Council Members Present:
● Jeremy Sklaroff
● Jonathan Alexander
● Juan Garre
● Tomasz Stańczak
Opening
The Council meeting opened at approximately 8:00 pm (UTC) on July 5, 2022. It was noted that proper notice had been provided to the Council in accordance with the Bylaws. Four of the Council members were in attendance and the meeting had a quorum. The Council consented to the appointment of third-party notetakers.
Approval of Minutes
The Council noted that draft minutes of the Council dated June 21, 2022 had been circulated to the Council covering the Council meeting held on that date and related written proposals that followed. The Council members present unanimously agreed that such minutes be published on the Forta Forum by a Council member or a Foundation staff member.
Update on Action Items
The Council discussed the status of ongoing action items including research funding, grants, and the update of node and bot staking parameters. It was noted that a FORT token holder Snapshot vote is estimated to begin on July 15, 2022 to vote on the proposal relating to bot staking including increasing the minimum bot stake requirement, implementing staking capabilities in the Forta App, implementing a slashing policy, and designating 100,000 FORT for the creation of a bot developer grant program. The Council then discussed the general timeline for various deliverables that would follow should the proposal be approved by FORT token holders.
A Council member explained that discussions were progressing with a prominent Web3 research and data platform regarding a potential grant, and more details would be shared asynchronously with the Council as the conversations progressed.
Signing Council Proposals via Multisig
A Council Member noted that the current voting system the Council uses for various proposals could be improved and that there may be more efficient on-chain voting methods, like having Council members affirm voting by signing proposals using a Council multisig. A Council member remarked that on-chain voting would also increase voting transparency, which could benefit the Forta community. A Council Member suggested that the best practices used by other protocol councils in the Web3 space should be examined and the Bylaws should be reviewed to determine what updates, if any, would need to be made to allow any new Council voting methods to be implemented.
The Council members present agreed that it would be best to explore the best practices of other councils in the Web3 space and that a formal proposal should be brought to a future Council meeting for decision on any new voting method.
Smart Contract Role Assignments
A Council member presented an overview of the current smart contract role assignments within the Forta Network. They reviewed the roles held by the Council multisig, noting the roles within the Network that were shared with the administrative multisig. Other members of the Council asked questions regarding certain roles, including the purpose of the roles and associated capabilities.
A Council member introduced the topic of incident response, which had been discussed in a prior meeting, and inquired how Network emergencies should be handled and whether the Council should have control over any emergency response or whether a new multisig should be set up with the required roles delegated in order for the Network to better respond to any potential security issue or other emergency relating to the Network. The Council member explained how a recent bug bounty program incentivized reporting from the Forta community regarding the security of the Network and how the Foundation had handled a minor bug it had received as an example.
A discussion around how the administrative multisig roles and an incident response program could evolve took place and a few ideas were proposed by Council members, including introducing a timelock smart contract, which would provide the ability for administrative changes to be made or for an incident response team to make changes and then give the Council time to review and, if necessary, veto an action taken by the administrative multisig. A Council member explained that a number of roles had become redundant following the permissionless launch and that the roles would be eliminated in the next upgrade to occur of the respective smart contracts.
A Council Member asked whether any roles have a financial component and how the particular administrative multisig is involved. Discussion ensued regarding slashing and it was noted that although were no specific roles currently have a financial component, should a slashing policy
be implemented following the proposed Snapshot vote regarding bot staking, the Council would review the administrative multisig’s involvement in any related role.
The Council agreed to have all Council members review the information presented on an async basis and that following discussion, the Council could then formally approve final multisig signing roles in the Network at the next Council meeting.
Council Bylaws
It was noted that - as a result of the experience of the Council over the past several meetings - a number of areas of the Bylaws could be updated to improve the Council governance process. One Council member voiced support for the amendment of the Bylaws on the basis of improving efficiency. The Council generally agreed that the Bylaws should be updated and determined that all members should review the Bylaws, prepare any amendment proposals that they think are appropriate, and then a revised draft of the Bylaws could be presented for approval at a future Council meeting.