Preliminary Economic Improvement Proposal Submission Guidelines

Preliminary Economic Improvement Proposal Submission Guidelines

As previously stated, the primary focus of the Algorand Foundation Economic Advisory Committee (EAC) is to govern, manage and adjust economic guidelines in support of the long-term viability, security and fairness of the Algorand network and ecosystem.  As this ecosystem evolves, we expect and welcome the active engagement of our global and decentralized community of supporters. Harnessing the power of our collective ideas and innovations is a critical requirement for the development of an enduring and robust borderless economy.

It is in that spirit that we want to transparently communicate our approach related to the ongoing submission and review of ideas and proposals from the community to the Algorand Foundation EAC.  To that end, the proposal submission guidelines are as follows:

Anyone in the Algorand community can submit an Economic Improvement Proposal (EIP) to the Algorand EAC.

Every EIP must concisely summarise the proposal, including technical specifications (if appropriate) and the rationale and motivation for submission.

Anyone who submits an EIP must actively seek the support of the relevant community,* taking full responsibility for building support and for providing proof of support.

Only proposals that have significant support from the community will be formally considered by the EAC.

The EAC will assess the proposal based on a number of Algorand principles including stability, fairness, long-term growth of the ecosystem, transparency, decentralization, scalability, and security.

Once a proposal is accepted for review, the EAC will announce that a proposal is being considered and also publish the submitted proposal for the community to view on the Algorand Foundation website.

The review period for any proposal being considered by the EAC will be adequate to incorporate community feedback. The specific duration of any review period will be communicated when the EAC accepts a proposal for consideration. 

During the review period, feedback on the proposal is welcome from anyone in the Algorand community and can be sent to [email protected] for consideration.

Prior to a vote on adoption, a summary of feedback received from the community will be published by the foundation for review by the community.

The Algorand Foundation EAC will consider incorporation of feedback received, publish the final version of the proposal, and call for a vote to adopt or reject the proposal. Duration of the voting period will be communicated at the time of the call to vote.

Proposals that receive a significant majority of support from the community will be slated for adoption and implemented by the EAC in a responsible and timely manner.

Specific voting mechanics and voting duration will be communicated by the Algorand Foundation in advance of any vote, and results of any vote will be published for review once completed.

Over time we may evolve and update these guidelines as we collect feedback from the broad Algorand community. Thank you all for your ongoing support of Algorand.

*In some situations where an EIP predominantly affects a specific subset of the community, the foundation will reach out to the specifically affected subset for review and vote.

Massimo Morini

Member, Economic Advisory Committee, Algorand Foundation

Massimo is a member of the Algorand Foundation's Economic Advisory Committee and also serves as head of Rates and Credit Modelling, and Coordinator of Model Research, at IMI bank. He is Professor of Fixed Income at Bocconi University and teaches Blockchain and Cryptocurrencies at Swiss Finance Institute Lugano. He has been Advisor and Trainer at the World Bank, the Monetary Authority of Singapore and several private and public financial institutions.  He published several quantitative papers and is the author of the seminal books Understanding and Managing Model Risk, and Counterparty Credit Risk, Collateral and Funding.

Massimo’s main areas of interest are rates and credit modeling, risk management, and technology-enabled transformation of financial markets. He authored the first articles proposing blockchain and smart contract solutions for financial instruments, often quoted by US regulators. As board member, he headed the Valuation, Collateral & Risk Management working group at R3 blockchain consortium of banks. He led the development of smart contracts for collateralized derivatives with trusted computation on Ethereum. In the field he researches on decentralized financial market infrastructures, layer-two solutions and stability mechanisms, and his work on blockchain featured on Coindesk, Bitcoin Magazine, Harvard Business Review.