GenerEOS is a Social Enterprise Block Producer candidate whose mission is to re-engineer the way that funds are distributed to Charities and Community Projects. This has been our primary goal since inception and now that we’re a paid Standby Block Producer in a live Mainnet environment, we can start implementing our processes and allocating funds to worthy causes that need them most.
GenerEOS will donate 20% of net profit on a quarterly basis to vetted charities and community project beneficiaries. Initially, we will vet and select the charities and community projects, but the aim is to put this process in the hands of the community. Later down the track we will release GenDAC to replace this process (more info to come soon).
The community can vote on the vetted beneficiary list and select where the funds will be allocated. The funds will then be allocated based on vote percentage and can be distributed in the form of EOS or be liquidated into fiat on the beneficiary’s behalf. Our goal is to bring these charities into the EOS fold by providing the donations as EOS. We understand that many charities will not have the resources or know how to access EOS tokens so we plan to take them on this journey. Each token holder that votes for the beneficiaries will receive a gift of POOR tokens for their contribution, the gift will be at a 1:1 ratio based on your EOS holdings, you may only vote once per account and for one beneficiary only. The POOR tokens will be distributed as a one off gift for EOS token holders who have contributed to our charity voting. POOR token gifts will stop and change to GEN token gifts once our GenDAC is launched. Read this article for more information on POOR tokens
We have taken a great deal of care in curating the first list of beneficiaries, each one of these causes and projects holds a dear place in our heart.
- Girls in Tech
- Guatemala Volcano Eruption
- Starlight Foundation
- The Water Project
- Doctors Without Boarders
- Sea Shepherd
EOS Contributors Fund
The contributors fund will give back to the community directly by donating to key contributors that bring value to the network day in and day out. The funds allocated to this pool will be disbursed to individuals that contribute in the following areas:
- Meetup Events – from $200 AUD per event
- Valuable Artciles &Tutorials on EOS related subjects – Starting at $20 AUD each
- Commit valuable code on an EOS related tool – case by case
- Audit code on an EOS related tool and provide a report – case by case
Please submit a proposal for an upcoming event or work you have completed outlining the value and resources/time spent. Each submission will be reviewed for its value and worthiness, funds will be donated based on the contributions value and effort. Donations will be on a first come first serve basis until the pool has been completely disbursed. Submissions are now open but funding will not be finalised and allocated until the end of Q3 on October 1st . Submissions can be sent directly to email@example.com
EOS Tools Fund
We believe that constant releases of innovative tools is key to mass adoption of the EOS Blockchain. Therefore, all proceeds allocated to this fund will be allocated to the development of new tools related to EOS.IO. Please submit your innovative tool project to be considered for funding. Submissions are now open but funding will not be finalised and allocated until the end of Q3 on October 1st. Each submission will be reviewed for its worthiness of funding. Submissions can be sent directly to firstname.lastname@example.org
The Voting Process
Whilst we are working on a better method for voting on chain with the referendum smart contract development team, we’ve devised an interim solution to make voting for beneficiaries available sooner. Using the EOS.IO Forum developed by EOS Canada which was designed to provide a flexible framework for on-chain governance voting and communication, you can post to the forum smart contract so we can track each accounts vote with unique identifiers for their desired beneficiary. We will release the functionality for this on the EOSToolkit with an instructional.
We’re currently working on a Financial Transparency Dashboard that will flow through all our revenue and operating expenses to collect data and display it on a web portal. Whilst this is still in development, we will provide reporting on our financials – keep in mind this is a blockchain and the ledger is public.
Since the launch of the EOS Mainnet GenerEOS have received revenue of just over 8000 EOS in our position as a Standby Block Producer. We have actioned our first salary payments to the 5 founding team members including the KPI based bonus pool. We have paid for and maintained other business expenses such as infrastructure, web development, legal incorporation costs and marketing. It was decided by the team to allocate 30% of revenue to a savings fund as a float for times of volatility in the market so that we can remain in operation and not compromise our Block Production capabilities. Once the savings fund reaches a certain threshold to maintain operations for six months, it will be diverted back into the profit pool for allocation. Please see the breakdown of costs for the first month of operation below:
The first round of fund releases will be executed on October 1st. Once the funds have been deployed we will track and report back to the community how the funds were used for the greater good. Stay tuned for more releases on voting and more reporting.