2020: 10--10 --- Syscoin Foundation October Proposal

Governance Archive
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Governance Funding Proposal

A formal introduction to the Syscoin Foundation and its goals.

The Syscoin Foundation is the official governing body for the Syscoin platform.

The Foundation Objectives and Approach

The Foundation Objectives

  1. The worldwide dissemination of blockchain technology among companies and individuals.

  2. To promote global adoption and integration of Syscoin technology.

  3. To represent the interests of the Syscoin community and its partners.

  4. To develop and manage the Syscoin platform.

  5. To add value to the Syscoin infrastructure through promotion and development, supervising financial and communication management between the involved parties.

  6. All that is directly or indirectly connected to or promotional for the aforementioned, all in the broadest sense of the word.

The Foundation shall try to accomplish these objectives by:

  • Functioning as the official organizational structure of the Syscoin Project and Platform.

  • Encouraging developers to add to and improve the Source Code and other layers of the Syscoin platform;

  • Providing sufficient and easily available information to make use of the Syscoin blockchain;

  • Promoting and supporting academic and general research in the blockchain industry;

  • Encouraging the academic community to study, understand and implement blockchain technology;

  • To distribute possible funds for the purposes of promoting development, adoption and understanding of the Syscoin Platform through sub-committees, partners and the wider Syscoin community.

Roadmap

The Foundation is responsible for the continuation and growth of the Syscoin platform. Although the goal is to have a decentralised network of teams and contributing individuals, the foundation itself requires enough resources to maintain and improve the platform — for as long as necessary.

In addition to the bigger picture and longer term goals described above, the foundation has a shorter term roadmap. The roadmap is combined with those of multiple active teams to form the Syscoin Platform roadmap.

A few examples of what’s on the Foundation’s roadmap are

  • UTXO based SPTs
  • Payment channel for SPTs R&D and possible implementation
  • Hardware wallet support for Syscoin and SPTs

Governance

The Syscoin Foundation is seeking funding to complete the long and short term goals set above.

To ensure the Syscoin Foundation will remain able to perform the task of developing and maintaining the Syscoin platform and its other objectives — even when governance is lower or no longer available — we are setting up a treasure fund. This fund will be turned into masternodes, with the idea that rewards eventually can cover (or at least help offset) related expenses.

We currently have 17 Masternodes online and approximately 345k Syscoin in our treasury fund. (sys1qnmp9aew5x2djeld2w7m8c97t8a3497d5f4c3yc)

Addresses of the 10 masternodes:

SawehPx1eMKikngia2bbL83vyQnXi8L4wC
SUX9rT7EVfmUqhDcMWC5AbQYdZBB5t56p2
SMgC475XJ3X4WJ3D9YYC1kiM8aNKDrBu1i
SiYzZrHePYENoZ8tfB3jdkSbv34Y4bZqYp
SdQRVkLTiYCA75o4hE4TMjMCJL8CytF31G
SYtVH9gyE2WwuiStczc11JPeBQwUKGnBMp
SNDjyT2vz9MJge3BHokYeeEfiguGcoGEdg
SbHEnYvyB3xL4A8HTBPLZ9ibcbLNkbywGs
SaMaqxLuJdARkiStudsbsk496n82J3M5Vh
ShtRkipbhr9MpPprBZoVmGW2soiQ9dQ2aV

SZZVGuS4ZM2oxSbU72p6DxuEqpBC7HLF27
Si2gr24S4d1DUvptspDYkmznPDmDq3RcMT
SYjhQ9id8gjnx6v3Hs4RGkuKT5Hxq5zh4a
SQjWWVDmDqu5vMQz4R8NP6LgPULqwDKnF6
SRCNo15c956NDffv9JsSCRjjvrgppGeHmh
SRWSH6MTrW1WoqAtTnqPFdXydcUUcN6rC5
SeqKR6TxYuikwbPAhSDmt4ANfMBB2SHwTo

For the day to day expenses and shorter term roadmap items, we will utilise between 20% and 30% of the governance received. Depending on the Syscoin price these funds would also be used for other expenses like:

  • Academic Research or Partnerships
  • Legal Advice
  • Security Audits and Bug Bounties
  • Exchange Listing Fees
  • Salaries
  • Syscoin infrastructure expenses
  • Community or External Improvement/Development Proposals

Besides the expected expenses mentioned above we will have the following returning costs per quarter:

Ethereum for Gas to run Bridge agents:		           SYS 250k ( 27 ETH)
Server costs:							              SYS  100k ( $1000 USD / month)

High level view of expenses over the last six months:

Partnership costs like Messari, 2 Tokens, ITSA etc:	   SYS 500K ($10500)
Legal fees for a Singapore legal opinion:		       SYS 180K ( $4000)
36 Ethereum for Bridge agents:				           SYS 268k ( $4500)
Server costs:							               SYS  10k (  $200)
Proposal support may for SDMT, SAC and BCF             SYS 544960

We are applying for 220000 Syscoin for this Month.

Voting For This Proposal

To vote in support of this proposal:

  • Vote in Syscoin-Qt
    • Open Syscoin-Qt
    • Select Tools > Console from the top menu
    • Copy and paste the following command onto one line, and hit enter:
      gobject vote-many 56a11c87243bdbcdcdaeaf44346be14e15727b48b776b3d302079e8ec1fb2f8b funding yes