Description

This is a Proposal to create a Prop House Multisig and fund it with 5 ETH to start Purple’s first Prop House round.

Prop House Multisig

The Prop House Multisig is responsible for distributing funds to winners of Purple Prop House Rounds. Purple Members vote for the grant applications they wish to see funded and the Prop House Multisig must respect the outcome and quickly distribute funds to the winners.

The Multisig requires 3 out of 5 signers to complete a transaction. The signers are:

• philm (eth:0x925aFeB19355E289ED1346EDE709633cA8788b25)
• jpetrich (eth:0x09E6D38949644291179cfEa3ea263dc1F6A7C35e)
• ccarella (eth:0x3B60e31CFC48a9074CD5bEbb26C9EAa77650a43F)
• Malcolm (eth:0x8B7D79a679c10bEd518fE905D764b4b7667f24de)
• Matticus (eth:0x78d32460D0a53Ac2678e869Eb6b4f6bA9d2Ef360)

Prop House Round 1: Retroactive Gifts

The first round consists of 5 ETH to be distributed as gifts for retroactive contributions to the Farcaster ecosystem. 5 submissions will be awarded 1 ETH each.

Retroactive gifts are a thank you to all of the developers and community members who have already been building things on Farcaster. Anyone with an Ethereum address can propose that their own project or someone else's be considered for a retroactive gift. To be eligible for this round, grant recipients must have performed work prior to the start date of the proposal; projects which have not yet started or proposals for future work are ineligible for retroactive funding.

Once the proposal period ends, a voting period will start where Purple holders may vote for the proposal they believe should get funded (1 Purple = 10 votes). Winners are simply those proposals which have the most votes.

If passed, the funds would be released from the Treasury and sent to the Prop House multisig. The Prop House multisig is responsible for distributing funds at the end of each round’s voting period to the winners.

For more information on Prop House, please visit https://prop.house.

Budget

• The total budget for this proposal is 5 ETH.
• The current Treasury as of posting this proposal is 25 ETH.
• The proposed funding for this Prop House is ~20% of the current Treasury.