#5 Community Project Funding

Fifth meeting

It has been five months since the official formation of Nimiq’s Community Project Funding Board, meaning that the current Community Representatives seats will be available for election. Team Nimiq would like to thank all three of our current Community Representatives SirChef, Chugwig, and Smitop for their dedication, support, and help in establishing the processes which will serve the Community Project Funding Board in the future. We’d also like to thank you all in advance for your assistance with a smooth transition from the current Board to the new one. The active Nimiq Community is one of the things that makes Nimiq great.

The first five months of Nimiq’s Community Funding initiative has seen 17 community projects, nine of which have been fully funded, five partially, and three are pending a resubmission to the Board with proposal modifications. In total, nearly 10 million NIM have been pledged to support community-driven projects. In addition, extra developer rewards may be granted based on the successful execution of ongoing community projects.

The latest Nimiq Community Project Funding meeting was held on June 14, 2019, and Team Nimiq would like to thank the community representatives and the wider community for their thoughts and input on this months submitted proposals. We’d also like to thank the proposal submitters for sharing their ideas and their proactive participation in the Nimiq ecosystem.

Before summarizing the meeting, we’d like to give you a quick update on the status of community funding during the first Board term:

The voting process for the next board

The meeting was dominated by a discussion on the voting process to select the next Nimiq Community Representatives for the second Nimiq Community Project Funding Board. It was agreed that:

  • The voting period would last two weeks.
  • Nimiq will be able to vote using voting.nimiq.community (Shout-out to Chugwig for the hard work creating the app).
  • Vote weightings would be directly proportional to the amount of NIM that voters hold e.g. if you held 1M NIM and voted for candidate X, you would have allocated 1M votes to candidate X.
  • Vote weightings would be determined by a snapshot of NIM wallet balances when the voting process ends.
  • There is a designated voting address and users will be able to specify candidates by sending a transaction of one Luna and using the extra data.
  • Plural voting is allowed with one account being able to vote for up to 3 candidates.
  • Results will be shown publicly and will be used as an input for the current board to decide the next Community representatives.

Nominated candidates

The Board also decided that nominated candidates participating in the Community Representative election should create a 240-word bio about themselves and outline why the Nimiq community should vote for them. These submissions should then be sent to community [at] nimiq [dot] com for distribution before the voting process begins.

Key election dates

For voters:

  • The snapshot of Nimiq blockchain will occur on August 1st at 06:00 UTC. This will validate the NIM balances for all Nimiq wallet addresses and determine the vote weightings for each wallet during the elections. One NIM equals one vote. Therefore, if you have 1M NIM in your wallet at the time of the snapshot, your wallet has a voting weight of one million votes.
  • Voting will open on July 16 at 00:00 UTC and end on July 31 at 23:59 UTC.
  • New Community Representatives for the Nimiq Community Project Funding Board will be announced in August.

For candidates:

  • Candidate bios must be submitted to community [at] nimiq [dot] com before July 15.

Proposal evaluation

During the meeting, the Board also discussed and evaluated two proposals submitted by the Nimiq community.

VRimiq

  • Project purpose: To create a Nimiq focused VR social space to bring Nimiq supporters together. VRimiq is envisioned to run directly in a browser on any device and with or without a VR-headset.
  • Development stage: Concept.
  • Project team: Telegram user arnputz.
  • Previously evaluated? No.

The project requested the following funding:

Server costs for 1 year: 3M NIM

Dev of first rooms: 7M NIM

Domain & advertising: 1M NIM

Promotions: 1M NIM

Total: 12M NIM

The Board highlighted that server costs appeared to be exceptionally high considering that the VR rooms proposed were being built in HTML, which should be pretty quick and easy to create. Also, USD value for server costs was not given by the proposal submitter. It was also recognized that the development work for the first VR rooms should be a developer award and not a flat upfront fee (as per previous guidance).

It was agreed that the Board would request a modification to the VRimiq proposal and that arnputz would be asked to focus the proposal on the first three months of development.

Nimiq Ledger Nano S promotion

  • Project purpose: To run more Nimiq Ledger giveaway promotions with Twitter influencers.
  • Development stage: Concept.
  • Project team: Tzujm33
  • Previously evaluated? No.
  • Funding requested: Ledger postage costs.

The Board unanimously agreed that community-driven efforts could add significant value to Nimiq’s overall social media exposure. It was agreed that Tzujm33 would be approved to giveaway up to three Nimiq Ledgers per Twitter influencer, Nimiq would be in charge of dispatching Ledgers to recipients and that Tzujm33 would be gifted a free ledger for their efforts.

In short, the Board approved this proposal in full. Please refer to this document if you would like to participate in the “Nimiq Influencer & Website Outreach Process”.

Team Nimiq community board members

Internal voting at Team Nimiq will determine the three Community Board Members from the team. However, at least one board member from the team will serve a second term to ensure a smooth transition between boards.

Do something meaningful

If you share Nimiq’s vision for creating a simple, secure and censorship-resistant cryptocurrency, then we’d love to hear your proposal for funding and how your project can be supported. Just read our proposal submission guide and email your idea to proposals [at] nimiq [dot] com. Team Nimiq is very excited to see how the Community Project Funding Board develops and we’d like to thank you in advance for casting your election votes to ensure that the best possible Nimiq Community Representatives are elected to the next Board.

Pura Vida

Team Nimiq


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.