Suqa Foundation: Governance Done Right

4 min readDec 12, 2018

Sometimes it seems as if the cryptocurrency world is the wild, wild west. There are contentious hard forks every year or projects that are just abandon suddenly, leaving the investors with a bag of worthless coins. For these reasons, and many more, many cryptocurrencies have implemented a Governance model. Suqa has decided to have its own means of Governance in the form of the Suqa Foundation. According to the Suqa whitepaper, the Suqa foundation is a Decentralized Autonomous Philanthropist Organization that rewards everyone inside its ecosystem generously, securely, and transparently.

The Suqa Foundation will operate through the Suqa.org website, which will serve as a central hub for all activities within the community ecosystem. The mission of the Suqa Foundation is to grow the community into the most vibrant in the cryptoshpere. Everyone is encouraged to be a part of the Suqa ecosystem, and thus become a part of the Suqa Foundation; the foundation only represents and carries out the will of the Suqatons and nothing more or less. Everyone is encouraged to help the community in anyway they can. There is nothing that you can do to help the community that is insignificant. Something as small as sharing how to time-lock Suqa to a new user would significantly help Suqa grow as big as the Giza Pyramids.

Core Functions of the Suqa Foundation:

· Marketing and development for the SUQA currency

· Liquidation

· Finance for listing on exchanges

· Legal matters

· The three decentralized websites: Cryptolancers, Blockchain Startups, and Charities

· Development and marketing for the web projects.

Suqa Foundation Bounty Programs

The Suqa Foundation will provide incentive to the community for engagement through a long-term and multifaceted bounty program.

Time-Lock

The most prominent and long-termed Suqa Foundation is the Suqa 30-day time-lock. A Suqa users can lock up a portion of their Suqa holding for 30 days to gain up to 5% APR. When a user locks up their Suqa for thirty days the ecosystem becomes more stabilized and thus is more valuable to the community.

How the Time-Lock Works

Every month for the ﬁrst year, 1 million SUQA will be rewarded from SUQA Foundation. After the ﬁrst year, bounty rewards from the SUQA funds are halved to 500,000 SUQA. In all, a total of 30 million SUQA will be given away as bounty and rewards for 5.78 years.

Other Bounty Programs

A million SUQA social media campaign will be carried-out by the Suqa Foundation beginning on 25 October, 2018. This program will run for four weeks. Additional bounties will be determined and carried-out according to the need of the community.

Suqa.org Child Sites

Suqa.org will have three child sites; Cryptolancers, Blockchain Start‐ups, and Charities. Each of these child sites will have different functions that will help to enhance the value of the ecosystem. Each of these child sites will require a Suqa.org account.

Cryptolancers

Cryptolancers child site will be a social hub Cryptolancers. Users can set up bounty programs without the need to play any fees to Suqa.org. This hub will offer a Cryptolancers Donation Rewards Pool. This will grow as each jobs-provider makes payment for completed work to Cryptolancers. When a buyer pays for a job, he will get a higher rank in the pool. The top 5 donors every 3 months will win 100K SUQA from the pool.

Blockchain Start‐ups

Suqa.org will be a central hub for blockchain start-ups. Suqa users will be able to invest in the various start-ups. Each person that donate to a start-up will enter the Startup Donation Rewards Pool. The more that a user invest into a start-up, the higher their rank will be in the awards pool. The top 5 most donators every 3 months to win 100K SUQA from the top 5 donators reward.

Charities

A charitable person can donate to their favorite charities directly through the Charities child site on Suqa.org, using Suqa. There will be a reward pool for Charites like the two other programs.

Funding: Founders Fee

The funding for the foundation activities comes in the form of a 9.090909% founders fees from each block that is mined. This is the only official source of revenue for the foundation; there was no pre-mine, no ICO, no pre-sale, and no masternodes.

Breakdown of Founder’s Fee

SUQA Team

The Suqa Foundation consist of a group of crypto enthusiasts that has an international favor. There are experienced blockchain developers, cryptographers and business professionals on the team with only one aim; create the greatest decentralized economy ever.