The NavCoin Team and Community are excited to release the NavCoin Community Fund (CF) Testnet! We couldn’t be more thrilled to give developers a glimpse of the CF platform as well as give them an opportunity to earn NavCoin in the process.
“Nav is a community project and we believe that a community led system far better serves the interests of the project than private investment. It allows the project to retain autonomy over itself and empower members of the community to take charge of NavCoin’s direction and help it grow.
The raised funds are collected into a smart contract, and unlike other community funds they can only be released by two rounds of network voting. There is no single point of failure. No single entity owns the coins that are set aside, and only the community can choose which proposals are funded and whether the funds are released.
The community fund will be extremely positive for the project and community and we are thrilled to be carving out this new milestone in the Nav story.”
What does the CF Developer Challenge and Bounty Program entail?
The purpose of the bounty program is to incentivise developers or white hats to “hack” the NavCoin Community Fund Testnet. Depending on the bug exploited, you could earn up to 10,000 NavCoins, which is the equivalent of ~$15,000 (at current price of ~$1.50 per coin)!
What type of rewards can I expect?
All rewards will be dependent on the severity of the bug you expose. If you can hack your way into the smart-contract protocol & steal the test coins, you could find your NavCoin wallet soon containing an extra 10,000 NavCoin.
How do I get started, you ask?
To make this process as easy as possible, we have a dedicated Bounty Program page, where you can access all the information you need in one place.
Please note: The Community Fund NavCoin testnet is an experimental feature and is a completely different blockchain; it has no connection with the NavCoin mainnet.
- Please visit the CF webpage: http://navcommunity.net/cfund-bounty
2. Read the WP Instructions: https://navcoin.org/files/navcoin-cfund-beta.pdf
3. Review the codes: https://github.com/NAVCoin/navcoin-core
4. Download the wallet: https://build.nav.community/v4.1.2-uri-sign-messages/
5. Get test coins: http://navcommunity.net/cfund-test-coins
6. Create proposals: http://navcommunity.net/new-proposal
7. Reporting Issues: https://github.com/NAVCoin/navcoin-core/issues
Reporting Bugs and Communication:
Please report bugs and communicate issues, through GitHub.
Additionally, for ease of communication, a new NavCoin Discord channel ‘#communityfund-beta’ has been created to coordinate the beta phase.
What now?
If you have questions or suggestions please let us know on our subreddit https://www.reddit.com/r/NavCoin/ or reach out to community members on our discord channel.
Next Steps!
After the beta phase whereby the testnet is thoroughly tested, the team will integrate the graphical user interface (GUI) and transfer the system onto the mainnet. Once these steps are taken, the community can begin voting through their staking rewards as well as make proposals through the Community Fund website.
What is the Community Fund?
For information on NavCoin’s Community Fund, please visit https://navcoin.org/news/community-fund-success/
What Does the Community Fund Mean?
- Proof of Stake rewards will be reduced from 5% to 4% per annum.
- Each block staked will also generate 0.25 NAV per block for the Nav Coin Community Fund (that’s roughly 260–300,000 NAV per year into the fund depending on the actual average blocktime)
- Anyone will be able to propose projects, budgets and initiate network votes to schedule funds.
- The Nav Coin Community Fund will be protected by the consensus layer — proposals will never be accepted without the positive vote from a large majority of stakers allowing the community to decide what is valuable for the project’s future.
- Unlike other funds which immediately release the coins when a proposal is accepted, our funds are locked when the proposal is accepted but are only be released in arrears by a second network vote when stakers agree the proposal was completed successfully.
