This is a 3 part vote to decide if VaultZ should be reinstated with the Canopy upgrade, using the Distribution of Funds as voted on by the community (Community distribution of funds). The following was the results of the poll from the community:
- 80% Miner Rewards
- 15% for Developers and Development
- 5% Advertising
- MAIN PROPOSAL
Background of VaultZ
VaultZ was implemented in April of 2019 (A new community funding mechanism) to provide funds using a portion of the BTCZ block rewards. These funds were an all inclusive way to fund development, promotion, exchange listings, advertising, etc. Because we are a community ran and funded cryptocurrency, it has eliminated most of the need to ask the members of our community to contribute financially over the years. Recently (Early August), we hit block 1,400,000. This was a predetermined end date for VaultZ written into the code. Since then, there has been no community funding.
If Approved
The VaultZ percentages will be added into the code for mining (much like before). Funds will be distributed to VaultZ addresses for the designated amount. Development and Advertising funds will be kept in separate addresses to be used for their respective uses. As always, these funds will still need to be voted on using a proposal for use. We will continue to use https://vaultz.btcz.app/ to show spending and display funds (which will need to be divided into the two categories). https://getbtcz.com/vaultz/ will also need to be updated with relevant information.
Arguments for Approval
Development is essential for maintaining, upgrading, and propelling us into the future by adding unique use-cases and features. BTCZ is continuously needing updates and fixes. We have relied on people doing critical updates out of the kindness of their hearts after issues arise. Development needs to keep up with the changes in the age of cryptocurrency. Our code is outdated and causing issues as a result. Not only will passing this proposal keep things up-to-date, but will also provide much needed “quality of life” updates, as well as maintaining our code prior to it becoming an issue.
Advertising is essential for growth and expansion. This biggest factor holding us back. In a sea of cryptocurrencies, BTCZ is the best. The issue is people don’t know about it. If approved, for the first time ever, we will have a dedicated advertising budget. Advertisements will grow our community, not only in numbers, but also show the world the value of BTCZ, increasing demand and trades. As much as “word of mouth” or sharing a social media post has helped us up to this point, a solid marketing plan will reach tens of thousands of people.
- Approve Reinstatement of VaultZ with the Canopy Upgrade (15% Development and 5% Advertisement)
- Reject this Proposal
0 voters
- WHITE PAPER INTEGRATION
VaultZ has become a vital part of BitcoinZ and has proven to be effective in reducing the need for donations required by the members of our community. It is a fair and balanced, proactive way to raise funds for much needed improvements within our community. If approved, VaultZ will be added to our whitepaper (https://getbtcz.com/btcz-analytical-description/).
It is important to note that adding VaultZ does not have a specified amount attached to it, and can always be modified via proposal on our community forums. This merely acknowledges VaultZ as a permanent aspect of our cryptocurrency. Additionally, it will allow VaultZ to continue to be in affect without a specified end date, eliminating the issue faced at block 1,400,000.
- Approve Integrating VaultZ into the BitcoinZ Whitepaper
- Reject this Proposal
0 voters
- FIAT FUNDS VIA VAULTZ
The final vote is to allow VaultZ funds to be open to be sold for fiat currency for payment of approved proposals. For example: If a budget of $200 USD was voted upon by the community to fund Facebook Advertising, the equivalent amount could be sold from VaultZ to fund that project. This method has been done in the past to raise funds for Changelly (Final Listing Proposal for wBTCZ on Changelly: Uniting the BitcoinZ Community for Growth).
Approval of this would allow selling of funds without a vote each and every time. BTCZ would be able to be sold to investors within our community for at least market value (determined by CoinMarketCap / Coin Gecko). This process would be announced on Discord (and relayed to Telegram) and would function on a first come, first serve basis. It would require funds to be sent via our paypal donation page (https://www.paypal.com/donate/?hosted_button_id=JLVYPLBCQ79QQ). After payment is received, proper BTCZ will be credited (less the fees if applicable).
Unfortunately things like advertising does not allow us to make payment in BTCZ. Additionally some developers may have a preference to be paid in fiat. This method will allow our community members to have first chance at getting their favorite crypto currency without market fees and provide our most dedicated fans an easy way to stock up on BTCZ and support our future.
- Approve selling VaultZ funds for fiat for future approved proposals
- Reject this Proposal
0 voters
