Computors Approve CCF Smart Contract

Computors have successfully passed the proposal to deploy the new Computor Controlled Fund (CCF) Smart Contract on the Qubic network. Following this approval on 11th September, 2024, the smart contract will go live on 18th September, 2024.

For full details on the proposal, you can view it here.

What is the CCF Smart Contract?

The CCF Smart Contract is designed to empower both the Qubic community and Computors by introducing a decentralised funding infrastructure. It will serve as a tool for funding community-driven projects on the Qubic network through the CCF in a decentralised fashion.

Key Features of the CCF Smart Contract

1. Funding Mechanism:

   • Anyone can donate Qubic tokens to the smart contract, which fills the CCF.

   • Computors may donate a fixed percentage of their revenue to the CCF if they choose.

2. Proposal System:

   • Community members can request funds by submitting proposals to the smart contract. Each proposal is valid for one epoch.

   • Computors will vote on the proposals during the entire epoch, and payouts will occur at the end of the epoch if the proposal is approved. Payouts are not recurring, so new proposals must be submitted each epoch if teams are in need of continued funding.

3. Governance & Technical Details:

   • A maximum of 100 proposals can be accepted per epoch.

   • A proposal will cost a fee of 1 million Qubic. This fee will help ensure we receive proposals from committed members of the community.

   • Only one proposal can be submitted per address per epoch.

   • Proposals will be stored for historical purposes, with the last 128 successful proposals saved. For longer-term archiving, external systems will be needed.

   • Proposals can only be approved if at least 451 Computors cast their votes. Additionally, the proposal includes a "no transfer / no change" option for Computors to express disapproval for a proposal.

   • Computors have flexibility in their voting and can change their votes at any time during the active epoch.

4. Fee Adjustments:

   • The proposal fee of 1 million QUBIC may be adjusted in the future according to price development, ensuring that the cost of submitting proposals remains appropriate.

Distributed Control

Due to the use of this smart contract, the CCF is fully decentralised, ensuring that no single entity can control the funds. The governance is decentralised, giving Computors the ability to vote on fund distributions and make collective decisions about the proposals.

Once the CCF Smart Contract is live, it will enable new funding proposals, with Computors deciding on whether to approve or reject each one. Successful proposals approved via the CCF will be announced as they happen. 

Disclaimer

The CCF Smart Contract is solely for decentralised funding infrastructure, and its deployment is based on community-driven proposals and governance.

We Want to Hear from You

If you have a proposal for a project to be delivered on the Qubic network, you can submit it here via our Discord . 

What types of proposals do you think should be prioritised in the early stages of the CCF Smart Contract?

Share your thoughts and questions on Discord and Telegram.