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Project Funding Process

Last Revision: @October 15, 2021

Article Status: Released

Overview

After a proposal has been approved via the

, funds will be transferred periodically from the Community Wallet into the wallet(s) of the Builders of the project based on the proposal's approved Budget or Expected "Funds release schedule".

Community Wallet Grant Details

  1. Max funds allocated per project: As of now, there will be no limit to the amount of community wallet funds that can be allocated per initiative or project. However, the budget should be appropriate and will be thoroughly evaluated by the Council and the Citizens of Sipheria for reasonableness.
  2. Max Duration: There will be no limit in place for the maximum amount of time that a project can last. However, longer projects should have a timeline whereby there are phases and deliverables throughout the total time allotted for the project. This will go through a monitoring and evaluation process, described in the following section
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    Project Monitoring & Evaluation

Community Wallet Ownership

The funds for the Community Wallet will be held in a Multi-Sig wallet whereby the owners/signers are key member(s) of the Sipher Team.

Community Wallet Funds Release

The amount of funds provided for each project will be based on the amounts that the Builders included in their proposal, which had also been approved by the Citizens of Sipheria via the

. These funds will be transferred directly to the Builders periodically (i.e. weekly, monthly, or based on each of the phases included in the project timeline) in alignment with their approved project proposed timeline.

The owners of the Multi-Sig Community Wallet assume the responsibility of approving and transferring funds as per the funds release schedule set out by community approved projects.

Exclusion - Financier and/or Member Funded Projects

Type 1: For projects that are directly funded by a Financier, or a Group of Financiers (i.e. funds are not donated to Community Wallet) in partnership and after consultation with the Council of Nine, the release of funds will be agreed upon by the specific Financier (or Group of Financiers) and their appointed Builders, with limited support from the Council of Nine. In the event of a payment issues between Financier and Builder, any of the involved parties can bring the matter before the Council for arbitration, and possible outcomes could be, but not limited to:

  1. Change of Builders in charge of the Project due to non-delivery, or
  2. Censure of the Financier (or Group of Financiers) due to malice, or
  3. Funding to be taken over by the Community Wallet after an Approved Proposal Vote

Type 2: For projects that are directly funded by a Sipherian, Financier, or a Group of Financiers (i.e. funds are not donated to Community Wallet) without consultation or partnership with the Council of Nine, the release of funds will be agreed upon by the specific Sipherian, Financier (or Group of Financiers) and their appointed Builders. However, do note that these projects do not fall under the protections granted by the Council of Nine, and any disputes must be internally addressed. Further, to avoid any conflicts of interest, the Sipher Team and the Council of Nine will neither assume any responsibility nor merit from the outcome(s) of such a project.