The Nav Coin Community Fund has officially been approved! In fact we’ve had an overwhelming amount of positive votes since the majority of the network updated to the latest wallet version with the vote period completing at around 81% yes (above and beyond the 75% threshold).
Nav is a community project and we believe that a community led system far better serves the interests of the project than private investment. It allows the project to retain autonomy over itself and empower members of the community to take charge of Nav Coin’s direction and help it grow. The raised funds are collected into a smart contract, and unlike other community funds they can only be released by two rounds of network voting. There is no single point of failure. No single entity owns the coins that are set aside, and only the community can choose which proposals are funded and whether the funds are released. The community fund will be extremely positive for the project and community and we are thrilled to be carving out this new milestone in the Nav story.
What This Means
- Proof of Stake rewards will be reduced from 5% to 4% per annum.
- Each block staked will also generate 0.25 NAV per block for the Nav Coin Community Fund (that’s roughly 260-300,000 NAV per year into the fund depending on the actual average blocktime)
- Anyone will be able to propose projects, budgets and initiate network votes to schedule funds.
- The Nav Coin Community Fund will be protected by the consensus layer – proposals will never be accepted without the positive vote from a large majority of stakers allowing the community to decide what is valuable for the project’s future.
- Unlike other funds which immediately release the coins when a proposal is accepted, our funds are locked when the proposal is accepted but are only be released in arrears by a second network vote when stakers agree the proposal was completed successfully.