On March 17th, the Elastos Talk was honored to host CR Preparatory Committee member Feng Zhang, who shared his ideas for Elastos community governance and ecosystem development with the friends of Elastos.

Feng Zhang is a member of the Elastos CR Preparatory Committee, founder of Digital Era Blockchain Service Alliance, co-founder of Byte University, and attorney at Beijing Jincheng Tongda (Shanghai) Law Office. Friends from the Chinese-speaking community will already be familiar with Feng Zhang, who has been on the Elastos journey from the very beginning. His suggestions and insight have been integral to the growth and development of Elastos, and it is an honor to have him on the Elastos CR Preparatory Committee. It is our hope that the CR will continue to undergo improvement through the hard work of our three council members.

The following is a transcript of Feng Zhang’s presentation:

“I am very glad to have the opportunity to talk about community governance and ecosystem development with you all today. My name is Feng Zhang. Actually, today’s main goal is to interact with everyone, but first, I have a few thoughts that I’d like to share with you all.

I’d like to handle the relationship between community governance and ecosystem development. Ecosystem development is what we are all after. But only when there is good community governance, can there be effective promotion of the ecosystem. The main goal of community governance is to mobilize both community members and people outside the community to promote the whole of Elastos. That is to say, we want to mobilize all positive factors to powerfully coordinate internal and external connections to serve Elastos ecosystem development. With this basic theory, community members—regardless how great their abilities—should all contribute what they can to Elastos, such as code development, advertising, community events, and DApp ecosystem project integrations.

Here, let me propose a idea: an ELA incentive option plan. Currently, everyone contributing to the community is rewarded directly, sent ELA for offline meetups, promotional articles, and code contributions. But this plan is different.  It would aim to incentivize contributions by community members through options. This mainly encompasses three aspects:

The first is brand promotion. Through online and offline events, the goal of brand promotion is to show industry outsiders what Elastos does, the specialties of its technology, project development milestones, and more.

The second is code development. Chinese and English-speaking community developers can obtain certain incentives by contributing code.

The third is ecosystem integrations. With so many people in our community, each person has their own resources. For example, if your friends are developing a project that is well-suited to using Elastos as the base-level, they might be sufficiently incentivized to integrate their project onto the Elastos platform as a DApp. This way, I hope that everyone can express their talents by integrating these kinds of projects and, through everyone’s efforts, Elastos will certainly be more and more prosperous.

Imagine we started signing option incentive partnership agreements. The price is something that could be discussed, set either as the price on the day of signing or the average price over the past month. Then a time could be determined—three months, six months, or one year, for example—since options can only be exercised after a certain amount of time has passed. Then we tailor different incentive plans according to the brand promotion, code development, and ecosystem integrations that we just mentioned, according to different circumstances. After a period of time, based on your contributions, as well as the price on the day of signing or prior month’s average, you could sell your options. After three, six, or twelve months, the price may exceed the price on the day of signing, which would be very profitable for the contributor. The benefits of this kind of plan rests in its ability to make the contributor work to promote the project’s overall advancement. Another aspect is that it can filter out naked opportunists, as options may not have value to them.

I have already made a thread for this specific plan on the CR forum, and I hope everyone can go there to express their opinions, and discuss its suitability, operational details, and other ideas. I hope that everyone can provide their opinions, because this is an innovative world, the blockchain industry, and we hope to make it dependable rather than hurriedly proposed. Not only would that fail to produce the effect of incentivisation, but would instead hurt morale in the community and actually have the opposite effect. This is why we want to make sure to listen to everyone’s opinions. Overall, I hope that the incentive plan will motivate everyone’s earnest involvement in and contributions to the community.

There is an additional plan for institutional partners. Previously, we learned that EOS had a community fund, and of course, we discussed the CR fund. Now, looking at the EOS plan, the project side and the investing institution formed a fund with a 1:1 ratio. This fund was operated by a professional investment institution, but under the condition that it could only be invested into the EOS ecosystem. I’ve also had this idea, but at present, I haven’t yet proposed it.

My idea is to see whether the CR could also be like this. Imagine if we proposed a similar plan in the future, where the CR partnered with a professional institution, and each party invested in a part of the fund according to a certain ratio, and the professional investment was responsible for its operation. But it could only be used for investment in the Elastos Ecosystem. That way, the investment institution would have a certain level of independence, while also bringing certain resources to the ecosystem. So the joint fund is aimed at professional investment institutions, whereas option incentives are targeted for community contributors.

In sum, everyone can consider these two plans. The last plan hasn’t been raised yet. I still need to talk to all parties involved to see if it is appropriate. If they are launched, we have a principle that tells us to promote all positive factors, to use all our power, to use all our money, to contribute all available knowledge, and together, we can promote development of the entire Elastos ecosystem.

These are the two plans that I wanted to share with everyone. The option incentive plan has already been proposed and everyone can read about it and raise their opinions. I hope everyone will regularly visit the CR forum to give their thoughts, so the CR preparatory committee members can hear everyone’s ideas for the development of the CR.”

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