ICONbet Community P-Rep Reward Distribution Proposal

Team

ICONbet Community

Category

Other

Description

Reward Distribution Proposal

Dates

Feb. 22, 2020 ~ Dec. 31, 2020

Progress

100%

Status

Complete

  • Details

    Proposal for ICONbet Community P-Rep Node Reward Usage

    First the person who registered the node will be paid back the 2000 icx it cost to register the node.

    Then the following will be enforced on the daily rewards (minus fees to run the node):

    Before Treasury is 1mil ICX
    10% to Marketing Fund
    10% to Build Smart Contract to handle all the P-Rep Reward rules automatedly (whatever isn’t spent here will go into building the Treasury)
    20% to Excess to help keep excess positive every day
    60% to Building up Treasury

    After Treasury is 1mil ICX
    10% to Marketing Fund
    10% to Developer Fund
    10% to Business Expenses Fund
    30% to Excess to help keep excess positive every day
    40% to Building up Treasury

    After Treasury is 2mil ICX
    10% to Marketing Fund
    10% to Developer Fund
    10% to Business Expenses Fund
    30% to Insurance Fund (This will be used as a backup for potential major losses to Treasury)
    40% to Excess to help keep excess positive every day


    More Information on Insurance Fund

    The Insurance Fund is built up to be used in case there is a huge negative excess at the end of a day. This Fund will only be deposited into the Excess in order to make it even again the next day after a major loss occurs.

    More Information on Smart Contract to handle all the P-Rep Reward rules automatedly

    This Fund will go to the developer of the smart contract that will handle all of these rules and changing them up as things progress with the Treasury. Whatever is left over from this fund (aka what isn’t paid out to the developer depending on their price and how much was collected) will go into building up the Treasury.

    More Information on Marketing Fund

    This Fund will go to everything in regards to Marketing for ICONbet. Marketing new games, doing giveaways, creating new banners or icons or card backs, etc.

    More Information on Building up Treasury

    This ICX will go directly into the Treasury, but not as excess. Instead it will go into the Treasury to help increase the limits on the games and to help keep the Treasury from ever running out. This will help make the platform a valid Casino and also bring in larger betters known as Whales.

    More Information on Developer Fund

    This Fund will be used to help future developers build more games for ICONbet platform. How this fund will be distributed will be determined by the community with the voting process.

    More Information on Business Expenses Fund

    The Business Expenses Fund is to be used for all future expenses that may arise in the future to help ICONbet become more accepted globally.