On Founders Fee & Transparency
Lots of cryptocurrency projects which emerged in the past year advocating their coin and chain is transparent had tried to obscure their spendings or spent their funds in the name of “doing something good for the community” where they siphoned the coins and provided no value to their ecosystem.
Staying faithful to its motto, SUQA thrives to make blockchain grow while staying transparent to its users and investors. Bear market of 2018 has thought to be thoroughly open and be as clear as possible on every move that directly affects the project, otherwise, as we’ve see in the past, projects fade away slowly and painfully because they cannot keep up with their users’ and investors’ expectations.
SUQA believes in equality in wealth so it is founded with no pre-mined blocks, made no initial coin offerings, had no pre-sale phase and uses no masternodes. Initial earning of SUQA is based on solely and exlusively with mining a.k.a. PoW. After that there are two ways to increase the value in community by using SUQA. One is that you can lock your coins in your wallet with time locked interest system and earn interest, and two you can use SUQA to invest in cryptolancers, startups or make a charitable contribution.
Founders fee, also known as the developer fee, is the only revenue of the SUQA Foundation. However, unlike any other coin projects, this founders fee has spent (and being spend) according to the following criteria:
SUQA Foundation takes 9.09% founders fee from every mined block (which is approximately 454.5 SUQA per block as of November 2018). This revenue is split into 6 categories and every single coin is used to increase the value of the ecosystem, the coin itself and the SUQA Foundation.
Details of the distribution & what we’ve done so far
- 1.75% of founders fee for Marketing and Bounties
Social media management (ICOBean 1 BTC = 1 Million SUQA at the time)
Community Bounties (1 Million SUQA per month is reserved for exclusive bounty competitions for three months)
Bounty Managers, Content Writers and Graphic Designers and Moderators for social media accounts: Telegram, Discord, Twitter, Reddit, Btctalk, Medium and Youtube (500K SUQA Monthly)
Discord (750K SUQA), Bitcointalk (750K SUQA), Twitter (2 Million SUQA for 3 Months) and Youtube (1 Million SUQA). Additional Youtube content for African channel (600K SUQA for 3 Months)
- 1.75% of founders fee for exchange listing, investors, unforeseen expenses
CryptoBridge, STEX, Escodex, TradeOgre, AAcoin, SistemKoin, YoBit, CoinExchange (Total 8 BTC = 7.5 Million SUQA at the time)
- 0.5% Website development and Hosting
SUQA Official Website development and hosting necessary files and documents in order to initiate the SUQA blockchain (1 BTC = 1 Million SUQA at the time)
- 0.1% Legal fees (which we are hoping not to use ever, but to transfer this amount to the SUQA Foundation Rewards)
- 2.5% for Developers
Cryptographic algorithm development (1 BTC = 1 Million SUQA at the time), AMD & Nvidia miner development (500K SUQA)
Mobile applications (1 BTC = 750K SUQA at the time + 75K SUQA Monthly maintenance)
- 2.5% of founders fee for SUQA Foundation Rewards
This revenue will be used for funding the Cryptolancers and Blockchain startups in the SUQA ecosystem. SUQA is also aiming to donate funds to the charities that the SUQA Foundation has selected.
Total coins in the circulation is approximately ~357 Million SUQA at the time of publishing, and to be fair and transparent, total number of coins received by the developer wallet is approximately ~35 Million SUQA and the total number of spent coins are approximately ~18.425 Million SUQA.
Starting from 30 January 2019, SUQA Foundation Ecosystem Platform will reward 30 million SUQA until the last mined coin in 2024.