Due to the recent entire crypto market crash, members of CCC were receiving less than a third of the fiat income they were on two months ago. This is a real concern for myself and other CCC members which we all rely on the NULS rewards as an income.
CCC Developer Introduction
My name is Moshe Malawach and I’m a developer with more than 20 years of experience. I work as a freelancer now for about 15 years.
You perhaps know me for a few of the projects I've done:
- I created the block explorer you know as nuls.world (nulsexplorer opensource project),
- The corresponding web light wallet (nuls.world/wallet)
- And now the Nytro light wallet (with the help of @claudio_nulsnode_com who is also requesting the same in a vote, please support him!)
A few projects that are less known, but still important:
- CCC setup, as a founding member, with others, we did lay up the foundations of the CCC.
- Example dApp, to start developing dApp right away on NULS (and helped teams bootstrap projects with it)
- Discussions and work on NULS 2.0 design
- A lot more too long to discuss everything here, you can see my monthly reports!
Sine June last year, I've dedicated most of my time to NULS, resulting in a quite difficult financial situation for me, as I've stopped working for a lot of clients, relying on NULS.
Standard Payout System
The reward payout for CCC members are nodes sponsored by NULS with 50% commission for part time developers, and full time members receiving 100% commission. This is around 1,653 NULS with 50% commission and 3,306 NULS with 100% commission.
As I am a full time developer I was receiving a little around 3,306 NULS per month, considering 45-50% tax rate in my country then the net amount becomes 1653 NULS, and this not considering that the amount of NULS staked tend to increase over time which will further decrease the monthly NULS rewards.
At today's market value NULS is priced at $0.36, this results in my developers monthly salary being $1,190 before tax, and $595 after tax.
This is unsustainable liveable income and a real concern for both maintaining and attracting developers within CCC for working on NULS.
Emergency Temporal Solution
Thankfully Core Team acknowledged this situation and filled my node temporarily to 520000.
Proposed Solution: Higher Node Reward Output
Our proposed solution, a higher node reward output while prices are low, will allow for NULS price to fluctuate in value while still being able to pay CCC members a somewhat fair reward for their work. This will ensure CCC developers are able to work both part time and more importantly full time without having to worry about their finances.
At the end of each period (which can vary from one to three months) the average price of NULS will be evaluated and this figure will be used to ensure CCC members are receiving a fair fiat value output. As the fiat value of NULS changes, as will the staking amount inside CCC members nodes, this manages the reward output for CCC nodes.
The formula to be used would be: N = -300000 P + 680000
Where P is the average price of NULS in the period and N the total amount of NULS staked
The idea is that the total number of NULS staked in my node should always equal or higher than N at any point of time. Note that 220000 NULS should be the minimum amount to be staked.
Example values in the table below:
The NULS used to create, deposit and stake CCC nodes comes from the community fund. These NULS are never in the hands of CCC, NULS Foundation them and CCC members only receive the output reward from their nodes.
When the staking amount is changed or a CCC member leaves, the funds are returned back to the community pot. With this, the community funds are never actually spent during this process. In fact, the community fund will grow. CCC members commission rates are set at 50% and 100% for part time and full time members respectively. What this means is 50% of the node rewards from part time members will go back into the community funds. For example, if a developer is earning $2,000/month from their node, then another $2,000/month is earned for the community fund.
This proposal is to request your vote (after a 7 days discussion on it) to support the staked amount increase in my node. Again, the amount staked belongs to the community, but allows my node to earn more rewards to help compensate me for my full-time work. As a temporary solution, core team has already increased the staked amount of my node, but still this proposal needs to formally go through voting process and to keep this staked amount, I ask that you vote “Yes” on my proposal once it goes to vote, otherwise I will receive a pay cut!
Thank you in advance for your support people!!!