Community Developer Fund

From Neos Wiki
Jump to navigation Jump to search
Other languages:
English • ‎čeština • ‎日本語 • ‎한국어

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 Neos 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:

  1. How much value is the community member bringing, and for how many people?
  2. How long term are their efforts?
  3. 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 unexpectedly rapid minting progress, that target was not met and Karel has mentioned that awards will continue to be finalised over time.

CDFT Operations

Receiving CDFT

Once you have been chosen to receive CDFT, you will receive both an email from our CEO Karel and an in-game message from the "Neos" user. Both of these messages will provide the amount of CDFT awarded and some statistics about its value.

You can check to see the received CDFT by checking the "Tokens" facet that's on the home screen of your dash.

If you are a new receiver of CDFT, then you may receive an instant conversion of some of that CDFT into NCR straight away, this is just because you did not have CDFT before the CDFT conversion occurred.

CDFT Conversion

When you receive CDFT, it initially is stuck as CDFT. You will not be able to send, transact or sell it.

Each time the main NCR ICO has enough NCR minted to make up 25 NCR Batches(2,500,000 NCR), 1/20th of your CDFT will be converted into NCR. Which you can then send, transact and sell as normal regular NCR. This is called a CDFT Batch.

CDFT batches are directly tied to the speed at which NCR is minted, if there is a sudden mint of NCR it is possible for CDFT conversion to happen at an accelerated rate. You can see this on batches 5 and 6 which occurred very soon after each other.

Conversion History

CDFT Batch Number NCR Batch Date
1 25th 29th June 2020
2 50th 5th November 2020
3 75th 21st April 2021
4 100th 2nd September 2021
5 125th 3rd November 2021
6 150th 5th November 2021
7 175th 14th November 2021
8 200th 14th November 2021
9 225th 15th November 2021
10 250th 16th November 2021
11 275th 16th November 2021
12 300th 23rd November 2021
13 325th 26th November 2021
14 350th Pending
15 375th Pending
16 400th Pending
17 425th Pending
18 450th Pending
19 475th Pending
20 500th Pending

Based on Discord messages and in-game historic Neos messages, there may be some inaccuracies

CDFT Plan

Phase 1 and CDFT

Rewards from Phase 1 are distributed as CDFTs, non-transferrable tokens allocated to a Neos 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.