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Veteran Blockchain Investment Firm
[USER=2]@DChapman[/USER], et al.
[I]1. Can we define earnings? Earnings are often defined as after tax net income so I'm curious what you'll be donating specifically.[/I]
Thank you for the questions and requests to clarify our position. When we refer to earnings, we mean the FCT that the authority server would earn (~1123 FCT per node per month). For our proposed second node, we are donating half of the earnings, ~561 FCT to the WVU Foundation per month. Our objective will be to donate $500,000 to create the largest blockchain endowment fund in the country. To summarize, for our second node, Veteran will collect ~561 FCT and the WVU Foundation will collect ~561 FCT per month. Our intention will be to program the ~561 FCT per month to go directly to WVU Foundation’s address. For our first node, we will be providing 50% of the ~1123 FCT earned to the grant pool and 50% will be collected by Veteran. Until the Factom/WVU Foundation details are finalized and in place, 50% of the earnings from the second node (~561 FCT) will be contributed to the grant pool as normal.
2. 50% of earnings from both nodes? And when you go down to one node, will you continue to provide 50% of earnings from that node? Is WVU aware that there will be a big drop at some point?[/I]
Veteran intends to contribute to the grant pool through our first node via 50% programmed efficiency. The 50% from the second node will be going to the WVU Foundation Factom endowment. When we go down to one node, we will re-evaluate the disbursement to the WVU Foundation. We intend to continue to contribute to meet the goal of $500,000 and creating the largest blockchain endowment fund in the country. WVU is aware that we are interested in establishing an endowment funded by Factom. We have not gone into details into how much per month they can expect and when. This effort is largely a strategic plan to act as a catalyst to the protocol awareness in the short-term and to advance the protocol development and adoption for decades to come. If selected, Veteran will work with WVU to incorporate the Factom protocol into every aspect of the WVU curriculum. Additionally, we see huge potential through WVU’s government partnerships to begin socializing what the Factom protocol can provide to USG entities.
[I]3. So the "Factom AWS GovCloud Network" won't be part of what you do with your default ANO earned FCT, but is planned if you're able to obtain the grant?[/I]
Given current FCT price and liquidity options, it will be incredibly difficult to setup, run, secure, and market the AWS Factom GovCloud with ~1123 FCT per month (between two nodes) going to Veteran. We can set up a scaled down version to market to clients, however, when clients adopt the service, we will expect a fully-scaled version to be up and running to provide the best service possible to our USG customers.
4. How much will you request for the grant?[/I]
Our initial calculations place the grant amount at $100,000 USD. We intend to run the Factom GovCloud on two dedicated hosts, running multiple instances to make up the authority set, follower nodes, and standby nodes. This will cover costs to setup, manage, and market the Factom GovCloud to USG enterprise clients for one year. We expect some non-recurring engineering costs associated with this effort to migrate the main net code to the GovCloud and this is the majority of the grant proposal. There is substantial interest from USG entities to utilize the Factom Protocol on a GovCloud network. Without this infrastructure in place, the Factom Protocol is limited in our ability to penetrate the USG market sector. Should we be selected, we are open to partnering with other ANOs, and prefer, to diversify the Factom GovCloud to ensure one entity is not in complete control of the network.
Thank you for the questions and please follow-up if you require any further clarification.