May 30th PNF Board Meeting Review

May 30th Board Meeting Review

  • The Board Meeting was held on the 30th May, with Jack, Dermot, Ben, Cryptocorn and Bowen present.

  • First discussion was on PNF Finances. Finances are healthy with a medium amount of runway left, taking PNF until 2025, but discussions were held to increase that still further with some OTC sales of POKT when the price is more favourable.

  • There will be several new hires in the short term to PNF. As some are still under review/final negotiations, exact details can’t be shared, but we expect to see several new faces in the coming few months.

  • A key focus of PNF is to upgrade Pocket to being a ‘Tier-1 in every Dimension.’

  • Part of this goal is to create a ‘Killer Narrative’ which is part of the current marketing initiative and revamp.

  • The results from the relatively recent hire of the PR firm have been mixed and are under review.

  • There was an active discussion at the nadir of the bear market about renaming POKT / Pocket Network, but polling and outreach was done to show that Pocket had recognisable brand name with Developers and as such shouldn’t be changed.

  • PNF is talking to all of the T1 exchanges. They are all aware of POKT. Listings are still conditional on several factors, liquidity was one of them, volume will be another. A best guess of a major T1 listing will be around or shortly after Shannon’s release, but this is largely up to the exchanges.

  • Bringing a payment to ‘Data Sources’ with the Shannon revamped tokenomics will hopefully allow for entirely new businesses to be created that benefit largely/solely from this payment structure. So products like Indexers could now have a business case to build with funding derived from the Data Sources payments.

  • With the CREDs voting changes a key idea is that Voters are involved in Pocket and the most informed, and will in part become ‘Governors’ of Pocket.

  • While software development is always beset with delays and unpredicted bottlenecks, PNF wants to help accelerate the Shannon release as best as possible. Shane was hired by PNF to help on several fronts, and he has now taken on primary responsibility for Shannon’s release, and working closely with the protocol team to avoid any further delays.

  • PNF will hire a full time representative for Developer Relations, helping to inform and educate developers about the use case and benefits of Pocket.

  • It is recognised that a long term capital management of the DAO should be planned for. After Shannon’s release, it is expected that a more formal strategy for managing POKT & Stablecoins will be discussed and adopted.

  • There was recognition that contractors and contributors have not always been paid as promptly as PNF would like, and focus will be made to lift the standard on this…

  • Shane and Ramiro have been building and stress testing the new tokenomics model respectively, after an initial mathematical model built by Blockscience was used as an initial starting point to learn from and test.