How to Guarantee the Information Transparency in the Operation of the Project?

4 min readSep 18, 2018

There are several sections of this topic, including:

Why does the fund team need to make its information public?
Is it possible to ensure transparency only by relying on the information disclosure of the fund team?
What information should be disclosed when the project is established?
When do I need to announce the change of the project?
What information should be disclosed when the project is completed or terminated?
The document templates are perplexing. Do I need to fill in all the items?
Are the document templates going to be updated?

Project Document Templates:

Why does the fund team need to make its information public?

The cornerstones of the blockchain world are trust and consensus, which can be generated only by information transparency, thus brings investor support, attracts participants’ cooperation and contribution, and finally achieves project goals and realizes the fund’s vision.

Information transparency is the first principle of every project operation, and it is also the most important requirement of the PRS Foundation for each fund team. Funds that seriously violate the information disclosure rules will lose the certification of the PRS team. It may also lose the trust of the investor, leading to the withdrawal of the investment; losing the trust of the participants, leading to the failure of the task.

Is it possible to ensure transparency only by relying on the information disclosure of the fund team?

In the future, the PRS official foundation will publish more explicit information disclosure requirements.

The PRS team is also developing products, including systems capable of task assignment validation, to improve project efficiency and transparency, and to facilitate monitoring of project operations/funding/incentive allocation.

What information should be disclosed when the project is established?

At present, if the fund needs to obtain the certification of the PRS project team, it is necessary to submit the Project Proposal to the PRS Foundation after the establishment of the management committee and negotiation of the investment intention. After successfully obtaining the certification, the fund team need to create a project on the official account of the fund, and sign and publish the Project Proposal.

Click here for the document template of Project Proposal.

When do I need to announce the change of the project?

During the course of the project, if any of the following circumstances happens, you have to get approval from the investors first, then sign and issue the Project Change Notice, the template of which can be found here.

Modify the project objectives in the Project Proposal
Management Committee structure and member changes
More than 20% of the tasks listed in the project proposal are changed. Any change of the task description/task incentive amount/rewards issuance condition is considered as the task change.
Close the project ahead or later

In addition to the above, each project can publish information according to its own situation, maintain smooth communication with the participating groups, and provide transparent information.

What information should be disclosed when the project is completed or terminated?

When the project ends or is terminated early, it is necessary to sign and publish the Project Conclusion Report within 10 working days.

The document template can be found here.

The document templates are perplexing. Do I need to fill in all the items?

The document templates provided by the PRS Foundation is a reference framework for the management committees.

In addition to the degree of publicity of regulatory information to protect the interests of investors and participating groups, another purpose is to guide the project founding team to think about: what should be considered when setting up and operating a project?

Except for the required items, other items can be processed according to the project’s own situation. Fill in the information that you know without any empty talk or cliche.

If you have it, don’t write empty words, don’t flow in form.

Are the document templates going to be updated?

Like the PRS project and the official foundation, funds and project establishment and management processes, and information disclosure specifications are in the early stages of trial operation. We all need to evolve along with the evolution of PRESSone and the entire PRS ecosystem. Therefore, document templates may be optimized and adjusted according to changes in processes and rules.

If there is any updates to the document templates, it will be announced and posted here.

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