Know Your MIP #10: MIP58: RWA Foundations

What

For this new episode of Know Your MIP we’ll have Sébastien Derivaux (@Sebventures) elucidating the newly proposed MIP58: RWA Foundations.

This proposal is currently being discussed here.

@juan will be doing the hosting :heart:

When

2021-08-18T15:00:00Z

Mark it on your Google Calendar!

Where

>>> Zoom link <<<

Or by using this:

Meeting ID: 876 6679 1903
Passcode: MIPMIP
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Find your local number: https://us02web.zoom.us/u/kehPz09t9i

See you there!

attn: @Protocol-Engineering, @Oracles-Core-Unit, @Risk-Core-Unit, @gov-comms-core-unit, @GovAlpha-Core-Unit, @Planet_X, @ElProgreso, @twblack88, @monet-supply, @PaperImperium

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Great work! :slight_smile:

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I will be on vacation and unable to attend, so will likely post questions here

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Nice! Thx! :slight_smile:

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Was there a recording of this call? :slight_smile:

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Hey, Lea. This call is happening tomorrow. There will be though.

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Starting in less than 2 hours !!

For those who can’t attend, feel free to post questions here or DM me directly.

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This call is now available on the MakerDAO Youtube channel for review:

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And here is the link to the presentation.

I sadly forgot the last slide that speaks about decentralization and was there to prompt a discussion. Happy that there were already many questions without this one :slight_smile:

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Will there be a transcript of this call?

Thanks!

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@Artem_Gordon this is more up your alley, in terms of a knowledgeable response

@Gala, you are still doing these, right?

Yes!

@PaperImperium I am working on the editorial notes. It will be posted shortly!

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No rush. I’m still on vacation. Just couldn’t make the call.

Know Your MIP Summary - Episode #10

August 18th, 2021

Agenda

  • 00:00: Intro with Juan Guillén
  • 00:55: Discussion and Questions with Sébastien Derivaux
  • 57:57: Outro

Video

https://youtu.be/_O_GIs27lEk

Introduction

Juan Guillén

Agenda and Preamble

00:00

  • Hello! My name is Juan and I am the Facilitator of the Sustainable Ecocystem Scaling CU. Today we are discovering another one of our MIPs in session KYM#10.
  • We will be speaking about MIP58, which is the RWA Foundations with Sébastien Derivaux.
  • For other episodes of KYM, please check the forum.

Discussion & Questions

Sébastien Derivaux

00:55

24:40 - Frank Cruz: Is the Foundation looking to take a percentage of the net profits and give them back to the Cayman Islands community?

25:55 - Frank Cruz: What is the biggest challenge for the RWA Foundation, being the first ever blockchain RWF Foundation in the Cayman Islands?

27:17 - Frank Cruz: Regarding the directors, do they need to be experts in this ecosystem? Can you delegate your powers as a director?

38:28 - Payton Rose: Since the other Cayman structure that we have been presented with is a 6S trust structure, can you highlight the benefits of going through this one and the differences between them?

43:08 - Someone (from chat): Is there any examples of large entities like this even outside crypto?

45:03 - Payton Rose: Are there physical considerations for this setup? Do we have a ballpark on how much it costs every time we want to spin up a new side entity or account?

49:01 - Frank Cruz: Are you going to implement any internal controls with regards to managing internally how this Dai is being moved and lent out, and the SPVs interacting with the smart contract?

51:03 - Frank Cruz: Do you know if any of these use insurance policies to cover against misbehavior or anything that could go wrong?

52:04 - Juan Guillén: Speaking about decisions, how will the DAO give a mandate or a resolution? How do we make sure that the DAO is actually saying what they want and what if we get a very pasive DAO?

56:10 - Planet_X (from chat): Is the loan servicer the same as a bank?

56:40 - Brett Lyons: Does the loan servicer have control on principal and interest repayments from the borrower? Does it go to a bank account that is controlled by an independent loan servicer or does it typically go to the asset originator and there is a risk of the misappropriation of the cash?

Closing Comment

Outro

57:57

  • Sébastien Derivaux: If you have any question please go to the forum and we will answer!
  • Payton Rose: Thank you for putting this together!

Credits

  • @gala produced this summary.
  • Everyone who spoke and presented on the call, listed in the headers.
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@PaperImperium

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