DEVTOME.COM HOSTING COSTS HAVE BEGUN TO EXCEED 115$ MONTHLY. THE ADMINISTRATION IS NO LONGER ABLE TO HANDLE THE COST WITHOUT ASSISTANCE DUE TO THE RISING COST. THIS HAS BEEN OCCURRING FOR ALMOST A YEAR, BUT WE HAVE BEEN HANDLING IT FROM OUR OWN POCKETS. HOWEVER, WITH LITERALLY NO DONATIONS FOR THE PAST 2+ YEARS IT HAS DEPLETED THE BUDGET IN SHORT ORDER WITH THE INCREASE IN ACTIVITY ON THE SITE IN THE PAST 6 MONTHS. OUR CPU USAGE HAS BECOME TOO HIGH TO REMAIN ON A REASONABLE COSTING PLAN THAT WE COULD MAINTAIN. IF YOU WOULD LIKE TO SUPPORT THE DEVTOME PROJECT AND KEEP THE SITE UP/ALIVE PLEASE DONATE (EVEN IF ITS A SATOSHI) TO OUR DEVCOIN 1M4PCuMXvpWX6LHPkBEf3LJ2z1boZv4EQa OR OUR BTC WALLET 16eqEcqfw4zHUh2znvMcmRzGVwCn7CJLxR TO ALLOW US TO AFFORD THE HOSTING.

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Investing in a Devcoin Bounty Engine

Introduction

Devcoin’s model of paying out shares of coins for creative, technical and administrative work has a few barriers in its way if it wishes to extend beyond the few people that make up the current community. One of it's major hindrances is it current process for suggesting and implementing bounties. As of today, the process for suggesting what will be paid out consists of a member of the bitcointalk community writing on the forum with an idea for a proposed bounty. Other members may then discuss the idea and an Admin will finally validate the idea and turn it into a bounty by posting it on the Devtome bounty page. This process is cumbersome, needlessly complicated and does not allow for a democratically popular vote. Seeing as how many early adopters of cryptocurrencies have been attracted to their egalitarian nature, having choices regarding Devcoin distribution made by a select few may result in a slower acceptance rate compared with other cryptocurrencies. If we wish to move Devcoin forward, we need to have people trust that bounties are not being created out self interest but instead to expand public domain and open source material.

In this article I propose creating a website that functions as platform for people to propose bounties and vote those which they want to see move forward. Additionally, I provide using the Devcoin bounty engine as an investment opportunity.

Bounty Engine

From here forward, I shall refer to the this website as a bounty engine seeing as how it functions an engine of creation. This is also intended to differentiate it from a bounty exchange, which shares similar ideas but is functionally different.

Model

This idea for a bounty engine is modeled after bountysource.com, a website that helps complete open-source projects by allowing people to propose bounties. The bounty source.com model is simply limited to the idea of creating publicly-fundable bounties. In this article I will expand this model to make a system for funding that is original and dynamic.

Additionally, sites such as kickstarter.com and indiegogo.com function similarly, but not with the open-source restrictions proposed for this website.

Summary of Website Function

The Devcoin bounty engine will allow for bounties to be proposed by active users of the website. These proposed bounties will then be voted on by the members of the community. If they pass they are allowed to be funded by members of the community directly as well as shares of Devcoin blockchain, much like Devtome is currently funded. If a person in the community is able to complete the project proposed in the bounty the community will then decide whether the project meets the specification original proposed. If so, the bounty is awarded. Following completion of the bounty, all funders begin to receive royalty payments based on the percent of their original investment in the project as the project begins to make money.

Proposing a Bounty

Any active member can propose a bounty (see below in bounty funding for the definition of active member.) A bounty proposal must be no longer than 150 words and written with clear objectives. It should state why the project is a good investment and could make money for investors if it is intended as an investment opportunity. Once a bounty proposal is created the week long vetting process begins. Under the bounty proposal description is a “pro column” and a “con column”. Members of the community can place comments in either the pro or the con column with their opinions. These comments get voted up or down, so that the most popular comment for and against the creation of this bounty are at the top of the respective columns. At the end of the week the most valuable comments for and against the proposed bounty should be visible at the top of the columns. The hope is that any arguments for or against the creation of the bounty will be visible to all people before voting.

Project Types

Projects can fall into two categories: non-profit based investments and profit based investments.

Non-profit based investments are those where the intended goal is to fund something that will be free and open source that will never make a profit in anyway. No profit sharing is possible or required for such a product.

Profit based investments are intended as a collective way to generate profit for creators and to create return for investors. If you invest Devcoin in these type of projects you will receive Devcoin royalties for the life of the project equal to the relative percent of Devcoins you invested into the bounty. 75% of the revenue generated through royalties is divided among the original investors, while 25% goes to the person/people who completed the bounty as to incentivize the creation of quality products and continued support for products.

Find out more about receiving royalties below.

Voting

Any active member can vote. Voting is open for a week. Each active user can only vote once for a bounty regardless of how much money they are currently investing in projects. For a bounty to pass, it needs a total of half the points equal to the number of active users at the time the voting starts. For example, if there are 100 active users at the time voting begins, you will need 50 points by the end of the week. A “yes vote” is equal to +5 points and a “no vote” is equal to -4 points. Therefore, at least 10% of active users need to participate to get a vote passed. If, for example, there were 100 active users and everyone were to vote, 50 yes and 50 no, the vote would just barely pass will 50 points. (Since yes would equal 50*5=250 and no would equal 50*-4=-200 Once voting is complete and a proposal has passed it becomes a bounty.

Bounty Funding

Bounties are funded in two ways, community funding and share funding.

Community Funding

Signing up to be an active member requires paying at least 1000 Devcoins for 30 days in advance of it begin spent. In other words, to become an active member you must pay at least 1000 Devcoins every 30 days (or 12000 a year) with that money being spent on bounties throughout the next 30 day period. You can always pay more if you want to fund more projects, but 1000 Devcoins a month is the minimum and the amount can only go up by increments of 1000 DVC.

Every second 0.00037500 Devcoin is subtracted from your 1000 Devcoins and go into you bounty(s) of your choice. I’ll call this drip system funding. You can choose up to 6 projects you wish to fund simultaneously.

If you choose 1 it is for each bounty: 0.00037500 If you choose 2 it is for each bounty: 0.00018750 If you choose 3 it is for each bounty: 0.00012500 If you choose 4 it is for each bounty: 0.00009375 If you choose 5 it is for each bounty: 0.00007500 If you choose 6 it is for each bounty: 0.00006250

Over a 30 day period this is 972 Devcoins, with 28 Devcoins remaining for transaction fees.

(When you put your initial 1000 Devcoins in an active user account you must choose at least one bounty to which you wish to contribute. This is because DVC is continuously being subtracted from your account.)

The idea behind drip system funding is that the price of the bounty is incrementally increasing and allows for a more dynamic feel that encourages people to fund bounties as well as complete them.

If dripping is stopped for more than a week, meaning no one giving the bounty any money, the bounty is closed and the coins are spread to all open bounties. (I don’t for see this happening very often since it doesn’t take much to keep a bounty active. It would help bounties from remaining open for years without any activity.)

The reason to have failed bounty DVC spread across all existing bounties instead of returning them to the users who gave the DVC is to have people continuously contributing to the pot for bounties.

Share Funding

Beyond community funding, coins can also come from shares paid out by the Devcoin blockchain. A certain amount of funding can be extended to the Devcoin bounty engine much like it is to Devtome and split among open bounties. How this might be funded would take some more careful consideration. One possibility is dividing shares proportionally to the amount raised by community funding.

Claiming a bounty

If you feel like you have fulfilled the requirements of the bounties you can submit your bounty claim. Once a bounty claim is submitted, admins verify that the bounty had been completed. (This could eventually also be done by voting or some other democratic method) The bounty is left open for a week after it has been completed to let other people submit bounty claims for second and third place. If for any reason the first bounty claim did not satisfy the bounty specifications, the bounty will be award to the runner up. The payout scheme for bounty claims submitted before the one week deadline are as follows:

1st and only legitimate claim: 100% of bounty

1st legitimate claim with runner up: 75% bounty, runner up: 25%

1st legitimate claim with runner up and third place: 70% bounty, runner up: 20%, third place 10%

Receiving Your Investment Royalities

All goods and services created through the Devcoin Bounty engine are available through the website. Purchases of goods and services can only be made in Devcoin to stimulate the Devcoin economy. Purchases of produces are publicly recorded and royalties are paid monthly. As stated earlier 25% of the revenue goes to the creator of a project while the other 75% goes to investors. If for example 100 people originally invested 1000 Devcoins each in a project (totaling 100,000 DVC), each person would have a claim for 1% of 75% profit generated by the project. If the stated project were to generate 100,000 Devcoins a month in sales, all investors would recuperate their investments within a month.

If there were multiple project that completed the bounty, each individual project is awarded 25% of their profit and 75% of profit from each project goes to investors.

Royalties would continue to be paid for the life of the project, which in theory allows for an infinite amount of time.

This system allows for an unique way for people to fund projects they believe in, while at the same time receiving return of their investments.

Projects that can be funded with this model

The Devcoin bounty engine would not just be limited to open source code, but allow for all sorts of creative projects to be funded. A future where a lot of small scale projects are funded through this format can be imagined.

Why Devcoin?

It’s value is low enough that it can work mathematically.

It already has an existing bounty system in place that can be utilized to make this bounty engine work.

The open development model could work to fund the development of the site.

Conclusion

The preceding plan is just one way that this can all come together. This plan may seem a bit ambitious, but I am confident that something along these line could be completed in the near future. My concern is that if Devcoin does not adapt to meet the demand for a more decentralized bounty system we may begin to a shift toward a coin that shaves this problem. Though many have put together ideas for ways bounties can be created, I hope that by being more specific we can move this discussion to the next stage. It is my hope that we can have a project such as this completed by the end of this year.

Together we can make this open source project a bit more open.


Investing | Devcoin


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