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"
Discussion (40)
Vote = YES
I do have questions about the proposal.
This is a great idea. I think having community staking nodes is really awesome as this has been asked for years but it's been hard to implement. We have many XDC community holders that are looking at holding and earning rewards while doing so it's very enticing. I wish the best to you all and the future of this project!
Guidelines from legal might take first week of Jan to come through..but proposal like this is most likely to go through because
It's related to increasingly utility of XDC as core layer 1
Budget is is 50-75K USD worth or upto 3M XDC range
The projet team has been working on this already
I will not be able to cast my vote yet because a vote on this forum isn't an onchain vote.
However, proposals like these definitely qualify through legal guidelines
Just to clarify that having proposals through xdc.dev is first real step to community closely involved in governance and further growth of xdc network. But it will take some time for this process to mature.
Thank you for your response. The more knowledge for all, the better; and we greatly appreciate your feedback.
Vote = Yes
And thank your for finding a way to both stake and have it add value to the core operations of XDC Network blockchain ... staking per se would have been a possibly disastrous idea as it is seen by regulators as a way to manipulate derivative price (whether stocks or tokens) while not really adding anything to operations.
This proposal actually funds and runs a real LIVE masternode that is a crucial backup to the 108 validating masternodes since unforeseen events could cause many of the validators to resign their masternodes (such as xdc coin sudden price increase to several dollars and many wanting to cash out) in the near future.
Thank you to the entire XDC Community!! #WeAreXDC
Thank you for your feedback! We agree and couldn't be more excited.
Absolutely Yes.
Democratizing staking is the critical step to decentralizing the layer 1 and allowing everyone to participate in the wealth/ yield generation. Lastly it keeps sell pressure down and support the base value of XDC. Lastly Lastly, the team here is amazing.
I’ve met this team. I believe in this team.
I believe in this project and how it will benefit the XDC Network and Community.
Vote = Yes
I do like this approach! As long as keys aren't relinquished, then this should be a reliable solution. We'd need a full smart-contract audit and validate that not one or two parties can alter/modify execution. We're also working with another project to bring staking within a super sleek wallet (coming soon)!
Yes to this proposal!
I vote YES for this proposal.
Having more masternodes facilitate greater stability and reliability on the network and it is great that XDCS has come up with this crowdfunding solution that benefits the community as well.
I have been in contact with some of their team members and I know how they have focused on being able to provide the community with the best staking option for XDC and at the same time making sure that they are in compliance with regulations.
GREATLY appreciate your feedback @belle! Thank you
Its hard to vote anything other than yes because we dont really know whats in the war chest to begin with or what else the funds may be used for alternatively.
We trust the leaders and its nice to be asked. I will sleep better when the nodes are sold out and XDPoS 2.0 is launched, so this proposal looks to push that dream in the right direction.
YES
VOTE = YES
VoteYES
Vote=Yes
Vote = Yes.
Vote = YES
XDC #XinFinNetwork #WeAreXDC
Vote = Yes !
Vote = YES
Vote = YES
My Vote = YES
Vote=yes
Vote = Yes
Would love to have the GOS on XDC layer 1 a very much needed tool!!
Great Project , VOTE = YES
I believe in this teams passion and dedication to bring the community a solution that’s secure, well designed and gives me a real spot in a node. Something I’ve been looking for!
Yes
Vote=yes
Vote = yes
Vote= yes
Vote=yes
Vote= yes
Vote = YES
Vote = Yes
YES
Vote = Yes