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From YouTube: Defining the ENV Fund vs the Busan MOU
Description
Yves La Rose goes into detail explaining the difference between the proposed ENV fund, the Busan MOU that was signed last month in Korea, how they differ from each other, and the value that each of these bring to the community.
Watch the full clip on fireside!
https://www.youtube.com/watch?v=kx-I-YFJeH0&t=1220s
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A
So
you
mentioned
an
msig
that
was
passed
so
I'd
like
you
to
address
exactly
what
that
msig
was
in
case.
People
are
not
aware,
and
also
what
the
difference
is
between
the
100
million
dollar
EnV
fund.
That
was
announced,
and
also
the
Korean
100
million
dollar
fund
and
mou
that
was
signed
a
few
weeks
ago
in
Korea.
B
Sure
multiple
questions
in
one
so
the
msig
that
was
proposed
last
week
and
ultimately
that
passed
was
a
threefold
one.
Is
the
creation
of
his
system
account,
so
the
system
accounts
on
EOS
I?
Have
the
prefix
EOS
IO
dot,
so
only
esio
prods
can
create
a
EOS
IO,
what
we
call
a
system
accounts,
and
so
the
first
action
was
to
create
the
eosio.fund
account.
So
it
is
an
official
system
account.
B
Now
that
so
I'll
go
into
a
little
bit
more
detail
because
there's
way
more
questions
surrounding
that
you'll
potentially
ask,
but
that
68
tokens
and
change
is
the
exact
number
that
was
retired
in
two
separate
instances
two
years
ago,
so
I
believe
it
was
May,
20,
May,
2019
and
February
2020..
Somebody
can
fact
check
me
on
that,
but
it's
give
or
take
those
days
I
think
it
was
like
May
10th,
February
25th,
something
like
that
at
that
time
and
for
history.
B
For
those
who
don't
know
when
the
EOS
Network
launched
it
launched
under
the
parameters
of
the
white
paper
and
those
parameters
were
five
percent
inflation.
Of
that
five
percent
inflation,
one
percent
was
to
be
dedicated
to
the
block
producers
to
the
network
validators
and
four
percent
was
to
go
to
a
WPS
system,
a
worker
proposal
system,
the
network
launch
without
a
worker
proposal
system,
but
the
parameters
that
inflation
that
four
percent
was
being
accumulated
in
the
Eos
io.saving
account
over
a
period
of
roughly
two
years,
a
little
bit
over
two
years.
B
Those
tokens
were
accumulating
until
at
some
point
at
that
time,
EOS
nation
was
actually
leading
the
charge
on
this
and,
if
I'm
not
mistaken,
I'm
the
one
who
proposed
the
msig
to
retire.
So
what
we
call
and
what
you've
heard
is
burn
burn
is
not
a
function
on
chain.
It
is
not
the
actual
technical
function,
it
is
retire,
and
so,
at
that
time
tokens
were
transferred
from
the
EOS
IO
saving
account
back
to
eosio
and
then
the
retire
function
was
done
on
those
accounts.
B
Mine
might
excuse
the
way
I'm
saying,
but
essentially
those
tokens
were
retired,
taking
them
out
of
circulation,
essentially
deleting
them
burning
them
so
to
speak
and
that
second,
but
the
inflation
continued.
So
five
percent
still
existed
so
that
yes,
io.saving
account
continued
accumulating
tokens
at
that
time.
B
That
second
time
there
was
another
34
million
tokens
or
so
and
change
that
was
retired
and
at
the
same
time
the
network
also
reached
consensus
on
reducing
the
inflation
from
five
percent
down
to
one
percent,
and
so
then
tokens
stopped
accumulating
in
the
esio.saving
account
those
two
retireances
Burns,
so
to
speak,
but
the
function
retire.
Those
accumulated
the
exactly
68
million
to
177,
000
tokens
and
change
and
such
and
that
essentially,
at
that
time,
that
fund
was
being
allocated
for
potentially
worker
proposal
system.
B
But
the
reason
for
the
Burns
in
part,
the
large
reasons
or
retireances
in
large
part,
was
because
there
was
no
mechanism
to
be
able
to
leverage
those
tokens
so
there's
no
actual
entity
that
could
do
something
with
that.
The
network
attempted
on
multiple
instances
to
try
and
create
something,
but
at
every
attempt
either
it
didn't
work
and
or
an
external
body
decided
to
shut
that
down.
B
So
that
would
have
been
the
last
the
last
time
that
the
network
tried,
which
would
have
been
after
the
ECC
number
two,
so
the
US
Community
Conference
in
Rio
September
October
2019.
That's
when
block
one
decided
that
they
basically
gave
the
network
an
ultimatum
either
you
you
continue
down
this
path
and
all
of
the
money
that
we
are
going
to
invest
and
will
now
we're
no
longer
going
to
invest
and
or
you
stop
this,
and
that
will
work
with
you
and
that's
where
basically
pomalo
came
out
of.
B
Is
it
was
this
idea
that
block
one
would
be
now
helping
out
the
ecosystem?
Anyways
bad
call
block
one
never
ended
up
doing
very
much,
but
that's
another
story.
The
funds
couldn't
be
used
because
there
was
no
entity
and
no
program
or
no
initiative,
no
mechanism
to
be
able
to
leverage
them,
and
there
was
no
use
case
for
them
at
the
time.
We
also
didn't
have
anything
to
be
able
to
necessarily
leverage
those
token
zones.
B
So
that's
the
idea
behind
what
was
proposed
in
the
MC
and
why
that
specific
number,
let
me
address,
then
I
guess
there's
two
more
questions
in
this
one
one
is
the:
is
there
anything
related
between
the
100
million?
Let's
say
EnV
fund
that
was
announced
and
there's
two
questions
in
there
and
then
the
Busan
mou
of
100
million
I'll
start
with
the
Busan
mou,
because
we
talked
about
this
two
weeks
or
so
ago.
But
reading
the
chat
there's
still
a
lot
of
uncertainty.
So
let
me
try
to
give
a
little
bit
more
clarity
in
there.
B
So
the
Busan
mou
is
an
mou.
An
mou
just
stands
for
memorandum
of
understanding.
So
there's
no
formal
commitment,
it's
an
intent!
It's
a
memorandum
of
understanding,
it's
a
mechanism
by
which
government
can
enter
into
an
agreement
with
industry
without
actually
having
a
contract
in
place.
It's
intent.
It
is
not
legally
binding,
it
is
a
it's
the
idea
that
we
will
try
to
move
towards,
and
this
is
what
we're
trying
to
move
towards
on.
So
it's
a
general
idea
of
we're
going
to
try
to
work
together
towards
a
particular
goal
in
that
particular
mou.
B
So
there's
an
alliance
that
was
created.
It's
the
VC
ABB
The
Venture
Capital
Alliance
of
boots
on
blockchain.
There
are
three,
no
four
other
Venture
Capital
firms
and
or
bodies,
and
there's
one
media
Outlet.
So
the
media
Outlet
is
coinness
and
the
other.
The
other
VCS
are
foresight,
Ventures
and
okay,
X
Ventures,
both
of
which
are
Chinese
and
then
there's
Alpha
nouns,
which
is
Korean
and
if
I'm,
not
mistaken,
I
think
it's
a
Ragnar
or
yeah
I.
Think
it's
a
Ragnar,
Ventures
I'm,
not
sure
the
second
part,
which
is
also
Korean.
B
So
there's
two
Koreans
and
two
Chinese
in
there
and
then
there's
the
media
partner
and
then
there's
EOS
EOS
is
really
the
Standalone
different
one
in
there
whereby
it's
a
layer,
one
project
it
has
its
own
token
it's
an
actual
chain.
So
it's
a
blockchain,
so
it's
very
different
than
the
others,
which
is
why
it
was
so
significant
and
why
there's
so
much
of
an
opportunity
there?
B
Now
all
of
these
players
combined
have
through
this
mou,
said
that
they
would
invest
100
million
dollars
over
the
next
three
years
into
the
city
of
Busan
and
not
in
the
city
of
Busan,
because
I
see
people
bring
this
up
as
well.
It's
not
investing
money
in
the
government.
It's
not
investing
money
in
the
public
office.
It
is
this
idea
that
now
it
is
again
same
thing
that
I
mentioned
before.
B
Where
now
the
work
can
start
beginning,
the
city
now
needs
to
attract
developers,
attract
businesses,
attract
people
to
come
and
set
up
shop
in
Busan
for
there
to
be
Investments
to
be
invested
in
so
the
vcab
cannot
make
investments
if
there's
nothing
to
invest
in
the
way
that
this
is
being
set
up.
Is
that
now
the
city
has
an
understanding
and
an
intent
from
people
with
capital
that
they
are
on
the
lookout
and
they
will
be
looking
at
Busan
for
potential
investment
opportunities.
B
Now
the
city
can
go
to
and
do
its
part
of
the
role
or
it's
part
of
the
mou,
which
is
to
attract
talent
to
that
particular
jurisdiction.
The
way
by
which
they're
going
to
do
that
is
potentially
tax
incentives,
office
space
subsidies
for
workers.
However,
it
goes
about
this.
It's
going
to
use
the
tools
that
it
has
on
its
disposal
to
be
able
to
attract
Talent
more
than
the
alliance
to
be
able
to
look
at
potential
Investments.
B
That
hundred
million
dollars
is
aspirational,
so
the
idea
is
if
there
are
no
Investments
to
be
made,
that
100
million
dollars
will
never
be
deployed.
It's
also
non-prescribed
so
of
those
five
players
that
have
access
to
Capital.
It's
not
like
each
of
them
committed
to
20
million
dollars.
If
it's,
if
you
just
divided
equal
into
five
there's
none
of
that,
it
is
an
idea
that-
and
these
are
current,
the
current
players
here
now
the
vcab
is
also
a
body
that
is
non-legislative
body.