BUIP190: B.U. Team NEX Vesting Rewards
submitted by Singularity
date 28 Dec 2022
Since the vote of BUIP 166 was approved, B.U. as an organisation has pivoted its strategy to focus on its own new cryptocurrency, Nexa. It is important that all the team are aligned and incentivised to make Nexa a huge success and deliver on the goals of B.U. as an organisation, globally adopted peer-to-peer electronic money.
While all the team at B.U. are compensated for their time, I believe it would be sensible to set up an incentive system similar to that in many companies, where the employees of a company are able to share in the success of the company via holding equity in said company that is released in a vesting schedule. Of course, Nexa is not a company and B.U. does not own it, but it will play a leading role in its success and the NEX coins are an asset that will appreciate if the Nexa network is successful.
It is not known how many NEX each B.U. team member privately holds, and it is unreasonable to expect them to openly provide this information as this is their private financial information.
I propose that B.U. sets aside some NEX tokens for the team members in B.U. who are actively working on Nexa and the Nexa ecosystem. These NEX tokens should be ring-fenced and the team should be able to unlock them by completing a certain amount of time working for B.U.
Specifically, I propose that each person operating on a long-term independent contract for B.U. should receive 500 million NEX for every 6 month period of work that they complete for B.U., and that the coins should vest 1 year after the 6 month period is complete. For example, if a B.U. team member continues to work for B.U. from the beginning of Q1 2023 to the end of Q2 2023 then at the end of Q2 2024 they will receive 500m NEX.
This BUIP covers a NEX vesting system for the next 2 years, therefore the final NEX reward that can be earned via this BUIP would be via Q3 and Q4 2024, and the final payments would be made in Q3 and Q4 2025. Therefore the total maximum amount that can be earned per team member is 2 billion NEX over 2 years. Any continuation beyond this date would require a new BUIP.
- Purchase of enough NEX to implement the vesting schedule reward scheme described in this BUIP.
- Strongly incentivise the B.U. team to align with the success of Nexa for the coming years.
- Make it clear to the Nexa ecosystem that all of the B.U. are correctly incentivised for the success of Nexa.
The 2 billion NEX per B.U. team member should be purchased within one month of the successful vote in favour of this BUIP. It should be purchased by the elected B.U. officials (President, Secretary and Developer) from the open market, i.e. an exchange or OTC, using B.U.’s treasury funds.
Increase the probability of success of Nexa becoming the backbone of the global monetary system.