# Formal Governance

[Audio Link](https://soundcloud.com/makerdao/makerdao-governance-meeting-march-5th-2017)

Thank you all for joining the formal governance meeting. We have 16 participants on the call today. 

This part of the meeting will be recorded and will serve as the formal record of the community consensus. Proposals need to be clearly stated, debated, and generally agreed to prior to the meeting. Once a proposal has gone through these three checks it can be brought up in the formal governance meeting for finalization. Proposals should be posted to [forum.makerdao.com](https://forum.makerdao.com/) and can also be discussed in #proposal-discuss on [Rocket Chat](http://chat.makerdao.com/)

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

**Payments:**

**OneUp Feb Invoice**

 - $11,000 USD in ETH for 1.1 FTE
 - $25,000 USD in ETH for one-time headhunting & training fee for taking over Mariano Conti as developer
 - https://forum.makerdao.com/t/oneup-invoice-for-february-2017/787

**DappHub Feb Invoice**

 - $48,550 USD in ETH
 - https://forum.makerdao.com/t/dapphub-invoice-february-2017/788

**OnChain Feb Invoice**

 - $5,000 USD in MKR
 - https://forum.makerdao.com/t/onchain-invoice-february-2017/789

**Maker Design Reward V**

 - $1,380 USD in MKR to @geronimo
 - https://forum.makerdao.com/t/maker-design-reward-v/790

**MKR Conversion**

 - 1.33699 ETH to MKR

**On Record:**

**Oasis Dex Upgrade**

 -  https://forum.makerdao.com/t/automatic-hybrid-offer-matching-using-the-client-as-a-sorter/784
- $23,840 USD in token of choice upon delivery of upgrades

## Dev Update:

**Maker Core (DRI: nikolai):**

- Major design chop: rate accumulators are not necessary - now all operations are constant time *and* space
- New version 99

**Oasis (DRI: Rune):**

 - Becoming single codebase
- Performance upgrades
- Integrating new front end
- Automated order matching

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

 - Getting purple paper tech spec ready for limited edition release soon
- Working on updating to latest design and test case generation

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

 - Could not test because of issues with Robsten
- Hand off of feedbase to James once new test net is ready

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

- 1608 ETH for 1050 MKR
- https://etherscan.io/tx/0xe6534339992269d3bf3b6ac297ced756ffaab1a51e731d1943da02ef935e4431
 - No orders from zandy

**Video (DRI: kenny):**

 -  Voice over work for all three videos

**Foundation:**

- Lawyers: “it seems possible, that a fully automated and decentralized system can be operated in Switzerland without needing a banking license.”

## 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*

**Branding and Marketing**

**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/makerdao-governance-meeting-march-5th-2017)

<center>![Image](https://img1.steemit.com/0x0/https://ipfs.pics/ipfs/QmVMXaynqio4KH4SwUXexa3YXw8ckugT2vV33F4jhpej2r)</center>