| Custodian | Cybnate |
|---|---|
| Submission Date | 20-Sept-2014 |
| Revision | 0.1 |
| Related Proposals | None |
| Requested Grant Amount | 2500 NBT |
| Custodial Fee | 100 NBT |
| . | . |
This document represents a proposal to act as a custodian in support of the Nu decentralized network. The terms outlined in this document represent actions that will be taken if Nu Shareholder consensus is achieved by casting votes for the unique pairing of the Custodian's NuBits grant address and requested amount, B6... | 2600.
This proposal will be confirmed by the Nu Shareholders if this voting pair is written within the majority of blocks:
- solved during a 10,000 block span;
- and that majority of blocks solved also represents a majority of the coin age destroyed during the same blockspan.
Once the 5001 valid vote is cast, and the coin age requirement has been met, the network will automatically generate and deposit 2600 nubits (NBT) into the custodial grant address. This can be a wallet address under control o the Custodian or a designated Nu4commit project if this infrastructure is available at the time.
The Custodian enters into a commercial contract with the designated developer in order to deliver an Android client for NuBits only (not for NuShares) in the next 2-4 weeks. The main purpose of this proposal is to have a mobile Android client available shortly after launch in order to create demand for NuBits.
The Android client is a so-called light weight wallet. This means that no blockchain download is required and that wallet is available almost instantly and no relatively high bandwidth consumption to synchronise. The private keys are safely held local on the Android device. The developer maintains the back-end. Arrangements will be made with developer regarding hosting on the long term.
The contract will have a clause that in case of delays beyond 3 weeks (TBC) in the development due to the developer's inability, performance rebates on the agreed contractual amount will be provided.
This proposal is a standard custodial grant for development of the NuNet ecosystem. The key objective is to increase demand of NBT by providing ways of practical applications to improve its daily usage.
This proposal will satisfy the following goals:
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Increase the demand of NuBits by providing wallet software for NuBits on a new platform (Android) This enables usage without PC. Use cases are remittances, access to a currency for people without access to a bank and to send and receive money to your friends, family or businesses you are dealing with.
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Marketing, showing that the NuBits ecosystem is actively being developed Many people will gauge a new currency on the availability of tools and applications beyond the standard wallet. This proposal shows the first steps are being made.
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Providing a template for future developments This is the first proposal for a development outside core development. Hopefully it inspires other aspiring custodians and sets a standard for future proposals.
This proposal intends to deliver a development in the short term. The benefit is that we will have a valuable working application without having to wait for someone taking up a bounty or volunteer. Instead the development is contracted against a fixed rate by a developer with a track record. This will ensure delivery shortly after the the release date.
Developer fee is estimated on similar work done recently and appears to be reasonable given the amount of time and skills required. The contract between developer and custodian will be a fixed price contract.
Custodian's fee is a contribution to the Custodian costs for contracting developer, arranging payments, providing progress reports and attending to discussions and responding to questions about Development on public forum.
The Development (NuBits Android wallet) will be delivered in 1-3 weeks after signing off the contract between Custodian and Developer. This should take place within 5 days after the Grant has obtained the required votes by the Shareholders and the Grant is transferred into the Custodian's designated address.
After contract sign-off and transfer of 50% of the agreed sum (1250 NBT) to the Developer, the Developer starts coding the agreed Development. The Custodian provides at least weekly updates or ensures the Developer will do so in a public thread on discuss.nubits.com. This may include screenshots of the Development.
Once the Development is finished and tested by the Developer a beta version will be released on Google App Market for testing by the community. From there on the community has the ability to test and provide feedback and bug reports to Developer. Developer will solve all bugs impacting the normal expected functionality before releasing a final version to Google App Market. Release of the final version of the Development triggers the final payment (50% of agreed sum minus performance rebates if applicable) to the Developer and transfer of the Fee to the Custodian.
Any remaining NuBits will be transferred to an address for core NuNet development. When this proposal is approved and the contract between Custodian and Developer is prematurely terminated for reasons beyond control of the Custodian all the NuBits including the Custodian's fee will be transferred to an address for core NuNet development instead.
The grant will be transferred to either an available peer4commit version for NuBits or transferred into an account in control by the custodian. The contractual payments to the developer will be published in a public thread on discuss.nubits.com. The current state of the grant can be verified at all times through the blockchain.
Progress on development will occur at least on a weekly bases, either by the developer or by the custodian in a public thread on discuss.nubits.com.
This proposal, when passed by the Nu Shareholders will be considered binding and the Custodian will proceed with the execution of the proposal as described. If at any point during the operation Nu Shareholders deem the elected custodian to be conducting actions that they feel differ from what is described here, a fully certified motion (majority of votes cast) will be required to make amendments.
The following key risks has been identified:
Risk 1
- Developer does not finish the job due to unavailability, unability or unwillingness. Mitigation: A contract between Custodian and Developer will exist describing the terms of disengagement. Contractual payments will be split in twice, 50% in advance and 50% on successful delivery. Contract breach will damage his reputation in cryptocoin community.
Risk 2
- Developer is not able to finish the product due to restricted access to certain parts of source code. Mitigation: Investigate in advance with developer whether wallet API can be used. If not feasible, identify the required information which may be provided by the core developers by other means than full access to the source code (e.g. snippets of code or examples). Investigate whether a less feature rich client is feasible within the constraints.
If the Custodian determines that the Grant doesn't meet the intended objectives, the Custodian will provide public notification of the issue on the Custodian's reporting site. Should that be required, the Custodian reserves the right to propose a motion to adjust the terms to maximize the Grant's usefulness to the Nu network.
Although the Custodian will do everything in their control to deliver to the objectives, the Custodian will not be held liable for claims of lost profits related to delays in the delivery, non-delivery or as a result of the operations of the Development
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Contact Email: cybnate (at) cryptoassure(dot)com
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BitMessage Address: BM-NB6Fs5U3Rvi6WEnCZ6F2WehUBjkxD7bz
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Nu Community ID: Cybnate
This is the first Nu custodial grant proposal submitted by Cybnate.
Cybnate has built a trustworthy reputation in the Peercoin community. Examples are running the fundraising for the Peercoin video and reporting the payment to the creator in creative and transparent ways to the community and donators. More recently Cybnate has set up and prepared a charter for the Peercoin Marketing Fund with River333 and successfully convinced donators to fund this. Several proposals have successfully requested grants via a voting mechanism and delivered real value to the Peercoin community. This is still on-going.
Cybnate has been working and gaining experience with cryptocoins since October 2013 and is a long-term Peercoin investor and NuShares holder.
The details presented in this document should be used to gauge the perceived ability to meet the terms presented in this proposal, and voting-eligible members of the Nu community is encouraged to raise any questions, concerns, or recommendations for improvement prior to reaching their own personal decision.
None