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Merge pull request #58 from lbryio/credit_policy
first draft of credit policy and first quarterly report
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Jeremy Kauffman
GitHub
commit
607b4a333d
3 changed files with 108 additions and 0 deletions
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@ -32,6 +32,7 @@ class ContentActions extends Actions
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'wallet' => 'The LBRY Wallet',
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'hosting' => 'Hosting Content',
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'mining' => 'Mining LBC',
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'policy' => 'Policies',
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'developer' => 'Developers',
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'other' => 'Other Questions',
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];
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71
posts/faq/credit-policy.md
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71
posts/faq/credit-policy.md
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---
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title: LBRY Credit Policy
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category: policy
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---
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LBRY, Inc. controls a significant number of LBRY credits (LBC). At the inception of the blockchain, it was 400,000,000 LBC.
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This document outlines LBRY, Inc. policies, disclosures and intentions in administering those credits. Its purpose is to ensure we operate forthrightly and in the best interests of the LBRY community.
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## Credit Overview
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The initial 400m credits are broken down as follows:
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| Name | Amount | Purpose | Wallet (initial) |
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| ---- | ------ | ---------------- | -------- |
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| Community | 200m | Reward early adopters, new users, and community contributions. | [link](https://explorer.lbry.io/address/rMT5Sg8SyFP3ax2PRaweRCRZoMeYw4znEi) |
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| Operational | 100m | To allow LBRY, Inc. to function and profit. | [link](https://explorer.lbry.io/address/rEQKyb7nd7UUGyEEn5xRkk1fgXdTCf2ZCg) |
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| Institutional | 100m | For strategic partnerships or assistance with charities, non-profits, or other institutions. | [link](https://explorer.lbry.io/address/r9DarmxyPjWkF7ocyxMzaNZN3a9gJvNTZJ) |
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## Quartery Reports
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LBRY issues a quarterly report every 3 months in January, April, July, and October, covering the preceding 3 full months. These reports outline the corresponding transaction history as the current state of LBRY, Inc.'s balance sheet and anticipated future expenditures.
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| Date | Report | Balance Sheet |
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| ---- | ------ | ------------ |
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| July 2016 | [report](/faq/quarterly-report-july-2016) | [sheet](https://docs.google.com/spreadsheets/d/1r7puheE4Ut4c08R47uCDZbDdMHAoQa0WDqw470gjMIw/edit#gid=0) |
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Specific details of historic, ongoing, and anticipated fund expenditures can be seen in the most recent quarterly report.
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## Community Fund
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The Community Fund is 200m LBC reserved for spreading usage and adoption of the LBRY protocol. The more people that use and love LBRY, the stronger the LBRY network is.
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At a high-level, this fund will be used for the following purposes:
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- Seeding consumers with initial credits
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- Recruiting producers to use LBRY
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- Encouraging all users to share LBRY and invite friends
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- Rewarding community contributors
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We expect a dispersal of this fund lasting a period a minimum of 5 years and likely closer to 10.
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## Operational Fund
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The Operational Fund is 100m LBC reserved for LBRY, Inc. itself.
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LBRY, Inc. reserves the rights to do whatever it wants with these credits at any time, to be deployed in the best interests of LBRY, Inc.
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However, no one believes in the LBRY protocol more, or has more incentive for its success, than LBRY, Inc. We believe LBRY can be an world-altering technology and as such our intentions are to minimize the expenditure of these credits until we've achieved that reality.
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Minimal engagement in the market is especially necessary throughout stages of low liquidity, when any action has disproportionate impact.
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Should LBRY make placements from this fund, it will seek long-term engagements and commitments that align interests with LBRY, Inc. and minimize market influence.
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## Institutional Fund
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The Institutional Fund is 100m LBC reserved for the formation of institutional partnerships and benefiting organizations of need, and institutional partnerships, grants, donations, and other ways of strengthening relationships with organizations of need or like-mindedness.
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Sample usages of this fund include:
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- Loaning or giving to non-profit or educational publishers to maintain a namespace or make content available
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- Partnering with charities or other non-governmental organizations with similar interests to LBRY
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- Granting to organizations in need
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- Establishing separate entities related to LBRY Inc. (e.g. a non-profit to manage the protocol)
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- Strategic partnerships or affiliations with other institutions
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LBRY, Inc. anticipates a dispersion period for these tokens significantly exceeding the administration of the community fund. It has no plans to utilize these credits until achieving more community growth and drafting specific programs for participation.
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## More Details
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For specific details of fund utilization, check the most recent quarterly report.
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36
posts/faq/quarterly-report-july-2016.md
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36
posts/faq/quarterly-report-july-2016.md
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---
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title: "Quarterly Credit Report: July 2016"
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category: policy
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---
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## Summary
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This is LBRY's first quarterly report. We enter with zero credits expended. We anticipate zero institutional expenditures, zero or limited organizational expenditures, and light community expenditures.
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## Current Balance Sheet
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[Available here](https://docs.google.com/spreadsheets/d/1r7puheE4Ut4c08R47uCDZbDdMHAoQa0WDqw470gjMIw/edit#gid=0)
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## Overview By Fund
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### Community Fund
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Currently, we are engaging in the following programs:
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- 3-20 LBC for users invited to participate in the beta. This program is expected to continue well through this quarter.
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- 1-5 LBC for referrals. This program is expected to continue in parallel with above.
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- Up to 2000LBC for certain publishers to join LBRY. This program is new and experimental and subject to revision.
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- A [bounty program](http://lbry.io/bounty) with awards varying from small awards to 10,000+ LBC. This program is new and experimental.
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- Tipping on our community chat for user contribution and participation. This program is expected to continue.
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We have allocated approximately 2,000,000 LBC across these categories, but do not anticipate actually awarding this much.
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### Operational Fund
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We anticipate most expenses continuing to be met via existing assets.
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Depending on fundraising over the next 3 months, we may entertain private placements via structures that align with the long-term interest in LBRY and minimize market impact.
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### Institutional Fund
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We anticipate zero expenditures from this fund this quarter.
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