Our understanding of being a P-Rep is closely linked to act in a trustful and transparent way. And another month means another transparency report where we publish a report stating how we are using our P-Rep reward funds.
Here you can find the previous Transparency Report.
We have changed the expenses from being shown in ICX to $ to more accurately represent the amount of funds used by the company. The change in the unpaid expenses column where this will be in effect will be highlighted with a darker shade of green. The previous months are still shown in ICX.
Find a detailed distribution of ICX funds each month in the following Google Sheets document: block42 ICON funds spreadsheet
As stated in our P-Rep proposal, we’ve defined categories to whom we allocate our P-Rep rewards. For each of these categories, we will explain our claim, which means how much money and/or working hours we’ve spent on that category in the last month. In total, we received 19,978 ICX as a reward.
The calculation used was the daily opening price of ICX on the 01.06.2020 => $0.59745
Node
As there was an emergency situation on the network that happened out of our timezone the node was not updated fast enough so it was down for some time in 1 day but still we managed to achieve 99.57% uptime. It was running on Amazon AWS and this month’s costs amounted to $516.13. By considering an ICX price our claim for the node category is 864 ICX.
Node uptime
Link to: Amazon AWS invoice for August
ICON Europe Treasury
We have dedicated 2,997 ICX for the ICON Europe treasury which equals 15% of our total rewards. None of the funds have been spent and the total balance is 53,337 ICX (50,341 ICX remains there from the amount dedicated in the previous months). We have discussed how these funds will be used and will notify the community about it in this month
ICON Development & project management
As with the month of July, most of the development funds this month for LICX came from the grant and collaboration with ICX station for Bridge.
In total, our ICON team spent last month 357 hours and 32 minutes on the development with more than 153 hours spent on ICON bridge development and more than 121 hours spent on LICX development. We have spent 81hours 35 minutes on project and community management as you can see in the following export from our time tracking tool Clockify:
To calculate costs, we’ve defined €40/hour as a value for one working hour. We did that the following way:
An employee working full-time is considered in Austria to spend 1,720 hours of work within one year. As an average salary we calculate with €3,000 gross. By adding 31% of labour cost, calculating 14x payments (as it is common in Austria) and adding 25% overheads, the yearly costs for one employee are about €55,000. Divided by the yearly working hours of 1,720, the costs of one working hour are about €40.
The claim for this category is €1,970 (49 hours and 15 minutes * 40€ ) $2,344.3 for project management and development which corresponds to 3,923 ICX.
Note: the ICX price used for calculations is taken from coinmarketcap.com 12am, first of each month. For converting Euro to Dollar a rate at which the fiat was traded at 12am, first of each month (€1 = $1.19)
Marketing & others
We allocated 1,998 ICX to marketing & others. We claimed 2,659 ICX this includes community work that amounted to €1,335 (33 hours and 23 minutes * 40€) or 1588,65.$. The total balance left for this category is 1,752 ICX.
Safety funds
Each month 5% of total rewards received are allocated to a safety fund which in July equals 999 ICX. The total amount at the moment is 17,779 ICX and it will be reserved as a last resort.
