Founder Proof of Work Memo
Λ L Ξ X / アレクサンダー.eth
June 2021
I'm not sure that anybody will contest the work that I contributed, but in an effort to be transparent I think its worthwhile to document a response.
Ubiquity evolved from a venture with two other friends-of-friends beginning in October of 2020. Efforts ramped up until around New Year's Eve. In early January we decided to split off the project and Ubiquity was born.
Investment
To maintain momentum with the original recruits, I unwittingly contributed the first investment into Ubiquity:
14,986.169606 USDCThis contribution was allocated primarily for our two core Solidity developers, conspyrosy and Kami Ebisu; our two prototyping and research Solidity developers, Krishang and 0xWildhare; as well as our lead economist Hristo.
We ended up raising a bit more capital (a grand total of
110,851.5460504899USDC equivalent was raised, including from my contribution) from personal friends interested in the long term growth of Ubiquity. After raising some capital we were in a position to bring on a couple of very experienced Solidity developers to bring us to the finish line: Zgo and Alain Papazoglou.A Fair Launch
At this point, we had enough of a footprint on GitHub and Twitter to land on the radars of several funds. We turned away every offer (we had eight ~250,000 USDC equivalent offers) in order to remain a fair launch, as well as to not have Ubiquity be beholden to any other organization. We're now at liberty to do what we believe is right for the long term well-being of Ubiquity.
Labor
I did not take a salary since the project's inception to maximize our chances of success. I also requested that all contributors accept debts instead of our limited USDC resources (effectively reinventing corporate bonds) these debts would be paid out at project launch at a 50% premium (e.g. 50 USDC an hour billable becomes 75 uDEBT per hour, all paid at project launch.) Most contributors accepted a combination of USDC and uDEBT compensation. All uDEBT compensation will be listed publicly soon after launch.
After some deliberation, the consensus for a reasonable compensation for me, the project lead, is $8000 USDC monthly salary, times six months, times the 1.5x uDEBT multiplier.
Net uDEBT Compensation
Investment
Labor
Net
Liquidity Pledge
I pledge $100,000.00 of seed liquidity for the max lockup period of 208 weeks (4 years) in order to increase the health of our protocol, as well as to demonstrate my long term commitment to guiding Ubiquity towards a brighter future.
Sine stabilitate nihil habemus.
Without stability we have nothing.
Λ L Ξ X / アレクサンダー.eth
Ubiquity DAO Founder
Update
$100,000.00 liquidity deposit
208 week lockup