SolarCoin Foundation Board Meeting Minutes: July 2, 2014
8 p.m. EDT / 9 p.m. ADT / 5 p.m. PDT -- Conference call via Skype
Acting Chair: Joseph Zitoli
Acting Secretary: Eric Stetson
Other Board Members Present: Douglas Felmann, Joely Balazs
Other Team Members Present: Nick Gogerty (co-founder)
- Eric Stetson submitted a written report in advance of the meeting with recommendations for legal incorporation of the SolarCoin Foundation.
- Discussion of incorporation, in which the following key points were raised:
- Generator and Genesis Pools may need to be governed by different legal entities.
- Possibility of dividing the Generator Pool to be governed by multiple legal entities in multiple countries.
- Importance of flexibility to be able to change jurisdictions if necessary.
- Need to consult with attorneys in jurisdictions of interest prior to establishing complex legal structures, e.g. multiple entities.
- Importance of establishing legal existence of the SolarCoin Foundation in a simple way as soon as possible.
- Unanimous decision: Eric Stetson is authorized to proceed immediately, acting on behalf of the Board, to incorporate The SolarCoin Foundation as a 501(c)(3)-eligible non-profit (i.e. an "Exempt Corporation") in the state of Delaware, USA, using Harvard Business Services, Inc. (DelawareInc.com) to prepare and file the Articles and Certificate of Incorporation and as registered agent.
- Discussion of desired qualities of 5th Board member and possible candidate.
- Unanimous decision: Nick Gogerty is appointed to the position of Chair of the Economics & Monetary Policy Committee.
- Douglas Felmann reported that 15-block difficulty retargeting is working well and that forking the coin to implement DigiShield no longer appears to be necessary.
- Unanimous decision: DigiShield will not be implemented at this time.
- Nick Gogerty reported on ideas for reducing SolarCoin inflation rate and securing the network. Will submit more detailed written report to the Board by July 5.
- Unanimous decision: The Board will signal to the SolarCoin community that we're seeking subject-matter experts (SMEs) on potential migration to proof-of-stake (PoS).
- Discussion of possible block reward reduction prior to potential migration to PoS tabled pending Nick Gogerty's written report.
- Discussion of tech resources and strategy, including role of developer Justin Levinson and outreach to resources who could potentially advise or assist.
- Unanimous decision: Fourth draft of SolarCoin Charter approved for presentation to the community and 4-week public comment period prior to final editing and approval.
- Joseph Zitoli reported on generator grants issuance, personnel, process, and recommended changes.
- Unanimous decision to approve three-phase plan for generator grants as follows:
- Phase 1: A flat grant based on nameplate capacity factor of 15% to be granted automatically every six months on the anniversary of utility installation date to each verified solar electricity generator facility.
- Phase 2: A grant based on energy estimates from PVWatts calculator or equivalent.
- Phase 3: A grant based on actual solar electricity generated as recorded from monitoring software or third-party data capture system.
- Eric Stetson reported on progress of 5-minute SolarCoin intro/video project.
- Nick Gogerty reported on progress of Tokelau/SolarCoin collectible notes project.
- Meeting adjourned at 10:10 p.m. EDT.
Minutes unanimously approved by the Board on July 6, 2014, via email vote.