’m not even sure your answer I’m curious to hear your answer who could I
(11:02) I’d love to involve The Wider Community but can they at this point or or who would be able to access this or how could people access this well so it’s a it’s an inter like I said it’s an internal team proposal internal okay I mean I think part of the exercise here is about like talking about these sorts of issues in public and talking about the different things that we’re planning on doing in governance in public because like I don’t think there’s anything like privileged about this proposal it’s how
(11:30) the Dow chooses to engage with its contractors and and and the mechanism by which compensation is awarded to contractors and so this is a proposal of of like how how a framework for negotiating that and yeah if you would like act I mean I don’t know do you think we should move that into a more public forum because right now everybody here has access to it besides kuaa unfortunately sorry I don’t I I don’t know I don’t know that we’ve ever met before but I imagine not not a part of like the the team I guess the reason I
(12:04) bring it up is is for the for the archives and for us but maybe over time it could evolve to be a public Community disposal but for now it’s a team only proposal but we’ll discuss it in the public is what he said so I think that’s that’s good so then these these would be discussed in discussed in the in this format of a call and this this is planned to be every two week is that am I correct in saying this is like a bi-weekly first of are we going to do this every two weeks approximately I mean or I guess if needed or I’m just
(12:39) trying to give more like this the kind of structure for myself as well as those listening wellcome well I mean I think it’s yeah welcome B yeah I mean I think it’s it like like I said this is the first one that we’ve done in a while and so it’s about establishing these sort of like governance rituals and like how do how do we go about discussing the things that we need to do and this is like so so an open house town hall is like yeah it would be a time for people to make open proposals to have a discussion
(13:09) about what they think ought to change about the Dow I I do think it should be you know the discussion should be open to anyone so it should be transparent anybody can like watch and listen but if you’ve read our white paper then one of the the core like philosophies that I think I have is is about like you you don’t want to give everyone permission to make a proposal if they have no stake and that is not only from like a a a civil resistance and like perspective like you don’t you don’t want the Dow
(13:41) itself from a at a contract level to be overloaded with proposals that need to be cleared before anything else can be done and so so part of this is about like who who has the power to make a proposal and to and then demand a vote on something because also it’s like you don’t want to overload people with governance pressure I mean for instance right like the internal team proposal on compensation the reason why I kind of want to bring it up is we haven’t I haven’t got a single comment on it and
(14:10) it does affect sort of everybody in the Dow if we were to adopt something like that and we need a system to to understand like what should we move to in terms of token compensation and I think there’s like a lot of moving pieces that go into that discussion but that’s why I would like to have that discussion but generally yeah I have no problem with these things being posted I don’t think should discuss I don’t think we’re discussing anything sensitive and I think like it’s the ethos of the Dow
(14:38) to be a little bit more open and honest about the things that we’re considering great so so with that said yeah I do think that this should happen once every two weeks I think we need to develop some sort of cadence for governance and just get into the practice of doing it and then ideally as the community grows as we have more and more stakeholders we as we have more and more voters that have a state think and know where where decisions will impact them then we have a forum for for actually like having
(15:05) these these discussions okay thanks sorry just just thought before we jumped into proposals so this would be like the first proposal of today’s town hall right so we kind of opened up almost trying a template for these calls so we warmed it up gave some updates and then we jumped into this first proposal right is kind of the format just to again Circle back make yeah and this is the first one token conversation proposal just to help everybody understand I’m sorry you broke up uh I was you know I’m
(15:37) get I’m just trying to help and maybe it’s not helpful but I’m trying to back up make sure everybody understands so we kind of opened up this town hall gave a couple of updates like you’re you share some things I share some things and then you open this is like the first proposal that we’re starting with in the today’s Town Hall I hope we’ll see I mean I think that we should let it evolve as it happens right and I’d like to do some other things with the town you know again like I said
(16:03) have some interviews and and talk to people about their philosophies and their feedbacks and on on the things that and the directions that we’re going and the things that we’re doing but but yeah I mean one thing to to note is that this is specific to that this is like about Hamza right and Hamza is the the company that is running you know it’s a dowo but like a company that’s running the front end for this e-commerce Marketplace and and so yeah any time we we need to make a decision about something that requires a vote this
(16:33) should be the place where we discuss it but yeah I mean we can also open up with a whole bunch of different things we can have interviews we can have Dev updates it’s I don’t think it’s I I don’t think we it’s it’s set in stone what what this should be other than it’s a forum for us to discuss and give updates on what’s going on inside Hamza okay clear thank you uh and so with that said I’ll go ahead and talk a little bit about this proposal just raise your hand if you’ve had a chance
(17:00) to to look at it and how would people raise do people know well I mean I think you can react right like you can even I’m having it’s like a different interface there’s a I’m not even fting the react person thumbs up I see your thumbs up but even I’m not yeah thumbs up in the chat if you’ve read it I no worries again we’re talking more more of to the team at this point but okay so it seems like not everybody has really had a chance to look over it yet I think we talked a little bit about
(17:33) it on Friday but the general structure of it I’m I’m no no no no so Jose I’m not talking about our our white paper I’m talking about the compensation revamp document so if you go to the left in the Hamza Discord there a place for the core team and then there’s a internal team proposals here for making proposals and the the only one in there right now is the to compensation revamp which is we had been yeah no no no worries we had been very early on in Hamza Distributing tokens using a system
(18:08) called coordinate and coordinate yeah thanks Mike coordinate yeah please refer to the picture that Mike put in the the chat coordinate was a system where we just signed each other and the the the team was like small enough at the time to just assign each other how how valuable we thought everybody’s contributions were over the course of a month no worries John very happy you’re on a mountain and I hope it’s lovely and exhilarating John’s currently on vacation in Japan and seems he’s having
(18:42) a lovely time thank you for showing up by the way I don’t think he can hear he might hear us he us coordinate what he might not be hearing us I think but no worries so we had been using coordinate and it just became cumbersome there was a lot of like issues especially it became weird to like see how everybody was valuing you is a a very strange way to do like General compensation I’ve seen other teams that have used it for like bonus compensation which is a place where it maybe makes a bit more sense but when
(19:16) we’re talking about Distributing like the the the core team like rewards token rewards for uh working on an early stage web 3 project we decided it just didn’t make a lot of sense and so we had distributed a bunch of tokens to teams but then we had yet to come up with a system for how do we get those tokens that have been distributed to the teams down to actual individuals and so the proposal outlines a way to to how we decide how much tokens people get for the work that they do and the simple way of looking at it is that it allows
(19:51) people to choose how much of their work they want to be like as a contractor say you’re making you the industry standard rate for your position is like $110,000 a month you can choose to take less than the industry standard rate and take a certain percentage of what you would be making in in tokens and that that like that has a linear multiplier based on how how much you take so I think we’re limiting on either side 20% and 20% meaning the most you can take in tokens is 80% and the most you can take in Fiat
(20:29) is 80% um so you have to take at least 20% of of either and the closer you are to the maximum so if you take all in in cash and none in tokens or all in 80% in cash and 20% in tokens then you your token allocation will have no multiplier whereas if you take you know 80% in tokens and 20% in cash then the 80% in tokens you will get will be multiplied by I think it was two or three or something like that and but yeah so what we need to vote and decide on is whether or not we think that’s like a fair system of allocating tokens versus cash
(21:07) to people so please yeah if anybody has any comments or any questions please raise your hand you know ask to come on stage and we can we can have a discussion about it so while we wait for that I could just bounce some ideas I mean we we have talked about this I mean I’ve there’s been a I don’t know this what we call it the foundation Shadow Council what’s the term for the foundation I mean there’s been a the Shadow the shadow Council has discuss this has I believe all agreed to this and so the next step would is having so
(21:45) is this like a vote does everybody have to like vote how this how do we pass this or is there just a what what is the process for this being approved I think we should have a public comment period and then everybody who would be affected by it should should vote on it similar to how um we did the the token allocation uh discussion and vote if you remember back in I want to say that would have been July or August it was a similar process but like a little bit less formalized where I wrote a long proposal for how we should do the
(22:18) different token allocations between the team and investors and community and everything like that and how much should be assigned to each person what weight we should give to the coordinate rounds that we had already done and then how much we should allocate to teams I produced that we had some discussions about it whether or not we thought it was fair we made some revisions and then we had sort of a general vote but we just did the vote in Kumbaya and so I think this should follow a similar similar track but we should start
(22:46) formalizing our voting process as if we would be voting on chain uh because eventually we will be voting on these sorts of proposals on chain and so we just need to get into the practice of doing it and so uh yeah I think a proposal should be written it should be discussed in brought up and discussed in the town hall and it should be open for comment for quite some time and then a vote should be called and I think the first hurdle is like clearing the shadow Council and then making sure and then once the shadow council is fine with
(23:14) something then we can put it to the the larger Community anybody who is a voter or has tokens to to get their approval um maybe that’s something that we can do in uh in this in fact is probably something that we should do in this this Discord think of this as like the Hamza governance Discord and the Hamza platform Discord obviously there’ll be some places for Sellers and everything like that but we should probably migrate the governance of this this platform to to there yeah Jose what’s up what’s up
(23:43) bro how are you nothing much I just have a question on the on the on the part of the percentage of of the hamsa token that US contractors would would receive so what are the options after we have this token I mean can we exchange it for something is it can do we stake it what what follows from that so so not so much about like the The Proposal itself but like what happens when you get given the token I guess yeah like almost like a liquidity question is it liquid is it locked I think it’s so yeah so I think right now we’re
(24:21) talking about pre-launch token and so I think that this probably is a different answer what I think the the short and easy answer is I don’t know right but but that is not to say that I don’t have an idea it’s just that like there’s a lot before we’re able to say for sure what that means so so I’ll take the question in like two phases the first is okay the immediate future where we’re we’re working before the token is launched and I think there’s still some things up in the air about what that
(24:53) token launch looks like like there’s some some things that we need to to iron out in terms of of which token people will get how much of which token they’ll be entitled to upon launch um but like let’s say for simplicity’s sake that we’re only talking about the Hamza token and that it’s the pre-launch version of the Hamza token so so when the the token’s launched the allocation that’ll be given to the team so like right now we’re all acre tokens that will be distributed upon like the Hamza token
(25:22) launch the team distribution will follow like the the cliff and vesting curve that we determine for the team and and for the investors and it should be the same so there’ll likely be a percentage of the token that is liquid immediately and then there will be a percentage that is vested over a certain a certain period of time whether that’s like one year or two years and it’ll come in the form of the like State governance token and but yeah I mean after like the the cliff investing period is cleared then
(25:54) it becomes liquid and I think again that that is going to look like the Redemption token that we’ve talked about uh in Hamza and so so this is where we get into the area of like there’s a lot of things like sort of still up in the air and things that have not quite been decided yet and development stuff that needs to happen but if we’re also launching the the dcom token at the same time then then some of that like you the fact that you have been getting the Hamza token means that you’ll be entitled to some of that airdrop as well
(26:27) it’ll probably be like a smaller percent percentage but maybe more like relative to the the like the total circulating Supply at the time of launch but that will also have to follow some cliff and and vesting curve so some of it will be liquid some of it will not and again all please I’m I’m pretty sure that’s what I would be advocating for but we don’t have any of this set stone so so none of this is like for sure but that’s likely what it’ll look like and then and then we took and then there’s like this
(26:57) question of okay so that’s now pre-t token but we will have a system for determining token versus cash compensation for contractors post token launch as well and I think that the answer to that might be different right I think it’ll follow the same framework where if we accept this this idea that contractors can sort of choose what percentage they want based on an industry standard pay and the amount of like whatam weall it discount they’re they’re willing to take on an industry standard pay I think I think that that
(27:29) if we accept that framework then we’ll probably still have it post token launch but the question of whether or not that token when you’re awarded it is liquid is like that’s that’s a little bit farther off than I have a good answer for does does that help does that clarify yeah that was my other question actually if you had a system for for converting stablecoin or or other tokens into that new token and pretty much clarified that because having a certain percentage of your of your compensation
(28:00) in that token presupposes that there is some such mechanism in place right yeah I mean so I mean I think we’re talking about it it’s it’s it’s different because the the the mechanism by which like those let’s say those notes are convertible is different in the case of the two separate tokens right and and this is we know that this this has always been the plan the question is like sort of timeline here but and again I I think that this will be the case but the conversion of the Hamza token
(28:31) right it’s going to be more of an internal token and private equity share right so the convertibility of the Hamza token is within the platform and within it’s it’s like Redemption From the Vault the the gas token however the decom token which is required to pay the fee theol fees vote on product catalog is required to to initiate a dispute you know like those those sorts of things for the like public goods infrastructure that we’re building the convertibility based of that is going to be based on liquidity right and
(29:03) so they’ll have to be it’ll be something that you can trade on a DEX if you wanted to or you could stake it but yeah the the percentage of which like that when we’re giving it to contractors the percentage of it that will be immediately vested versus or like immediately staked or locked versus how much is liquid when when we give it to contractors I I it could be 100% could be 0% could could have a cliff vesting scale schedule I I don’t think I’ve thought that far yet but but yeah I mean
(29:33) I’d be interested to hear what you think it ought to look like it’s a tough balance right because when you when we give out the Hamza token it’s convertible for treasury assets and so it would be like just like sort of paying out of the treasury and so then what’s the point of someone not taking just cash right cuz like if you think about it like if so so think about this scenario we give out the Hamza token according to this and we give someone 50% in cash for their contractual work and then 50% in the Redemption token but
(30:11) the 50% in the Redemption token is following like a multiplier because it’s not all being taken out in token if we gave it out and it was like not locked then they could just immediately convert and end up taking home in cash more than if they had just taken 100% in cash I don’t know if if if everybody’s following that logic but but that would be the the functional how it would work would work in function so it seems to me that like when we’re giving out the Hamza token it it should be true that
(30:42) it’s in like some sort of locked form because the idea of taking token as opposed to cash is that you’re like deferring some of your reward for a higher percentage of something of of this like this Stak token or a higher ratio of the stake token token uh according to to like the industry standard pay and so so it wouldn’t make sense to just give it out and allow it to be immediately redeemable I think that question is different when we’re talking about the dcom token but because the dcom token then it’s like okay well
(31:14) you could sell into the liquidity that exists you could convert it maybe it wouldn’t be as much you know I think logically it probably could have some sort of Cliff or vesting period but yeah I I I’m not sure guess Jose I don’t know if he said you didn’t have time to read The Proposal the point is that you you H at least what it says and I think the core part of it is you have to everybody working in this company or this what do you call it in this organization will have to receive at least 80 at least 20% of
(31:51) either either side Max 80% of either side so you’re going to have to receive at least 20% in cash or eight quote unquote cash and and or 20% in tokens so you’re if you’re very risk you really believe in this and you you don’t need maybe cash shortterm you could go as high as 80% in token if you’re the other side and you’re very conservative and you you just want the shortterm stability the most you could get is 80% and and stable cash and 20% with of your total compensation would be in toal
(32:29) I think that’s a core part of this proposal and there’s also this formulas for how to figure out the compensation and I think it was very well written Bo I think he took got some inspiration from other other sources but he came up with this and that’s basically I hope people here understand so no coordin tape anymore for those that were here for the coordin tape like Bose says this would be how people are getting token and they can decide how much of their total compensation would be in token versus quote unquote cash to
(32:58) to the 8020 maximums range is that is that clear I mean please still read The Proposal but I I’m trying to simplify it for for those that haven’t seen it yet yes of course I’ll read The Proposal but yeah I get it now it’s it’s a way of of supporting Community growth that that’s how I see supporting the organization growth I’m sorry no I mean yeah it is but it’s also a way of like I would what I would say is like the idea is to award people in equity right or award people in in voting power
(33:35) right and and this is distinct from like when we’re talking about like token sales right because because that’s like sort of the problem problem you run into legally when you’re talking about crypto and token sales is like when you’re trying to do like a a public token sale of equity of a platform right but that’s different when you’re doing like when you’re rewarding like a a a contractor with or rewarding an employee with Equity within the company and so it’s yeah the idea being that like you can
(34:08) work for just more power within the system and the the system should be able to reward you with that and so yeah we don’t want to make it I think immediately convertible to cash because that’s the whole point of like allowing people to choose how much they need in cash versus how much they want in power or want in in token and and everything like that okay that’s clear now so Bo do we give some kind of deadline or time frame I mean I’ll just try to push this along how much time do you think people
(34:37) should have for reviewing and oh I will send another message today and then let’s say it should be accepted like we should have a vote by next Monday okay so the 17th of February 2025 okay cool this is please Elders can I think you have the requests but we can just let you come up on stage and you can ask we want you to be comfortable with this where do we vote where do we vote Bo where do we vote for this I’ll set up I think so Fred and Heidi I think this is a job for us this week is we need to think about how to do
(35:17) some some voting on in this like how to do it through Discord we can set up a meeting about this because we could also do we could do it via snapshot and we could distribute some tokens to people some like sort of placeholder tokens to enable the like snapshot voting but let’s look into what the best way to do a vote on on a proposal is would be because I mean like there’s a simple way which is we could look at the if you look at the The Proposal you can react to the proposal and we could just do like reactions up vote down vote right
(35:53) but we could also do it yeah so like if you look at the proposal I just did left a thumbs up up on it and we could do it that way where we’re looking for just simple up vote down vote we could do a Channel all all on its own where it moves fromal to to actual voting but yeah I mean longterm we’ll we’ll do something else but yeah Fred Heidi please please message me after the the town hall and we’ll we’ll have a quick chat about it sick okay well are there any other comments on the proposal
(36:27) comments questions or just if not then I’ll open it go ahead sorry I don’t I was just saying or any other feedback but yeah go ahead okay if not then if there’s any then I can open it up in general if there’s any questions about Hamza the progress that we’ve made uh things you’d like to bring to our attention questions from your mic then yeah please please raise your hand and come on stage if not I have some seated questions that people might either not know to ask or I I could prep for to
(37:05) seed all right I could break the ice to ourselves but I think people should prepare I don’t know if we should do a vote we’ll probably start to move to stablecoin from from Bitcoin soon so I don’t know if we want to give people a choice sooner we’ve talked about that but we were wor to make it too complicated but we will be working moving toward towards a usdc or usdt stable in the near future I believe yeah that is true we will start to be doing ethereum based payments on optimism in the next few months which is
(37:44) sort of natural right like um given that all of like our our revenue is on ethereum chains and it’s all coming into a vault and a dow managed byza like all our smart contracts to deploy on ethereum and so this transition was always was inevitable but yeah I mean maybe this is a is something else that we need to make a proposal about uh just in terms of like what do people actually want to be paid in right because we could we could standardize it and we could just say that everybody gets paid in USD or usdc I know I would prefer not
(38:19) to be paid in USD or usdc but but yeah I mean I wonder I wonder what people’s preferences are I mean obviously it’s like the rates that we we pay out at are in US dollar terms and so it makes it pretty simple in terms of conversion so we don’t have to think about like what the the 5day moving average of Bitcoin is but but I wonder do people actually would they prefer it in in usdc or WRA Bitcoin or ethereum or maybe a topic for another day but if anybody has any questions or or comments on the subject
(38:55) please feel free yeah food for thought but I guess I just vote for Simplicity I mean I I’m not as involved as you are in the process but it takes a decent amount of brain power and resources so I just worry to have too many choices as too much complexity and even cost of time right and resources so that’s just my thought but yeah we true no I mean and it’s it’s simple enough right like sorry I think the simplest way to do it honestly is to pay people in ethereum because it is standard but it also means
(39:33) that like if if a person wants something else right like they can do the swap themselves it’s on optimism so it cost you know basically nothing but giving paying out in eth means that people can swap it for stable coins immediately if they want to but it also avoids the case where they don’t have any like eth in their wallet to like pay gas fees true so so like that’s that’s the only counter argument I have there but like I also think that shouldn’t be like a huge issue everybody should know that they
(40:05) need like a couple of sents of eth on optimism in order to to make swaps and transactions I’ve been sharing a couple of crazy I don’t know for some reason the metamask feed account feeds in my Twitter now but they have account abstraction I think it’s only an L on Main net though but they do gasless swops and bridging natively metamask now hm yes hka just said the same thing but I think it’s only mainnet as of what I just saw I saw that same thing hka but I think it was main that only for now but
(40:39) I’m sure they’re probably who sponsor is it metamask I mean it’s from the official metamask account on on Twitter and they put like a little short video and an announcement literally like at least I saw like last week and then I saw another one about the bridging I think that was even over the weekend or late last week so you can bra the l2s from Main that inside metam mask which I know has been painful for us so that should be that’s what I’m actually bullish I know people picking on ethereum I don’t want to get too off
(41:10) topic but this whole bridging and account abstraction I think is getting solved pretty quickly interesting yeah yeah was is putting some links in chat no no no I yeah I just saw yeah that’s I mean that’s crazy though right like I mean I guess it’s maybe not that much in the grand scheme of things but like if metamask is just like sponsoring swaps on mainnet like swaps on mainnet are like can get pretty pricey well I don’t think that they pay the fee I think they pass the fee in the other currency I think so if you’re
(41:44) swapping in usdc and the gas is $30 on Main net you’d pay $30 usdc I believe it’s not they don’t okay so they’re not their transactions they just pay it in okay okay okay okay so it’s just like I could have $1,000 in usdc and they’ll sponsor the transaction but then take the the value of the gas fee in usdc that makes sense okay well I mean yeah if there’s no other questions or or comments on anything I don’t know do you guys want to talk about like we have a little bit of time and I wouldn’t mind
(42:20) talking a little bit about some of the projects that I’m like following right now and some like dropping a little bit of like crypto Alpha I mean I don’t know if anybody has any suggestions or if they’ve been looking into any projects that they think look promising I mean I literally as we’ve been talking I sometimes get you I still I’m addicted to Twitter on my phone I I I scrolling just now and Arthur Hayes just said on Twitter if he’s showing barain and it just did their tge a few days ago and it
(42:52) went from like $15 to like $5 in like a day and he says note to projects when working with market makers and and exchanges please do not go out to maximum value at launch give room for your user yeah he says don’t do what they did he says like and I hope we do that I really hope we’re trying to be organic but basically saying is give some upside for your retail buyers right don’t don’t dump on don’t put at max value I think we complain about I don’t call it too many projects but I think some other
(43:29) projects it also hurts the the Project’s reputation cuz people remember that in a community yeah I mean look that said I’m I’m watching bar chain like I like this is the thing is like I got a little bit of the airdrop I definitely want to buy more and I’m actually kind of happy that it’s been going down in price um because I think that it I I don’t know this is one of the projects I was going to mention cuz I’ve like I’ve been watching bar chain for like a long time and they
(43:57) I’m I’m excited that they finally like launched and so I’ve been I mean has anybody like around on their dexes or anything like that no well I was thinking about running a validator because they’re like a huh don’t keep going that’s awesome I mean we’ll see I mean I I do think it’s like it’s a good team like with a good marketing budget I think they they bungled the launch a little bit but I generally have have some pretty good faith in their ability to to drive liquidity to the chain and I think
(44:31) that’s like maybe the the better metric rather than like pure token price because they did just give out like a big airdrop and a lot of people just sold immediately and and yeah I mean like I think arbitrum did the same thing right yeah so when arbitrum launched a huge airdrop like to a bunch of people and they you know the token price went down but their token price has like doubled or tripled since then and so I mean I don’t know I like their R shade yeah I haven’t followed a project I just remember they had how I remember them
(45:03) they had like bikini girls with huge bear masks running around at conferences and on ski jet skis or something that’s was that train baddies yeah the baddies yeah yeah so Bo when are we going to do that for H and decom I mean I don’t know man I don’t know that we’re going the sex cells route that bar chain did I mean I wrote I wrote him off for like a long long time until I met some of the developers and then talked to like some other friends in the space who were just like look man like their their Tech is
(45:35) actually pretty pretty legitimate and and then yeah I think it’s I think it’s a novel concept a novel L1 and and I think that they like are good at hype marketing um and so I think that that’s like sort of what you need in the space to to be really successful but I don’t know it’s tough It’s also tough when you’re talking about launching another L1 right like L1 competition is hard and you know it’s it begs this question of like you know I’ll be talking to someone tonight
(46:06) Who’s Who Mike said will try and convince me to to launch as a or like launch decom as a as a cosmos Sid or like whatever they’re called yeah it’s an L1 they say it’s you’re on L1 they call it L1 right right right right so I don’t know it’s like it’s it’s a tough it’s a tough game to break into but all right well well if unless anybody has anything else I mean please post any Alpha in the chat any any memes or degenerate gambling moves to make always welcome but yeah other than that I think we can
(46:40) we can call it a a town hall nice it’s exciting like I’m definitely happy we got these going again they were on a we had a good flow I know I know Jose really enjoyed them and I did and many others should we give an expectation for length meaning this is almost perfectly matched an hour should that be a time I mean should we or should we just let it go as long as it if some somewhere remember we’re at multip more than an hour I I don’t know I don’t know if we should fix a time or or not I don’t know
(47:12) if you have an opinion I I think that like it’s I think that they should be like sort of fluid I mean I think we should fix the time just because like scheduling especially across like multiple continents and time zones is just difficult right so so having fixed times and expectations for for how long people for for people and how how long they should be there and everything like that I think is a good thing but I think that yeah sometimes we’ll just have more to discuss and I think as long as we should maybe have some like caps right
(47:44) like it can only go maybe 2 or 3 hours long if if something is if people are really really engaged and we have a a a post or like a proposal that’s like particularly controversial um or if we need to really really need to figure some things out but but I think for now like we’re we’re easing into some more transparency easing into a little bit more Community engagement and and governance processes so I think an hour is feels pretty pretty cozy and yeah hopefully we’ll have more hopefully over
(48:17) time yeah these become uh something that we have to dedicate more time to because they’re either really interesting or just because there’s a lot that needs to be decided and discussed okay Fair Point yeah Jose is enjoy he likes he wants more of these I’m just reading some comments great all right well have a good rest of your day Bo and I’m probably going to get the kids to bed here and thanks everybody for your time it was fun fun one so next one would most so should we just say it now the 24th same time Monday yep yeah two
(48:51) weeks I think sounds sounds reasonable who ask yeah thanks for making it man thanks for everyone else showing up I will talk to you guys later all right ciao [Music]

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