July Budget Proposal - Part One


#1

This part of the budget will be dedicated to covering some costs of our Blockchain Developers.

4.5 Million COLX in total from 10% to proposals for all phases will go into the Blockchain Development Fund if you vote YES
Blockchain Developer Costs:
2 Blockchain Developer’s [Part-time] = about 7.5K US$ | monthly
1 Freelance Blockchain Developer = about 2.5K US$ | monthly

You will need at least 1 running Masternode to Vote for this proposal

Proposal Name: DevelopmentFund2
Amount: 4500000 COLX
Payments Counts: 1

proposal-hash = 329a42d383645549a9b0f6bc50c191718703617b8c93324273d1dd40360c4f07

Go to Tools > Debug Console > then you vote:
Correct usage is " mnbudget vote proposal-hash yes | no "
" mnbudget vote-many proposal-hash yes " to vote in favor:
mnbudget vote-many 329a42d383645549a9b0f6bc50c191718703617b8c93324273d1dd40360c4f07 yes
“mnbudget vote-many proposal-hash no” to vote against
Then go to "mnbudget getinfo DevelopmentFund2” to check the status
mnbudget getinfo DevelopmentFund2

 "DevelopmentFund2" : {
    "Name" : "DevelopmentFund2",
    "URL" : "https://goo.gl/15DgHv",
    "Hash" : "329a42d383645549a9b0f6bc50c191718703617b8c93324273d1dd40360c4f07",
    "FeeHash" : "0b227237a4c4f30b873b3892b5a91b6519de5cf372955b56c6415cd500401e77",
    "BlockStart" : 432000,
    "BlockEnd" : 496800,
    "TotalPaymentCount" : 1,
    "RemainingPaymentCount" : 1,
    "PaymentAddress" : "DAbHsptawrVEgXy4USDzpUjugVYVQCENe1",
    "Ratio" : 0.00000000,
    "Yeas" : 0,
    "Nays" : 0,
    "Abstains" : 0,
    "TotalPayment" : 4500000.00000000,
    "MonthlyPayment" : 4500000.00000000,

What are these funds being used for?

The Development team is the heart of COLX. It is important that the ColossusXT Development team continues to grow within our technology sector. All major tech companies aggressively compete to hire gifted Developers. Coding bridges the universal divide. It is the one language that connects different nationalities and countries. Maintaining a blockchain, and development of the Colossus Grid is not an easy task and these funds will be used to compensate our developers and hire more gifted developers as ColossusXT aims to compete more aggressively in the blockchain and technology sectors.

This proposal will use the next Masternode Budget Superblock (BlockStart: 432000 - BlockEnd: 496800) for Payment of our Blockchain Developers and expansion of our Blockchain Developers.

What is a superblock and how does it work with the budget system?

The budget system has many stages, first, a proposal is prepared and submitted to the network. It requires at least 10% of the network to vote yes to make it into what we call the “budget projection”. The budget projection is simply all of the proposals that qualify to get paid.

Later on, the network will take the budget projection and finalize it. This is the stage where the rest of the masternode network will compare their projection to the finalized budget and if they match they will vote “Yes”. If more than 10% of the network votes yes on the finalized budget, then when the next superblock is reached, the network will create these blocks. Superblocks simply pay one proposal per block until the budget per month is paid.

We encourage all Masternode owners to join the Official Discord community.
Discord: https://discord.colossusxt.io


#2