Image for post
Image for post

ICON Transparency Report — block42 May

Jasa Srot
Jasa Srot
Jun 8 · 4 min read

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.

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 53,996 ICX as a reward.

The calculation used was the daily opening price of ICX on the 01.05.2020 => $0.327121

Node

The node this month was mostly running smoothly. It was running on Amazon AWS and this month’s costs amounted to $522.06. By considering an ICX price our claim for the node category is 1,879 ICX.

Node uptime

Link to: Amazon AWS invoice for May

ICON Europe Treasury

We have dedicated 8,099 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 43,997 ICX (35,898 ICX remains there from the amount dedicated in the previous months).

ICON Development & project management

Most of the development funds this month for LICX came from the grant and collaboration with ICX station for Bridge. As ICON is slowly moving toward fewer rewards for just being a P-rep we will have to rethink the amounts we want to dedicate for each individual section.

In total, our ICON team spent last month more than 142:50 hours on the development with more than 73 hours spent on ICON bridge development and more than 60 hours spent on LICX development. We have spent 103:33 hours on project and community management as you can see in the following export from our time tracking tool Clockify:

Image for post
Image for post

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 €381.33 (9 hours and 32 minutes * 40€) $423.28 for development and €2,304 (57 hours 36 minutes * 40€) $2,557.44 for project management which corresponds to 9,112 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 = $1.11)

Marketing & others

We allocated 5,400 ICX to marketing & others. We claimed 6,181 ICX this includes community work that amounted to €1,838 (45 hours and 57 minutes * 40€) or 2,040.18$. The total balance left for this category is 6,237 ICX.

Safety funds

Each month 5% of total rewards received are allocated to a safety fund which in Mayequals 2,700 ICX. The total amount at the moment is 14,666 ICX and it will be reserved as a last resort.

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.

Image for post
Image for post

Website | Medium | Twitter | Github | Staking

block42

We envision a world of shared prosperity.

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store