Virto team - Kusama agents continuous funding
The Virto team, deeply committed to combating social inequality, has focused on developing tools that streamline the creation of decentralized applications for businesses. Initially funded to achieve this aim, our efforts center on building decentralized infrastructure that empowers communities to operate real world businesses efficiently and cost-effectively, contributing to local economic development.
With the support of previous funding we developed different client side tools that are now taking the shape of the VirtoSDK, a comprehensive toolkit that simplifies interactions with Substrate-based chains to the point end users don’t need to have blockchain or Web3 specific knowledge.
Isolated tools with no usage are meaningless, that's why upon this foundation we are also building Kreivo, a common-good parachain that serves as the primary platform for experimenting with and testing these tools. Kreivo offers specialized functionality for managing decentralized communities and facilitating secure payments, providing a robust platform ideal for community-driven applications and real world financial transactions. We will keep expanding the capabilities of Kreivo by implementing functionality like the Local Incentives Protocol, our initial motivation to start building in the ecosystem, that will allow the emergence of local communities which will have resources at their disposal to boost their local economy. This strategic development of Kreivo, along with the VirtoSDK, demonstrates our commitment to making blockchain technology more practical and accessible for a wide range of applications.
The Virto team, aspiring to be a leading success in the Kusama ecosystem, is here to stay, aiming to pioneer innovation and creatively use the ecosystem's technologies. We seek the community's support one more: for our long-term commitment to Kusama, our leadership in innovation, our team's expertise in Rust and Substrate, our dedication to working closely with the community to address their needs, and our focus on developing practical, user-friendly solutions. By supporting us, the community gains a partner deeply invested in advancing the ecosystem through collaborative and technically proficient initiatives.
Summary
Total asked: 333 KSM / weely (121 repetitions every spend period)
Monthly estimate: 333 ,33KSM*38USD = 12666.54 * 5 = 63 332 USD/month (10-12 FTE)
Recipient: para:2281
Scope: Service of community requests, Kreivo and VirtoSDK(inc. VirtoApp)
Payment method: Recurring scheduled spend via Treasurer origin every spend period.
Milestones: Quarterly community review to determine if the team should continue to be funded.
Links
- Full proposal
- Previous proposal
- Forum post about Kreivo
- Live roadmap
- AAG prev. work presentation
- Github
- Website(in spanish)
FAQ
What experience does the Virto team have?
We have a skilled team of Rust and Substrate developers with several decades of combined software development experience, several PBA alumni, ex-Parity and Fellowship candidates. Daniel the team lead is member of the Polkadot fellowship, has 15+years of software development and computer security experience, 6+ years using Rust and 4 years building with Substrate. Other team members are even more awesome ;)
What are the expected outcomes of the funding?
The team will continuously deliver new features and updates(based on our roadmap) to the VirtoSDK, VirtoApp and Kreivo which includes a multitude of pallets and changes that we will try to upstream to repositories like the PolkadotSDK via the Polkadot Fellowship.
How will the Virto Team engage with and contribute to the Kusama community?
We will engage with the Kusama community through regular updates and establishing open feedback channels. We welcome expert curators to review our work on regular basis(e.g. quarterly) and if deemed necessary request to stop the continuous funding.
How will the team ensure transparency and accountability?
In 2023 we have already shown an exemplary management of our treasury funds which outlived their initial 6 months scope, we kept the team's KSM on-chain to secure the network, team members agreed to be payed in KSM even using the vesting pallet(which came with losses) and every expense was annotated for maximum transparency.
This year we would take things a step further, funds would be payed to the Kreivo parachain sovereign account and with through the chain's local governance and advanced payment capabilities funds would be managed openly.
Are there any long-term plans beyond this funding?
Our main goal of 2024 beyond delivering the outlined projects, is to attract as many communities to the ecosystem as possible, specially those with a real world commercial use cases. The Virto team will be one more commercial community in Kreivo that will operate as an Infrastructure as a Service platform or better yet as a Decentralized Business as a Service provider that offers organizations everything they need to go form idea to revenue generating business in a fraction of the cost and time than a traditional start-up usually takes.
In other words we want to become sustainable and hopefully not have to come back for treasury funding in the future.
How to cancel the schedule?
Anyone in the community can create a referendum that calls thescheduler.cancelNamed like in this example
Will such a big amount empty the treasury?
First of all, it's only a "big amount" if the community allows it, it could well be a short lived fund if the team doesn't deliver. We chose the recurring payment option not only to give the community more control over how long the team should be funded but more importantly to be in sync with the treasury spend cycle to get funds from what would otherwise be burned KSM. TL;DR: The Virto continuous funding doesn't impact the size of the treasury.
Comments (4)
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Guys, you have here dozens of pages of nonsense. I don't want to spend much time in understanding all of that, just need this:
1. You are asking for 121 weeks*333KSM*40 = >$1.6 million at the current (low) prices?
2. Short and clear: what are you doing that's not already available in the eocsystem?
3. Why is it a public good/should be publicly financed
4. Why do you have to build (and propose the KSM holders to pay for) things like another wallet? And million other things in the proposal.
What you're doing with this proposal is saying — "we have a cool few things, and we want funding for dozen of other things we think are cool and want to play with".
Currently this proposal is not of quality (clarity) for giving it $1.6 million. Please do not respond longer then my comment is — main problem you have is that a reader does not want to read/spend time on this.
@G4RasQNUjgkXkdCuW2zgMJPcjZijaTmkJixb3oMxg9eiHng
Happy to chat more and give more clarity about what we are trying to build, hope you reconsider your position :)
Someone correct me if I am wrong. The on-chain json shows 121 periodic payments. The first value, 86400, I believe is the number of blocks between payments. At 6 seconds per block, 86400 would mean a payment every 6 days, not every week. So in total there would be 5 payments per month (6 days times 5 = 30 days), so what is actually being asked for is closer to $65k/month, rather than the $52k/month described in the linked google doc. This would explain why there are 121 periodic payments instead of 104 (52 weeks times 2 years is 104). Total amount requested is 40,333 KSM.
@ValidOrange Hi you are right the payouts are "weekly" as in every spend period, we configured the value based on the relay chain configuration, at the time of writing the document we expected it to be realy every week not being fully aware it was configured as 6 days on Kusama. The document should be updated.