## A summary of the proposal proposes to revise the below:
* Update the name of the Treasury to Tangle Community Treasury and organization the structural process where the Tangle DAO LLC under the Marshall Islands gives legal liability protection and community operational governance over the Shimmer and IOTA committees, as well as any other purpose-bound entities the two communities may form.
* Distinguish the Program Leads roles and responsibilities specific to the Tangle DAO LLC and then the committees.
* Updates the committee’s roles and responsibilities, which adds the IOTA committee members.
* Proposes and updates the committee’s terms to account for both network entities and proposes using 10 Ti for an IOTA grant funding committee.
* Update the funding tiers to only one instead of Regular and Low.
* Revises the grant evaluation matrix.
* Proposes to allow the committee to create contract terms if they deem it necessary for specific grants.
* Proposes to allow the committee to invest a portion of idle funds bound to the grant committee.
* Updates the Budget to include IOTA’s community treasury and allocates 10 Ti to a grant committee.
* Proposes how updates to the specification can be conducted.

# REVISION HIGHLIGHTS

### [Revision-01](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-01)
Revision one was proposed to officially update the name from the original Shimmer Community Grant Committee to the current name Tangle Community Treasury Grant Committee(s). In this proposal, it is being proposed to include specification details that govern a committee to oversee any funds in which the IOTA Community may grant with a purpose bound to the current Shimmer Community Grant committee(s).

### [Revision-02](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-02)
*Revision two proposes to update the introduction wording to change some statements so that the committee(s) intends to manage all assets that may be allocated to the committee(s) by either community (IOTA and/or Shimmer). Additionally, a graphic was submitted to give a visual overview of organizations are laid out and which communities manage, and what governance control they have.*

### [Revision-03](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-03)

*Revision three proposes to add a 'Definitions' section. As this specification may manage IOTA and other assets, it may confuse community members, so this section is proposed to clarity.*

### [Revision-04](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-04)

*Revision four proposes to update the mission of the Tangle Community Treasury Grant Committee to include the IOTA network and update the grant committee name.*

### [Revision-05](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-05)

*Revision five proposes changes and additions to distinguish the program leads responsibilities between the LLC and the committees themselves. The wording is updated to reflect the multiple networks and the grant committee.*

### [Revision-06](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-06)

*Revision six proposes some updates to the grant reviewer's activities and responsibilities.*

### [Revision-07](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-07)

*Revision seven revises the terms of the committee(s) as both the IOTA and the Shimmer communities will elect their committees through governance votes. This revision proposes to use the current committee members and allow them to manage the 10 Ti, ensuring the 10 Ti will last until the end of the 2024/2025 term. The committee shall finish its term in March 2024, upon which both communities will elect the current or new members to represent them.*

### [Revision-08](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-08)

*Revision eight proposes grammar edits and updates the Shimmer and IOTA governance framework link.*

### [Revision-09](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-09)

*Revision nine proposes some grammar edits and paragraph number formatting.*

### [Revision-10](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-10)

*Revision ten proposes to clean up this paragraph, add the terms ending date, and mentions both communities.*

### [Revision-11](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-11)

*Revision eleven proposes to add mention of the IOTA's network to bullet point one of the guiding principles. Some wording edits to add clarity.*

### [Revision-12](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-12)

*Revision twelve proposes add language to detail the difference between the two communities (IOTA and Shimmer).*

### [Revision-13](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-13)

*Revision thirteen proposes to change the bold lettering and update the paragraph numbering.*

### [Revision-14](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-14)

*Revision fourteen proposes to update the funding tier categorization to remove the 'regular' and 'low' tier distinction. This becomes very confusing for both the community and reviewers. It is a responsibility of the program lead to manage the treasury properly, in particular to market extremes and volatility.*

### [Revision-15](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-15)

*Revision fifteen proposes to update the paragraph. The application is active and can always be updated per the committee or communities request.*

### [Revision-16](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-16)

*Revision sixteen proposes to revise the grant evaluation scoring system that better reflects the committees observations and recommendations. Wording is also updated to include the IOTA ecosystem.*

### [Revision-17](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-17)

*Revision 17 proposes to take out the link to the database. The database can be interfaced through www.TangleTreasury.org.*

### [Revision-18](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-18)

*Revision eighteen proposes that this section added to the specification to allow the committee the freedom to create contractual **terms**. Instead of simply giving a grant without ever creating such terms the grant receiver doesn't have to pay anything back, this gives the committee the ability to create terms. Sometimes, the treasury may support the ecosystem by providing liquidity, temporary loans, or act as a liquidity provider. During these special circumstance contractual terms should be used. The below guidelines are proposed.*

### [Revision-19](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-19)

*Revision nineteen is proposed to update the wording and statements to coincide with the current used database which is interfaced through the website www.TangleTreasury.org.*

### [Revision-20](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-20)

*Revision twenty was proposed to be added which allows the committee(s) to invest funds in which the community has bound to the committee(s). Rather than having these funds sit idle, not making any yield or supporting the ecosystem, this revision will give boundaries in which each committee can invest the funds on a short-term basis.*

### [Revision-21](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-21)

*Revision twenty-one updates the complaint process with some wording and the link to www.govern.iota.org.*

### [Revision-22](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-22)

*Revision twenty-two has been proposed to clarify the IOTA's committee budget which proposes 10 Ti to be used from the IOTA Community treasury and bound to the grant committee. These funds are proposed to be used through the end of the current committees term, as well as, used throughout the 2024/2025 period if the community votes to continue the grant committee. Statements are also proposed to better describe how the budget is used between the two committees and how those assests will be liquidated and sent back to the respective community if the community does not continue the grant committee.*

### [Revision-23](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-23)

*Revision twenty-three proposes to clarify the legal entity in which members fall under.*

### [Revision-24](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-24)

*Revision twenty-four is proposed to updating wording to include the IOTA network.*

### [Revision-25](https://hackmd.io/lzX47o6dTYGEc-Nptpv8lg#Revision-25)

*Revision twenty-five proposes to update how changes to this framework can be initiated. The revision adds freedom to any community member so that they can propose changes if they see fit through a governance vote. Additionally, wording is added to distinguish which communities and how they can make changes to the LLC entity, and or, to their committees framework.*****