As per the discussion [here](https://polkadot.polkassembly.io/post/1561), Encode Club is requesting tranche 1 of 5834.21 DOT (£30k, based on the 30 day EMA on [Subscan](https://polkadot.subscan.io/tools/charts?type=price)) to cover an 8-event online education series and 4-week online hackathon.

The full proposal can be found [here](https://docs.google.com/presentation/d/1msKUzE5xK6Y1pV3b0dA_J2pWJt3ecYiG0OXjFpz5K6Y/edit#slide=id.g179c6775f75_0_7).

A reminder of the tranches:

Now: £30k for 8 event online educate series and 1st online hackathon

April: £25k to pay hackathon prizes and run 2nd online hackathon

July: £70k to pay 2nd hackathon prizes and run an in-person hackathon

October: £40k to pay in-person hackathon prizes, run a 3rd online hackathon and accelerator

December: £10k to pay 3rd online hackathon prizes

Approve a proposal. At a later time, the proposal will be allocated to the beneficiary
and the original deposit will be returned.

May only be called from `T::ApproveOrigin`.

# <weight>
- Complexity: O(1).
- DbReads: `Proposals`, `Approvals`
- DbWrite: `Approvals`
# </weight>

#346 Encode Club 2023 Proposal Tranche 1