ICON Transparency Report — block42 October
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 completely overhauled the distribution of our ICON P-rep rewards as we have seen that many of the rewards have been stagnant due to inefficient distribution. We have decided to allocate all the funds into one wallet and use the funds for operations on the ICON network based on the current needs. This allows us to be more adaptable to the current situation in the ICON ecosystem and our company and thus be more efficient.
ICON Europe treasury was very stagnant because of a lack of interest in pushing this initiative, we have allocated 15% of all the funds into it to help support the growth of ICON in the European region. We will still work towards that goal but the funds allocated to this will be used for the development, and we will be looking to use them while collaborating with European P-reps when we see it fit and possible.
The other distribution of the funds will remain roughly the same and below we are providing a chart of the new approximate distribution of our resources.
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 new spreadsheet of our funds:
block42 ICON funds spreadsheet
The old reward distribution chart is still available here:
old block42 ICON funds spreadsheet
The transparency reports will stay the same but without referring to specific wallets and how much funds are left for each category, but rather stating how much of the funds we have used and what is the total amount of the resources left.
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 19,623 ICX as a reward.
The calculation used was the daily opening price of ICX on the 01.11.2020 => $0.316137
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 $381.43. By considering an ICX price our claim for the node category is 1,207 ICX.
ICON Development & project management
We have still continued to work on the Bridge project in collaboration with ICX station and the project should come to a finish in the month of November if 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 spent last month 436 hours and 46 minutes on the development with more than 285hours spent on ICON bridge development and more than 45hours spent on LICX development. We have spent 101 hours 20 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 €4,901.33 (64 hours and 43 minutes * 40€ ) $5,685.55 for project management and development which corresponds to 17,984 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 = $1.16)
Marketing & others
The approximate allocation for this category was 2,943ICX. We used 3,527 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 €961.33 (24 hours and 02 minutes * 40€) or $1115.15.
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.