Crypto Apex's Application, Second Round

#1

Hi,

The core team has started reviewing Crypto Apex’s application. The first thread was started here https://forum.ournem.com/proposals-for-community-projects/crypto-apex’s-application-for-nem-community-funding-3349/ which led to a community vote on the blockchain and it was approved by the community.

The next round is for the core team to ask more detailed questions. If you have concerns or comments that were not addressed before, or something you would like to reiterate so that it is not missed in the second round of discussions, please comment below.

The core team will be reviewing this application in the coming days and needs so that the project can move forward.

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Crypto Apex's application for NEM community funding
Any news from crypto apex?
#2

I am interested in the community feedback on milestones and payment release of 50m.

If you were on the committee, how would you suggest funds be dispersed?

#3

Just from the top of my head…

Core team and claimant agree on a detailed roadmap with clearly defined milestones. Every milestone a part of the 50m is dispersed. It doesn’t have to be equal parts. I’d define the parts according to the milestone that has been reached or is ahead.
For every week that a milestone is missed a fixed percentage is deducted from the funding that may or may not be payed out later as completion bonus or something. I think it’s very important to enourage those people to hold timelines and actually complete their projects.

#4

Realistic timelines tied to funds is a good point that could help future funds from being misused. A lot of people might make big claims like, “I will finish my project in two weeks,” when they know full well that isn’t true. I saw that time after time in the NXT community when raising funds. Yet if funds are tied to deadlines, then more realistic proposals might come forth.

#5

https://drive.google.com/open?id=0B_0Z9jDGHPxPNmxYMkxIYkJYbFU here is a link to the Community Fund Proposal for those interested in reading it.

#6

From the community fund guideline:

Milestones
Each applicant shall specify milestones of the project and prove the completion of each of milestone before any disbursement of funds can be made. Included in the milestone is the expected amount of XEM required. Generally, the entire award amount will not be given at once, but at pre-determined (by the core team) milestones.
If milestones are overdue by more than 3 months without showing progress, allocated funding will be forfeited and put back into the fund.

So we just have to define the milestones and the amount.

#7

Has this been verified already?

Stakes in the game
The company must have already opened a legal bank account and shall have either money in the bank to substantiate the completion of the project or show sufficient XEM in their account(s) that they are serious in doing the project. This information shall be shown to the core team only and not made public.
As an alternate proof, if the entity concerned have expended money, to show proof of work done.

#8

If milestones are overdue by more than 3 months without
showing progress, allocated funding will be forfeited and put
back into the fund.

3 months is imho WAY too long. If the people involved know they will encouter such a significant delay then they can communicate that and then the core team can decide on a case by case basis what the best course of actions is.
I’d say 2 weeks after after a milestone is enough for any serious project. Any project that doesn’t consist of at least one person that is capapble of communicating a delay within 2 weeks is not a project that should be funded with such a massive amount.

#9

Yes. This is a little hard as a first application to set a standard for things like milestones and time limits. I guess 3 months is the maximum. Maybe less can be possible.

#10

Is $6K a “massive” amount? :smile:

In any case, 2 weeks is also way too short. Ethereum, a very “ginormous” project was delayed for more than 6 months and even then the CLI release was like a pre-alpha release.

NEM was delayed 5 months. Don’t think 3 months is unreasonable.

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#11

I guess it all kind of depends on the project. NEM allows somethings that have not ever been done before which is pretty cool. Some of those might experience long delays. But some people might also be doing regularly things that have been done many times.

LIke say I want to create a NEM bot for notifications to Telegram for Android or iPhone. I want to take a couple weeks to design it and then run a public server. That shouldn’t take 3 weeks for a milestone, no less 3 months.

CryptoApex isn’t like an account watcher though, it is something more serious. I could see how there would be long delays in that project.

#12

I didn’t say they should loose funding. I said that 2 weeks have to be enough time to communicate that a delay is going to happen. If anyone fails to coomunicate that then we should talk about loosing funding.
If they do communicate and can give sensible reasons then all is honky dory.
I think we need to distinguish between missing a milestone and failing to communicate both of which are important topics.

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#14

sure, communication is important.

#15

yes

#16

After some discussions and feedback a vote has been held by the core committee and Crypto Apex’s application has been approved for 50m from the Community Fund which will be dispersed in 4 milestones of 12.5m at a time as the project progresses.

The milestones’ suggested time frame is as follows.

Milestone 1 = Open website (2 months)
Milestone 2 = Open closed beta (3 months)
Milestone 3 = Open open beta (5 months)
Milestone 4 = Rollout (6 months)

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#17

Sounds great !

#18

I was sent this link today for the Crypto Apex website. http://www.cryptoapex.com/

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#19

Closed Beta may see some delay though, due to a couple of factors. Main factor is the NCC may be changed to include mosaic. We developed on an NCC without mosaic. This may upset the roll out of our solution.

Otherwise, Engine is near completion. Will keep us all posted.

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#20

Beta has started via invite from CA members. If you are interested, please contact Niko or Nembit86.

#21

@nembit86, I’m interested to Beta test CA.