# Formal Governance

[Audio Link](https://soundcloud.com/makerdao/maker-weekly-meeting-march-26th-2017)

Thank you all for joining the weekly meeting. We have 11 participants on the call today. 

This part of the meeting will be recorded and will serve as the formal record of the community consensus. Agenda items should be posted to [forum.makerdao.com](https://forum.makerdao.com/) or in #meeting-agenda on [Rocket Chat](http://chat.makerdao.com/)

Upon conclusion of the formal portion of the meeting, further topics will be discussed and debated.


**On Record:**

## Dev Update:

**Maker Core (DRI: rain/mbrock/dbrock):**

 - Progress on PP during dapphub meetup
 - Major simplecoin overhaul proposal
 - Rain: making good progress on `vow` and `auctions`



**Oasis (DRI: Geronimo):**

 - @reverendus & @r001: did some testing, fixed one bug in the contract, redeployed, awaiting more testing. Switched the frontend JavaScript client code build from dapple to dapp, in order to use market and wrapper contracts from the new dapp branches.
 - Testing needed (https://oasis-pro-by-reverendus-and-r001.surge.sh/)

**Maker Model (DRI: mbrock ):**

 - Started modeling in Isabelle for formal verification
 - Foundation for aqua marine paper, the formal verification of Maker 
 - Nik: Looking to start economic simulations

**Simple Stable Coin (DRI: zandy):**

  - major upgrades:
    - swap out the contracts with minimal interference to the feeds/U
    - Build a better brand because implementation is better and could compete with other stablecoin implementations
    - Needs to be decentralized
    - Better research benefits

**Video (DRI: kenny):**

 -  Considering making changes to script to replace mentions of “Maker” with Dai credit system, and changing website to makerdai.org
 - Changes would require more time and resources to complete and would likely fall outside the original agreement.
 - Video 1 link available upon request


**Foundation Update:**

**MKR Sale update (DRI: rune + zandy):**

- Rune [1065 ETH for 1050 MKR](https://etherscan.io/tx/0xff13fc6ea3bf8357ff4c9ee11482b6d400307baf644ea3a4a27d11ad60464501)
 - Zandy [traded 500 MKR for 657.5 ETH](https://etherscan.io/tx/0x966ad1fcc8bf006c95eadcb72376d3a064283bdbcf5527a561d9c5a039f1e3fc)
 - Going forward daily sale will be reduced threefold to 50 MKR per day / 350 MKR per week
 - Once foundation is established fund will be diversified



## General Topics:
*Topics discussed here are not binding and should not be taken out of context of an open discussion. More is said during the general topics than what can be faithfully transcribed into written text*

**March Budget Guidance**
| Name  | USD Equivalent |
|-------|----------------|
| DappHub* | 52,000*         |
| OneUp | 15,000       |
| OnChain   | 5,000          |
| Total | 72,000         |
* Formerly Nexus development
* Adding @geronimo and @james

[Audio Link](https://soundcloud.com/makerdao/maker-weekly-meeting-march-26th-2017)

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