Hi, @shane .
Firstly - thank you for your response. It is our sincere hope that the professionalism and transparent financials that we’ve provided will become the norm for PEP proposals to come. Regarding PEP-19, we are sorry to read that you do not share our vision of the immense value that PocketRS will bring to the network & community in, what we feel, is a comparatively low fee.
As a team experienced in adapting projects to, and creating ones in, the Rust language, we don’t advise anyone to look at this as just “an API SDK” or limited to a “less popular language like Rust.” The fault in this line of thinking limits the benefactor(s) of a project such as PocketRS to a low level expectation and result - the exact opposite of what we are doing.
In terms of the revenue growth to the community fund that PocketRS will provide, we find it prudent to look to Pocket’s relays. According to the RelaysToTokensMultiplier parameter, 0.01 POKT is generated per relay as a block reward. Of this, the DAOAllocation parameter extracts 10% for 0.001 POKT per relay. Following this, just 500m relays would need to be generated as a result of the PocketRS client for the DAO to, essentially, break even. As Pocket is rapidly expanding, and many of its metrics such as this one with it, this outcome is all but guaranteed (nota bene: The Pokt.Network site offers a metric of over 1,000 Million relays per week). Furthermore, with proposals such as PUP-11 currently being deliberated on, we expect the number of relays required to match 500k POKT to be less than these calculations.
As per our proposal, we plan to provide compiled C-binaries on the PocketRS repository which leverage the high-level aspects of Rust. These C-Binaries can be natively used in the wrapping of popular languages like Java, Python, and GO to provide further support. This speaks to your other point - in the long run this project will only make future implementations cheaper and easier, saving the DAO money.
Additionally, we will be providing the community and client with rich documentation for PocketRS. The lack of sufficient documentation is a major barrier to entry for many developers. As an example, to utilize PocketJS to our needs, our team had to spend days understanding the source code of the package to find which bindings to use. Our team is a diligent and determined bunch - others may not be as interested when alternate large-scale providers exist.
What we believe is that each of these efforts outlined in the proposal will reach, and exceed, the 500M relay goal to reimburse the DAO. A razor-fast client, the C-bindings for the bootstrapped development of binding support in other languages, rich documentation, and professionally staffed community support is a major value-add for the Pocket Network.
More revenue and users for the project and decreased future costs are the key takeaways here.
Rust is in no way an easy language, and because of this, after our analysis and discussion with our most senior Rust expert, the team can only be this small. 2,080 man hours per person is the estimate we have drawn up as a conservative deliverable timeline on PocketRS. That includes 6 months each of full-time work at a regular workweek (although we are sure there will be many late nights that turn to early mornings) and 12 months of half time work at half a regular workweek. The calculation is as follows : 26 weeks (half year) x 40 hours = 1040 + 52 (full year) weeks of support x 20 hours a week. In terms of seeing our support now, I recommend contacting us on telegram and chatting with us in our telegram, using our POKTPriceBot valued by the community, or even taking a peek in the Spanish channel we have created for the community.
Exhibits A and B provide more detailed explanations of those costs, and the salary and loss hedging involved, follows below.
At a base level, we share and understand your sentiments toward being paid in cryptocurrency for your work. Your designs on NodePilot and the upcoming Node Launcher are exceptional, and we look forward to seeing the directions you take with Decentralized Authority.
Although we founded Jamso Financial Group on these principles, our engineers have families who expect to receive consistent fiat for their time and effort. For example, if we were to obtain 50,000 POKT a monthShane at market value now to pay salaries for the first three or four months, that would work well at current market rate. But, what if the price of the token changes? In February the token price could be 10 dollars, but what if it isn’t? If the price drops to 10 cents, now still fixed on a base rate of the original 500,000 total at 50,000 a month, we can’t pay staff and the project goes defunct. Then the DAO is out of not only 200,000 POKT, but also does not get to see a high value project unfold. For better or worse, to get good developers in this space, especially at so below going market rates (about 450,000 a year in some startups), consistent and assured payment is necessary. As much as the owners of JAMSO love POKT, it is hard to make our employees love it enough to work for uncertain salaries and wishful thinking.
Please do not forget to consider that this is an 18 month project and it requires, at most, 53.85 dollars per highest paid employee per hour. To give you scope on salaries in the United States (not sure if you are from here), one of our existing members worked recently at Ernst & Young, LLP, one of the largest professional services firms in the world, and charged 155 dollars an hour as a senior staffer. Compared to what we are asking here, and the professionalism and experience we are offering, this is, if anything, a discounted offer to the community for a high level of work product.
In terms of knowing us better, the idea that we are invisible in the community or hidden in any way are false. Daily, we proudly wear who we are on our sleeve as we work with and on behalf of the POKT community. Between the hundreds of thousands of dollars we trade honestly and successfully for JAMSO community-vetted OTC members, one of our members working part-time on POKT INC’s sensitive financials, our full legal incorporation in Wyoming, USA, full commitment to regulatory compliance we have provided, and the multiple times we have provided free resources to the community, “blind trust” is not something we are asking anyone to deal in. Being heavily involved in the community-resources section, including the recent rise of POKT pools, this point is only driven further. It’s true that we are a newer player in the POKT scene, but we are confident that we have proved ourselves time and again to earn the community’s faith. To that point, as this is the community fund, we have come here, and not POKT Network Inc. or one of the other several DAOs we work with, to submit this proposal.
Regarding trust, we firmly believe in transparency. If you’re interested, we’d love to connect for a chat with our team. We want the opportunity to show you our workings - please set up a call with us using firstname.lastname@example.org or chat with us on Discord or Telegram.
Jamso Financial Group is very committed to creating a strong relationship with this DAO, and we know, for reasons mentioned above, that this as an excellent value-adding project to start with. We have other ideas that we want to implement, but many of those rely on this initial implementation to not only establish a groundwork, but also once again prove our trustworthiness and high-level product output ability. With this we are sure that we can materialize massive benefits for the POKT community for not months or years, but decades, to come.
From here-on, we completely open the floor to any developers who are interested in discussing the positives and negatives of this implementation and its effect on the network. As one last note to the budget and cost of the project, we have allocated funds to paying any consulting fees required to liaise with the POKT development team to discuss upcoming and planned future changes to PocketJS (see exhibit B). We outlined a promise to reflect any changes from PoketJS and our goal is to start development with full communication with one or more of the development team directly.