Validator Support Fund

Suggestions Function X Suggestions
1

Hi Community,

I want to introduce the “Validator Support Fund” to all of you.

The idea behind the VSF is to close the gap between the EGF and CSP.
First, I’m not happy with the outcome we saw again with Zoo Gaming. I can understand Function X.

My thought we are still in a deep deep bear market and GameFi and NFTS more or less are super dead.
NFTS and GamFi hit again a new low in volume. (Chart 1) If @indra or any other from the Function X Team gives feedback on a proposal and tells them points to improve doesn’t mean that they will vote yes or that the council already decided what they will vote. I think this is a point many have to understand. @indra you can correct me of course if that isn’t the case :slight_smile:

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Back to Topic…

The “VSF” hasn’t been created yet and I already talked to @FrenchXCore to join.

Every Validator is free to join the VSF and contribute 5-10% of their earnings.

  1. Projects can apply in the early stage or as pre-stage before proposing on the EGF for a bigger amount.
  2. VSF can support projects to fill the initial deposit to start a proposal.
  3. VSF can support projects that failed to start a proposal but the VSF Council thinks they should have a shot like ZooGaming.
  4. Helping existing projects for further developments.
  5. Marketing FunctionX

The VSF Council consists of 3 validators voted by the validators for 1 year and 2 constant head managers of VSF.

Initially, I thought about following the setup.

Constant Council (Example)

  1. @Fox_Coin (Head)
  2. @FrenchXCore (Head)

Initial Council (Example)

  1. @ByteXSylvia (Wizard)
  2. @Superbit123 (Superbit)
  3. @Richard (Blindgotchi)

The funds will be stored on a multi-sync wallet with monthly reporting about the allocated assets.

Voting:

Head and Council Members:

…receive each 25 votes + their personal contributes % in votes of their validator.

Validators…

…that joined the VSF receive based on their average % contributions 1 vote each 1%.

Example:

Validator A contributes 5% of his/her earnings each month to the VSF. He/She receives 5 votes in case of a VSF voting.

Validator B contributes 10% of his/her earnings each month to the VSF. He/She receives 10 votes in case of a VSF voting.

Happy to get some feedback…

3 Likes
2

I have not heard about this before, may I know why my name is stated in the previous post? I just want to avoid any misunderstanding.

3

@ByteXSylvia it’s an idea from me nothing more… and the “initial council” and “head” an example of how it could look like…

…also I don’t want or need to be in a constant seat or on the council same is for @FrenchXCore…it could be anyone who want to do the task

4

i support this idea

5

It’s just an ongoing discussion, but we also need to discuss how the fund would operate (lending short-term, long-term, funding of deposits, etc.)
I find the idea very interesting, but the devil’s in the details.
Also, we should diversify sources of revenues and maybe even discuss an implementation of a second community-spend pool, managed by public validators, with funds delivered from a part of the transactions tax (40% of each transaction fee currently goes to CSP).
Those are just ideas, which would also require to be discussed with the foundation. But there needs to be a start for that…
Of course, anyone would be free to join, but everything needs to be put on the table beforehand.

Thanks to @Fox_Coin for the idea and initiating the discussion.

Regards,
@FrenchXCore

1 Like