Click to expand Q&A with @MemeBrains
1. “A portion of display space will be reserved exclusively for the ApeCoin DAO and our network of partners.” Please elaborate on how this free display space would be claimed, the offer’s duration, and any associated details.
ApeCoin content will be prominently featured across all locations within the entire Public Bored network, displaying for 15 seconds every hour, 24 hours a day, 365 days a year.
By default, the ‘Powered by ApeCoin’ logo will be showcased. However, this can be replaced with any content chosen by the ApeCoin DAO Working Groups. All content must comply with regional, legal, and contractual content guidelines set by regulating authorities and billboard owners within our network.
Furthermore, up to 100,000 unique holders of $APE will be eligible to claim one free display spot annually at any location within our global network of digital billboards, again adhering to the same content limitations and guidelines.
Our goal is also to provide each participant with a photograph of their content displayed on the boards, adding a personal touch to their experience.
2. “The Public Bored token will launch on ApeChain with direct benefit to $APE hodlers.”
a.) Please provide details regarding the coin’s tokenomics, including maximum supply, release schedule, distribution, liquidity, DEX/CEX partnerships, and any other pertinent information.
b.) Please provide more detail regarding these proposed “benefit(s) to $APE hodlers.”
We are currently in active discussions with legal counsel and tokenomics advisors to finalize all aspects of the Public Bored token launch on ApeChain. Our immediate priority is to secure our first digital billboard location, after which we will advance to the detailed and finalized development of our tokenomics framework. This being said, the core framework of token design is intended as follows;
The Public Bored token will be claimable on ApeChain by $APE holders, with allocations weighted to reward loyal users of Public Bored based on their platform engagement. This engagement will be assessed through participation in Public Bored quests, frequency of activity, volume of content uploads, purchases made for extra display time, referral network creation, social media interactions, and more.
Whereas revenue is derived primarily from non-crypto businesses and individuals near our billboard locations, a portion of all revenue generated is intended to be placed into a sharing pool. Token holders who stake their Public Bored tokens will receive a share of this revenue, establishing a base value and general floor price for the token. This approach ensures that token holders benefit from the intrinsic value of the token.
This framework is intended to enable The Public Bored to distribute further tokens in the future for continued growth such as for the purchasing of more digital billboards, which in turn provides more revenue added to the revenue sharing pool, to be then also distributed to token holders.
All aspects will adhere to applicable regulatory requirements, including KYC protocols and geographical restrictions, to ensure full compliance with relevant regulatory standards, limitations, and requirements.
3. For the avoidance of doubt, would any funds received from this proposal be used to provide liquidity for the launch of the Public Bored token? Please elaborate.
No, none of the funds received from this proposal will be used to provide liquidity for the launch of the Public Bored token. Our approach is to use real revenue generated from paying customers for liquidity purposes. Just as we allocate a share of our revenue as royalties into the DAO treasury, we will similarly allocate a portion of our revenue towards token liquidity. Billboards operate on a cash flow-rich, tried-and-tested business model, ensuring a reliable revenue stream to support this initiative.
4. AIP-383, passed in February, included an Overall Cost line of “Staffing and Related Expenses: 15k $APE, Committed to nurturing a skilled team for twelve consecutive months.” Your present AIP contains an Overall Cost line of “Team Staffing: $75k.”
How do you reconcile these (apparently overlapping) Staffing Costs?
I acknowledge a potential area of confusion in the language of AIP-383 and would like to clarify it here.
Initially, during the drafting phase, the staffing section of AIP-383 was written with the intention of completing two events, with the possibility of a third, within a 12-month period with a budget of 150k $APE. This was later revised to reduce the budget by 50%, which correspondingly reduced the number of events down to one, with the possibility of a second, along with the equally shortened timeline from 12 months to 6 months.
For reference, please see Section 5 of Q&A from AIP-383 along with the budget summary regarding shortening the runway down from 12 months to 6 months: (screenshot here for convenience)
Section 5: AIP-383: The Public Bored - MVP Launch of a Digital Billboard Network - #37 by 12GAUGE.Admin
Screenshot:
For additional reference, please see reply #10, posted on January 5th: (screenshot here also for convenience)
AIP-383: The Public Bored - MVP Launch of a Digital Billboard Network - #11 by AllCityBAYC
Screenshot:
Although the 6-month timeline was discussed in the open Q&A, it was unintentionally omitted from the updated AIP wording. Despite this, we successfully delivered all AIP-383 commitments by producing the one promised event, plus an additional second event, and both completed within a 6-month period. Consequently, the entirety of the AIP-383 budget was concentrated on operational costs within this condensed timeframe.
As a bonus, we managed to extend our runway to 7 months instead of the intended 6 months, despite the significant drop in $APE price. This achievement was made possible through our rigorous budget controls and application of LEAN operating principles, ensuring maximum efficiency and resource utilization.
The net result is there is no overlap of staffing budget between AIP-383 and AIP-457. The staffing budget of AIP-383 has been fully expended, as noted in ‘Budget Analysis’ section of the final Transparency & Accountability located here:
Screenshot:
5. AIP-383 saw the creation of the publicbored.com website, which requires a Twitter/X or email login. This proposal would create a mobile app that would “mirror the functionality of the web portal.”
a.) Would this app require token holders to connect wallets?
b.) What are the plans for security audits of the app?
c.) Do you have any estimated costs for users to use the platform’s features, or any premium features?
d.) Do you have plans to protect any collected user data? Please elaborate.
The Public Bored mobile app will not require token holders to connect their wallets. When verification of token holdings is necessary, we plan to use third-party services such as Snapshot, as we successfully did at the Ethereum Denver Hackathon under AIP-383.
We are committed to adhering to industry-standard security and audit practices in the development of our mobile app to ensure a safe and secure user experience for all participants and customers.
Participants with The Public Bored, both within the Web3 ecosystem and from traditional businesses and individuals within geographical location of our billboards, will have the opportunity to upgrade their free display to add additional display time on The Public Bored digital billboard network. This will operate similarly to our event activations under AIP-383. Additional display time is be purchased based on supply and demand, or by becoming official sponsors unlocking special features such as custom-selected display times. Rates will vary depending on time of day, supply, and demand, and will be regularly updated to reflect true market rates.
We may use third-party payment services such as Stripe, Coinbase, etc to process payments. We may collect other user data such as Twitter accounts, emails, purchasing history, usage activity, etc on our platform and will securely store the data in the Public Bored private cloud consistent with industry standards.
6. You’ve offered “the ApeCoin ecosystem… a 20% equity stake in the venture.” Please outline your plans regarding this equity stake, including proposed capital distribution schedule and any other related information.
We plan to use a standard Y-Combinator style SAFE (Simple Agreement for Future Equity) to allocate equity to the ApeCoin DAO for the U.S.-based entity of The Public Bored. Should a non-U.S. entity be established to manage the token-related aspects of our initiative, we will implement an equivalent agreement to ensure consistent and equitable allocation of equity.
This approach will provide clarity, legal robustness, and alignment with international standards for both the U.S. and non-U.S. entities involved in The Public Bored project.
For reference, here is the standard framework of a Y-Combinator style SAFE:
YC Safe Financing Documents | Y Combinator
Naturally we also welcome the input and preferences of the Foundation in the development of all relevant agreements and intend to work collaboratively and with good will towards all parties involved.
7. Would your expectation be to keep complete ownership of all content produced from this proposal, including the pending patent application?
The entities established to implement AIP-457 will retain all intellectual property (IP). The ApeCoin DAO will hold an equity stake in the AIP-457 entities, with the general terms outlined within the YC SAFE document provided for reference in section 6 above. This structure ensures that the ApeCoin DAO benefits from the success and growth of the AIP-457 initiative, while maintaining clear and robust ownership of the IP within the appropriately designated entities.
8. As per the ApeCoin General Guidelines, “proposals will not be put up for vote if they involve illegal activity, hate speech, pornographic material, or are at odds with the mission or values of the APE Foundation.” Can you ensure that the content on the billboards or other displays would be in keeping with these guidelines?
Yes, we can ensure these guidelines will be met. During the implementation of AIP-383, we successfully adhered to these guidelines while managing over 3,000 pieces of content. We have established systems and dedicated staffing to maintain this standard of quality and compliance moving forward as well.
9. The “Overall Cost” section outlines a budget of $1.7 million for up to four permanent digital billboards. However, the “Steps to Implement” section describes the purchase of one location for up to $1.7 million. Is it your expectation that this $1.7 million earmarked could potentially purchase four locations?
Yes, the $1.7 million investment could potentially secure four digital billboard locations. Several variables influence the purchase price of each location, including geographic area, billboard type, and whether we acquire an existing digital billboard with established revenue streams or construct a new one from the ground up.
For instance, the costs associated with acquiring permits and constructing a new digital billboard from the ground up typically amount to less than $425,000 per location. Conversely, acquiring an existing digital billboard in a reasonable location that already generates revenue can range from $750k, up to several million for higher quality locations.
We are actively exploring both options. Our primary objective is to secure billboard locations which maximize visibility and impact.
To proceed with permitting development as well as pre-existing location purchase negotiations, we require the confirmed budget provided by this AIP-457. We are dedicated to optimizing the use of this budget to achieve the highest impact at the most efficient cost.
10. Regarding the Reporting Expectations section:
a.) Identify where the reports would be made available.
b.) Include the expected duration of the reports.
Reports will be posted on the ApeCoin DAO Community Discourse, specifically within the AIP Execution & Transparency section, and/or at other designated locations as would be instructed by the ApeCoin DAO Working Groups.
Additionally, these reports will be publicly available on the Public Bored website. This reporting will continue for a minimum of 24 months to ensure ongoing transparency and accountability.
11. Do you provide consent to apply updates to the relevant areas of your proposal based on your responses to the questions above?
Yes.
12. Do you provide consent to share these questions and answers with the community in this forum?
Yes.
A DAR package is being worked on and upon completion this AIP will move into Administrative Review. Follow this Topic as further updates will be posted here in the comments.
Later on of course.
