While the IOTA Foundation will lead the IOTA Ecosystem, we aim to have its development, management and governance be a community driven effort. Through broadcasted proposals and direct voting on the Tangle, the broader community will be able to nominate new initiatives, vote on important decisions, and help guide the Ecosystem’s maturation. As the Ecosystem grows and expands, we will be calling on community members to manage various focus areas of the Ecosystem as well as propose and develop new ones.
Additionally, to ensure the IOTA community has their voices heard with respect to how EDF funds are spent, we are working on building a program where community members can nominate and vote for new proposals and initiatives through a procedure that takes place entirely on the Tangle. Moreover, we would like to organize competitions where a group of prospective project proposals can be presented and then allow the IOTA community to vote for their preferred candidate demonstrating the power of the Tangle for democratic systems of governance. The precise details of how this will take place and are still being worked out, but we hope to have them finalized in the coming months.
The IOTA Ecosystem and EDF will be committed to making itself completely transparent and accountable to the IOTA community. While the nature of any DLT makes it inherently transparent, the IOTA ledger makes it possible to take accountability and transparency much further.
A decentralized reputation system will be implemented where anyone in the IOTA community can share their voice in favor or against the trustworthiness of Ecosystem contributors and the quality of their work via transactions on the Tangle. This will make accountability in the Ecosystem fully transparent and devoid of capricious third-party intervention.
Additionally, by memorializing EDF funding agreements with ‘Proof-of-Existence’ transactions on the Tangle, anyone will be able to verify that agreements the EDF enters existed in a certain state at a certain point in time. The IOTA community can thus hold both the EDF and the benefactors of EDF funds accountable to their commitments.
To be able to learn from our successes and failures, all Ecosystem initiatives and financial support awarded by the EDF will have a series of metrics and indicators that can be used to monitor and evaluate the Ecosystem and EDF’s effectiveness and performance over time. These could include both qualitative and quantitative measures to evaluate project results, initiatives, and the like. This data will be broadcast on the Tangle so that everyone can evaluate the effectiveness of the program and make recommendations and vote for changes to improve the IOTA Ecosystem and the EDF for years to come.
As we work on building the ecosystem.iota.org platform, we welcome all IOTA community members to share their thoughts, suggestions, and concerns. We welcome anyone to apply to the EDF, and remind you all proposals will be evaluated in the order received. It is also important to mention that because the EDF Fund’s were donated separately from those which endowed the IOTA Foundation, we still have some remaining regulatory hurdles to sort out with the help of our lawyers before the EDF can officially begin funding new projects. We expect this to be completed in the very near future.
Because of the extremely broad array of needs for the IOTA Ecosystem, everyone in IOTA community has something they can offer. The EDF will consider projects both small and large. The easiest way to ensure your project will be funded is to first build something on your own. Some examples that you can reference are the various proof-of-concepts, media, utilities, toolsand tutorials that community members have developed in the past. IOTA community members who demonstrate their ability, commitment, and enthusiasm to build something useful for the IOTA Ecosystem on their own will put themselves in a good position to be awarded with financial support to continue their work.
The innovations and ideas we have read about in the 100+ applications which have been submitted to the EDF through our earlier partnership with F6S, as well as the proof-of-concepts, media, education, utilities, tutorials, and development we have seen all around the IOTA Ecosystem has been both impressive and inspiring to see. We are extremely excited for this next chapter of the IOTA Ecosystem and cannot wait to get to work together with the entire IOTA community to build the future of permissionless, distributed and decentralized technology.