Introducing CCF: The Funding Element of Project X

‘Project X: a collaboration among Qubic stakeholders and an innovative emissions model to create a balanced and thriving ecosystem’.

Welcome to Day 2 of ‘4 Days of X’!

Yesterday, we officially unveiled 'Project X', a major enhancement for the Qubic ecosystem and a groundbreaking initiative set to elevate it to new heights.

We also introduced the new emission model, one of four elements of Project X, and we are now eager to reveal the next key component utilising our protocol extension: the CCF (Computor Controlled Fund).

CCF: Promoting Growth

The CCF (Computor Controlled Fund) is Qubic’s runway and the treasury which funds our activities. 

The computers control this fund, which was initially filled in the early days of Qubic with approximately 1.18 trillion QUBIC. It currently holds around 770 billion QUBIC, though 250 billion should be subtracted from this amount as it has been reserved for market maker funds, which have been spent already for the most part.

How Is The CCF Utilised?

To ensure the successful execution and sustainability of our initiatives, the allocated funds are utilised across the following areas:

• Marketing activities 

• Global Hackathons

• Qubic Grants Program

• Software engineering

• Partnerships and exchange listings

• Community engagement

• Operational expenditures

• Community driven projects

• Cash Reserve

Example: We see the Grants Program as instrumental to the success of a fast-growing ecosystem as it aims to foster the development of high-quality smart contracts and solutions that enhance Qubic and encourages proposals that address various needs within the ecosystem, such as:

• Liquidity Pools

• Name Service

• Derivatives Contracts

• Token Insurance

• And many more

Assuming 25% of CCF funds fuel the Grants Program, this translates to 80 billion QUBIC or $160,000 monthly (at $2,000 per billion QUBIC), totaling approximately $2 million annually, with potential for growth based on an increase in the price of QUBIC. 

So, in order to achieve these kinds of results we first need a proposal…

The Proposal

We're excited to propose a bold strategy: reallocating 8% of weekly emissions to the CCF. 

The CCF initiative will be one of the first to take advantage of the new protocol extension, helping to promote innovation and sustainability in Qubic. 

The reallocation is designed to support projects that foster growth and provide collective benefits, reinforcing our commitment to a transparent and inclusive ecosystem.

Collaboration is key, which is why we're inviting all miners and computors to participate in this important conversation. 

Their involvement is crucial, as they play a direct role in the outcomes of these decisions. We value their insights and perspectives to ensure that this strategy is implemented in a way that aligns with the community's best interests.

To facilitate a thorough understanding and fruitful discussion, we'll be detailing the specifics of this reallocation in an upcoming blog post on August 12th. 

Together, we can pave the way for future growth.

What Are The Deadlines For The CCF?

The integration efforts for this change are progressing alongside the implementation of the protocol extension.

• August 12th: Blog post on CCF outlining how we support ecosystem growth

• August 26th: Testing of smart contract finished

• September 4th: Smart contract (SC) proposal

• September 11th: Smart contract IPO

• September 18th: Launch of SC

• September 25th: First emissions to be received by CCF

‘4 Days of X’: What’s Next?

Don't miss the 3rd day of 4 Days of X! Tomorrow, we'll showcase yet another element of Project X: QEarn, a community-driven initiative offering lucrative yields on Qubic.

Important Dates for Project X

• August 3rd:  Showcasing how Qearn will leverage the protocol extension

• August 4th: Introducing the protocol extension

• August 8th: Testing of core extension

• August 8th: Blog post detailing the technical concepts of emissions and max cap

• August 12th: Blog post on CCF outlining how we support ecosystem growth

• September 25th: First emissions to be received by CCF

• September 25th: First emissions reduction

What Is Project x?

• A New Emission Model

  • Lead: Crypdro

  • Team: Steco members & ecosystem team, TheLabsWolf, PeterD

• CCF (Computor Controlled Fund)

  • Leads: Phil (Tech) and TalentNodes (Operations)

• QEARN (Community Initiative for Yield)

  • Lead: MrUnhappyX

• Protocol Extension (The Tech Backbone)

  • Lead: Joetom

  • Team: Core development team‘Project X: a collaboration among Qubic stakeholders and an innovative emissions model to create a balanced and thriving ecosystem’.

We're extremely enthusiastic about the future of Project X and look forward to your continued participation! 

Don’t forget to join the discussion in our Discord.