Edit:

To the attention of all shareholders

I am requesting a grant of 200400 NBT;

My proposal has two versions : v.0.1.0 , and v.0.1.1 ;

The first version is for sell-side liquidity only. The second version will operate the granted funds as dual-side liquidity for the first 90 days. You can find differences here

To vote for using the funds as specified in v.0.1.0 just vote for 200400 NBT @ B9fv9Di2Y4RxUHzrwjtfq5fetAhqULzWKL

To vote for using the funds as specified as in v.0.1.1 , in addition to the vote above, cast a second vote of 1 NBT @ BMmwnkZo61gw2m3fqRFApPS5nbW1JNwf5J

Version v.0.1.0 is already close to passing. I will not wait for v.0.1.1 to pass before beginning the original grant’s operation. If v.0.1.1 passes, any proceeds that have been set aside for dividends will immediately be put into a buy wall and the bot will be switched to dual-side mode for the first 90 days.

jamie

End edit

Hello, NuBits community!

My name is Jamie Miller. Not many of you know me but I have been quietly following the developments of Peercoin and the NuBits project for the last several months. I’m very excited about what you guys are creating and I have decided that I would like to try to get more involved. I am personal acquaintances with Kiara Tamm. She has explained to me that there is a serious need for additional liquidity in the Nu network and suggested that I attempt a custodial grant for dividend custodian. I’ve used Kiara’s grant proposal as a template. She has helped me put this proposal together, along with some help from Ben and Pennybreaker.

Problems that I see:

The Nu network is in the very early stages of it’s existence, the money supply is relatively small, and it is very hard to gauge the future demand for NuBits. The right article, from the right publication, could easily cause the existing liquidity to be quickly eaten up, sending the price of NuBits above the intended peg of $1 USD.

The security of the peg, by design, depends on redundancy of liquidity providers. It is unsafe to leave the responsibilities of maintaining the peg in the hands of one custodian, when a simple equipment or software failure could cause the peg to be lost.

The solution to both of these problems is to start electing additional liquidity custodians as soon as possible and continue electing new custodians for the foreseeable future, which presents a new problem:

Only a small handful of people in the community know who I am. How and why would you ever trust me with millions of NuBits?!

When I first started entertaining the idea of putting this grant together, I was thinking about amounts that are really needed. Numbers from one to five million were tossed around. What I realized is that not only is it unsafe to trust one person with that large of a percentage of the network, it’s unnecessary to do so when many smaller grants could be created.

So here is a summery of what I am proposing:

My first grant proposal is for 200,000 NBT + a 4,000 (2%) NBT fee. This is purely a dividend grant. It is not intended to serve the same dual side purpose as Kiara’s grant. It will be broken up, into four (4) dividend periods of 50,000 NBT each.

Upon issuing the first dividend payment of $50,000 worth of PPC, I will submit a second grant proposal for at least the same amount. When the second dividend payment is made, and if share holders are happy with my performance, I will submit a third proposal. This will allow me to gain trust with share holders, while risking less, but will also serve to keep additional money supply continuously coming in. There will also be a benefit to spreading the grants out across multiple addresses. This will allow me to run multiple bots from multiple locations, effectively creating redundancy of infrastructure.

What I have just outlined, regarding additional grants, is not part of this proposal. This proposal is for the first grant only. I am simply suggesting how things might move forward if the share holders elect me and are happy with my performance.

Proposal to Provide Sell-Side Liquidity and Shareholder Dividends

SHA1 hash of raw document: d99aa0d1a43eabbf0a09ef6d43084a8ae83142e5

Thank you all for your time and consideration.

Jamie Miller

Edit:

Below you will find a link to my amended grant proposal which specifies using the granted funds in dual-side mode for the first 90 days of the Grants operation.

Proposal to Provide Dual-Side/Sell-Side Liquidity and Shareholder Dividends (amended)

Here is the SHA-1 hash of the raw amended proposal: 56a848081d3452b06255a4edca8fd88a49825a61

Also, it has been brought to my attention that the three additional grant addresses will no longer be necessary due to a recent development with NuBot. I have removed my votes for these three additional addresses.

End edit

Edit:

Jordan Lee has pointed out to me in the following thread that he intended to use the motion voting system for a couple of important up-coming motions. As the client is currently designed, only one motion can be voted on at a time.

Smaller LPCs are best for now. Submit a proposal! Grants I did have in mind that people would provide their own liquidity for the bonus. I do like the idea of you using the funds you are likely to receive for liquidity, however. We have very low bandwidth for motions at the moment where shareholders can only vote for one at a time. That will likely change in our next release. For now, I planned on finalizing my draft protocol change motion and then offering a second motion later about the burning currency protocol changes. Until the protocol changes t…

Because of this, we will use a grant for 1 NBT to decide if we should use the amended version (0.1.1) of my grant proposal.

If you wish to amend my original proposal, please vote for the following grant for 1 NBT:

BMmwnkZo61gw2m3fqRFApPS5nbW1JNwf5J - 1 NBT

End edit

Edit - 28-JAN-2015:

The following motion has passed. It includes important changes to the operation of this grant.

Motion hash: 4C1FA7B6B7B435BB215B93A771681232F1FD6237

Begin Motion

Passage of this motion will amend Proposal to Provide Dual-Side/Sell-Side Liquidity and Shareholder Dividends (amended), Revision 0.1.1, by Jamie Miller (https://gist.github.com/jmiller99/8273219429deec2f0381) in the following ways:

The grant will continue to provide dual-side liquidity to the Nu network until 01-Oct-2015, at which point the funds will be removed from exchange and secured until further directed by shareholder motion. Custodian addresses are only able to submit liquidity info to the Nu client for a period of 260,000 blocks, or approximately six (6) months. Therefore, on 20-Feb-2015, the grant operator will request that a new grant address and amount of 1 NBT be voted for. Upon passage of this address, continuing grant operation will provide liquidity info through that address. Dividend distribution will be removed from the conditions of this grant. This applies to currently held funds as well as any additional funds accepted from other Nu custodians. Release of any funds being stored or operated under this grant will occur only if one of the following conditions are met:

a) The grant operator is requested by shareholder motion that some or all funds be permanently destroyed (burned with no compensation to shareholders or custodian)

b) The grant operator is requested by shareholder motion to transfer some or all funds to a different custodian

End Motion

"4c1fa7b6b7b435bb215b93a771681232f1fd6237" : { "blocks" : 6313, "block_percentage" : 63.13, "sharedays" : 1741600271, "shareday_percentage" : 56.27961303 },

End edit