This is the latest version of the Sustainability Plan. This has been in place since 01/06/2016.
In April 2015 it became apparent that the current developers of XBC had abandoned the coin and made off with any funds they had at the time. Community members rallied together and decided to start a brand new coin out of their own funds and allow the XBC holders at the time to exchange their coins on 1 to 1 basis. In May ‘The XBC Project’ was created. A new coin was created. The name BitcoinPlus was kept but this was a new coin in all but name.
The XBC Project new the coin needed a way to 'Sustain' itself in the future. The XBC Project created enough coins for a 1-1 coin swap with previous BitcoinPlus holders and also created an additional 14,000 coins. The coin swap was handled by Poloniex Exchange who swapped all coins from the old blockchain with coins from the new blockchain. The additional 14,000 coins were to be placed in a 24/7 Staking Wallet held at Poloniex Exchange. The coins staked from this wallet were to be used to 'Sustain' the coin.
After all the coins had been swapped and after honouring previous commitments/payments, The XBC Project was left with around 12,500 XBC coins. The XBC Project Staking Wallet was allowed to compound and with XBC donations reached the target of 14,000 XBC. Every month Poloniex send the staked coins to an account the XBC Team Members have access to. Poloniex keep 1% of all staked coins as payment for their services. The remaining coins are then used to sustain the coin in whatever way is needed. This includes 24/7 node server costs, blockexplorer, dev fees, costs to cover time spent on support requests (Emails), forum posts, website maintenance, blog posts, team incentives, wallet upgrades, giveaways, marketing, bounties etc.
On an average month we expect to stake around 220 coins. Depending on the current XBC and BTC price will determine exactly how the staked coins are split up. As a rough guide the following percentages are in place as of 10/04/2017.
- 4 x 24/7 XBC Nodes. Fully integrated with the TOR network.
- Blockexplorer with Blockexperts.
- Custom Blockexplorer hosted with DigitalOceon and mainitained by a community member.
- Domain Names, Website Hosting, Website Modules and Maintenance.
Wallet Updates (33%)
- Put aside for Wallet Updates, Developer Payments and any outsourced Marketing.
Team Incentives (65%)
- Team Payment - This covers time spent replying on bitcointalk forum including private messages, Support requests received directly through the XBC website contact form. This also includes content writing for Websites, Help Manuals. This also covers time spent developing relationships with new Exchanges and Services that could potentially adopt XBC.
Poloniex Staking Wallet
The coin deposit left at the 24/7 Staking Wallet held with Poloniex which now contains 14,000 coins will only be withdrawn and used after all of the following conditions are met
- The community agrees to a final decision via votes, polls, feedback, etc.
- All members of The XBC Project agree to the decision
- Poloniex verifies the withdrawal with each member of the team
A record of the Staking Payouts and Expenditure can be found here. This is updatetd whenever a Staking Payout is received from Poloniex.