Byteball community fund

The Fund's mission is to support the Byteball crypto platform and encourage its wider use.

The Byteball Community Fund

Byteball Community Announcement

The Byteball crypto project has done great so far. Tony, the chief developer, laid the foundation for this with his great invention and continuous hard work. But this project would be nothing without you - the users. Great ideas, testing, translations, marketing, so much was achieved by the community and it's invaluable! To reward those users who play an active role in the community and therefore accelerate the progress of the Byteball crypto project, a fund was created.[1]

Purpose

The Byteball Community Fund's goal is to support and encourage the Byteball crypto platform. Fundraising is done by voluntary donations from investors, stakeholders and enthusiasts. Donation payments are accepted in bytes, blackbytes and bitcoins. The fund will pay out bounties for byteball-related work such as reporting security vulnerabilities, software bugs, user support, marketing campaigns etc.

Security

As a security measure, both byteball and bitcoin wallets of the fund use multi-signature transaction confirmation. The trustees of the Byteball Community Fund are: 

  • Tony (Anton Churyumoff, Byteball's chief developer)
  • CryptKeeper (Byteball's community leader)
  • Travin Keith (Managing Director of Agavon)  
  • Durerus (Byteball investor and adviser)

Any outgoing transaction needs to be confirmed by at least 3 trustees (3-of-4 multi-sig).

Project funding

Besides bounty payment for smaller achievements, the fund can also decide to support byteball-related projects. For most projects, the project leaders should seek funding by investors or organize a crowdfunding. Because the community fund supply is scarce, funding of such projects should be the last option sought and will only be considered if the project is important for the platform.

Addendum 2018-02-18

There were multiple suggestions to redirect a part of undistributed funds from free distribution, i.e. from acquiring users, and spend it for hiring more people, paying contractors, etc. While I understand the reasoning behind these suggestions, it is also important that we learn to spend money wisely, with the maximum effect per spent $, before (and if) we scale up the budget. Anyway, it is unnecessary to repurpose the undistributed funds now as we have enough funds in the Community Fund to fund the current operations in the near future: it is over $1m in Bytes (plus another $1m in less liquid blackbytes).[2]

Decision-making procedure

As this fund is a community fund, byteball community members will be actively involved in the decision-making for the most important issues and community feedback will be taken into account by the trustees.

Like the multi-sig setup implies, trustees come to a decision in an informal meeting with a simple majority vote.

Fund management

The goal of the community fund is not to gain profits by trading with the donated currencies. Quite the contrary, the fund must be managed in the most conservative way to avoid any risks! However it may be necessary to exchange one currency to another to maintain the fund's liquidity and to be able to pay expenses if another currency is required. The decision of whether a share of the fund should be exchanged will be decided by the trustees with a simple majority vote.

To maximize the effectiveness of the donations, the fund's wallet addresses will take part in the distributions of free bytes and blackbytes.

Accounting

Fund accounting will be as transparent as possible with detailed reports[3] published regularly, though donors and bounty recipients can choose to stay anonymous.

February 2018 fund balances, rounded off: 1625 GB / 55,000 GBB / 9 BTC
2018-05-25 fund balances, rounded off: 1280 GB / 55,000 GBB / 5 BTC

Donation accounts

If you want to donate, please use one of the following addresses:  

  • For Bytes: KREOV5Y57FRWQKDHJ7BD3SFQBEVVPAG3  
  • For BTC: 39zeGpu4nG6BqB9ARxd9xM9XThX9JCmx8t  

[QR codes removed for security reasons]

  • You can also donate Blackbytes! In this case, please contact Tony or CryptKeeper, who will guide you through the process.

External links

References

submitted March 2017 by TheRealCryptKeeper