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ICON Transparency Report — block42 November

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.

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 17,199 ICX as a reward.

The calculation used was the daily opening price of ICX on the 01.12.2020 => $0.440526

Node

The node was running without any problems and we achieved 100% node uptime. It was running on Amazon AWS and this month’s costs amounted to €400.81. By considering an ICX price and the € to $ ratio our claim for the node category is 1,101 ICX.

Node uptime
Link to: Amazon AWS invoice for October

ICON Development & project management

We have still continued to work on the Bridge project in collaboration with ICX station and the project came to a close in December we will do minorif everything proceeds as planned. LICX grant funds have been used and as stated by the grant we will cover a part of the costs on our own, that is why we have included the development of ICX in the costs for this month.

In total, our ICON team last month spent 268 hours and 38 minutes on the development with more than 234 hours spent on ICON bridge development and more than 34 hours spent on LICX development. We have spent 82 hours 44 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 €3,818 (95 hours and 27 minutes * 40€ ) $4,619.78 for project management and development which corresponds to 10,487 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 2,580 ICX. We used 2,404 ICX for it and will continue to monitor how many funds we need to use in the future. The used amount includes community work that amounted to €875.33 (21 hours and 53 minutes * 40€) or $1059.15

Safety funds

Each month we will try to save up at least 5% of the funds to have kind of a safety fund for any unexpected expenses that might arise.

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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