Nimiq is fortunate to have a very engaged and active global community. Over the last months, Team Nimiq has been delighted to see an increasing number of community developers and teams that are working to expand and grow the Nimiq Ecosystem. Together, we can create the most accessible, censorship-resistant payment solution and enable barrier-free value exchange for everyone.
The latest Nimiq Community Project Funding Meeting was held on April 27, 2019, and Team Nimiq would like to give special thanks to community representatives, those in the community who provided proposal feedback, and the proposal submitters themselves.
Before outlining what was discussed in the meeting, we’d like to provide an update on the status of community funding over the first six-month term and continue to ensure we meet the high standards of transparency that we set ourselves:
During the meeting, the Funding Board evaluated and discussed five proposals submitted by the Nimiq community.
If you have kept up to date with Nimiq’s Medium blog, you’ll know that Nimiq’s integration with TrustWallet was announced on March 27. Team Nimiq would like to give special thanks to Terorie and Vasconcelos for moving ahead with this community funding project and executing it to such a high standard.
As the Trust Wallet integration had already been fully complete before the Community Funding meeting, all that remained was to determine the developer rewards for Terorie and Vasconcelos. The Board determined that the amount of NIM requested did not sufficiently reflect the initiative and effort demonstrated by the team’s developers and the developer reward was doubled to 500k NIM total.
Trust Wallet integration project was approved and ended up receiving total funding of 750k NIM.
The Board identified that Team Nimiq planned to work on a point of sale solution in the future and saw the opportunity to involve Daxby#6103 in its execution. This would provide Daxby#6103 with highly relevant mentorship and the opportunity to play a key role in an like-minded project.
The proposal can be considered funded when it comes to Team Nimiq putting aside the time to help upskill community members.
The Board identified that the Nimoji proposal was more a freelance proposal, rather than a typical Community Finding Project proposal. As a result, the Board modified the proposal in its current form as it fell outside the scope of the Community Funding Board. However, it was agreed that @Snrnb would be contacted about potentially reviewing current Nimoji’s and creating new ones on a freelance basis. For this the Community Funding Board decided to spend 200k NIM hiring SinaRnB in the following way:
It was also agreed that the Board would propose that @Snrnb is compensated to create new logos for current and future Community Funding projects. Finally, all members of the Community Funding Board expressed appreciation for @Snrnb’s past work.
The board has approved 200k NIM for @Snrnb to be hired to review current Nimojis and to create new ones.
The funding requested by PayNIM is broken down below:
The Board identified that the project had purchased domains like paynim.app, paynimiq.app and paynim.to nearly a year ago. It was judged that costs for initial domain registration fell outside the scope of the Community Funding initiative given that these domains had already been purchased. Past server costs were also discounted.
PayNIM’s proposal stated that part of the project plan was to improve the UX of the website. The Board agreed to provide PayNIM with a UI/UX feedback session with Team Nimiq to help the project. It was also discussed how PayNIM could benefit from a security audit despite the project being close-sourced, which the Board has authorized and funded. It was also agreed that a 200k NIM developer grant would be allocated to PayNIM to incentivize further improvement of the product. Finally, the Board also proposed the funding of a new logo for PayNIM.
PayNIM can, therefore, be considered partially funded with the developer receiving a 200k NIM developer grant.
The project requested the following funding:
The Community Funding Board quickly identified that the proposed project’s name (Nimiq Funding) would need to be changed for legal and ambiguity reasons. The server costs were questioned and the Board highlighted that there was no functioning prototype or Github repository for them to evaluate. The Board reached out to the developers who sent the proposal after the meeting and requested the aforementioned information. A demo was provided a couple of weeks after the meeting and after voting it was decided that the project is indeed interesting and could draw the attention of other developers looking to contribute. For that reason and with the reassurance of the developers releasing a public repository, the Board has decided to partially fund the project with:
The Board will provide seed funding of 40k NIM and is open for further evaluation after 6 months of development.
The Board acknowledged that the term for current Board members would be shortly drawing to a close and the process for Board transition was discussed. It was agreed that the new Board would sit in as observers on the Community Project Funding meeting in June and that the new Board would take control over the meeting in July, with the current Board being on hand to give advise (if required). The Board is also analyzing how to proceed with the selection of new community representatives.
During the meeting, it was agreed that all future proposals submitted for evaluation by the Community Funding Board should include the required server resources and that the costs for these should be in USD. This is to enable the Board to assess these costs quicker and more efficiently.
Another decision was to communicate to the Nimiq Community to avoid using the name “Nimiq” in community projects. The Board suggests using the term ‘NIM’ and also encourages projects to get creative with new ideas.
As discussed with Nimoji and PayNIM proposals, it was agreed that the Community Funding Board would also adopt a policy of:
“Only new work is eligible for a reward or funding”
If you want to join Team Nimiq and current Nimiq ecosystem projects in enabling the most accessible, censorship-resistant payment solution, then start crafting your proposal for funding today. To get started, just read the community guide on funding proposals and email your PDF to email@example.com. Together, we can create a barrier-free value exchange for everyone.
DISCLAIMER: None of the statements must be viewed as an endorsement or recommendation for Nimiq, any cryptocurrency, or investment product. Neither the information, nor any opinion contained herein constitutes a solicitation or offer by the creators or participants to buy or sell any securities or other financial instruments or provide any investment advice or service.
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