Since 2014 NavCoin has been growing a thriving community ecosystem all around the globe. And now with the introduction of the NavCoin Community Fund, there’s a unique way for them to create projects and get paid by the NavCoin network.
The NavCoin Community Fund improves upon the traditional way funds work in three important ways:
1. It’s fully decentralized – it’s not controlled or managed by any individual or single group. Once it gets going, nothing can stop it.
2. Projects are approved for funding and payment using a unique two-stage voting process. This ensures that people only get paid if they deliver what they promised to do – to protect from scammers.
3. The subject of the proposal is entirely up to the individual who submits it. There are no rules for what can be proposed. All it needs is a 75% yes vote from the network.
So why is this important?
This is the world’s most advanced crypto community fund – and helps keep NavCoin a decentralized project, by making it easy for anyone to get involved (and get paid for doing so).
With 250,000 NAV accumulating in the fund each year – now’s the perfect chance to get involved in an inclusive community of developers, entrepreneurs and technologists.
The dual-voting voting system works like this:
First, proposals are voted on to be accepted for funding. Then when the project is finished a second vote releases the agreed amount of NAV to the people who created it. Anyone can submit projects to the Fund, but only people who are actively staking NavCoin are eligible to vote.
NavCoin is a decentralized project which relies on individuals all over the world to secure, maintain and grow its network. The NavCoin Community Fund aims to help strengthen the network by encouraging and incentivising more people to get involved. The dual-vote mechanism is a fully decentralized process. For a project to be accepted at least 50% of NavCoin stakers must participate in the vote, and 75% of them must vote YES. Once a proposal is accepted, work must begin. For the funds to be released, a ‘payment request’ must be submitted, which will start a second voting round. Why a second round? This is to protect the funds, and ensure that what was proposed is on track/has been completed.
Every year 250,000 NAV will accumulate in the Fund. After a very long period of testing, including a 20K NAV bug bounty, the NavCoin core developers have gone the extra mile to protect the communities funds. No one (not even the NavCoin Core developers) own or can directly access or manage the NAV in the Community Fund, or how it is distributed. The only way funds can ever be spent is by the unique dual vote mechanism.
A valid project could be anything – changes to the core code base, new applications that run on top of the NavCoin protocol, third-party services, promotional work, or even non-NavCoin related activities. The process begins with a detailed proposal that includes a request for the funds necessary to complete the project. Over the next few block periods, community members have the chance to discuss the project and any others that have been submitted, and assess its viability and value. At this time the founders should try to build support for their proposal within the community.
For more information on the Navcoin Community Fund head over to the Community Fund page on the NavCoin website: https://navcoin.org/community-fund/
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