MIP10c15: Subproposal to Appoint Feed (OT)
Author(s): Nik Kunkel
Status: Formal Submission
Date Proposed: 2020-06-14
Date Ratified: <yyyy-mm-dd>
MIP10 is meant to handle all of the Oracle related actions. Unfortunately MIP10 has inconsistencies and doesn’t conform to the monthly governance cadence that the Maker Improvement Proposal framework is built around. This has generated a backlog of Oracle proposals. While MIP10 is refactored to conform to the regular MIP process, Oracle proposals such as this one will utilize the more liberal weekly governance cycle. While strictly speaking this makes them not subproposals, they are included in the subproposal archive as a point of provenance to serve as a paper trail.
If ratified, this subproposal would appoint Gitcoin as a Light Feed. Feeds submit data to the Oracles for the prices of assets. They are an important part of ensuring that the Oracles are reliable and secure. Only entities with strong credentials that the community trusts should be permitted to be an Oracle Feed.
- Name: Gitcoin
- Website: https://gitcoin.co
- Github: https://github.com/gitcoinco/web
- Number of Employees: 16
- Email: [email protected]
- Incorporated: A subsidiary of Consensys AG, based in Switzerland
- Domiciled: Switzerland
- When was the organization founded? Gitcoin was founded in May 2017, and folded into the Consensys Mesh in November 2017.
- Who are the major investors in your organization? Consensys AG
- How much funding has the organization raised either privately or through a token sale? About $3mm from Consensys AG
- Please provide public references for the above where possible:
- Does the organization have a strong reputation in the crypto community?
Yes. Gitcoin dates back to 2017 and has had a strong presensce within the ecosystem for fostering collaberation and innovation. Most notably it has created a coordination platform for sustainable funding for open source initiatives. This is critical for the Ethereum community which is based on the principles of open source and distributed work between remote entities.
- What contributions has this organization made to the crypto ecosystem?
Most notably it has created a coordination platform for sustainable funding for open source initiatives. This is critical for the Ethereum community which is based on the principles of open source and distributed work between remote entities. Gitcoin Grants provide a unique combination of benefits including:
empowering developers to monetize their open source contributions
enabling projects to incentivize developers to learn and hack on their platform
allowing employers to vet potential candidates through real deliverables
creating a method for crowdsourcing features and applications desired by a community
- Would including the organization as a Light Feed instill a sense of trust in the Oracles?
It is the opinion of the Oracle Team that Gitcoin has a trustworthy reputation in the community and would further reinforce the reputation of the Maker Oracles.
- Are there any public accusations of misconduct? How severe and numerous are they? Have they been confirmed?
The Oracle Team was not able to find any record of confirmed cases of misconduct on account of the organization nor its executive staff.
- Were sufficient public-facing resources provided or found that confirm the information in the application?
Yes, public records were able to verify most of the provided information.
The Oracle Team was able to verify the acquisition by Consensys in November of 2017 through press releases issued by Consensys.
- how much funding was raised
The Oracle Team was not able to find any public figures relating to the amount of funding raised that would confirm or deny the $3M figure quoted by the applicant.
The Oracle Team was able to verify the majority of employees through their LinkedIn profiles which were conveniently linked to in the Gitcoin About Us page. A small number did not cite Gitcoin nor Consensys as their employer on LinkedIn but had other publically logged connections to Gitcoin that would indicate involvement.
- the location of incorporation & domicile
The Oracle Team was able to verify that Consensys AG is registered and domiciled in Zug, Switzerland at address Gartenstrasse 6, 6300 Zug via Zefix.
- Given the applicant’s major investors, is there a risk adding this Light Feed would give a single investor too much influence over the Oracle protocol?
Not at the moment, though this is something the community needs to monitor moving forward as Token Sets (formerly Set Protocol), Infura, and Gitcoin are all owned at least in part by Consensys.
- Given the incorporation and domicile location of the organization, is there a risk adding this Light Feed would give a single jurisdiction too much influence over the Oracle protocol?
Not currently, but similar to the above. Since Consensys is domiciled in Switzerland the exposure to Swiss regulators increases the more Consensys-subsidiary Feeds get added.
- Did the Oracle Team get in contact with the organization to confirm their application?
Yes, the Oracle Team spoke to the founder of Gitcoin over video conference who is listed on Gitcoin’s website.
- Given the ratio of Dark Feeds : Light Feeds, does the Maker Protocol benefit from adding another Dark/Light Feed at this time?
- Given the extra cost of appointing a new Feed, does the benefit of the marginal security / marginal trust in the protocol exceed the cost?
Oracle Team Recommendation
The Oracle Team recommends that Maker Governance ratify the proposal to appoint Gitcoin as a Light Feed for the Maker Oracles. Gitcoin is an established member of the Ethereum tribe on a mission to create sustainable funding for open source. Dai is an integral part of the Gitcoin platform. Since its inception grants totalling $2,214,536 Sai/Dai have been awarded accounting for over 70% of all awarded grants. There is a clear alignement of incentives between Gitcoin providing trusted pricing data to the MakerDAO Oracles and Gitcoin’s dominating use of Dai on its platform. The Oracle Team was able to verify most of the information provided by Kevin in the MIP10c14 Light Feed application. No confirmed cases of misconduct related to the organization were found.