Community Developer Fund
The Community Developer Fund (CDF) is designed to reward the extraordinary efforts and contributions of individuals and groups that help push Neos towards its grand vision (outlined in the whitepaper) through development, content creation, outreach efforts, event organizing, and other activities. This is intended to proceed in multiple phases and details of Phase I were published in an official announcement on 5th April 2020.
All members of the NeosVR community are eligible to receive CDFT awards including the Neos team volunteers, but excluding the Solirax Ltd. founders Tomáš “Frooxius” Mariančík and Karel Hulec. The Neos Team and Founders aim to consider all creators and contributors known to them, however community members are encouraged to submit an application for themselves, or particularly to vouch for others, so that no one deserving is missed. When reviewing applications, teams will try to reach a consensus based on the following rough guiding criteria:
- How much value is the community member bringing, and for how many people?
- How long term are their efforts?
- How many new users do their contributions attract?
Efforts that bring a lot of value to a small amount of Neos users, for example accessibility tools, as well as efforts that bring value to a lot of users, such as highly popular worlds and games will qualify. The third criterion carries less weight. Community member contributions will be judged by the Founders and Neos Team. Neos Team member contributions will be judged solely by the founders to avoid conflicts of interest.
It was originally stated that the Neos Team aimed to have a good estimate of the number of CDFT awards granted by the time batch 50 of the ICO was reached. However, owing to unexpectely rapid minting progress, that target was not met and Karel has mentioned that awards will continue to be finalised over time.
Phase 1 and CDFT
Rewards from Phase 1 are distributed as CDFTs, non-transferrable tokens allocated to a NeosVR account or group at the discretion of the Neos Team and Founders.
As per the NeosVR whitepaper, 2,000,000 NCR (4% of the total supply) is kept for allocation via the CDFT system. The NCR from every 25th minting batch is reserved for CDFT holders. As such, every 25th batch is automatically cleared upon completion of the previous batch and disbursed to any current holders of CDFTs. Any un-allocated NCR generated in this way, resulting from an un-allocated pool of CDFTs, are stored and subsequently distributed upon receipt of CDFTs.
From a user’s perspective, 1/20th (or 5%) of their CDFT is converted into NCR upon completion of every 25th minting batch. Upon receiving any new CDFT, the conversion for previously completed batches is performed immediately. Users are notified of the change via the in-Neos messaging system and by email.
If all CDFT holders chose to sell their converted NCR immediately upon conversion, the received value would be 11,039,364 US Dollars ($, USD). If all NCR derived from CDFT were held and sold at the minting cap price, the received value would be 59,061,185 USD. Hence the CDF Phase 1 will support and reward community contributors with substantial liquidity via CDFT.
Phase 2 and beyond
In the official announcement on 5th April 2020 it was stated that, after batch 100 of the ICO, enough Ethereum and other assets would have accumulated to officially start the NCR Buyback Programme to increase liquidity for existing CDFT holders, and to provide NCR for CDF Phase 2 and beyond.