IIP-59-Final: Data Economy Index (DATA)

iip: 59
title: Data Economy Index (DATA)
status: Proposed
authors: Thomas Hepner (@Thomas_Hepner), Kiba Gateaux (@Kiba)
created: 2021-08-09

Summary

  • Mission & Purpose: The Data Economy Index (DATA) is a digital asset index capturing the growth of on-chain data economies. The Data Economy Index tracks projects with significant economic activity providing data-based products or services.

  • Thesis: The Data Economy is disrupting the data monopolies built in Big Tech over the past two decades.

  • Draft Portfolio: The initial nine components of DATA are LINK (25%), RENFIL (25%), GRT (25%), BAT (11.6%), LPT (5.2%), OCEAN (2.5%), NMR (2.4%), OXT (2.1%), REPv2 (1.3%).

  • Product Differentiation: DATA is designed to capture data economies off and across blockchains. The initial nine tokens within DATA have no overlap with our two existing index products, DPI and MVI.

  • Combined AUM of Components: The initial nine components of DATA represent approximately $17.9 billion in market value and have no overlap with the Index Cooperative’s two existing index products. For comparison, the components within MVI represent ~$4.1 billion in market value and the components within DPI represent ~$26.9 billion in market value.

  • Market Opportunity: DATA will have ~$100m in AUM if it captures the same market share of the Data Economy that DPI has of DeFi (~0.55%), and will have ~$20m in AUM if it captures the same market share that MVI has of the Metaverse (~0.11%).

  • Consensys & Filecoin Team Liquidity Support: Per @corbpage, the Filecoin team strongly supports the Data Economy Index and plans to provide liquidity support for renFIL ahead of the launch to minimize price impact and slippage during the rebalancing process.

  • Fee Split: Data Economy Index (DATA) will have a streaming fee of 0.50% (50 basis points), a mint fee of 0.10% (10 basis points), and a redeem fee of 0.20% (20 basis points). At launch, DATA will participate in the Methodologist Bounty Program and the fee split will be 70% to Index Coop, 30% to Titans of Data. After launch, the fee split and methodologist bounty for DATA may be revised as part of the Index Cooperative’s larger effort to refresh its relationships with its methodologists.

  • Author Background & Commitment: Thomas Hepner and Kiba Gateaux are members of a DAO, tentatively named Titans of Data, responsible for the ongoing maintenance and development of the Data Economy Index. Titans of Data will also have dedicated members responsible for sales, marketing, and investor relations in Korea and China. Titans of Data has connections who will help DATA get listed on top Korean exchanges.

Motivation

“I believe these marketplaces will transition us out of the current era of Web 2.0 data monopolies into a Web 3.0 era of open competition for data and algorithms, where both are directly monetized.” - Fred Ehrsam, blockchain-based machine learning marketplaces (March 2018)

Decentralized finance (DeFi) is the first of many industries that will blossom on-chain. The Ethereum whitepaper outlined numerous data-intensive applications that the network would support including decentralized file storage, decentralized data feeds, cloud computing, prediction markets, and other on-chain data-based applications.

The Data Economy Index (DATA) is a digital asset index capturing the growth of on-chain data economies. The Data Economy Index tracks projects with significant economic activity providing data-based services or products.

The Index Cooperative now has two index products, DeFi Pulse Index (DPI) and Metaverse Index (MVI) that provide exposure to two on-chain industries, decentralized finance (DeFi) and the Metaverse.

It is time the Index Cooperative had an index for on-chain data economies.

Specification

Size of the Opportunity

As of today’s writing, the components in DPI have a combined market value of ~$26.9 billion and the components in MVI have a combined ~$4.1 billion of market value.

The initial 9 components of DATA represent approximately $17.9 billion in market value and have no overlap with our two existing index products. This suggests that DATA would be a highly differentiated product for the Coop with a significant, compelling market opportunity.

Moreover, the data economy is already deeply integrated into the workings of DeFi. For instance, Chainlink is the 800-pound gorilla in the room; it’s decentralized price oracles are used as infrastructure by most DeFi protocols, including Set Protocol to calculate NAV issuance.

Current Market Size

DATA has a realistic potential to capture between $17m and $89m AUM shortly after launch, while also creating a new revenue stream for the Index Cooperative that taps an exponentially expanding market.

DATA’s constituent tokens have a combined market value of $17.9 billion. DATA will have ~$20m in AUM if it captures the same share of the Data Economy that MVI has of the Metaverse (~0.11%) and ~$100m in AUM if it captures the same share that DPI has of DeFi (~0.55%).

Potential Market Size

“Technology companies are the most valuable companies in the world…You don’t need a middleman to own your data…I think the big tech companies will be disrupted as much, if not even more, than the big banks. And considering those are the most valuable companies in the world, maybe that’s what’s worth paying attention to.” - Fred Ehrsam, Bloomberg (March 2021)

A little over 2 years ago, on February 28th, 2019, DeFi Pulse only had 10 assets listed on their site. Total Valued Locked (TVL) was $317m and Maker’s dominance was ~90%! Bitcoin’s Lightning Network and Augur had the 4th and 5th most TVL respectively. Much has changed in just 2 years!

Data Economy is at the same stage of development that DeFi was at the beginning of 2019. Whereas DeFi is disrupting traditional banking and financial services, the Data Economy is disrupting the data monopolies built in Big Tech over the past 20 years.

Here’s what @corbpage, Head of Product at ConsenSys Codefi, has to say about the Data Economy Index proposal:

Marketing & Brand Awareness:

  • Expands Reach: DATA would represent another on-chain industry covered by Index Cooperative. This potentially expands the reach of the Index Cooperative’s brand as the premier on-chain asset manager to projects and communities currently outside of DeFi and NFTs.

  • Consensys & Filecoin Team Liquidity Support: Per @corbpage, the Filecoin team strongly supports the Data Economy Index and plans to provide liquidity support for renFIL ahead of the launch to minimize price impact and slippage during the rebalancing process

  • The LINK Army: DATA would be the first product offered by the Index Cooperative that includes Chainlink (LINK). Chainlink’s official Twitter account has 331k followers; other prominent Twitter accounts include @ChainLinkGod (83k followers) and the @Crypto___Oracle (27k followers).

  • APAC: APAC is a largely untapped market for the Index Cooperative. DATA will have dedicated team members responsible for sales and marketing in the APAC region. DATA can establish a presence for the Index Cooperative in this key region and lead the way for other indices to build upon DATA’s success.

Product Differentiation

As already mentioned in the sections above, the Data Economy represents an entirely different market from DeFi and the Metaverse. We believe that DATA will be significantly differentiated as it is designed to capture data economies across blockchains. In other words, it is meant to be blockchain agnostic over the long-term. We believe that most of the value of DATA is derived from off-chain data assets. For example, the value of Numeraire (NMR) is tied to the predictive performance of the machine learning models submitted by independent data scientists to Numerai’s hedge fund. Because the value of data economy tokens are derived from off-chain data, we believe that DATA’s value over the long-run will be uncorrelated with Bitcoin, Ether, and the DeFi Pulse Index (DPI).

Proposed Methodology

Draft Portfolio

DATA initializes a Token List with the following four projects and their native tokens:

  • Chainlink: LINK (25%)
  • Filecoin: renFIL (25%)
  • The Graph: GRT (25%)
  • Basic Attention Token: BAT (11.6%)
  • Livepeer: LPT (5.2%)
  • Ocean Protocol: OCEAN (2.5%)
  • Numeraire: NMR (2.4%)
  • Orchid Protocol: OXT (2.1%)
  • Augur: REPv2 (1.3%)

Token Inclusion Criteria

Selection of the DATA tokens is based upon the following criteria:

  • The token must be available on the Ethereum blockchain. This will be revised if the Set Protocol infrastructure becomes multi-chain.

  • The protocol provides data-based services or products.

  • Protocol must have organic network activity or usage. On-chain transaction volume, Total Value Locked (TVL), and/or revenue paid to service providers are all examples of metrics that can be used to demonstrate organic network activity.

  • Circulating market capitalization must be over $100m.

  • Protocol token must have sufficient DEX liquidity to support inclusion. If a token has insufficient liquidity, it will be removed from the index during the determination phase.

  • Protocol must have at least 3 months history of operation and its token must have at least 3 months of price and liquidity history.

  • An independent security audit should have been performed on the protocol and results reviewed by the product methodologist. In the case that no audit has been performed, the methodologist applies subjective judgement of the protocol based on assessment of the criteria above and communications with the team.

  • In the event of a security issue the methodologist will work with the project team to understand the issue and any effects to DATA holdings. The team is expected to provide users of the protocol with a reliable solution and adequate documentation to ensure transparency about any incidents.

Index Weight Calculation

DATA will use circulating market capitalization to determine the weight of each token included in the index.

The weight of each token within the index will be as follows:

image

Like the DeFi Pulse Index, the Data Economy Index caps each token’s respective weight at 25%. Excess weight for a given token will be redistributed to the remaining components of the Data Economy Index on a weighted basis. This same process will be repeated for every token exceeding the 25% allocation cap.

Index Maintenance

The index is maintained quarterly in two phases:

  • Determination Phase: During the determination phase, the tokens being added and deleted from the index calculation are determined during the final week of the quarter and published before quarterly rebalancing.

  • Rebalancing Phase: Following publication of the determination phase outcome, the index composition will change to the new weights during the first week of the following quarter.

Fee Split

Data Economy Index (DATA) will have a streaming fee of 0.50% (50 basis points), a mint fee of 0.10% (10 basis points), and a redeem fee of 0.20% (20 basis points).

At launch, DATA will participate in the Methodologist Bounty Program and the fee split will be 70% to Index Coop, 30% to Titans of Data.

After launch, the fee split and methodologist bounty for DATA may be revised as part of the Index Cooperative’s larger effort to refresh its relationships with its methodologists. Titans of Data has the right to off-board DATA from the Index Coop’s product offerings no later than Ethereum mainnet block 13531000 (est. October 30, 2021) or Ethereum mainnet block 13923000 (est. December 31, 2021) should they not wish to continue with the fee split and methodologist bounty outlined or any new program produced by the Index Cooperative, should one be proposed after block 13333000 (est. Sept 30th, 2021).

Author Background and Commitment

Thomas Hepner and Kiba Gateaux are members of a DAO, tentatively named Titans of Data, responsible for the ongoing maintenance and development of the Data Economy Index.

Thomas Hepner

You can reach Thomas on the Index Cooperative Governance Forum (@Thomas_Hepner), Twitter, and through his blog.

Kiba Gateaux

  • Prev. Full Stack Developer @ Consensys
  • Gold/Silver Owl :1st_place_medal::owl::2nd_place_medal: for the first three months of coop and April
  • Top degen score
  • Link marine since 2017
  • Originally proposed DATA Index in October 2020, original concept in June 2020

Korea/China Team

Titans of Data will have dedicated members responsible for sales, marketing, and investor relations in Korea and China. Titans of Data also has connections to top Korean exchanges to get DATA listed in the country.

Voting

Decision Gate 1: PASSED

Decision Gate 2: TBD

8 Likes

Titans of Data wants to provide additional context and rationale for the unusual Fee Split for DATA.

Firstly, the Fee Split was mutually agreed upon between Index Cooperative and Titans of Data in the DATA Methodologist Fee Split Offer forum post.

After a successful DG1 vote, the primary blocker to moving DATA forward was negotiating a fee split that worked for both Index Coop and Titans of Data. During the product onboarding process, Titans of Data brought up concerns with the existing methodologist compensation framework and even proposed an alternative structure here.

The DATA Methodologist Fee Split Offer acknowledges that the “current methodologist reward system is flawed and requires an eventual overhaul”, but moves DATA forward by doing the following:

  1. Defines a Future Roadmap: Lays out a roadmap for launching DATA under the current methodologist reward system with the expectation that there will be an official Index Cooperative IIP for future methodologist fee split/reward program launched no later than Sep 30, 2021.

  2. Provides an Option to Off-Board DATA: Gives Titans of Data the option to off-board DATA from Index Cooperative should the IIP referenced in the Future Roadmap above not be brought forward by the agreed upon timeline or Titans of Data does not consent to the terms of the IIP.

Titans of Data is excited by this offer because it achieves our goals of (1) launching DATA quickly through the Index Coop, and (2) includes us as meaningful stakeholders in Index Coop governance decisions impacting Methodologists. We love @snasps idea to create a Methodologists committee, and hope to participate and contribute to if we are given the opportunity.

We also want to acknowledge that the clause around off-boarding may be concerning or confusing to INDEX tokenholders. I hope to clarify and assuage concerns about this specific portion:

Tokenholders may reasonably ask the following questions:

  1. What is “off-boarding”?
  2. Why is this clause in the Fee Split section of the DATA IIP?

Per @oneski22, here is the definition of “off-boarding” provided in the DATA Methodologist Fee Split Offer.

The off-boarding clause is intended to build mutual trust before launching DATA. It is included to protect the interests of Titans of Data if the future methodologist fee split/reward program either fails to pass or receive our consent. In addition, specific Ethereum mainnet blocks are specified to protect the interests of the Index Cooperative by clearly defining future dates by which Titans of Data is obligated to make a decision about whether to keep DATA with Index Coop or off-board the product given the substantial times and resources expected from Index Coop to make DATA a successful product.

Let us be clear - Titans of Data wants to launch DATA through Index Coop and keep it with Index Coop for the long-term.

The off-boarding clause gives Titans of Data and the Index Coop community the time we need to reach consensus around a future methodologist fee split/reward program that is fair and reasonable to all methodologists, present and future, as well as the Index Cooperative.

Titans of Data is committed to contributing and participating in these tough conversations in good faith with the Index Cooperative. We are incredibly excited to build a long-term partnership with Index Coop that shares in the success of the DATA index. We ask for your support and vote for DG2!

cc:

3 Likes

@Pepperoni_Joe Can you please queue IIP-59-Final: Data Economy Index (DATA) for a DG2 vote to take place on Monday, August 16? Thank you!

cc: @gregdocter

cc:

I think this clause is pretty extreme. It differs significantly from what is offered to any other methodologist and it’s unclear the [potentially immense] technical requirement to even execute this.

I would feel much better about this proposal if this clause was removed and our normal offboarding process [CGI] was the norm.

1 Like

Hello @puniaviision - thank you for your thoughtful feedback. I’ll be honest that your comment surprised me given that the Fee Split is based on the official Index Coop DATA Methodologist Fee Split Offer that was prepared with input from a cross-functional group of stakeholders:

Regardless, Titans of Data would rather hear your open and honest feedback even after an official offer has been agreed upon so that any outstanding issues or concerns can be addressed ahead of a (hopefully successful) DG2 vote.

Here are our comments and questions in response to your legitimate concerns.

To be clear, it is not Titans of Data’s preference to have a stop-gap agreement like the one we have mutually agreed to with the Index Coop. We would have strongly preferred to go into the DG2 vote with a long-term methodologist fee split/reward program in place that all stakeholders could be excited about. Our intention to have a fair and equitable long-term agreement that could be used as a template for future products and methodologists is the reason we brought forward multiple proposals including the Methodologist Accelerator Program which we spent considerable time and effort researching and designing.

Ultimately, the DATA Methodologist Fee Split Offer was mutually agreed upon so that progress can be made on the product while a future template for simple index offers is being designed.

My understanding is that the primary technical requirement of off-boarding would be to transfer the Manager Address from the Set Labs Multisig to a Titans of Data multisig. I have done this before with a TokenSet that I created and it was ~10 minute process. Are there additional requirements or complexity that Titans of Data is not aware of or considering that would be a considerable burden for Set Labs or Index Coop? Adding @dylan for additional context and clarification from an engineering perspective so we can adjust the final IIP if necessary.

Titans of Data does not think the IIP to deprecate CGI due to lack of product-market-fit should be considered a “normal” process for product off-boarding. We also do not think the off-boarding clause for DATA should become a precedent for future product off-boarding though we acknowledge that could be an unintended consequence.

If I correctly understand your concern, potentially shared by INDEX tokenholders, it would be that Titans of Data could off-board DATA if it becomes a successful product without the Index Coop’s consent. On the other hand, our primary concern is that without the off-boarding clause we have no recourse if the Index Coop decides not to overhaul the current flawed methodologist system; we could be permanently stuck with the existing methodologist fee structure. Titans of Data and Index Coop is in a Catch-22 under the existing methodologist structure.

In conclusion, we completely empathize with your and other INDEX tokenholders concern about the off-boarding clause but do not know how we could revise the IIP to eliminate the Catch-22 and build mutual trust.

We’re open to any suggestions that build mutual trust and give tokenholders the confidence they need to vote FOR the final DATA IIP.

5 Likes

I tend to share @puniaviision concern regarding this clause. I find it unnecessary, unbalanced and risky.

What I think would be a fair approach:

  • Titans of Data still has to demonstrate its value. Don’t get me wrong, I believe you guys can achieve what you are aiming and I really hope it will be a huge success. But for this development stage, in my opinion you are too aggressive in your requirements.
  • If Titans of Data delivers in the coming months, you will have the bargaining power to negotiate adjustments to the future methodologists compensation scheme (if needed)
  • I am convinced that the Index Coop will negotiate in good faith if Titans of Data shows its value
  • Therefore I would recommend to move forward without this clause. It would be an excellent signal of good intentions for the vote.

Regarding the exit clause, this is how I see it:

  • Unnecessary: there is no need for an exit clause, because you will already have this bargaining power if you show the value the Titans of Data brings
  • Unbalanced: it is not balanced because I do not consider that the methodologists are “owner” of the product. The Index Coop is the owner, and if we want to negotiate an exit we should think in something else than allowing to go away with the product (like an exit compensation for the time spent for example)
  • Risky: this could cause a precedent for future products and create wrong incentives for methodologists
4 Likes

Thank you for your input, @trx314 - Titans of Data is very interested to hear your perspective and suggestions to improve the proposal and signal good intentions for the vote!

We respectfully disagree with two specific points you made - could you elaborate more on our responses below?

Without the off-boarding clause, Titans of Data has almost no negotiating power post-launch. The only guarantee we will have is that the fee split agreed upon in the DATA Methodologist Fee Split Offer cannot be changed without our consent.

Do you disagree? Why do you think Titans of Data would have more negotiating power given that DATA becomes a huge success after launching with Index Coop?

Titans of Data needs credible commitments from the Index Coop that signal its good faith.

The Index Cooperative presented Titans of Data with an official offer which we accepted.

Having multiple Index Coop FT contributors / working group leads signal publicly and privately that they do not support the offical offer that they helped create does not signal “negotiating in good faith” to Titans of Data.

Still, we are listening to and considering eleventh hour changes to the final proposal that would reduce or minimize concerns with the off-boarding clause. This is Titans of Data signaling its good faith to work with the Index Coop and negotiate fairly.

What changes would you suggest making that reduce off-boarding risk to the Index Coop without Titans of Data throwing away its negotiating power?

Well, negotiating power comes either from the value that you can bring to the other party, or from the destructing power that you have on the other party.

My point is that if Titans of Data shows its value in the coming months, the Index Coop will have all the interest to keep your incentives strong enough to ensure a long term collaboration. If I understood well the purpose of the Titans of Data DAO, it is to create an active community around the product, turning it into an ongoing effort which will accrue value over time. The more value you will bring to the ecosystem around the product, the more negotiating power you will have.

Yes, sorry I am reacting a little bit late, I saw the offer when it was published and was happy for having an agreement to move forward with the product, until I understood later reading a comment that the manager contract would actually be transferred in case of exit.

I consider exit clauses as damage mitigators in case of failure rather than negotiating levers. So the exit clause could be a kind of safety net in case not agreement is reached, a compensation for the efforts and time spent.

1 Like

DG2 voting begins on DATA today. I will be voting AGAINST this proposal. I want to see DATA launched and I am a big believer in this market, but I do not believe it should be launched with this clawback clause in place.

Why are we giving DATA a clawback clause? This has not been present in any product proposals (with DFP, Bankless, Token Terminal, etc as methodologists), and while I think the methodologists are incredibly bright and capable people, they bring the least amount of any prior external methodologist in terms of audience and distribution to help the Coop grow this product.

The Coop should not be in such a rush to launch DATA under these conditions. My read of the situation is that it is more likely than not that the clawback option gets used by the DATA methodologists. The outcome I see in which they do not exercise the clawback is if we can re-work the initial methodologist bounty program. I am doubtful this gets accomplished in a way that satisfies the DATA methodologists and the scale of renumeration they are looking for given the stalemate that has occurred on the subject for the past couple of months. It also is just a really bad precedent to set for future product launches. DG2 votes should not include clawback clauses.

The clawback being exercised would be a negative for the Coop, and while we would recover, it just does not seem necessary to set ourselves up for that? If the clawback clause were removed, I would be much more inclined to vote for DATA to be launched as specified.

I will likely vote towards the end of the period to take in further feedback.

tagging for visibility / feedback: @verto0912 @BigSky7 @LemonadeAlpha @ncitron @DarkForestCapital @Matthew_Graham @overanalyser @dylan @oneski22 @Metfanmike

(and others as well please, sorry can only tag up to 10 people)

4 Likes

I am in full agreement that the break clause is unacceptable to me.

For this, and other, reasons, I will be voting AGAINST the DATA DG2 vote.

1 Like

I will be voting FOR the DATA DG2 vote.

@jdcook Firstly, thank you for being a big supporter of the product (DATA) itself from the beginning and providing @Kiba and myself lots of great feedback during the process from the initial Request for Discussion to DG2.

I understand and empathize with your concerns, but am still disappointed to learn you will be voting AGAINST the proposal, especially just minutes before the beginning of the DG2 vote.

The terms of the mutually agreed upon deal were posted 11 days ago in the forum. I wish both you and @overanalyser would have posted your concerns publicly before the vote started so we could have worked with you and others to construct a final deal acceptable to all involved.

Given that voting has already begun, we’re committed to seeing it through.

I also want to address this specific comment you made in regards to the off-boarding clause:

Titans of Data (@Kiba and myself) have worked tirelessly with the Index Coop community for the past 3 months to launch DATA through Index Coop. We see tremendous value in the community here and that’s the biggest reason we were excited then, and now, to launch DATA through Index Coop. Our investment of time and energy without compensation is a reflection of the immense value we see in this community.

From my perspective, the product onboarding process went smoothly from Request for Discussion (6/2) to Request for Comment (6/18) to a successful DG1 vote (7/16). It was only when conversations began about changing the existing structures and incentive mechanisms for methodologists that that we ran into significant challenges during the product onboarding process.

While developing the IIP for the DATA proposal, I realized that the Methodologist Bounty Program that had initially attracted me to become a Methodologist for the Index Coop was unfair to new products and methodologists like ourselves. These sentiments have been shared by community members across the Index Coop and are acknowledged in the final fee split offer:

We’ve thought deeply and analytically about the incentives for methodologists working with Index Coop. I developed and put forward a Request for Discussion around a possible Methodologist Accelerator Program that I think is the first draft of a much better construct for aligning methodologists with the Index Coop. We hope to continue participating in ongoing conversations to re-design incentives for methodologists in the “methodologist committee” proposed by @snasps in such a way that is equitable for both methodologists and IC.

I’ll reiterate a portion of my original comment for this IIP:

@Thomas_Hepner thanks for the reply and your thoughts. I recognize you have done a lot of work to push forward that conversation around Methodologists renumeration, but the Accelerator Program that you proposed just does not seem to be a realistic expectation - and that is what leads me to be afraid at the probability of the clawback clause being enforced by you and Kiba.

You’re proposal requests that methodologists be paid on the order of millions once the product reaches $20m AUM. I tend to side more with what @Matthew_Graham said in response to that proposal:

But I also proposed adding a revenue-based AUM bonus structure to the fee split as signal for the Coop’s desire to work with great partners. In our conversations, you have told me this is not sufficient.

So I am left to believe that the Coop will not be able to deliver on the kind of renumeration that you are seeking within the next 3-4 months - leading you and Kiba to exercise your clawback. As I said earlier, it is simply a case of the probability of that being too high for me to be comfortable with, and that I think this sets a bad precedent for future product releases.

2 Likes

Thomas, would you and Kiba be willing to agree to work on a different off-boarding solution if it ends up being too technically complex to off-board as described by you and BDWG?

1 Like

I completely agree with @jdcook’s sentiment. My biggest worry is that we will spend time, energy, and capital in promoting DATA and ensuring it is a success during those critical first months. At that point, Titans of Data are incentivized to take the offboarding clause and immediately triple their revenue after the Coop has invested so much into the product.

Additionally, encoding the offboarding clause at the smart contract level requires some additional engineering work. It’s certainly not a crazy complex effort, but I wonder if we can be spending our scarce engineering time on better things.

I will be voting AGAINST this proposal and all other proposals that do not specify a defined fee split before launching.

I apologize @Thomas_Hepner for not relaying my views earlier. I understand how frustrating it must be to see this discourse in the last mile.

2 Likes

Absolutely, and ideally the off-boarding would never happen as DATA would stay with the Index Coop for the long-term.

Just a reminder - the off-boarding clause was only added because of an inability to reach consensus in a reasonable timeframe before launch.

1 Like

Using this as a confirmation of a mutual understanding that the terms of “off-boarding” may change due to the realities of engineering, I will be voting FOR this proposal.

Thomas and Kiba are starting a company that one day may become huge across the data economy space. While Kiba has broken our norms around respectful conduct multiple times, Thomas has not and Thomas is the primary contact between IC and Titans of Data.

I hope that both parties can be patient and flexible when it comes to working with a DAO.

4 Likes

@Thomas_Hepner I don’t know if this was an expectation, but to be clear, this is one of the things that we cannot do.

2 Likes

@ncitron @puniaviision There is no expectation from us that the off-boarding clause would be encoded at the smart contract level.

I’m sorry this was unclear - we did not think that level of detail was appropriate to include in the final IIP to launch DATA. Regardless, I should have reached out to both PWG and EWG ahead of the vote to clarify.

CC: @oneski22

2 Likes