Extraordinary General Assembly - minutes

The Extraordinary General Assembly took place on Wednesday, Dec. 4th, from 19h00, in hybrid mode.

Presence

Out of the 25 members of the association, 16 were present or represented:

1. @chrisinlux
2. @trafalgarlaw918 (online)
3. @sorin.offchain
4. @worldnfts
5. @eyza
6. @cryptogia
7. @warman2g (online)
8. @jga
9. @nicky24
10. @paulo21
11. @reload.finance
12. @kevcrypto (online)
13. @sub7security (online)
14. @inalloush (online)
15. @jzoff
16. @frankyboy represented by @sorin.offchain

The quorum was threfore attained.

Decisions

Election of a renewed Board of Directors

The current Board, consisting of @sorin.offchain (President), @sub7security (Treasurer) and @wgomes26 (Vice President) decided to stand down in the best interest of the association. Following a presentation of the candidates to new elections and discussions, the following Board was elected by unanimity:

1. @warman2g - President
2. @chrisinlux - Treasurer
3. @trafalgarlaw918 - Secretary
4. @frankyboy - Vice President
5. @kevcrypto - Vice President
6. @cryptogia - Vice President
7. @sub7security - Vice President
8. @nicky24 - Vice President
9. @sorin.offchain - Vice President

Accounts and budget

Documents were prepared by @chrisinlux with support from @inalloush and checked by @trafalgarlaw918. They were available to members for consultation and discussion and were adopted unanimously

Financial Overview:
Income sources included membership fees, voluntary donations, and revenue from blockchain classes.
Most work to date has been compensated in OCLT tokens.

Budget Decisions:
Members emphasized the importance of financial transparency to build trust.

• The current budget allocation supports operational activities and prepares for upcoming projects.

Pledges:
Members pledged significant donations ranging from €1,000 to €10,000, compensated with OCLT tokens at a rate of 1,000 tokens per €1.
Specifically, @paulo21 committed to 1k, @cryptogia from 2 to 3k, @chrisinlux to 5k, @reload.finance from 5 to 10k, @sorin.offchain to 10k, @frankyboy (through the power of attorney given to @sorin.offchain ) committed to 1k, @warman2g committed to 2k, @trafalgarlaw918 from 2.5 to 5k, @decentramax (through power of attorney given to @sorin.offchain ) from 8 to 10k, @eyza to 1k, @inalloush from 1 to 5k to be confirmed in the following days, and @jzoff to 1k.
The group set a staking cap of 80% to maintain token liquidity for operational use.
A detailed mechanism for multisig approvals was finalized, ensuring transparency in fund allocation. A multisig approval mechanism was finalized with the following parameters:

• At least 7 key holders, with weight proportional to their contributions.
• Approval threshold set between 40%–45% of the total contribution pool for fund disbursement.
• This setup aims to create a robust check-and-balance system to prevent undue influence by any single contributor.
• Payments in OCLT for services and contractors will be carefully monitored to maintain token value.

Strategic Goals and Additional Measures:

• Members agreed to explore mechanisms to reward token staking without compromising token liquidity.
• Proposed measures included incentivizing long-term holding with tiered benefits and creating a reserve to manage token stability.
• Special attention was given to ensuring contributors could adapt to economic conditions while balancing token circulation and staking.

Token Allocation:
Discussion covered the strategic use of tokens, ensuring their stability and usability in payments.

Program of activities and proposals for next year

Whitepaper notification

Decision to Notify:
Members unanimously agreed to notify the CSSF of the MiCA-compliant whitepaper upon the completion of the revamped website.

Notification will include:

• Full MiCA-compliant whitepaper content in human readable HTML format as the Commission RTS has not yet been published, hence no adopted taxonomy exists to allow production of iXBRL
• Marketing materials prepared to meet regulatory communication standards.

Technical Standards:
Members debated whether to wait for finalized regulatory technical standards but ultimately decided to proceed with draft standards.

• The whitepaper will be hosted on the website by December 20, 2024, and the notification will be sent immediately after.

IT: Website revamp

Enhancements:
The revamped website will:
Include integrated crypto payment solutions for memberships.
Support the upcoming initial token offering with dedicated pages for whitepaper and marketing materials.
Launch is scheduled for December 20, 2024.
Domain Secured:

• In addition to offchain.lu, the team successfully secured the domain "blockchain.edu" for future educational initiatives.

Marketing: New concept and Bitcoin Strategic Reserve

Social Media Growth:

• Current efforts focused on LinkedIn, nearing 600 followers, with a goal of reaching 2,000.
• Event strategies included increasing visibility during the Luxembourg Blockchain Week and engaging key players in the ecosystem.

Partnerships and Branding:
The marketing team emphasized leveraging partnerships to boost awareness of the OCLT token and OffChain Luxembourg initiatives.

Bitcoin Strategic Reserve Proposal:
The proposal aimed to position Luxembourg as a leader in blockchain adoption by establishing a Bitcoin Strategic Reserve.

Key benefits discussed:
Diversifying national reserves with Bitcoin as a strategic asset.
Strengthening Luxembourg's financial and technological innovation image.

Members agreed to conduct a feasibility study, including:
Evaluating economic and regulatory implications.
Exploring partnerships with blockchain-focused entities.

Without need of use of the weighted voting system, because of unanimous vote, Offchain Luxembourg commit officially to “Orange Pill” Luxembourg and the Grand Region.