!!!NOTE: THIS HAS BEEN ROLLED INTO CIP 112 on 7/30/22!!!
The equivalent of $20,000 USDC in the following ammounts shall be allocated to Parcel 0 for the maintenance, taxes, insurance and other carrying costs of Parcel 0, and to guarentee access to holders of the Parcel 0 NFT for a period of time.
The remainder in wETH or ETH
Parcel 0 should strive to automatically pay taxes automatically via a smart contract as soon as practicable (see CIP-105)
Why ETH and USDC? If you want to guarantee anything surely it should all be USDC?
I gave this some thought and because the money is for so far off - 10 years in come cases - that I honestly feel more confident about ETH actually existing in a decade than I do USDC.
This is almost a inherently a certainty > Over 83% of USDC liqutity is ERC-20 @Fugyeah
AKA if ETH Dies, USDC is royally screwed
But dont forget USDC doesn’t need on-chain USD liquidity, anything selling below peg is an arb opportunity as we can redeem.
Ok but no smart contract that very silly don’t you know better?
Parcel 0 NFT’s rights to Parcel 0 only exist if CityDAO exists because of the ownership of the land and the license agreement. CityDAO already has an incentive to be in good standing with regards to Parcel 0 because it’s a valuable asset and I would assume money will be used to pay costs of the Parcel as long as we have money in the Treasury.
I don’t think we need to formally set aside money for this.
Paying property taxes automatically via a smart contract is a really interesting idea (potentially possible), and sounds like a terrific stand alone project. This is not a trivial thing to do, but fully support exploring it.
While I agree with everything you are saying, I definitely think that there is a symbolic guarantee to the community when it is placed in a separate trust account and that’s why I proposed this. I would really be interested in the smart contract project and maybe i should do a separate CIP for that?
There is something nice about guaranteeing access to the Parcel for a period of time, I agree. I think it would have to occur at the ownership level, like placing Parcel 0 in a separate trust, should CityDAO go under it’s separate with it’s own funds and obligations to pay taxes etc.