ICON Transparency Report — block42 September
By: Jasa Srot
Tags: Icon Foundation, Block42, Blockchain, Transparency

Our understanding of being a P-Rep is closely linked to act in a trustful and transparent way. And another month means another transparency report where we publish a report stating how we are using our P-Rep reward funds.

Here you can find the previous Transparency Report.

We have changed the expenses from being shown in ICX to $ to more accurately represent the amount of funds used by the company. The change in the unpaid expenses column where this will be in effect will be highlighted with a darker shade of green. The previous months are still shown in ICX.

Find a detailed distribution of ICX funds each month in the following Google Sheets document: block42 ICON funds spreadsheet

As stated in our P-Rep proposal, we’ve defined categories to whom we allocate our P-Rep rewards. For each of these categories, we will explain our claim, which means how much money and/or working hours we’ve spent on that category in the last month. In total, we received 18,926 ICX as a reward.

The calculation used was the daily opening price of ICX on the 01.06.2020 => $0.421814

Node

The node was running smoothly we managed to achieve 99.99% uptime. It was running on Amazon AWS and this month’s costs amounted to $373.25. By considering an ICX price our claim for the node category is 885 ICX.

Node uptime

Link to: Amazon AWS invoice for September

ICON Europe Treasury

We have dedicated 2,839 ICX for the ICON Europe treasury which equals 15% of our total rewards. None of the funds have been spent and the total balance is 56,176 ICX (53,337 ICX remains there from the amount dedicated in the previous months). The funds in the ICON Europe Treasury will be used for development in collaboration with other European P-reps.

ICON Development & project management

As with the month of July, most of the development funds this month for LICX came from the grant and collaboration with ICX station for Bridge.

In total, our ICON team spent last month 500 hours and 6 minutes on the development with more than 310 hours spent on ICON bridge development and more than 95 hours spent on LICX development. We have spent 89 hours 38 minutes on project and community management as you can see in the following export from our time tracking tool Clockify:

To calculate costs, we’ve defined €40/hour as a value for one working hour. We did that the following way:

An employee working full-time is considered in Austria to spend 1,720 hours of work within one year. As an average salary we calculate with €3,000 gross. By adding 31% of labour cost, calculating 14x payments (as it is common in Austria) and adding 25% overheads, the yearly costs for one employee are about €55,000. Divided by the yearly working hours of 1,720, the costs of one working hour are about €40.

The claim for this category is €2,588 (64 hours and 43 minutes * 40€ ) $3,028.74 for project management and development which corresponds to 7,180 ICX.

Note: the ICX price used for calculations is taken from coinmarketcap.com 12am, first of each month. For converting Euro to Dollar a rate at which the fiat was traded at 12am, first of each month (€1 = $1.17)

Marketing & others

We allocated 1,893 ICX to marketing & others. We claimed 3,282 ICX this includes community work that amounted to €1,118.33 (29 hours and 35 minutes * 40€) or $1384.50. The total balance left for this category is 362 ICX.

Safety funds

Each month 5% of total rewards received are allocated to a safety fund which in July equals 9,46 ICX. The total amount at the moment is 18,725 ICX and it will be reserved as a last resort.