Application Type: Staking And creating node
Application amount: Dynamic (Initially set to 20k + 500k)
Payment times: Dynamic
Wallet address: Nse93nWppH1FZXwMbMv4bMifvhycyFZb
Vote support rate: 70%
CCC Member Higher Node Reward Proposal
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 Naveen Balamuri ( known as naveen7252 in GitHub and community). I am Java developer with more than 10 years of experience and have been working with different clients in banking,finance and telecom sectors.
I have been associated with NULS for more than 6 months and have been part of CCC for 2 months.
I am majorly working on NULS 2.0 Event Bus module which is a functional module,used for publish subscription of events between modules.
My Contributions as of now:
- Improvement on event bus module design
- Implementation of event bus module including development,unit test, integration testing
- Support in performing integration testing for NULS 2.0
- have been participating in design discussions with core & CCC
My last 2 months progress reports can be found in the community portal.
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 part time contributor, I was receiving a little around 1,653 NULS per month, considering 18% tax rate in my country plus bank fees then the net amount becomes around 1220 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 around $0.4, this results in my monthly salary being $661 before tax, and $488 after tax.
This is unsustainable liveable income and a real concern for both maintaining and attracting developers within CCC for working on NULS.
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 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 half-time work. I ask that you vote “Yes” on my proposal.
Thank you in advance for your support. Together we make NULS better.