Summary
I would like to propose to set up the token dedicated to reward Citizen Wallet contributions. The token would be used to distribute contribution rewards every month.
Contributors can then choose to exchange these tokens into fiat once a month taking into account the financial situation of Citizen Wallet.
Token
CWT ( Citizen Wallet token) → better name is welcome 😃
- a debt token for citizen wallet contributions
- Can be exchanged for euros based on monthly liquidity pool
- by default the target is to set exchange rate of 1
- if number of claims on liquidity pool is higher than available liquidity the exchange rate might decrease)
- monthly interest payment for token holders that are staking of 1% per month (12.68% APR)
Rewards table
Core contributor with full time commitment | 10000 CWT |
Parttime | 500 CWT per day |
Hourly dev contribution | 30 CWT |
Community call participation | 10 CWT |
Process
- Every month we have a governance/strategic meeting (need better name)
- monthly allocation of tokens to all contributors of that month
- Decision what amount of euros can be made available to “cashout” and burn tokens from token holders.
- Planning of allocated time / token budget that will be made available for the coming month
- Assign number of token
- Defining tasks/bounties that can earn a token reward
- So token holders can decide to keep tokens and receive interest or make claim in the liquidity pool to exchange for euros
- For Cashout claims an invoice need to be send to citizen Spring vzw according to tax rules.
Default distribution to core contributors:
Time commitment | Token reward | |
Xavier | 4 days per week | 8000 |
Kevin | 4 days per week | 8000 |
Jonas | 2 days per week | 4000 |
Cashout rules
- Cashouts need to be requested during the monthly Finance meeting
- The total cashout budget per month is limited to 20% of the total treasury of Citizen Wallet, which can be tracked in Finance
- You can only claim a cashout for tokens you have earned that month
- In case the requested cashouts are larger than the available budget for the month the cashout will be distributed proportionally to the cashout claim
Implementation
We would propose to use Airtable as a v1 to keep track of contributions and
You can have a look at the dashboard and data using this link: https://airtable.com/invite/l?inviteId=invXHz2dTqut6OqhP&inviteToken=256477a844631718bd7cf951c275a866dde1e76a40db9388ef106b79ae51cb71&utm_medium=email&utm_source=product_team&utm_content=transactional-alerts
Using Airtable we can easily build dashboard to
Todos
- simple token or already implement the interest/stake distribution?
Inspirations
- https://slicingpie.com/ → Fair rewards system for launching startups