In this report, we'll update you on the first meeting of the new board elected by the Nimiq community, as well as the funding decisions made during the meeting.
30 Nov 2022
We welcome our new community representatives to the new Community Funding Board election period! We're excited to have Faberto, Revolution_Coin and Albermonte on board with us. We'd like to give a big thank you to Maestro for his involvement in the previous board, and we're looking forward to working with Albermonte again, who is starting his second term.
As part of our recent meeting, members both of the previous board and the new board discussed the duration of the board terms. We initially decided on 6 months per term, but we all agreed that it was too short. So, we've decided to increase the election period of the Community Funding Board from 6 months to 12 months. This will give each representative more time to settle into their role and contribute more effectively to the Board.
Our Community Proposals for the 19th Funding Board:
NimiqLive is a Twitch livestream service that gives viewers the opportunity to learn more about Nimiq by watching videos and getting rewarded with NIM for doing so. Community developer Harley has asked for funding in this proposal to expand the service and give out more rewards.
We generally like the idea and would like to support it with funding, but we have a few requirements and have made a counter-proposal with a smaller budget as a starting point.
We do not have a forum post proposal of this one
UAH Motorsport is a racing team started by a group of future engineers from Universidad de Alcalá in Spain. Their goal is to build the perfect electric race car that can perform well on any type of track, and represent them in the international university Formula Student (SAE) competition.
UAH Motorsport would like to request a Nimiq sponsorship for their team. In exchange, they are willing to place the Nimiq logo on their race car, teeshirts and merchandise, and include Nimiq in their social posts when promoting their activities.
If for whatever reason the racecar is not built and we cannot be shown as being a sponsor, the entire amount will be returned.
Outcome: Approved (“Proud package”)
We're excited to announce that we're sponsoring the UAH Motorsports Team with a budget of 5200 USD in NIM. We believe that this kind of sponsorship can bring the right kind of attention, especially if we can support innovative teams and upcoming engineers who are building for a combustionless future in racing.
The goal of this project is to enable non-technical people to run a validator for themselves, so they don't have to rely on a pool. The proposal is to offer a low-trust service for both parties. Faberto and David will never be in control of the user's money or the money earned while staking.
Instead of taking a cut of the rewards, their plan is to take a fixed fee for operating the validator nodes. This means that, for the user, the service will be financially beneficial once an amount of >$35k is staked (in comparison to the average pool fees; based on $10 Validator, 7% Reward, 5% Pool Fee).
They intend to open-source the project with viable documentation, with income being used to cover the infrastructure costs of the service.
Outcome: Approved with rewards for milestones
We like the idea of decentralizing staking pools and allowing services to build their own validator as a service platform based on the developed source code. Our counterproposal to pay out the reward based on milestones instead of hours has been accepted by Faberto and David and they have already started working on the project. As a precondition we made the payment dependent on the following milestones which have to be reached to get the reward. After conducting a review of Milestone 1, we are pleased to announce that it has been successfully completed already.
Milestone 1 - $5000 in NIM
Infrastructure and blockchain technology running
Ability to spin up validators with commands
Signing validator transactions
Controlling validator transactions
Documentation on how to reproduce the state of milestone
Milestone 2 - $4000 in NIM
Define user flow and UI design and improve maintainability of core system
Monitoring including thresholds for alerts
Frontend Design/UX including payment flow
Draft of informational Website
Milestone 3 - $3000 in NIM
Create a system that allows the user to set up a validator via the UI
Connection between chain information node to get chain data
Backend validator handling
Validator configuration/key creation
Finalizing informational website
Milestone 4 - $3000 in NIM
Finalize the system by adding payment and informational dashboards for customers
Implementation of the payment systems in frontend and backend
Finalization and cleanup
We are always happy to reward our most valuable community members with our Community Awards. These awards are given for special achievements that add great value to the Nimiq community, and we would like to say thank you on behalf of everyone to the following people:
After discussing about it, we have decided to increase the election period of the Community Funding Board from 6 months to 12 months. This will better allow each representative to settle into their role and contribute more effectively to the Board.
Thank you for joining us as we continue working towards our main goal: Adoption of the Nimiq Payment Ecosystem. Until the next one.
Nimiq Community Funding Board.
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. All statements contained in statements made in Nimiq’s web pages, blogs, social media, press releases, or in any place accessible by the public, and oral statements that may be made by Nimiq or project associates that are not statements of historical fact, constitute “forward-looking statements”. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual future results, performance, or achievements to be materially different from any future results, performance, or achievements expected, expressed, or implied by such forward-looking statements.