Necessary Improvements to Transparency Reports

General
1
  • The foundation

Staci has promised two improvements,

  1. more frequent (quarterly) transparency reports

  2. explicitly labeling wallets used for Algo sales You can currently see all new Algos entered into circulation here. Ideally this information should be provided by the foundation not a community-owned website.

What else can be improved?

  1. There are 3 categories of funds per the latest transparency report. However, wallets are used in an unorganized way for different expenses and transactions, which cause a lot of questions and speculations. The foundation wallets should be clearly labeled for the exact fund they belong to. As a side note, ideally all major transactions should be annotated with the high-level type/purpose of payment/transaction.

  2. The foundation balance sheet, including USDC reserves, assets and liabilities.

  3. The foundation of future cost estimates, planned Algo sales and any major decision as far as known and impacts the Algo community.

  • Inc.

  1. Given the importance of inc. role in the product development, participation in the governance and its large Algo stake, it is important that the community receive more frequent transparency reports (currently annually) from Inc.

  2. During the past couple years there have been many large and small transactions between the foundation and Inc. wallets. These transactions should be explicitly clarified otherwise would create a lot of confusion. It is also important to clarify how many Algos from inc. are participating in the governance and what was the total rewards that it has received so far. For example in the latest report a 330M Algo payment for working on the protocol is mentioned.

  3. Inc. should inform the community about the future Algo sales direct (market) or indirect (Executives, VCs, loans, etc.).

On Reddit

5 Likes
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Thanks for the feedback @awesomecrypto. Your suggestions have been shared with the team.

3 Likes
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Very solid suggestions! Iā€™m always up for more transparency

4

I would take with a large bowl of salt what is promised by Staci Warden. Before you know it she will be plonking down $150M into a bike charity in India in the name of green blockchain. there is no time to disclose to the community since they are busy with spending it all.

5

The @AlgoFoundation wallets (and only wallets) that will now be used for market operations (and only market operations) are:

BitGo: 37VPAD3CK7CDHRE4U3J75IE4HLFN5ZWVKJ52YFNBX753NNDN6PUP2N7YKI

Fireblocks: 44GWRTQGSAYUJJCQ3GFINYKZXMBDVKCF75VMCXKORN7ZJ6BKPNG2RMGH7E