GEARBOX FOUNDATION
Third Floor, Landmark Square,
64 Earth Close, PO Box 707
Camana Bay, Grand Cayman,
Cayman Islands, KY1-9006
To: GEAR DAO
Via forum post
REPORT
Number: 2/23
Date: 2023-08-21
Topic: 2023 Semiannual Report (Jan – June 2023)
Dear GEAR DAO,
Daobox is pleased to present the 2023 semiannual report with respect to the Gearbox Foundation (the “Foundation”) for the period spanning January to June 2023 (the “Report”). This Report was compiled according to the constitutional documents of the Foundation and the establishment resolution of the GEAR DAO.
Preliminary
On June 09, 2023, Daobox presented its first special interim report to the GEAR DAO detailing the performance of assignments from March 11, 2023, to June 9, 2023. To avoid redundancy, in this Report, we will focus on areas and periods which were not addressed in the special interim report.
Executive Summary
The Foundation has successfully fulfilled the short-term assignments stipulated by the GEAR DAO Resolution dated March 11, 2023. This included establishing and configuring the foundation, as well as acquiring various assets pivotal to the Gearbox Protocol. Presently, Daobox is actively executing the long-term assignments as set out by the DAO, which includes facilitating the web-based interface and technical infrastructure.
Contained within this Report are the Foundation’s financial statement and information on the use of funds contributed by the GEAR DAO.
Report
Current Activities
Daobox, in its role as the director of the Foundation, is currently dedicated to managing the Foundation’s operations and overseeing specific infrastructure aspects. These tasks encompass:
- Facilitating the web-based interface;
- Administering technical infrastructure;
- Managing and protecting intellectual property;
- Administering domain names;
- Facilitating GitHub and public access to the Gearbox Protocol code;
- Engaging and managing DAO contributors;
- Facilitating service subscriptions and accounts;
- Administering the fiat payments;
- Accounts and reporting.
GitHub Structuring
During our management of the Gearbox Protocol’s GitHub repository, we faced the intricate task of assigning Intellectual Property (IP) rights to contributions made by a diverse group of participants involved in the protocol’s development.
Considering the Foundation lacks formal agreements with most of the contributors, it was imperative to preserve the integrity and consolidation of the Gearbox Protocol IP. We sought methods that not only ensured IP protection but also didn’t place undue burdens on contributors and didn’t make the whole procedure too complicated, as signing contracts with all the contributors was definitely not an option for us.
To address this challenge, AURUM Law Firm devised for us a framework for the automated assignment of IP rights. Named the “Repository Contribution Agreement,” this framework is precisely tailored to the Foundation’s requirements, ensuring that the IP rights of any contributions made to our GitHub repository are vested with the Foundation. This agreement has now been incorporated into the GitHub repository, reinforcing the consistent assignment of IP rights to the Foundation.
Budget and Expenses
On March 14, 2023, the Foundation was granted 20,000 USDC by the GEAR DAO, allocated for operational expenses and disbursements (tx link).
As of the end of June in 2023, the Foundation’s balance stood at $2,335.63 in its payment account and 16,001.94 USDC in its digital wallet.
To uphold our commitment to transparency and accountability, we’ve prepared the following materials, are attached to this Report as Appendix A:
- Statement of Financial Position;
- Income and Expenses Report.
Future Outlook
Barring any new directives or instructions from the GEAR DAO, the Foundation will persist in its current role, managing and administering the day-to-day operations. We remain open to any new areas where the DAO deems the Gearbox Foundation’s involvement could be beneficial and encourage you to reach out to us with such suggestions.
We remain committed to serve in the best interest of GEAR DAO maintaining transparency and continually keeping the GEAR DAO abreast with our operations and status.
Should the DAO community seek any additional information about the Gearbox Foundation’s activities, we invite you to communicate your requests to us.
Daobox Inc. | daobox.io | Twitter: @DAObox_io | Discord: DAObox#6687
Appendix A
Statement of Financial Position and Income and Expenses Report
