SolarCoin Foundation Board Meeting Minutes: June 3, 2014

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12 p.m. EDT / 1 p.m. ADT / 6 p.m. CEST -- Conference call via Skype

Acting Chair: Joseph Zitoli
Other Board Members Present: Douglas Felmann, Joely Balazs, Eric Stetson
Other Team Members Present: Nick Gogerty (co-founder and spokesperson), Justin Levinson (technology lead) joined parts of the meeting as non-voting participants.

  • Eric Stetson appointed as Acting Secretary to take minutes.
  • Joseph Zitoli reported that a meeting with attorneys has occurred to discuss setting up an LLC or 501(c)(3). The meeting focused on ways to legally secure the Genesis and Generator Pools. Bylaws have not yet been shown to an attorney.
  • Unanimous decisions about the SolarCoin Foundation Charter:
    • The Charter is not intended to be a legal document, and therefore will not be the same as the Articles of Incorporation.
    • Further editing will be done to the Charter to reduce specificity and maximize flexibility.
    • After this round of editing, the Charter will be shown to the SolarCoin community via the forum and Facebook group for a public comment period of three weeks. Comments will also be received via the contact form on the SolarCoin website.
    • Ratification of the Charter will require a unanimous vote by the Board after the public comment period.
    • The first version of the Charter to be ratified could be amended later.
  • Discussion of membership and dues tabled for now.
  • Unanimous decisions about incorporation:
    • Writing Articles of Incorporation and incorporating the Foundation take precedence over finalizing the Bylaws.
    • Eric Stetson will research options and methods for incorporating and will make suggestions to the Board.
  • Unanimous decisions about Genesis and Generator Pool oversight, i.e. security policies:
    • Douglas Felmann will share with the Board the security policy documents he has drafted.
    • Security policies should not be shared with the general public, except a summary of highlights to inspire confidence in the community.
  • Unanimous decision: Nick Gogerty will lead a task force to research possibilities to decrease mining reward and/or switch to Proof of Stake or Proof of Stake Velocity or other methodology for securing the SolarCoin network.
  • Eric Stetson reported on ideas that have been discussed in the community for shifting SolarCoin trading to higher-volume exchanges. Bittrex and Poloniex mentioned as stepping stones to eventual listing on MintPal and Cryptsy.
  • Unanimous decisions about exchanges:
    • The SolarCoin Foundation will respect the free market and will not recommend one particular exchange to SolarCoin investors and traders.
    • Board members will raise awareness in the community about the BTC/SLR and LTC/SLR trading pairs that already exist on Bittrex and Poloniex, respectively.
  • Unanimous decisions about possibilities for outreach to SolarCity and/or other major solar energy companies:
    • The Board will inform [names redacted] that it’s too early to take action on their proposal and make formal agreements because we’re still finalizing organizational and legal structure, but that we encourage them to have further dialogue with us.
    • The Board will ask [name redacted] to submit his ideas and suggestions for outreach to SolarCity and/or other residential solar companies, and any other entities in the solar industry and supply chain that he thinks are relevant.
  • Eric Stetson and Joely Balazs reported on the progress of a task force that has been formed to create a 5-minute introductory YouTube video about SolarCoin.
  • Unanimous decision about video project: The Board suggests a tentative ETA to create a first version of the video by the end of June.
  • Joely Balazs reported that she is working on a SolarCoin e-newsletter, perhaps to be published quarterly.
  • Unanimous decision about newsletter: The first issue will be published when the SolarCoin Foundation has achieved a major milestone, e.g. legal incorporation.
  • Unanimous decision: We will start a new thread in the forum when the next major milestones are reached (mining algorithm change and legal incorporation).
  • Justin Levinson reported that he is beginning testing of DigiShield implementation this week. This will be a hard fork of SolarCoin. The most important users to notify are mining pool operators. He will thoroughly research questions about cold storage wallets and wallet.dat files to be 100% sure that nobody’s coins will be at risk as a result of the fork.
  • Discussion of new blockchain explorer tabled for now.
  • Unanimous decision: Nick Gogerty will continue to work on ideas for improving the SolarCoin website, making it more user-friendly and attractive, and a user manual for wallet software.
  • Unanimous decision: Hold Board meetings monthly from now on, and try to limit them to one hour.
  • Meeting adjourned at 2:02 p.m. EDT.

Minutes unanimously approved by the Board on June 5, 2014, via email vote.