With the implementation of VaultZ (a fair system for gathering Community funds with 5% donation from all the mining rewards), it is more obvious that we are going to need a certain frame of rules for the best usage of those funds.
The basic issues which we will face are those :
1) How a voting procedure would be set up for each VaultZ funds use case?
Which would be the ideal duration? It is obvious that we should categorize somehow the voting procedures. For example , deciding for the spending of a sum of 500 dollars in order to pay a press release for marketing reason is a much less important decision than spending 10 thousands dollars in order to pay for a new exchange listing and the duration should be different in those two cases as well according to their importance.
2) How we will make VaultZ more effective in the small everyday BTCZ Community needs and how we will avoid a flooded forum with endless proposals for small spendings , which would make our Community Fund TOO hard to use or the Community members unable to follow hundreds of voting procedures.
For example imagine if we should vote for EACH giveaway promotion of 10k BTCZ , for each twitter ad for a sum of 20$, for each Steam gaming contest prize or for each charity minor spending like buying 10 small toys for a few children on Christmas and many more. Our forum would be in a complete chaos mode, with both the proposers and the Community members being tired and unable to monitor this situation.
3) How we will increase the Community member’s participation and how we will motivate more people join our BitcoinZ project?
Taking as a fact that BTCZ is a pure Community coin and REALLY different from the most cryptos our there which have a "company " character , with members which are paid for everything etc, it is very important to view VaultZ as an instrument which will be used to maximize the Community expansion by rewarding the most active members and the most active core devs , achieving with a smart way a much higher participation and motivation of all.
4) How we will protect the BTCZ Project and Community during the voting procedures from any possible bad actors?
This is especially important , because our Community is open to everyone, so in this early stage (and later as well!) , a very bad proposal for the Community funds could be theoretically upvoted by a team of "intruders" into the Community who intentionally do this, serving other purposes. It is more than obvious that we need some protection measures embedded in our voting system to avoid such scenarios.
The HYDRA Structure
A sophisticated structure, code named "Hydra", is coming to give solutions in all those issues , securing VaultZ and taking the BitcoinZ Community to the next level of evolvement.
Hydra structure suggests the organization of the VaultZ with a minor part of it (a little less than 10%) used for funding Community Subwallets which will be categorized per section and each one will have a Manager who will be elected for a speficied time frame ( 1 quarter / 3 months) and who will be deciding for the usage of the funds for every small spending needed for the specified section.
The major part (90+%) of VaultZ will be stored and used for the completion of the targets for which the Community will have to vote every time.
A. Let’s clarify the situation about the minor part of the Community Fund (aka VaultZ) :
As we said before, this small part of the VaultZ, will be distributed to 5 equal parts into small community subwallets.
VaultZ is going to gain almost 43Millions (in reality 43,8 M) in a time frame of 4 months. The Subwallets will be receiving less than the 10% , 4 Million BTCZ , which means 800K each. (5x800K= 4 Millions BTCZ)
The Five Community Subwallets sections are :
- Social Media : Paying for some ads- promos in social media like twitter , for a steam gaming contest, for a boost in views for a btcz youtube video , or for the creation of smart giveaways , making bitcoinz more well known are some examples
- Adoption Squad : Rewarding a small team which will work on the creation of new btcz gateways plugins for marketplace platforms like shopify, cubecart etc or on helping everyone who is facing problems to implement the btcz payment gateways into their sites. Another possible example could be a small reward to members building or supporting new sites which list businesses or artists accepting btcz etc.
- Micro Bounties : The Creation of mini-bounties for special needs of our BTCZ project. For example a gateway is facing problem and we need a fast solution so a 80k btcz bounty is created by the admin in order to have someone fix it as soon as possible. Or we need a GIF or a banner to cover an immediate marketing need to come along with a critical announcement. Of course the Admins of each wallet will be in contact and can communicate in order to cover together common needs/ targets.
- Charity Projects : Servicing a couple of noble purposes , like gathering some funds for an important item which is critical for other people who are in need (buying food or a water pump for some people in the "Third World" , or some toys for an orhpanage , offering some smiles to the children , while covering this kind gesture with some photos or videos in order to underline our activity and give a good example to mankind.
- Community Rewards : The purpose of this subwallet will be to reward the most active core devs, the most effective administrators and the most active community members (except himself who can be rewarded by the next Community Reward Admin only).
The Community Rewards Admin for example will be able to monitor the activity in our discord channel and the improvements that are achieved and he is free to spend the budget with some fixed honor titles , giving a brief description for the reasons of his choices like :
Core Developer of the month : 70k BTCZ to A, because he worked very hard for the x thing.
Manager of the month : 30k BTCZ to B, because with his work we achieved the z thing.
Most Helpful Member : 20K BTCZ to C , because he was really helpful all this time in our channel and answered to many questions of newcomers
Most Active in Social media : 20K BTCZ to D , because he was almost there in twitter, fb and bitcointalk forum , spreading the news
Most Innovative Mind : 20K BTCZ to E , because he had some brilliant ideas in discussions for how to handle some situations for the Community
Most active in Translations: 20k BTCZ to F , because he was really helpful to fix syntax or grammar mistakes in msgs
Most active Artwork creator 20K BTCZ to G
Each of the 5 Community Subwallets has a Manager which will be elected by vote in our official BTCZ forum (optional : after a description of some special ideas and their vision for the specified section , presented either in our discord channel or in another thread in the forum ).
In order to be candidate for a Community wallet manager , a member must have a btcz forum and discord account for more than 6 months and a clear background , without MODs’ reprimands more than one time about spamming with other coins’ sites or talking with disrespect to other Community’s members.
A DEV core team member can be a subwallet Manager candidate if he wish so.
A previous Manager can ask again to continue in the same position as well. Sometimes, this can be really good , because experience in a certain section really matters.Besides the Community will decide if he was effective or if it is better to try another one.
A Manager in one section should not be a manager for another section in the same time. (* except in the rare case that there is NO other trusted member willing to take over).
There is no limit for someone who was manager of a specific subwallet to ask to become manager of another one in the future.
If there is only one candidate for a subwallet admin position, he has to gather more YES than NO votes. Otherwise another who will make it has to be elected.
If there are more than 2 candidates for one same "available slot" (more healthy and likely scenario) , we will have a united multiple choice voting , like the one we had with the percentage for VaultZ. For example VOTING for Social media Admin :
A Member(33 votes) B Member (20 votes) C Member ( 22 votes).
The one who has the most votes by the end of the voting procedure , is going to be manager. In our example, the member A.
*IF for any case, the Manager of a Subwallet considers that he cannot continue his work because of difficult circumstances (like having no time because of hard working liabilities etc), he is free to announce it and in this case he is giving the budget to the second best performing member during the past voting procedure for the specific subwallet manager’s position. If there is no other , a new emergency admin is elected for the rest of the 4 months period , responsible to manage the rest of the budget.
The voting time frame for the election of Subwallet Managers will be one week.
In the case that there are unused funds into any Subwallets in the end of the quarter, they will be "donated" back to the major Community Wallet.
IMPORTANT : This structure has been designed during the given circumstances of recent devaluation (1 BTCZ = just 5 satoshi = almost 0,00028$). This is leading to small sums from the “FIAT” money prespective. The ideal budget for each subwallet budget would be around 500$ for the three months period (1BTCZ = 0,00065$), which would give even more space for greater achievements by each section’s manager.
As we all know, the cryptos can be very volatile , and especially our coin deserves a much higher value because it had a fair launch and is not backep up by anything fake like ICO funded bubble ads and fireworks. It has achieved everything with only hard work.
It has a great potential for a much better value (like the one that once had and much better), because it is here with a noble cause , to offer to everyone the right to have free transactions worldwide, following the spirit of the original Bitcoin and giving solutions for all BTC’s shortcomings at the same time.
In the case that BTCZ is achieving a greater valuation than 0,0013$ (2x0,00065 $), the project can have TWO Subwallets for EACH section with TWO different Managers, having a budget of 500$ each. And all these with the same btcz stable budget of 10% on our VaultZ. 800k btvz will be split in TWO 400k packages , giving the same FIAT sums !
The same applies in the case that btcz is achieving even greater multiplied valuation, giving the ability , if it is considered a necessity in the future, to have even more active and trusted members, functioning as different "cores" , with different Community subwallets for the same purpose : the expansion of the BTCZ project to the world.
Decentralization in action!
(more heads in action…remember that Hydra is the mythical greek monster with heads that were giving Two heads if someone was cut)
** In the case that the price of the coin is going up faster than the pace with which we wish to open new subwallets with new admins (because we have not enough trusted members yet or any other reason), we can simply use the extra funds (beyond the 500$ for each active subwallet) for the major vaultZ fund or in special occasions to vote for a super-trusted older Manager to have a double sum because he was very effective in the past).
B. Let’s clarify the situation about the major part of the Community Fund (aka VaultZ) :
The major part of the Community funds is containing all the funds except of the 10% part which will be used in the beginning of every quarter , to top up the 5 Community Subwallet types. (which for now are 5 -one for each sector- , but they can be doubled or tripled etc in the future, if the value of btcz let it happen)
The major part of the wallet will be used , as it had been described in the VaultZ section, for several medium level or high level expenses in order to cover needs for the expansion of our BTCZ Project. (the small expenses/ low level expenses are covered by the minor VaultZ through the aforementioned Community Subwallets).
As medium-level expenses (under 1000$ cost) could be for example :
A payment for a btcz site upgrade , a payment for a nice press release or for a youtube channel presentation targeting to attract more people in our Community, a payment for a special advertising article or campaign in a crypto site , a special artwork creation like a btcz video spot for explaining or advertising btcz, the payment of some external freelancer’s work for helping the core developers with something like a serious upgrade or an extra btcz app, a Community proposed special btcz present for the core devs, and many more.
As high-level expenses (over 1000$ cost) could be for example a major exchange listing fee, a deal with a platform specialized in offering cryptos, the funding for the launch of an innovative idea like kioskZ , a serious partnership with crypto specialized companies which offer ATMs or Automated Sellers , accepting BTCZ etc
The voting time frame for any medium-level spending proposal , is one week.
The voting time frame for any high-level spending proposal , is two weeks.
- In order to achieve a nice ratio of medium and high level proposals/achievements for the Project, a golden rule should apply : The medium-level proposals cannot spend more than the half of the major VaultZ’s funds every year. Total annual funds are 131,4 M per year - 12M for the Subwallets = 119,4 Millions (almost 120M)
The medium - level proposals can spend up to 60 M cap per year. The other almost 60M Btcz are gathered only for High level expenses such as listings, partnerships etc. and cannot be spend to multiple medium level expenses, because this way we would never achieve to have a big sum for those.
-A similar proposal which is negatively voted , cannot be reproposed before six months have passed after the previous one. If everyone who has a proposal with negative outcome ,could change it a little and again put it in the next week, our forum would flood.
-If there are funds enough ONLY for one same-level proposal , and there are more proposals which have been upvoted at almost the same time , then the proposal which has more Positive votes as a final sum , after removing the negative ones, will be the "winner".
For example there are 30 Millions btcz available and there are almost silmutaneously running two proposals , one that we should pay a listing fee of 28 Millions btcz to join the A exchange and another one that we should pay 25 Millions btcz for being listed in some automated selling machines in Tokyo .
The first proposal has 72 YES and 30 NO. (72-30 = 42) The second proposal has 70 YES and 18 NO. (70-18 = 52 ). The second proposal is the winner because it had much less NO votes (the number of voters are not always the same in a forum-based voting procedure like ours with a small time frame for web visitors, so the negative votes must matter in the outcome in special occasions like this , examining the ratio of the positiveness in the given number of voters for each proposal!)
Protection measures against voting manipulation
For an open Community like the BTCZ one , the danger for manipulation of our voting procedures is high.
In order to be protected against such scenarios , the supposed measures are those :
- a vote can be cast ONLY by btcz members who are active in BOTH our discord AND forum (the forum itself is letting
only the registered accounts after a certain time frame and activity, to be able to participate in voting procedures).
The forum administrators will be monitoring any suspicious phenomenon like abnormal “massive” registration for
new accounts seeking to vote, wihout the usual corresponding discord presence, with any suspicious account being
- both the elected admins and the core developers will have power votes with multiple x5 power.
- a special veto power is granted to one of the most trusted Community member , called “BTCZ Trusted Guardian”.
So even in the case that something bad is going to happen he will have the power to block it. In reality he always
has to give the final approval after a YES outcome.
The “default” BTCZ Trusted Guardian, suggested by the Hydra Structure proposal, is Cryptorex , because he has
undoubtly been a trusted core member who has been always here from the very beginning of the Project.
The Community Trusted Guardian can block a decision with his veto even if the voting procedure’s outcome was a
clear “YES”. However he cannot veto the outcome of more than 7 (seven) consecutive voting procedures.
If he does so , a new btcz frontman has to be elected , who will have the power to decide for the outcome
beyond the 7th voting procedure.
Other cases for a new btcz frontman elections are :
a) When a motion of censure is tabled by the elected Subwallet Managers. However a consensus of ALL FIVE
Subwallet Managers , is required for this.
b) In the unlucky event of death or absence (for more than 2 months) because of force majeure .
BTCZ Trusted Guardian’s election
*Eligible for btcz Trusted Guardian can be only a core btcz developer or active members who have been elected
at least for THREE times as Subwallet Managers.
A Community Guardian can be eligible for Subwallet Manager as well if he wants so,
however in this case , the motion of censure would require the consensus of ALL the other 4 Subwallet Managers.
In the case that there are double , triple or even more multiple numbered Subwallet Managers in the future,
the 80% of them should agree in order to inflict a new Guardian election.
The voting for a new frontman is taking two weeks (two rounds) :
The candidates are being voted by the Community in the first round (1st week) and after this, the one with the biggest
percentage alone, has to be voted by over the 75% of the Community votes in the second round (2nd week)
in a YES-NO voting procedure.
The votes during a new btcz Guardian’s election have equal power from all community members (without power votes
and of course without any possible veto as noone can block the outcome for this procedure).
In the case that a candidate is making it through BOTH those TWO rounds , achieving to gain over the 75% (YES or NO)
of the Community’s votes, he becomes the new BTCZ trusted Guardian.
Otherwise (if he doesn’t meet the 75%+ requirement), the previous btcz Guardian is remaining in power and
he regains his veto powers until a new conflict takes place (vetos to over three consecutive voting procedures
or a motion of censure situation).
In the exceptional case of death or absence of more than two months because of force majeure,
a new btcz trusted Guardian is elected as a 3 months transitional one, even if he doesn’t meet the 75%+ requirement.
(in the case that he has over the 75% Community’s votes , he is a normal Guardian without
the 3 months transitional character).
What is achieved with Hydra-Structure
Obviously it is solving the problem of different spending cases , by organizing them to tiers / levels :
The smaller a spending is, the faster it can be achieved and vice versa.
By introducing the Community Subwallets, it is giving an excellent solution for the minimal / everyday needs
of the Community. This way the spending for very small sums is overiding the bureaucracy with voting procedures
taking place even for the simplest things , minimizing this way the insanely big number of possible voting procedures
which would make the funds very hard to be used for minor spending scenarios like community rewards, giveaways,
mini bounties etc
In addition, with the voting procedures for subwallets administrators, active members of the Community
are granted with power to make more things for our project’s expansion in every sector , achieving maximum
participation and motivation for both old and new members. Especially the Community Rewards manager role
will be critical and will contribute a lot to this.
With “Hydra”, our Community is achieving to evolve by implementing a more sophisticated structure.
It will be much more organized , with separated roles backed up with btcz funding.
Time frames and rules for each voting procedure case are being set, ensuring that we will not face
either “stagnant unused funds which are too hard to use” or flood with “too many” proposals for voting in our forum.
At last but not least , we have a solution so that we can feel more protected against bad actors,
having trusted Community members and a trusted BTCZ Guardian at key roles , with a specified backround
and an election by the majority of our Community, as requirements.