BUIP191: Nexa Growth Plan Community Funded Projects

BUIPs
1

Motivation

As per the holistic Growth Plan proposed in the article HERE, there will also be a crowdfunding campaign run in tranches that happen every 6 months. This BUIP relates usage of funds acquired in the first Nexa community crowdfunding campaign.

Objectives

The objective of this BUIP is to enable B.U. to spend the funds as promised to the community members who donated them. These funds will be put towards successfully launching Nexa on a mid-tier exchange, and for paying for community rewards including:

  • Nexican Rewards,
  • NEX Awards,
  • Social media competitions,
  • Partnerships,
  • Volunteer rewards.

Nexican Rewards

We can provide NEX rewards to tens of thousands of new users and can achieve good community retention by giving the reward a continuous vesting schedule to incentivise them to stay in our community.

These would be given to people to incentivise the kinds of behaviours we want to reward.

NEX Awards

We will give out a set of NEX awards every two months. For example ‘best twitterer’, ‘best tiktoker’, ‘best instagrammer’, ‘best video’.

These awards will incentivise the Nexa community to create their own great content focussed on Nexa.

Social Media Competitions

We will host regular giveaway competitions on our social media channels to encourage engagement and account growth.

This will provide us increasing reach to find new investors, developers, and businesses.

Partnerships

We will be able to provide some NEX to our partners for promotional purposes. These could be podcasts, social media accounts, youtubers, businesses, exchanges etc.

This will incentivise new partnerships and introduce significantly more people to Nexa.

Volunteer Rewards

We should be able to reward and incentivise long-term volunteers that help us grow Nexa by providing them with Nexa locked to a vesting schedule.

These volunteers can support us with duties such as community moderation, marketing, writing and support.

Funding

$12,000 = Market Maker Fee
$30,000 = USD Inventory (Mid-tier exchange listing)
4 billion NEX = NEX Inventory (Mid-tier exchange listing)
3 billion NEX = Community Rewards

The stated funding above are community fundraising goals, not money to be pulled from BU’s accounts. Having raised funds, The elected BU officials: President, Secretary and Developer will jointly agree to expenditures of these funds towards the goals stated for this BUIP and will monitor progress through monthly reviews.

Expected Impact

Mid-tier Exchange Listing

  • A more mature market for Nexa trades.
  • More exposure of Nexa to investors, users and businesses.
  • Ability to purchase Nexa from a more established and less risky exchange.
  • Nexa will have a higher perceived legitimacy as a cryptocurrency.

Community Rewards

  • An engaged and committed community across a number of relevant SM and chat platforms.
  • Community retention and cohesiveness.
2

–Begin Signed Message–
BUIP191: YES
–Begin Signature–
IOdUDn8xz6+dwoJTBcz9U47vFC61NAIngB4qCX0BtWwBK/jl7vbKUn5ec30c4vVZom8k+qFT/zVuKCegJyyAnaA=
–End Signature–

3

EDIT: HMMM… I am now confused as to whether BU is spending this money on the community, or whether we are raising this money from the community (and keeping it separate from our normal funds) to be spent on the stated purposes. Obviously if the community wants to do something, who am I to stop them?

I should have been reading these BUIPs before voting opened. This is my mistake. Unfortunately, its been a very hectic time.

---- original reply ----

I deeply question the value of giving away free coins. Sure it was needed in the early days of Bitcoin. But airdropping nowadays goes to people already in the crypto industry, and these airdrops always seem to disappear without a trace or hit the market as sells.

Additionally this BUIP suggests a budget of
“$30,000 = USD Inventory (Mid-tier exchange listing)
4 billion NEX = NEX Inventory (Mid-tier exchange listing)”

which is already located in another BUIP. So this is redundant.

Finally, giving someone free money to be a market maker makes no sense. Market makers are arbitragers; they make money on the spread. Why would we pay someone to do that? Such a thing seems more like giving someone free money and license to attempt to manipulate the price for profit.

On the other hand, rewarding community contributors with some NEX makes sense. But I think this can be handled via the marketing or development funds (other BUIPs) depending on the contribution.

4

This is a proposal to enable spending the funds that would be crowdfunded from the community. Obviously, if this proposal isn’t approved then the community aren’t going to be providing crowdfunded funds to B.U. for these stated purposes. This proposal just enables B.U. to do what would be promised in the crowdfunding campaign as per the B.U. Articles.

5

arg! Sorry I completely misunderstood this BUIP. We have gotten a little lazy (or busy); we (the officers) need to do the formal review, provide feedback, and then release before voting as defined in the Articles…

EDIT: I made a clarifying edit to the OP.
EDIT2: Also I voted no on this before it even occurred to me that I might have misunderstood the BUIP. As stated now, I would vote yes.