Meet Your Delegate #8

Meet Your Delegate #8

Welcome to the (announcement for the) eighth episode of Meet Your Delegate, where MKR holders and the broader community get to know their delegates :heart:

For this episode we will have delegate candidate @ACREinvest, represented by Kianga Daverington, presenting their platform and holding an AMA session.

Payton Rose (@prose11) will be doing the hosting :heart:

When

2021-12-08T15:30:00Z

Mark it on your Google Calendar!

Where

Meeting ID: 871 2506 4547
Passcode: MYD08

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

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Meet your Delegate - Episode #08

December 8th, 2021

Agenda

  • 00:00: Intro with Payton Rose
  • 00:45: Introducing Kianga Daverington and Discussion
  • 28:12: Outro

Video

https://youtu.be/9z96VWDC_Eo

Introduction

Payton Rose

Agenda and Preamble

00:00

  • Hello to everyone. Welcome to MakerDAO’s Meet Your Delegate episode #08. My name is Payton Rose, and I am one of the governance facilitators at MakerDAO. It is my pleasure to be hosting this meeting.
  • These are series where we get to meet our applicants for the recognized delegate position. We will go over their platform, background and ask questions. This should make it easier for MKR holders to decide if they wish to get delegate. This call is for ACREinvest.

Kianga Daverington

Presentation

00:45

Questions

16:02 - Payton Rose: How do you go forward with the DAO in terms of keeping compliance in mind when dealing with the RWA structures that perhaps the law has not caught up to in the crypto space?

20:37 - Frank Cruz: How do you feel about delegates having the ability to go to Washington DC and do some lobbying work? Considering that you were a member of ASDA, what are your thoughts in lobbying and getting the politicians to understand what we are doing?

25:20 - Payton Rose: What are your thoughts on scaling and optimal growth strategy, being that we do not have a ton of people to glean information of?

27:23 - Payton Rose: If people want to get in touch with you and ask you further questions, what is the best way to do it?

Closing Comment

Payton Rose

Outro

28:12

  • Thank you so much for doing this meeting and letting us know about you. We will see the ACREinvest possibility to delegate on the voting platform vote.makerdao.com. We are looking forward to engaging and participating with you in the community.

Credits

  • Kunfu-po produced this summary.
  • @gala produced this summary.
  • Everyone who spoke and presented on the call, listed in the headers.
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Semi-transcription Summary

Meet Your Delegate: Episode #08

Agenda

Video

https://youtu.be/9z96VWDC_Eo

General Introduction

Payton Rose

00:10

  • Hello, and welcome to the eighth Meet Your Delegate meeting. My name is Peyton: Prose11 online, and I am one of the Governance facilitators. This is a series where we meet applicants for the recognized delegate position and go over their platform, background, ask questions that hopefully make it easier for Maker holders to decide if they wish to get delegates. This call is for ACREInvest.

Delegate Introduction

Kianga

00:48

  • Thank you, Peyton. I am pleased to be here and excited to offer our Acre Invest platform for consideration. I would love to give a little quick presentation, and then I look forward to spending most of this time with the question and answer.
  • I am the founder of ACRE of America, an impact investment firm. We have recently launched ACREInvest: a blockchain virtual network service provider.
  • We are interested in new technologies and rural problems. I am speaking from Hudson, New York, in the Hudson Valley, about two hours north of New York City.
  • Our mission is to regenerate how capital markets work and for whom. We are focused on Web3 infrastructure, tools, social incentives for DAOs governance, peer-to-peer stakeholders, looking beyond the horizon at where all these forces in our world are converging and what does a fascinating business look like from a legacy financial markets perspective?
  • I have been in financial markets during my career; I went to law school initially and worked on Wall Street and, have been excited about what I have seen happen with Maker: what I see evolving in the space, from my earliest days as a lawyer, which was the most fun working with the International Swaps and Derivatives Association, and of thinking about new markets, both from the legal regulatory, but also documentation.
  • Trading contracts and standardization of trading contracts could facilitate new product growth. Years ago, I worked on EMU in law school, like the euro’s launch and the implications of making that successful, early days of credit derivatives. That collaborative work in the context of a trade association was, as I say, intellectually engaging technically.
  • In later years, I have often thought about how much fun I had at that point in my career, and I see my role as a delegate and MakerDAO to draw on some of those experiences.
  • We are a firm with our three general partners. Each of us has passions and particular areas, Chris Lindstrom, involved in many initiatives around the regenerative economy and local currencies. I learned so much from him about the impact and regenerative principles, and I have been thinking about how two different worlds can come together in the context of blockchain.
  • Our other partner, Nick Feinberg, has been in the early internet infrastructure from day one and runs a data center here in the Hudson Valley.
  • We have a lot of experience and capacity around the physical, internet, structuring of support for the stuff we are doing in the cloud.
  • To give a little bit context about my perspective, this is how I got online, coming out of law school when I was a young professional, and this is where I worked out of cut my teeth at five Broad Street working with the commodities traders, and later on at Lehman Brothers. I was at Lehman in 2008, working with the energy business, and saw that implode from the inside. For a lot of us in this space, this is a seminal world event and moment, and the kickoff of Bitcoin, and all of our concerns about structurally, our monetary system and our financial markets and how fragile they are and sort of what would be needed to be done differently.
  • I have spent much time where I would say the past ten years, sort of after Lehman Brothers, I took a pause from Wall Street and so tried to recover a little bit.
    I did much work in the art world and internet communications. I had to credit that experience helping me navigate crypto in 2017 as an outsider, just because I was familiar with memes, surfing online channels, and setting up accounts.
  • As you are pretty nimble, from my time, my sabbatical from Wall Street in the art world, and my internet presence, as such as it is now.
  • I like to share and talk about what is happening in the world; from a macro perspective, socially, politically, we are not so much politics. Still, politics is underlying, I think a lot of the work that we are doing, and to try to make it fun, a little bit more accessible for people, the masses, the normies, that we all want to recruit into the space.
  • These memes around work have inspired what we are doing at ACREinvest, looking at disruptions in accessing talent, business models for companies, being a DAO, it is like turning all of these principles inside out.
  • I am super excited about looking at the whole structure from a governance perspective, how Maker DAO can operate, and be successful, this new model, and leaning into that, and the regulatory issues and all of those things are interesting to me on top of like, the specific substance of the collateralized, stable coin, business model.
  • Here is a diagram; spend two more minutes sharing ACREinvestment with you and what we have been working on.
  • This is a conceptual map for a decentralized mechanism that connects technology and capital with projects in the real world—and thinking very much about the hyper-local context.
  • Coming to Hudson to establish our headquarters here, just at the beginning of the pandemic, helped me focus. I spent a lot of time outside of the virtual realm and in the real world, wanting to understand the problems with adoption for what we are working on.
  • It felt very strongly that at that moment, as we were shutting down, the world supply chains were breaking; from a local food economy perspective, the vulnerabilities were, glaring all the wrong things, really began to be much more visible in ways that I am sure all of us on this call, have been thinking about for a long time.
  • They began to manifest, and I felt that what I’m focused on in terms of crypto and decentralized technology does not make a difference in people’s lives. If people are not using it or not solving problems for business or business models, what are we even doing? So I have spent a large part of this year and last year anchoring in place. We are in a country region that’s very rich in agriculture, but small and medium-sized farms.
  • This diagram a way of thinking about pulling all these pieces together? What does it look like? How can we use non-fungible tokens to map toward real property? What is a new model for converting traditional land to regenerative agriculture?
  • Many of these projects that will have the kind of impact that many people would love to see in the world do not have a functioning business model.
  • Moreover, I am always talking to people about what we are doing in crypto. There are these problems like this that do not work. Have you ever thought of blockchain? Hey, nobody knows about crypto. Moreover, you are like, what is that? What is that all about? And so again, it is like guys; I cannot just keep talking about the potential; let’s see if we can build a product that does all this.
  • That has given birth to ACRE DAOs, which just literally launched a week ago, a very new portal that we built as a sort of platform or structure for a decentralized impact investment club.
  • This month, we have an open call to invite anyone; everyone interested in these topics would like to see how virtual assets can provide a solution at the retail level, so, for the individual, but without regard to their capacity to invest.
  • Something that can work for, you know, the inherited wealth generation next generation, like our partner, Chris, or folks who may have, you know, $1,000, at the end of the year, or even less, that is what is beautiful about the tokens and the token technology, but that this is a community for all of those folks to come together and workshop.
  • How to make compliant investments, what the tools are, and I see, Maker DAO is so core, and have thought a lot about how the Dai currency and other mechanisms could somehow integrate with this real-world vision that we have.
  • Just related to that, there is a secondary sort of sponsorship pool that we’re also launched. Moreover, using the newest tools and Web3, this is like the juice box platform made famous by the constitution, DAO. Furthermore, I was following that with just Glee and amazement.
  • This moment is extraordinary. I am just thrilled to have the capacity now. It aligns with our overall interests as a firm in serving decentralized communities, figuring out the governance question delivering investment products, and hopefully drawing on this community of members within acre Dows to expand our capacity.
  • It is not just us as a firm that needs to bring all the knowledge and capabilities to bear. If we design incentives correctly and use these structures, we can incentivize and recruit people to work from their passions and do their best.
  • We are using SourceCred as well. I have been excited to dig in on the source code trial that Maker has been experimenting with; we are also implementing that on ACREDaos.
  • I am proud to say that one of our early founding members who joined that community has taken a genuine interest in MakerDAO, and I have been talking to that person about potentially also contributing just by learning and that they will be able to earn ACRES within the MakerDAO platform for any time that they spend on something like this.
  • There is a massive pool of talent that this person is already working a young person working in credit on Wall Street, and in my view is like this is much more interesting, like this product, knowledge is way more exciting, and you are going to put yourself head and shoulders if you want to stay on Wall Street, you’re going to have everybody there a rafter on your pinky finger, or if you ever want to leave, we’re what we’re doing here, obviously the future.
  • I want to let you know, bring all that we are doing to bear personally in terms of delegation; I am the person making, doing the voting, and meeting the decisions on the I want to listen to everyone in the Maker community and others that may be able to recruit to follow along and participate.
  • I think it is a little bit the best of both worlds. We have some of the support. Have an institution and act as an institution.
  • There is no internal kind of “Like: I am the monarch,” what the actual votes will be. We will see how that may evolve. With that, I hope that was quite long. I hope that was useful. I would love to dive into any more specific questions.

Questions

16:04

In your delegate platform, you mentioned that compliance is one of your three top areas, and in the presentation just now, a lot of stuff about real-world assets and tokenization of those. Could you talk about some of your views on how you go forward with the DAO in terms of keeping compliance in mind when dealing with these real-world asset structures that perhaps the law has not exactly caught up to? And in the crypto space?
  • Yes, it is a vast Lee important issue, and it ties in with my other value creativity. For all of us to succeed in the world, we need to succeed. We are in a larger context of a TradFi world. Moreover, to scale, we need to think through I mean, these are my views, think through the existing regulatory framework, and how we are building will be characterized by that legacy system, either sort of factually or from a legal perspective, or even just sort of politically like right now.
  • There are congressional hearings here in the States about stable coins. I see the issuers of stable coins as a convergence of our banking rules; banks are looking for this sort of merger that’s eventually, I think, just going to happen.
  • There is a lot that I see will happen. Creativity is about being thoughtful and nav in structuring, being very careful about our words, thinking about the framing of what we are doing in a way that has a clear path forward, potentially, or at least preserves specific arguments that align with how we want our space to be viewed.
  • It is some of the earliest work that I did in credit derivatives, as an intern in law school, met with the Central Bank of France, with the Bank of England met with members of the Fed. The argument was that credit derivatives should be regulated because they are not insurance.
  • They are what we know there is a trade association that’s, has an army of lawyers and a staff that’s writing position papers that’s making a legal argument that excludes our activity from either excludes it or exempts it.
  • This is how the derivatives industry has been so successful. When I started, it was largely unregulated. That has changed a lot since 2008. There is always an analysis. There’s always an argument.
  • I would be very engaged and involved and think about all the potential roadblocks and the sort of threats, potentially, and anticipate how we can shape and define and language our actions.
  • That may not solve all the issues. There will be some litigation, and there will be new laws that will be cases. We need new precedents to make a new law because what’s happening is unprecedented.
  • Compliance is very much like a friend of what we all want. I know there are other views, and I think there is still such an important role for being an on is an essential role for not worrying about the rules.
  • We have to be also careful because we are doing something different. We want it to succeed, and some things in a legacy system may be against our values or inherently like what we are trying to disrupt. That is where creativity also comes in. How do we do it? How do we avoid being too compliant or asking for permission? Cannibalizing our potential results or more. It is involved with that. That’s a bit of compliance. Very important, but also a fun challenge.

20:39

I was just wondering about your background, how you felt about delegates having the ability to go up to Washington DC or travel down to Washington DC in your case? And do some lobbying work? What is your thought on lobbying? Being that you have a background? I believe you mentioned you are a member; I think it’s cool. There will be what your thoughts were behind and getting the politicians down in Washington DC to precisely understand what we are doing here. What are your thoughts on that?

  • I was a lawyer for is, so I was an attorney and outside counsel for a trade association. I think the question of lobbying is, and I’m not an expert. There are a lot of rules around that activity. I am not sure it is something I will think a lot about the terms of the delegate role.
  • What would that mean, and whether it would be appropriate for delegates to be lobbying? I am not; my initial thought is maybe not, I think. Overall, a way that I plan to contribute to that is through my blogging, writing; I like to have to turn up the dial on this, but it is a big part of what I want to do in this role is Communicate, communicate to the little bit more of a general audience about what is happening in non-technical terms.
  • Putting that perspective into the world can potentially help influence policymakers or be close to the policymakers.
  • The dialogue has to occur at that level; I am not sure again, in mindful of the time, if that is the appropriate role for a delegate. Then when it address Julian’s question in the chat about how Maker works, I am learning fast, and we are fast wine going to spend the holidays absorbing all of the details and nuances.
  • Give us another couple of weeks, and then by the New Year, you will see us start to engage and participate. I think it is luckily a good time. Because I know some things are slowing down for the holidays.
  • I think just last thing I wanted to say I mean, there were some conversations last week about sharing power, incentives, skin in the game, the different communities or stakeholders in Maker, not all of whom have sort of Maker token power, or I would love to continue to talk.
  • I will share some thoughts in the forum about: how we can think more broadly, what skin in the game means and whether the delegates having significant Maker tokens are aligned in terms of the short term profit or value of the token, how that might potentially be unhelpful, in terms of having objective views on voting that look at the long term value or that look at the things that might benefit other people in the ecosystem that may in the short term, not be something that those who have significant holdings of the token might like.
  • I would like to contribute to thinking about these incentives, and not so much power-sharing, but how to change some of the dynamics so that regardless of the different ways power can be leveraged in the system that’s appropriate that that gives that kind of outstanding balance that Satoshi was able to figure out of not having a major party in control.

25:21

You mentioned you know how wonderfully unique Maker is and being at the forefront of both DAO and all these different types of building. From here, I wondered what your thoughts are on scaling and optimal growth strategy, our being that we do not have a ton of people to glean the information off of?
  • I think that the operations model is key: attracting talent.
  • The trials around SourceCred are terrific.
  • How can people be compensated monetarily? Most people cannot afford to spend time on something; if opportunity costs, they have to pay the rent and other things.
  • We do not want a system where the only people who can afford to participate do not need to get paid for their time. I will highlight the source cred, which is a beautiful model where someone can just come in the register. They can potentially earn something or, if it is not recognizable, without having to be a delegate or have the capacity to do something on a large scale.
  • I think that that model, and then maybe also the marketing, communicating, this making Maker a little sexier, translating what complex and challenging stuff I love to dive into is. The product side is just one side. Making it more accessible and exciting for people to meet fresh blood to come in and engage would be like number one.

Conclusion

Payton Rose

Thanks for sharing those thoughts. As we wrap up here, ask you further questions if people want to get in touch. What’s, what’s the best way to do it?
  • I’m in Discord, ACREinvest#2401, and obviously, the forum.
  • Those would be the best two ways. I’m also on Twitter a lot.
  • Personally, my primary social tools, really Twitter at KDerrington.
  • I also post on Instagram; I have a blog. If you saw the earlier slides but, in terms of the delicate work, the Discord and the forum would keep everything very consolidated, and I won’t miss your messages there.
    • Prose11: Certainly. Thank you so much for doing this meeting to let us know a little bit of value for people on the call. By the time your next meetings are over, you should see the ACREinvest possibility to delegate on the voting platform for MakerDAO.com.
    • If you’re watching on YouTube, it should already be up. Thank you so much for this, and I look forward to engaging and participating with you in the community.

Common Abbreviated Terms

DAO: Decentralized Autonomous Organization
RWA: Real-World Asset
DeFi: Decentralized Finance

Credits

  • Andrea Suarez produced this summary.
  • Artem Gordon produced this summary.
  • Everyone who spoke and presented on the call, listed in the headers.
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Thank you Andrea and Artem! This looks amazing.

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