HotorNot DAO Proposal: Progress Report and Funding Request for 75K ICP

Summary

We are pleased to share with you the progress report of the Hot or Not DAO project, which aims to create a decentralized short-video social media platform on Internet Computer Protocol. We successfully completed the SNS Decentralization Sale for Hot or Not DAO in July 2023, and since then, we have been working tirelessly towards the development of the Hot or Not platform. The main areas of focus have been:

  1. Hiring: Based on our research, we have decided to build the entire platform on RUST, a programming language that offers high performance, reliability, and memory efficiency. This would make the platform more nimble, responsive, and better performing than the current JavaScript-based interface. Hence, we are rewriting the entire platform in RUST. To achieve this, we have been hiring RUST Developers over the last five months and have grown the developer team from two at the launch of SNS DAO to the current size of five, with several more developers in the pipeline.
  2. Multi-Subnet Architecture: To achieve the goal of one million users on the Hot or Not platform and beyond, implementing the multi-subnet architecture is of utmost importance and hence has been a primary focus over the last five months. This architecture will allow us to scale the platform efficiently and securely, leveraging the power of the Internet Computer Protocol (ICP).
  3. Legal Compliance: To contribute to Hot or Not DAO as a public good, the establishment of a Non-Profit Foundation in Switzerland is being pursued. Additionally, fulfilling the various compliance tasks, such as obtaining the trademark for Hot or Not across geographies is another key area of focus to prevent any potential future complications/issues.

We submitted a treasury proposal to withdraw 30,000 ICP towards the end of September 2023 to fund the fourth quarter of 2023 (October 2023 to December 2023).

This particular one-time proposal is for funding required to complete the legal compliance tasks (setting up the Hot or Not Foundation and completing other current compliances of Hot or Not to operate in different regions) and to hedge against the market risk of ICP while creating an emergency treasury fund for covering emergency salary expenses and day-to-day expenses of the Non-Profit Foundation for a few months. Therefore, we are submitting a request to withdraw 75,000 ICP from the Hot or Not SNS Treasury for this purpose.

Please note that this proposal is a one-time proposal and is independent of the regular budgetary proposals that will be submitted every quarter.

We hope that you will support our proposal and help us achieve the vision for Hot or Not DAO. Thank you for your continued trust and support!

Payload

Proposal to transfer SNS Treasury funds:

Source treasury: ICP Treasury (NNS Ledger)

Amount (e8s): 7500000000000

Target principal: wwyo5-vrahh-jwa74-3m6kj-jqbia-jbebm-7vtyd-uvqem-wk3zw-djpci-vqe

Target account: wwyo5-vrahh-jwa74-3m6kj-jqbia-jbebm-7vtyd-uvqem-wk3zw-djpci-vqe

Memo: 0

Overview