How to Apply for Budget Items
CYBEX is an ecosystem that is set up and operated by a decentralized network, providing a complete set of infrastructure to land blockchain technology in real-world applications for business purpose.
In CYBEX network, the crypto assets is provided with more security and transparency. It offers not only the trading speed and liquity as the centralized exchanges do, but also the convienient on-chain operations and APIs. Meanwhile, CYBEX has enterprise-level crypto asset custodian solutions and mass-produced hardware wallets. More and more DAPPs are implemented for business based on CYBEX technology, supporting the user scenarios for all walks of life in real world.
CYBEX encourages community members to contribute to the ecosystem, whether by developing DAPPs, creating a new chain operation, optimizing experience of decentralized exchange or implementing functionalities. As long as the work gains recognition from the community, it can be integrated into the CYBEX network. CYBEX would like to provide a variety of support to contributors, including a range of project budget for these projects and work items.
After subumitting the "Budget Item" appliocation, the shareholder of CYBEX may vote on the project. The result will be announced every CYBEX maitenance cycle. The projects that get the high rand in all budget items will receive the corresponding budget support.
The daily budget is distributed as follows:
- The available budget is taken out of reserves pool.
- The budget items are sorted according to their approval rate (Pro - Con) in a descending order.
- Starting at the worker with the highest approval rate, the requested daily pay is payed until the daily budget is depleted.
- The worker with the least approval rate that was paid may receive less than the requested pay
For members of the CYBEX community, the procedure for applying for a "budget item" is as follows:
CYBEX members should register on dex.cybex.io and upgrade to a lifetime member at first.
You can find the "BUY LIFETIME SUBSCRIPTION" button in the ACCOUNT tab. It will cost 1,000 CYB to buy this membership currently.
At dex.cybex.io, click "SETTINGS" icon on the right top. You can turn on the advanced mode of your CYBEX management.
Back to ACCOUNT tab and click "Voting" item on the left bar.
Click "Create a new worker" button and fill in the relevant information. It will cost 0.005 CYB for budget item proposal.
The most important thing is to fill in the web site on which CYBEX shareholders are able to get the detailed infromation of your project.
The project description is supposed to include but not limited to:
- An overview of the budget items, including project target, requiremnt to meet, problmens to be solved, positive effects on the community, etc.
- Clear work objectives of budget items. Setting measurable goals is the key to gain the community acceptance and evaluation of budget items;
- Development plan. For the purpose of project implemenmtation and application, how to use the budget for the development work. It will be better if you provide the reasonable calculation and detailed explanation;
- Profile of applicants. Provide information of the applicants (or teams) , including development experience, time assignment and so on. It will help shareholders to evalute wether the budget items can be completed on time.
The current community guidelines for budget item evaluation are shown in the following table:
| Description | Weight |
|---|---|
| Does the project bring positive effect or reslove import issue of CYBEX community | 20 |
| How difficult is the project development and implementation from technical view | 30 |
| Is the evaluation criteria clarified and measurable of the project | 10 |
| Is the budget plan clear and reasonable | 20 |
| Is the time assignment reasonable | 10 |
| Dose the applicant or the team have sufficient experience | 10 |
In the ACCOUNT tab of all CYBEX shareholders, members can vote or cancel all budget items that are not expired. It will cost 0.02 CYB.
All the budgets items are listed in the Workers tab and grouped by their "Proposed", "Active", "Expired" status.
- Proposed Budget Items
The projects are ordered by the number of votes in favour that the project has not yet started or the project has started but the number of votes is lower than the number of required votes.
When projects have the same number of votes, projects that are created earlier will get the higher rank. When vote number of projects that have reached the "number of votes required for active budgets" , the project will move from "new" to "active " status and get corresponding budgetary support.
- Active Budget Items
It shows the current top-ranked starting projects, which have received budget support.
- Expired Budget Items
It shows the expired projects, shareholders can only view the history of the projects.
After unlocking the wallet, you can go to the "Vesting" item in ACCOUNT tab and claim the vesting balance of this account.
CYBEX network begins to issue the budgets of active projects at 8:00 a.m. Singapore time. All the active budget items can get their salary according to vesting period. This vesting balance will be available to claim like the mimic traditional stock vesting contracts where each day a certain amount vests until it is fully matured.
Examples:
As the rank of voting at 8:00 a.m. on Januray 1st, 2018, project A applies 100 CYB per day for work and the vesting period is set to 7 days in "Active" status. CYBEX network will linear vest 100 CYB of Januray 1st from Januaray 1st to 7th. The 100 CYB of Januray 2nd will be vested from 2nd to 8th.
The project applicant should complete the project and achieve the objectives according to the plan. In the process, the project budget issued by the network will continue to be provied. At the same time, community members will monitor the progress of the project. Shareholders may cancel thier votes if the project does not work as planned. As a result, the budget for the project will be canceled at the same time.