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ICON Transparency Report — block42 December

Our understanding of being a P-Rep is closely linked to act in a trustful and transparent way. We are not going to push as much to be a main P-rep in the ICON community but that doesn’t mean we will not look for development opportunities in the ICON ecosystem. Since CPS is the new way for funding of development by external parties we will be looking towards that for our funds instead of the P-rep rewards which seem to be used more for securing the network. This being said, this will be the last Transparency Report from block42 as we don’t believe it provides enough value to the community especially with the move in sentiment regarding the rewards and what previously was regarded as vote buying.
Here you can find the previous Transparency Report.

In the previous month we changed how our funds are used and we don’t exactly allocate the funds to the certain category, but we approximately assign it based on the planned percentages. We will still state how much funds it is used by each category but the allocations will approximate and adaptable based on actual usage of the funds, here is the spreadsheet of our funds:
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 13,084 ICX as a reward.

The calculation used was the daily opening price of ICX on the 01.12.2020 => $0.4648

Node

The node was running without any problems and we achieved 100% node uptime. We have also been running the node in the future months as all P-reps should. This is important for the network to be decentralized and secured. The node was running on Amazon AWS and this month’s costs amounted to €424.85. By considering an ICX price and the € to $ ratio our claim for the node category is 1,106 ICX.

Node uptime

ICON Development & project management

We have developed LICX in December and all the way to February and is now at a complete stage. We are currently going through an audit process after that we will be releasing it and let it be an ICON community project. That is how we like things to be, decentralized.

In total, our ICON team in December spent 110 hours and 52minutes on the development with more than 62 hours spent on LICX development. We have spent 48 hours 21 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 €4,148 (103 hours and 42 minutes * 40€ ) $5,019.08 for project management and development which corresponds to 10,798 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 = $1.21)

Marketing & others

The approximate allocation for this category was 1,963 ICX. We used only 112 ICX for it.

Conclusion

This will be our last transparency report for now as we are going to focus more on the development rather than promoting block42 as a P-rep. We will still greatly appreciate and votes and support that goes towards us and will continue to search new project and invocations we can provide to ICON ecosystem and for blockchain in general.

About block42
At block42 we invest in the most promising crypto ecosystems and help them secure their networks. We provide consulting and development services on top of those protocols to bring adoption and to co-create a decentralised future.

Website | Medium | Twitter | Github | Staking

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We build a holistic ecosystem to accelerate the growth of a decentralised future.

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Jaz Inda

Jaz Inda

Project & Community manager @block42 Blockchain Company

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