Introducing CCF: The Funding Element of Project X

作者

The Qubic Team

2024年8月2日

‘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’.