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
After being introduced to NULS in late 2017 Josh began following the community activities and slowly became more and more involved as time grew. Initially he spent his time within Telegram and Reddit (under a pseudonym) helping other members understand both the white and yellow papers, and the technical workings behind them.
Since being one of the initial members to start CCC by invite from core NULS along with Berzeck and Moshe, Josh has been heavily invested in ensuring CCC is in a place it can grow steadily and equally. Josh has since been working for CCC, core NULS and the NULS community as a part time developer.
Josh is currently working on the new nuls.io website which is being designed by Claudio (CCC member). The new website will be a huge design improvement, along with a lot more content, information, targeting audience, and room for growth.
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 a part time developer for CCC Josh is receiving a little around 1,653 NULS per month, considering 40% tax rate in United Kingdom plus 8-9% bank fees then the net amount comes to 843 NULS per month, and this is not considering that the amount of NULS staked tend to increase of 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 $595 before tax, and $306 after tax.
This is unsustainable livable 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 Josh’s part time work.
Thank you in advance for your support. Together we make NULS better.