Developers Forum for XinFin XDC Network: ShangleSlanger

Proposal | Valid Community MasterNode Staking Solution

ShangleSlanger — Sun, 17 Sep 2023 23:11:06 +0000

Voting START date: Sunday, September 17, 2023, 7:05 PM EST
Voting END date: Friday, September 29, 2023, 10:05 PM EST

“Valid Protocol” a MasterNode Staking Solution for the #XDCNetwork

I. Introduction:

The XDC Network is seeking proposals from qualified teams and individuals to undertake projects that will contribute to the improvement and evolution of the XDC ecosystem. XDCS is excited to submit our proposal for consideration.

II. Applicant Details:

Company: X Digital Capital Solutions, LLC (XDCS)
Email Address: contact@xdcs.io (For all future correspondences)

About Us:

XDCS is a small team of blockchain enthusiasts with a passion to further develop and enhance the XDC Network and bring value to the community. Our Founders have various professional backgrounds, including finance, sales, project management, public service, and entrepreneurship with a full-time passion for connecting the physical world to the digital world. Over the years, we have developed outstanding relationships with other Development teams who have played an integral role in the development of our protocol. We are committed to continuously dedicating our full attention to this project despite our concurrent work obligations in the public sector.

III. Grant Application Details:

Grant Category:

Core Layer 1 protocol development & maintenance; Infrastructure support.

Project Description:

Our project, “Valid Protocol”, aims to decentralize XDC Network validators by providing a liquid staking protocol available to all Network participants. You can find more information about our team and project on our website www.xdcs.io and our GitHub repository, which will be posted publicly in the near future.

Project Goals and Aspirations:

If funded, our project will evolve the XDC Network by allowing the extraction of a fungible Liquid Staking Derivative (LSD) for all Network participants: Liquid Staking applications optimize capital allocation by enabling users to stake their tokens while simultaneously using them for other purposes. This flexibility encourages more users to participate in staking because they can earn rewards on their assets while using their LSDs as collateral in decentralized finance (DeFi) applications, lending platforms, or as collateral for loans. This approach unlocks new opportunities for users to leverage their staked assets for further financial gains, enhancing the value proposition of the blockchain Network, and increasing Network activity.
Democratizing Network validators will also add value by increasing TVL and transactional volume on the Network. Users will need to sign a transaction to claim their Network rewards each month along with follow up transactions to accomplish the users desired outcome.
Compared to other projects on the XDC Network, "Valid Protocol" prides itself as the sole Liquid Staking application on the network. You do not need to hold any additional cryptocurrencies, nor NFTs, to participate in staking and earn rewards through the "Valid Protocol."

Milestones:

Current project status: Our project is completing its final audit.
Milestones and benchmarks:

End of Q4 2023): Launch V1 and give access to Network participants who want to receive Network rewards by means of staking inside of validators. V1 will have a Non-transferable Liquid Staking Derivative.

Q2 2024): Launch V2 will allow the Liquid Staking Derivative to be transferable.

Q4 2024): Launch V3 will enable individual owners of Network validators not participating with this protocol to extract Liquid Staking Derivatives.

Budget:

Requested XDC amount: 1 million XDC
Justification: The requested funding will be allocated as follows:

o Development: $30,000

o Marketing and community outreach: $5,000

o Other expenses:

Audit with potential third-party insurance: $20,000

Legal: $10,000

The past two years, the XDCS team has worked diligently designing, bidding, studying, and building a staking solution for the XDC community. To-date, this project has been entirely funded by the Founders. The XDCS team would like to thank every team, community member, and the XDC Foundation members for their guidance and support in helping us bring this solution to the XDC community.
Liquidation Requirements: We expect to liquidate 550,000 XDC tokens to support marketing, community outreach, and legal expenses. The remaining grant funds will stay in XDC, as XDCS remains committed to collaborating closely with other XDC Network enthusiasts. Payments to these entities and individuals will continue to be made in XDC. Sustainability:
Our project will become self-sufficient through the XDCS team accruing and setting aside a portion of the difference between the validator monthly rewards payouts and the monthly staking reward distributions to the XDC “Valid Protocol” community members.
Additional operating costs, if any, will continue to be covered by the XDCS team’s personal funds and the remaining portion of accrued rewards from the validator monthly payouts.

Legal:

XDCS is incorporated and registered in the United States (Texas and California) Delaware.
XDCS is in the process of moving the corporation to Delaware, to ensure ideal protections of its community members.
The recipient of the funds, if our proposal is accepted, will be X Digital Capital Solutions, LLC.

IV. Proposal Submission:

XDCS understands the positive funding decisions are made quarterly on March 31, June 30, September 30, and December 31, and are prepared to participate in a demo call with the decision-makers as needed.

V. Evaluation Criteria:

We believe our proposal aligns with the evaluation criteria as it demonstrates the potential beneficial impacts on the XDC Network, a well-justified budget, and clear sustainability plans.

VI. Additional Notes:

If you have any queries related to this request or need further clarification on any point, please feel free to reach out to us at contact@xdcs.io.

We are enthusiastic about the opportunity to enhance the XDC ecosystem and look forward to the potential collaboration.

Sincerely,
The XDCS Team

Voting START date: Sunday, September 17, 2023, 7:05 PM EST
Voting END date: Friday, September 29, 2023, 10:05 PM EST

In favor of proposal, submit "Vote = YES"
Not in favor of proposal, submit "Vote = NO"

Please feel free to post any questions you might have about the proposal and we will monitor and respond as much as we are able.

Proposal | XDCS Community MasterNode Staking Solution

ShangleSlanger — Wed, 30 Nov 2022 04:55:46 +0000

Voting START date: Wednesday, November 30, 2022, 8:05 AM EST
Voting END date: Wednesday, December 14, 2022, 8:05 AM EST

Bring Community MasterNode Staking to the XDC Network

XDCS Mission…

XDCS journey started with passionate community members pooling their XDC tokens together to form a “family” MasterNode. We knew reaching 10 million alone was not possible without help. After teaming up with friends and family we decided it best to bring this idea to the entire XDC Community.

Since then, XDCS has teamed up with multiple dev teams to design what we believe to be the safest, most robust Community XDC MasterNode staking solution on the XDC Network.

What this proposal and vote is for...

Self-funded to-date, XDCS has created the SmartContracts and design architecture needed for the creation of Community XDC MasterNodes. Approval of this proposal will provide XDCS the final funding assistance needed to “go-live” with the most innovative staking platform on the XDC Network.

Who We’ve Hired (to-date)...

YodaPlus to continue creating the SmartContracts and architectural designs.
LeewayHertz to assist in architectural design and User Experience Design (UX)/ User Interface Design (UI) architectural design.
McDermott Will & Emery (MWE) hired to provide legal guidance and to help navigate the ever-changing legal environment surrounding cryptocurrencies, money transferring, etc., and review architectural project changes accordingly to maintain compliance with US laws and regulations.
Joshua Cooper CPA, an Accountancy Corporation, was hand-selected in 2019 because of his accounting, bookkeeping, and tax experience and focus on cryptocurrencies and related regulations.
Mark J. Kohler, M.Pr.A., C.P.A., J.D., and associates, provide personal and small business tax and legal expertise to help clients build and protect wealth through wealth management strategies, and business and tax remedies through face-to-face, podcast, and virtual seminars. Mark is also a partner at the law firm, Kyler, Kohler, Ostermiller & Sorensen; and the CPA firm of Kohler & Eyre, and most recently is holding an annual crypto tax summit, which offers the first-ever national “Crypto Taxation Certification.

Parties included in collaboration and development to-date...

XDC Foundation
Fisher Yu
YodaPlus
LeewayHertz
McDermott Will & Emery (MWE)
Fluent
Dimo Finance
XDSea/ XDCNFT
NodeForge
IndSoft
Joshua Cooper CPA, an Accountancy Corporation
Mark J. Kohler, M.Pr.A., C.P.A., J.D.
KKOS Lawyers (Kyler, Kohler, Ostermiller & Sorensen, LLP)

Additionally, XDCS continues ongoing discussions with key community members and while we are not able to confirm exactly with whom we have worked, our efforts are promising for future development.

What We’ve Built...

XDCS has created a unique set of protocols that’s been dubbed our “Group of Stake (GoS)” SmartContracts. The system allows users to trustlessly crowd-fund Standby XDC MasterNodes to earn passive rewards proportional to their staked deposit. Individuals will be able to contribute and remove liquidity under set parameters such as a minimum lock-up period. The GoS Protocol has been tested and has been operating smoothly on the testnet for a large portion of 2022.

All users will complete the KYC process as the system developed is compliant with all US regulations.
Our protocol has been tested for up to 50,000 participants per node. We found allowing up to 25,000 users per node is optimal, allowing “small cap” investors to participate.

IMPORTANT!!!
At no time does XDCS have the ability to remove the user’s tokens.

Project Needs...

We are seeking financial assistance to continue developing the SmartContracts, a more robust UI, legal fees, etc. so we can continue to help further grow the XDC Network and Community. If able to obtain a grant to help fund our additional needs, XDCS will make sure all our code is open source and available to everyone.

Finalizing SmartContract development: $28,000
CPA/ Accounting: $2,500
Additional Legal Expenses: $5,000
More User-friendly UI/ UX design: $6,000
KYC processing: $1,000/ month
Node Host Provider: $7,500/year/MasterNode
MasterNode server hosting
MasterNode monitoring
Third party SmartContracts audit: TBD
MasterNode Liquidity “Reserve Pool”: Potential NFT sales (upon legal approval)

Total: $61,000 USD + SmartContract Audit Cost Price: TBD

XDC Foundation working relationship: Priceless
Working relationship with XinFin for MasterNode management & reward distribution: Priceless
XDC.dev approval: Priceless

Cast your vote in the discussion section below:

Voting START date: Wednesday, November 30, 2022, 8:05 AM EST
Voting END date: Wednesday, December 14, 2022, 8:05 AM EST

In favor of proposal, submit "Vote = YES"
Not in favor of proposal, submit "Vote = NO"