Will there be any cryptographically enforced scheme for spending the raised money?

#1

I suggest holding the coins in custody with a M out of N multisig wallet.(4 out of 7 for example)

Have everyone who purchased safex coin be allowed to vote on pertinent issues (large spendings) by signing a message with their private key.

Have either the top 5 stake holder of safex coin or 3-4 trusted independent 3rd party hold keys and be tasked to only allow transaction after making sure the voting process is being respected.

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#2

Through the voting application sec owners will be able to raise issues, and people can vote on them. And that might include finances though we’ll need to test that before we go live with it.

I think that the minimum of the application must be launched before we can get real feedback from the community regarding what needs improvements and what may be required to add into the platform upon testing.

Since the coin voting is not yet implemented I’ll also need to assemble that mechanism. The intention for fund management is to use the voting application to approve bounties. I will be funding that address with proceeds of the crowd-sale after the initial expenses have been covered (allocation for marketing/community involvement, retain additional attorney consultations just in case, and cover the necessities for development).

This will transform the development process into an autonomous contract essentially. And it will be built out.

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#3

As well, it will have more than just 7 signatures or just 5 stake holders. It will have room for each address holding Safe Exchange Coin so at this time 82 public keys can sign for some quantity of vote, the number continues to change and at the conclusion we will see the total number of signatures available, and 50% +1 coin vote equals majority.

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#4

[quote=“ddabek, post:2, topic:67”]
I will be funding that address with proceeds of the crowd-sale after the initial expenses have been covered
[/quote] What address are you talking about specifically ?

[quote=“ddabek, post:3, topic:67”]
As well, it will have more than just 7 signatures or just 5 stake holders.
[/quote]I wasn’t referring to the number of people voting but to the number of people who are custodian of the funds. Sending the funds to a multisig address would greatly increase my confidence that ;
A. The funds won’t be lost or stolen
B. That the fund will be used toward development of Safex efficiently.

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#6

A new address will be created when the voting process is enabled - March 2016;

I think that increasing custodians of funds is going to greatly decrease efficiency (I started building this idea in a forest in San Francisco, where I lived for less than a dollar per day for more than 4 months; you can’t get more efficient than that and the efficiency that’s been developed from that). + definitely we will not be changing the address of the sale until its concluded.
Funds won’t be lost or stolen the keys are offline stored and never hit the internet and only I can get to them.

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#7

I’m talking about large business expenses, not your caloric intake. Being efficient while reaching the bottom of the barrel does not equate being efficient running a business.

#8

@transisto besides the caloric intake of the developers and marketers which ‘large’ expenses are you envisioning?

A board funding address will be generated in March 2016, majority of the voting members must vote on future development payment distributions through a multi signature wallet that will incorporate the decision of all safe exchange coin owners.

So the proposal for changing the color of the button: will take the future developer (charge by minimum 1 hr) $50
So a bounty will be issued, and a funding address generated, the funds for that proposal can come from the dbot funding address. People vote it in, they collectively enable signing of the 50$ transactions to the address of the developer chosen.

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#9

I think to best to answer your question directly;

Will there be any cryptographically enforced scheme for spending the raised money?

The answer is yes this is to become an autonomous application controlled by vote of the safe exchange coin owners. Of which you need in order to be a member in order to vote on the terms you must be a member prior to the terms being presented.

That needs to be built, to cryptographically enforce scheme etc. So hold onto your horses, and enjoy the ride.
It’s written about in the http://safex.io/SafeExchangeWhitePaper.pdf
> Safe Exchange White Paper Section 10

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