Foundation Update #6: Peercoin Foundation Now Accepts Fiat Donations (USD/EUR/etc... Credit/Debit Cards & Bank Transfers) with Open Collective!

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Now Accepting Fiat Donations!

Over the first half of 2020, the Peercoin Foundation has received about 153k PPC in donations, however we feel it is best that the foundation continues to hold onto this peercoin so it can be better utilized for other important purposes later on, such as our upcoming bug bounty program. Instead, the foundation is pushing forward with an alternative method of continous project funding.

Earlier this year, the Peercoin Foundation applied to join Open Collective as an open source project in need of banking services, and recently we were approved. As a result, Open Collective will make it possible for the Peercoin Foundation to collect fiat donations through credit/debit card and bank transfers. This includes USD, EUR, and many other fiat currencies. This platform is similar to Patreon, except it is designed around ongoing open source projects such as Peercoin, and provides a transparent accounting of donations and expenses.

Since Peercoin’s collective is hosted by Open Collective Europe, our funds will be denominated in EUR. Open Collective will auto convert your donation to EUR, allowing you to donate with USD or any other supported fiat currency. There are a variety of donation options, one time custom donations, recurring monthly or yearly donations, etc…

Our Funding Goals

We’ve added a number of funding goals to Peercoin’s collective page.

  • Web Services (€600) - The Peercoin Team provides a number of services to the community, the Peercointalk forum, block explorer(s), development server, build server and other related tools and websites. Together, these services cost around €600 per year to maintain.
  • Foundation Office Rent (€2,000) - The Peercoin Foundation needs a place to live. This “office” acts as a physical address for the foundation, but is basically a mailbox. It costs €2,000 per year (a PO box is not adequate).
  • Backpacker’s Developer Salary (€39,000) - Backpacker, Peercoin’s core developer, requires a yearly salary of €39,000 in order to continue full-time development of the Peercoin network.

100 Backers to €39k

The first two goals can likely be funded relatively easily. Funding Backpacker’s full-time development costs will likely be a challenge however. If we don’t accomplish this goal, Backpacker will be forced to go back to part-time development work, which will slow down the progress of the items on our 2020 roadmap for the rest of the year.

To avoid this, we have setup a special donation tier on our collective called “100 Backers to €39k”. Basically, if we can get 100 Peercoin supporters to commit to a recurring donation of €36 per month, that will be enough to fund the full €39k that is required to maintain full-time Peercoin development. This amount (€36 per month) factors in fees: (5% to Open Collective) and (5% to our Fiscal Host).

Larger or Smaller Donations

If you can afford to donate more than this, please feel free to use one of the other donation tiers such as Backers or Sponsors. Or you can make a smaller donation, it all helps! You can also create your own custom donation amounts and set them as either one time donations or recurring (monthly or yearly).

Anonymous Donations

If you are concerned about the public nature of the donation process and would prefer more privacy, there is an incognito mode, which hides your identity on the public donation list. Just select the option in the following image…

Monthly Donations Improve Budget Forecasting

Monthly (recurring) donations are better for us than one time donations if you can afford to make that commitment. This is because Open Collective takes your commitment as a Backer and automatically factors in all your future monthly payments into our annual budget, which gives us a better idea of the amount of funds we’ll be able to raise by the end of the year.

If you notice at the top of our collective page it says estimated annual budget. It is estimated because it also forecasts future donations from those who have made the monthly commitment to become a backer. A one time donation will only factor your one payment into the budget, even if you plan on donating manually each month. A commitment to monthly donations will make it easier for our collective to forecast our budget for the rest of the year.

BTC Donations

Alternatively, we’d also like to remind you that we also support BTC donations. Only 4 BTC would cover our entire development budget for the next year. The Peercoin Foundation’s BTC donation address is listed below…

General Fund - BTC Donation Address:
376NhxVL1LFBFndHNx9k7hvwvUzq6RZiPT

Conclusion

The Peercoin Foundation has always been transparent about our financials. Previous annual reports can be found here. The new tools provided by Open Collective will bring even more transparency by automating reporting. In addition, we open the foundation up to new possibilities with easier methods of donating and a continuous funding model.

We will do what we can to reach out to community members to make them aware of this new funding option and the targets we need to reach. If you have no funds to donate, you can also help by spreading the word to others. If you have any questions, please post in the comments below. If we combine our efforts, we can get this accomplished, so let’s get to work!

Like/Retweet

6 Likes

I did my part. Hope everybody is well. I’m still trying to get back on my feet from this stuff

4 Likes

After going on vacation recently I’m broke. But what the hell, I’ll join the “100 Backers to €39k” club!

Nice going everyone! Thanks to the monthly pledges we have so far, we’re currently up to an estimated annual budget of €2,540 and we haven’t even opened this thread to the public yet. I’m interested in seeing who else will pledge as they see the messages I sent out.

1 Like

This thread is now public.

Good work. I’d amend the heading “Larger Donations” to “Larger and Smaller Donations”. For example:

Larger and Smaller Donations

If you can afford to donate more than this, please feel free to use one of the other donation tiers such as Backers or Sponsors. Or you can choose a smaller regular donation, it all helps. You can also create your own custom donation amounts and set them as either one time donations or recurring (monthly or yearly).

Edit: I was wondering whether we could devise some sort of a “funding thermometer”, that shows the total rise. It could be tweeted out, each time it passes a particular threshold, etc.

1 Like

Hi I will become a backer too, I first started following peercoin in late 2013 and haven’t been the most active contributor here but peercoin is something ive always held and will keep buying, im loving the new staking rewards too!

3 Likes

I have received some concerns from a couple people about not liking their profile being tied to a public list of donations. There is a way to donate anonymously. I’ve added the following section to the first post.

Anonymous Donations

If you are concerned about the public nature of the donation process and would prefer more privacy, there is an incognito mode, which hides your identity on the public donation list. Just select the option in the following image…

1 Like

something something Bitcoin.