Create meeting notes Sig-economics #18

sig-economics/meetings/018-2024-08-07.md

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+# Akash Network - Economics Special Interest Group (SIG) - Meeting #19
+
+## Agenda
+- Review of previous meeting topics
+- Discussion of current proposals
+- Provider Incentive Program (PIP) update
+- Open discussion
+
+## Meeting Details
+- Date: Wednesday, August 07, 2024
+- Time: 10:00 AM PT (Pacific Time)
+- [Recording](https://qextbwdkzexp6rjoxd43vbxe4gmojck4wartnjykb3lsjbwtoemq.arweave.net/gS8w2GrJLv9FLrj5uobk4ZjkiVywIzanCg7XJIbTcRk)
+- [Transcript](#transcript)
+
+## Participants
+
+- B S
+- Cheng Wang
+- Cristiano
+- Dev Composer
+- Kaylem
+- oo o
+- Robert Del Rey
+- Robert Koschig
+- Scott Carruthers
+- Scott Hewitson
+- Scott Hewitson's 
+
+## Meeting Notes
+### Introduction and Previous Meeting Review
+
+- Scott Hewitson welcomed attendees and those who may watch the video later
+- Last month's meeting was brief (about 15 minutes) and covered PIP updates and the inflation proposal
+
+### Current Proposals
+
+#### Inflation Update Proposal
+
+- Cheng Wang provided a detailed update:
+  - Originally proposed to reduce inflation and increase community tax
+  - Initial proposal suggested increasing community pool tax from 20% to 40% (or 10% to 40%, exact figures not recalled)
+  - After community feedback, the proposal was modified to only adjust inflation
+  - Reducing inflation would also result in a reduction of APR for staking
+  - The new inflation rate is set to take effect the day after the meeting
+  - Reasons for the adjustment:
+    - Community pool is well-funded despite recent market volatility
+    - Current emissions are ahead of the original schedule
+  - The community pool tax increase was removed from the proposal due to community pushback
+  - Original goal was to have community pool tax at roughly 50%
+  - Community suggested separating inflation parameter adjustment from community pool adjustments
+  - Spreadsheet calculations now take into account staking ratios for more accurate projections
+
+#### Developer Onboarding Funding Proposal
+
+- Referred to as "Developer onboarding funding proposal number two"
+- Robert is running this proposal, which is a continuation of a successful version one
+- The proposal is currently on-chain and open for voting
+- Scott encouraged those who haven't voted to do so
+
+### Provider Incentive Program (PIP) Update
+
+- Cheng Wang provided a comprehensive update on PIP:
+  - PIP One Phase One is nearing completion
+  - PIP One launched in February of the current year
+  - Major initiatives funded by the community pool in 2024:
+    - PIP One Phase One (approximately 3 million tokens, or $3-4 million at the time)
+    - Coinbase Learn and Earn program (about $7 million)
+  - Final funds from PIP One are being committed, including for new H100 GPUs
+  - Detailed reporting and invoicing are being prepared for transparency
+  - Spreadsheet updated to take into account staking ratios for accurate calculations
+  - Challenges with implementing the liquidity pool phase due to the need for verified resources
+    - Concerns about potential spoofing of resources (e.g., fake H100 GPUs) by scammers
+  - PIP Two discussions to begin in the coming 3-6 weeks
+  - PIP One had three phases: committed phase, liquidity pool phase, and R&D phase
+  - PIP Two will likely focus on another committed batch
+  - Learnings from PIP One will be applied to PIP Two
+
+### Zealy Campaign Update
+
+- Robert Del Rey discussed the ongoing Zealy campaign:
+  - Aims to increase participation in SIGs and working groups
+  - Extra XP points offered for attending calls like sig-economics
+  - XP points can be exchanged for AKT
+  - Secret word can be submitted even if heard from the recording
+
+### Open Discussion
+
+- No additional topics were raised by participants
+- Scott mentioned always thinking about ways to better progress the network
+
+### Closing Remarks
+
+- Cheng Wang encouraged community participation in upcoming PIP Two discussions
+- Cheng emphasized the importance of sharing thoughts and questions in Discord, Steering committee, and SIG economics
+- Scott Hewitson thanked everyone for joining and closed the meeting
+
+## Action Items
+- Cheng and Scott to prepare and share a detailed PIP One spending report.
+- Community members to watch for and participate in upcoming PIP Two discussions on GitHub, Discord, and in future SIG meetings
+- Group to monitor the implementation of the new inflation rate set to take effect the day after the meeting
+
+## Transcript