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 added a “€ to $ ratio” column to the spreadsheet which states the ratio between the two currencies used for calculations, meaning that one € would result in the amount of $ written in the spreadsheet, and this month the ratio between them is 1€ : 1.18$.
We have also added the “ICX used” column which shows the total amount of ICX that was transferred from our designated wallets and the total amount of ICX transferred from our wallet in the “Total” section.
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 20,831 ICX as a reward.
The calculation used was the daily opening price of ICX on the 01.06.2020 => $0.373863
Node
There were no problems with the node and we managed to achieve 99.99% uptime. It was running on Amazon AWS and this month’s costs amounted to $516.11. By considering an ICX price our claim for the node category is 1,380 ICX.
Node uptime
Link to: Amazon AWS invoice for July
ICON Europe Treasury
We have dedicated 3,125 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 50,341 ICX (47,216 ICX remains there from the amount dedicated in the previous months).
ICON Development & project management
As with the month of May, 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 329 hours and 41 minutes on the development with more than 174 hours spent on ICON bridge development and more than 154 hours spent on LICX development. We have spent 105 hours 53 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 €3,160 (79 hours * 40€) $3,728.8 for project management which corresponds to 9,974 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 = $1.13)
Marketing & others
We allocated 2,146 ICX to marketing & others. We claimed 3,394 ICX this includes community work that amounted to €1,158 (28 hours and 57 minutes * 40€) or 1308,54.$. The total balance left for this category is 2,413 ICX.
Safety funds
Each month 5% of total rewards received are allocated to a safety fund which in July equals 1,042 ICX. The total amount at the moment is 16,780 ICX and it will be reserved as a last resort.
