The Spectrecoin Foundation will set aside 300,000 XSPEC for community engagement and other initiatives after the hard-fork on 27th September 2019. This was mentioned in the previous newsletter released a few days ago (September 2019). We call this The Spectrecoin Community Chest and it is for you, the community, to use in order to fund proposals that are beneficial to Spectrecoin and hence would increase the value of your investment. You can put forward a proposal that you mean to implement yourself, such as coding a new feature, updating an existing feature, UI improvements but also non-code proposals such as marketing, education and outreach. Anything will be considered by application. If you are a group of people who think you can contribute you can also apply as a group.

This is an opportunity for the community to be directly involved in the future of Spectrecoin and shape the project and the development.

Do you have an idea? Then develop the idea, consider how it could be implemented, who would do the work, how long would it take and how would it benefit Spectrecoin? There is no idea too small or too big, but you will need to cost the idea (roughly) and we will discuss how and when we disperse the funds if the proposal is accepted. If we reject a proposal we will give a reason why. Some proposals may be of a nature where we would like to put it to the community for a vote. It’s hard to set down all the rules and we will have to see how this goes and develop this concept. Let’s look at an example and the first proposal that has been submitted and approved.

This is NOT meant for exchange listing fees as that will come out of the main foundation budget.

Example

Discord user @Tom14 suggested implementing Tor’s Next Generation Onion Services in the Spectrecoin code base. This will greatly improve privacy and introduce Tor next-generation onion address. These new onion addresses are are 56 characters long, such as:

4acth47i6kxnvkewtm6q7ib2s3ufpo5sqbsnzjpbi7utijcltosqemad.onion

In addition to new addresses, Tor is now forced to only connect to Hidden Services, which adds another layer of security (as XSPEC code already force Tor usage). Processors that supports crypto hardware acceleration will benefits from optimised CPU utilisation. There will be Improved lifespan for micro SD card for anyone running Spectrecoin on a Raspberry Pi as Tor will write to disk less frequently than it would otherwise.

@Tom14 will code this himself and upgrade the code base and the work will then be approved by @Tek and @Helix and finally be integrated into the code base and released as part of a future Spectrecoin wallet release. This is a great idea and the work will take around 2 weeks and we have agreed a cost of 10,000 XSPEC for this work.

The ‘Community Chest’ address

We will keep the ‘Community Chest‘ staking on a Raspberry Pi and we will publish all the incoming proposals and keep a public account of this fund. There will be further information on this in the coming weeks. You can always see how much is in the fund on the block explorer. The address will be funded after the hard-fork on 27th September 2019:

Click on the image above or the link below to see the ‘Community Chest’ in the explorer.

https://chainz.cryptoid.info/xspec/address.dws?SaPvqtDWWaaCQBMiK5qU9X4riDuznKuSpP.htm

Submit a proposal

Although the ‘Community Chest‘ will not have any funds until the 27th September 2019, we invite you to start submitting proposals. As a general rule, all proposals will have to implemented before any payment is made unless certain exceptions apply. Follow the below link to submit a Community Chest Proposal. This will open up a form you will need to complete. We welcome feedback on this process as this is new for us and for the community. Once the forms are submitted we will review and post a summary on Discord and decide whether the proposal should be voted on.

‘Community Chest’ proposal form

Get involved with Spectrecoin!