Contributor Rewards

This is a proposal to replace the existing Bounty Hunters rewards system for contributors with a grants program, a bug bounty program, and a core team rewards program. The goal for this proposal is to restructure the ways contributors are rewarded to encourage growth and sustainability of the protocol.

Grants Program

The bounty hunters model is replaced with a Grants Program where anyone can make a request for rewards for a project or initiative. Initiatives like redoing the frontend or adding features to the protocol are rewarded from this program. Grant funds can be requested to be streamed over time.

Bug Bounty Program

This program is to encourage the community to work together to find and fix bugs in the protocol and application. Bugs will be submitted to Github as issues and a bounty reward amount (e.g. 100K RIC) will be assigned to the bug. Any bugs found and fixed will be rewarded. Any funds whitehat hacked from the protocol will be rewarded to the hacker to the best of our ability as a thank you.

Core Team Rewards program

This rewards program will be referred to as the Captains system. There will be 5 Captains that make up the core team. Each Captain will receive a 100K RIC base reward for making a commitment to join the Core Team. Captains will also receive a portion of the RIC bought back using protocol fees (shown in the image below).

Captains receive two types of rewards shown in the image below:

1. Base Rewards: 100K RIC/year each
2. Bonus Rewards: 3,500 USDC/month buy back

Captains Role

Captains roles map to organizational functional units: Executive, Engineering, Product, Communications, and Treasury. Each captain holds the others accountable based on a Team Agreement. Captains roles have job descriptions and there are expectations as a Captain. It’s expected that Captains:

• Publish a weekly report to Discord for other Captains to review
• Host a monthly meeting on Discord where you show and tell the Captains what you’re doing

Applying to be a Captain

If you’re interested in filling a Captains position you must apply and be approved by the existing Captains. Applications are due by October 1st for the inaugural Captains of 2023. Apply by submitting a resume and cover letter to the first Captain. Prospective Captains must hold at least 100K RIC.

Request for Funding

This proposal requests funding for 6 months of this program which is:

• 21K USDC, 3.5K USDC per month for 6 months
• 250K RIC, 100K RIC per year per 5 captains for 6 months