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Overview

The BitShares Blockchain Foundation takes a lead in managing so called worker proposals on the BitShares Blockchain. These proposals, once approved by BTS holders, obtain funding in BTS tokens from the working budget (a.k.a. reserves) of the BitShares DAC. These BTS tokens are then traded into a price-stable cryptocurrency, such as bitCNY, bitEUR, etc. [Read more]

Transparency

We want to serve an open and trust-less ecosystem. As such, we provide full transparency to the BitShares community. For the sake of transparency and accountability, we have the accounting for the escrow workers under public domain. You can read more about this on our dedicated Accountability Page.

Worker Proposals

The BitShares Blockchain Foundation currently maintains the following list of proposals through escrow:

{% include workers.html %}

Background

The BitShares Blockchain in its technical implementation only knows one type of worker proposal. It contains a name, payment account, daily BTS payout rate and a link to provide insight into the purpose of the worker proposal. Anyone can create a worker proposal on-chain, and afterwards all BTS token holders can vote on it. If it passes the threshold given by the refund workers and receives at least part of the asked daily BTS payout, it is considered active.

The BitShares community informally split worker proposal into two types, payment and opinion worker proposals. The former is meant to fund any kind of activity as defined by the worker proposal, the latter is meant to do strategic decisions and to agree on the consensus changing development and introducing new features of the BitShares core (BitShares Improvement Proposals).

The BitShares Blockchain Foundation can operate a opinion and payment worker proposals and act as an escrow for the freelancers conducting the worker proposal. We see the following value propositions to use us as an escrow (please note that the BBF is merely one possible way to facilitate worker proposals and is not meant as an exclusive escrow):

  • Reduce volatility risk for both parties. The freelancer has the risk of being underpaid if the core token price drops, the blockchain has the risk to overpay the freelancer if the core token price raises. From a business and service provider's perspective both is inacceptible
  • Operating risk for the blockchain. If the freelancer would be paid directly from the chain, he gets paid no matter what (assuming the worker remains active), may not deliver what was promised, only partially or faulty. It also has happened that the freelancer decided to follow a different path with the budget, without the need to get reapproval from core token holders.
  • From a tax perspective, the tokens "appear" out of nowhere in the freelancers account, without an entity in grasp to bill to. Without special considerations this can imply tax liabilities
  • Initial review and iteration on incoming worker proposals, utilizing our knowledge, experience and feel for the need of the BitShares community to produce proposals with increased chances of approval. At the end proposals with clear tasks and value propositions are published.

Certainly using the BitShares Blockchain Foundation as an escrow introduces additional overhead and requires both trust from the BTS token holders and the freelancer.

The procedure

The purpose of this service is to provide security and transparency to both parties, the BitShares Blockchain Community, as well as the freelancer that performs the work in expectation of payment. Setting up a worker proposal through the BBF normally sticks to the following flow:

  1. Establishing agreement for Escrow service for a defined task, review and iterate
  2. BBF sets up worker proposal on-chain
  3. BBF obtains BTS from reserves
  4. BBF obtains smartcoins according to agreement (bitCNY, bitUSD, ...)
  5. freelancer proves delivery
  6. BBF reviews delivery and invoice
  7. freelancer receives payment
  8. Escrow service returns excess BTS to reserves

Payment worker proposals

The BitShares Blockchain Foundation splits the payment workers into two sub-types, namely escrow and budget workers. For both workers the

  • escrow workers: With this, we organize freelancers around the world that want to work for the BitShares DAC through our trusted escrow setup which carefully vets the individual offers, sets them up on the blockchain and ensures the maximum of code quality for the BTS token holders.

  • budget workers: These workers serve as a budget that can be tapped whenever it is needed for purposes defined in the individual budget workers. This serves as working budget that is more flexible then static escrow workers in the way that it allows to pay many different people for their support out of a single purpose-specific fund.

Remark 1 A payment worker can only payout funds that have been obtained through the corresponding worker being active. The BitShares Blockchain Foundation expects that the freelancer monitors the status of the worker and available budget.

Remark 2 If not otherwise mentioned in the specific worker proposal, a 5% escrow fee is applied to all payment workers operated by the BitShares Blockchain Foundation (starting 1. March 2019). This fee is applicable for each outgoing payment and will be accounted for publicly for each worker.

Escrow Worker Model

The purpose of escrow workers is to ensure proper payment for the work provided over a period of time and absorb volatility of the BTS token during that time. The freelancer has a reduced currency-risk during while the BitShares DAC does not overpay for the provided work, especially for long-term agreements.

Given that a worker on the blockchain may be voted in for quite some time, the BitShares Blockchain Foundation would like to exercise the new model of running an escrow worker to reduce risks and costs for the BTS token holders:

  • BitShares Blockchain Foundation has an account (workers.bitshares.foundation) that is co-owned by committee-account and escrow partners.
  • The worker will redeem it's funds on a regular basis and buy up smartcoins from the market (with reasonable premiums).
  • For this reason and due to volatility of BTS, the actual pay of the worker is higher than the USD value.
  • The worker will only pay the agreed amount of money and pay only in smartcoins to the bitshares.foundation account.
  • Every BTS that is not paid according to the terms of the worker proposal will be returned to the BTS token holders through the reserve fund.
  • The amounts available for individual budgets can be obtained through transparent account

Budget Worker Model

Budget workers serve as workers that provide capital for specific purposes where escrow workers do not fit, such as translation work, bug fixing or bounties. The rules are as follows:

  • BitShares Blockchain Foundation has an account (workers.bitshares.foundation) that is co-owned by committee-account and escrow partners.
  • The BBF will redeem these funds on a regular basis and buy up smartcoins from the market (with reasonable premiums).
  • For this reason and due to volatility of BTS, the available budget in USD terms might vary over time.
  • The budget is controlled by bitshares.foundation who serves as an independent entity to supervise payouts.
  • The amounts available for individual budgets can be obtained through transparent account

Opinion worker proposals

BSIP Worker Model

BSIP is the abbreviation for BitShares Improvement Proposal and is describes the procedure of improving the BitShares protocol. Every major change to the behavior of the BitShares Blockchain requires approval by BTS holders by means of approval voting. This is implemented by means of a BSIP worker.

Beneficiaries and Invoices

Beneficiaries of either of these models need to authenticate themselves against the BitShares Blockchain Foundation with their real-world identity. Invoices need to be sent that are published in this site.

Payments will be made only after receiving and approving individual invoices!

Invoices are to be adressed to

BitShares Blockchain Foundation
Suite 10, Huggins House
P. O. Box 187
Old Manor Estate
Gingerland, Nevis

It is the desire of the Foundation to fullfill the terms set forth in the worker proposal. However, the BitShares Blockchain Foundation expects freelancers to understand that no legal agreements is being formed between the Foundation and the freelancer. The Foundation merely acts as an escrow partner for funds offered by the BitShares community.

Legal Setup

Workers listed on this site will be owned by the BitShares Blockchain Foundation, who will also act as the freelancer's partner and point of contact for the worker proposal and supervise the entire progress. Payouts are facilitated in Smartcoins through the escrow setup with the independent BitShares Foundation.

Blockchain Projects BV is contracted to handle the technical details and support quality assurance procedures.