The DashDirect family has been struggling with some difficulties over the last months… I’m here to tell you what we are implementing changes to fix and address the issues.
- We are moving from weekly Basic Income to monthly for the following reasons:
- Currency value fluctuations through the 1st fiscal quarter have made holding Dash difficult to say the least. Our households typically hold Dash BI payments until the beginning of the month, so they can make one exchange to fiat (Cedi) instead of requiring smaller amounts weekly. It’s just what they have chosen to do. As a result, we have decided to reduce our over all workload and pay the equivilant Basic Income monthly.
- The longer the Dash sits on the household phones, the more likely it is to be tampered with, which we have seen an incidence of recently. (more below)
- While the households are educated on keeping there phones safe, with 17 new households coming on (phase 2), the additional workload means more questions and more folks on the ground handling their phones. While the storefront meeting will continue weekly, escrow payouts and fiat exchanges will happen on the first Saturday of each month. Expected to start 7-Apr-2018.
- We know Dash to fiat (Cedi) exchanges don’t build strong Dash economies. We will continue to work towards this as Dash overcomes merchant adoption solutions. Our mission is enabling people to lift themselves from poverty and it’s challenging to convince our households to HODL when they are living on .15 to .35 USD / day… These households need immediate funds to build businesses, feed families and purchase medication to end a life of extreme poverty.
- By paying all households in Cedi and asking them if they want to “cash out” quickly, households can stop questioning why some appear to be getting more than others
- Phase 1 — Start = Dec-2017; End Dec-2019
- Phase 2 — Start = Mar-2018; End Mar-2020
- Our original promise to the households:
- Initially we committed 40 USD / week for 104 weeks to our households, because Dash to USD is easy for us. We now realize we need to make this easy for them. So we are now committing 700 Cedi / month (~40 USD * 4 weeks) to them. This is something they can better understand and count on. We have spreadsheets to help figure out donations… They don’t.
- The conversion from USD -to- Dash -to- Cedi was very difficult for the folks on the ground and made things more difficult to track for us. We’ll be using this site rate for exchanges, as it is the same exchange our TC-Champ Salam uses for conversions. This will take the guess work out of a triple currency conversions and make funds more traceable while giving the households understandable and steady BI payments.
- We created this revised BI Payment Agreement to clearly state our payment intent and calculation formula with our current escrow provider GreenCandle.
- Because of an apparent loss of funds (~300 usd) due to “excessive phone handling”:
- All phones have been collected from 34 household, as of the last storefront meeting on 31-Mar-2018
- All household’s Dash balances have been “cashed out” of Dash and paid to them in fiat (Cedi)
- All households will have phone wallet apps removed and re-installed, just in case backup passphrases have been compromised
- All households have been told of the breaches and know not to share phones with anyone, even helpers of DashDirect
- All future escrow payments will be done to new addresses, reentered into the DashDirect accounting system and transmitted securely amongst need-to-know parties via keybase secure chat
- Households will not be reimbursed for lost funds, as they were told to trust no one with the phones. Security is a hard lesson learned.
- We will not seek damages, as our facts are not solid enough. We only hope the missing funds are deposited into the BI-40 paywall, so they can be distributed to their rightful owners over time. We believe in moving forward. We are sorry. We have learned from this and have hardened our processes. We will not stop improving and remain transparent in our endevours.
- On the ground hierarchy and communication:
- In an effort to increase DashDirect’s survivability on the ground, I as the acting CEO made the decision to increase communication channels with those supporting the TC-Champ on the ground. While this increased survivability, it open vulnerabilities that were unanticipated. I take full responsibility for this mistake.
- Going forward the TC-Champ will be the focal point for all Discord / Keybase communication and will be the sole person to bring new folks on the ground into inner DashDirect circles.
- With continued market pressure on Dash’s value we have been forced to revise our growth projections yet again
- Phase 3 expansion of adding 17 more households has been pushed out another quarter, in hopes of a price rise in the future
- The key level of Masternode commitment is at or near the 300 USD to Dash, when the price dips below this number, it becomes increasingly more difficult to support existing households (34 + TC-Champ) at these levels
- We may have to adjust existing household payouts, if the USD to Dash stays below the 300 mark; while none of this is desirable it would be required to sustain DashDirect operations in Ghana.
- Updated charts follow:
Should you have questions, you can find me in Discord as JoeZippy, the acting CEO and founder of DashDirect. Thank you for your continued donations and support in “Building the best incentivized blockchain direct giving solution to end global extreme poverty”.
— Kevin Colussi#FollowYourDonation #GiveDirect #GiveDirectProject #Philanthropy #BasicIncome #UBI #Africa #Ghana #Blockchain #Stellar