Application Type: Staking And creating node
Application amount: Dynamic (Initially set to 20k + 500k)
Payment times: Dynamic
Wallet address: NsdyeMiuA79sjoBDBj7H9LoFpgGpDWao
Vote support rate: 70%
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 Angel and I’m a software engineer with more than 7 years of experience who love to work with new technologies. I have been working as fullstack developer in different projects using different architectures, languages and frameworks. My main focus last years has been blockchain so i have a good knowledge of different platforms and a vast experience building dapps and toolings on them.
Perhaps you already know some of the work i have done for nuls platform:
- @NulsIoBot telegram that allows to watch a node credit receiving notifications about yellow and red cards, credit up and down, new and lost stakers, and more features that will come soon.
- NULS-JS is an isomorphic library (for browser and nodejs) which allow developers to automatize transactions packing and broadcast, smart contract interactions (needed for building dapps), account management, and some other things. (please support @moshe and @MechJosh0 too for their contributions to nuls-js too)
- Working with core team in smart contract related tasks, and some contracts already developed, like lottery contract which will have a dapp soon, and partnership contract as an example of node rewards auto managemented by a contract
- Shared rewards calculator webapp to help node owner who has shared nodes to calculate the reward of their stakers fast and easy.
Here is my progress report thread where you can find details of the work i have done for NULS since i started working as a CCC member.
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, I am receiving a little around 1,653 NULS per month, considering 40% tax rate in Spain 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 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 (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 half-time work.