Team Funding Request

Cryptoguard

June 15, 2021

Completed 0 of 6 milestones

Voting Status

Vote #9

Voting period: block 971400 – 976439

3191× Yes

46× No

1803× Abstained


Vote on whether you want to approve (1) or reject (2) this proposal:

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./particl-cli setvote 9 1 971400 976439
OR
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./particl-cli setvote 9 2 971400 976439

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Summary

This proposal is a funding request by the Particl team. It requests 35,250 PART per month from the treasury fund for a period of 6 months only after which the team will submit a new funding request for a community vote.

The request follows a model in which PART is calculated at $1. Calculating the funding requirements of the team at a lower-than-market rate ensures more stability and protects the team against the volatility in trading markets.

Note

This proposal is purposely kept simple and quick to read. For more details on this proposal and on how the team intends on strategically moving forward, check out the Particl Team Funding Request #1 blog post available on Particl News.

Rationale

The Particl team is currently operating without funding and voluntarily. This makes it incredibly complicated for the team to expand, form new relationships, and deploy marketing initiatives. It also makes it harder to get the exposure required to build a healthy community of users. This funding request serves as a solution to that problem.

The Particl team is requesting 35,250 PART coins per month from the treasury to fund development, marketing, user acquisition, business development, legal, corporate, and operational costs. The request covers all expected expenses for the next 6 months.

Funding Distribution

The funds claimed from the treasury by the Particl team will be used for various purposes, not just for development. The team intends to use these resources to strategically position the project in a better position, improve brand awareness, and attract new users to the ecosystem.

The funds will be approximately distributed as follows.

  • Development (60%), to fund the development of the Particl ecosystem and expand the current development team. Resources will also be allocated to work on various items other than Particl Core, Desktop, and Marketplace. This includes, but isn't limited to, Particl Copay, the SMSG network (SMSG 2.0), BasicSwap (atomic swap DEX), web and mobile platforms, and so on).

  • Marketing and community (20%), to increase Particl’s brand awareness and exposure within the cryptocurrency, blockchain, e-commerce, and other related industries. Also includes onboarding new community members, expanding on welcoming efforts on current platforms, as well as expanding social media communities.

  • Management, legal, and administration (8%), to fund any administrative or corporate costs (i.e., human resources, accounting, project management, legal costs, corporate fees, etc.).

  • Business development (12%), to pursue strategic opportunities, develop partnerships/relationships, and identify/capitalize on new markets for Particl's line of products. This also includes the advisory and exchange listing budgets.

For a more detailed breakdown of how the funds will be used, please refer to the in-depth blog post on this proposal available on Particl News (click here).

New Legal Entity

To support and represent the team, as well as to manage funds and deal with any legal matter, a new legal entity will be formed in the crypto-friendly jurisdiction of the Cayman Islands.

This new legal entity will support the Particl ecosystem in various ways, such as act as the main point of contact for third parties (i.e., exchanges), hold custody and manage funds claimed by the team from the treasury, make payments (i.e., salaries, expenses), own and manage assets (i.e., Copay servers), publish releases (i.e., app stores), and much more.

The Particl team has, at the time of this writing, already entered into a signed agreement with a new legal advisor and has begun preparing the groundwork to set up the new entity. This ensures the new legal entity will be ready very soon after the voting period for this proposal ends; allowing the project to swiftly move forward.

Month 1

To be paid: 16.66% (35520 PART)

Completion date:

Month 2

To be paid: 16.66% (35520 PART)

Completion date:

Month 3

To be paid: 16.66% (35520 PART)

Completion date:

Month 4

To be paid: 16.66% (35520 PART)

Completion date:

Month 5

To be paid: 16.66% (35520 PART)

Completion date:

Month 6

To be paid: 16.66% (35520 PART)

Completion date: