The Cooperative Annual Meeting Summary

Individuals from all over the globe came together last Tuesday, October 24th, for RChain Cooperative’s first annual membership meeting. The energy was invigorating especially for the many activists that have been working closely but remotely the past year. There is no better way of building relationships then face to face interaction. Everyone was pleased with level of engagement during the meeting and networking. We continue to have an open culture of trust and transparency. This is why we continue to live stream all of the most important events including our debrief’s every Wednesday.

Board Elections

Newly elected board members will start their respective term(s) from November 1, 2017. Our thanks to the leadership that stepped up and held board member positions in the interim. The new board holds its first meeting in November when they will decide on the course of action related to the proposals voted.

We invite all members to continue discussing and proposing ideas to improve governance and other areas. RChain’s co-op is setting a new standard for openness since we as members have the opportunity to influence the direction of the co-op.

Below is the recording of the annual members meeting with timestamps.

Here are the compiled results from all of the voting on each issue. This includes online survey votes and voting using RHOCs. These results are verified by the Board of Director and the officers of Coop

1. Election of Directors

(Based on sequence selection, lower total for longer term)

3 Years Term

  • Greg Meredith
  • Vlad Zamfir
  • Ian Bloom

2 Years Term

  • Kenny Rowe
  • Evan Jensen
  • Alexandr Bulkin

1 Year Term

  • Navneet Suman
  • Hendrik Jan Hilbolling
  • David Currin

2. Proposal to set RHOC Circulation for 2018

(Total votes = 88, Most voted proposal = A)

A. The Cooperative should sell from its treasury to put no more than 200 million RHOC tokens in circulation (tokens held by anyone, other than; 1) held by the Cooperative, or 2) burned) during the next calendar year.

Votes: 63

B. The Cooperative should sell from its treasury to put no more than 300 million RHOC tokens in circulation during the next calendar year.

Votes: 7

C. The Cooperative should sell from its treasury to put no more than 500 million RHOC tokens in circulation during the next calendar year.

Votes: 11

D: The Cooperative should sell from its treasury to put no more than 750 million RHOC tokens in circulation during the next calendar year.

Votes: 7

3. RHOC tokens to Non-Members

(Total votes = 87, Most voted proposal = B)

A. The Cooperative should not sell tokens to non-members, and sell tokens only to members in the Cooperative.

Votes: 41

B. The Cooperative should sell tokens to non-members.

Votes: 48

4. Proposal to lock up RHOCs until launch of Platform

(Total votes = 87, Most voted proposal = A)

A. The Cooperative should burn some quantity of tokens to permanently destroy them, of an amount of tokens to be determined later.

Votes: 41

B. The Cooperative should keep RHOC tokens in the treasury and not sell them unless directed to do so by member vote, of all tokens not approved for circulation.

Votes: 29

C. The Cooperative should use a smart contract lock-up mechanism for tokens which may not be sold in 2018, during the year of 2018, of an amount of tokens to be determined later.

Votes: 17

5. Proposal for Conversion Process from RHOC to REV Token Planned for Offical Launch of RChain Platform

(Total Votes: 88, Most Voted Proposal: B )

A. At the planned launch of the RChain platform a smart contract should be deployed where a user must explicitly send RHOCs to the smart contract address, where they will be burned, and an equal number of REV tokens will be supplied.

Votes: 37

B. At the planned launch of the RChain platform the conversion should be automatic at a specific block height (or timestamp) to send REV tokens to all RHOC token holders at that point in time.

Votes: 42

C. At the planned launch of the RChain platform, some other procedure should be used for the REV conversion; or this should be decided later.

Votes: 9

6. Proposal for Token Airdrop

(Total Votes: 89, Most Voted Proposal: A)

A. There should be no token airdrop upon launch.

Votes: 46

B. Upon launch, a small, specific amount of REV tokens should “airdropped” using a procedure/method to be determined at a later date.

Votes: 43

7. Proposal for time limit on multiple staking tokens

(Total Votes: 84, Most Voted Proposal: C)

A. The Cooperative should allow the creation of more than one staking token at the launch of the RChain platform.

Votes: 18

B. The Cooperative should not allow the creation of more than one staking token (the REV token) for the period of 6 months after the launch of RChain.

Votes: 29

C. The Cooperative should not allow the creation of more than one staking token (the REV) for some period after the launch of the RChain platform, of some other duration to be determined later.

Votes: 37

RChain Cooperative