# Golos•Fund: The evolution of the Golos blockchain ecosystem
@hipster @serejandmyself @cyberfund
## Abstract
The current evaluation of the Golos development fund stands at roughly 2 million USD, and is consisting of Bitcoins and Golos tokens. Both of those funds are a property of cyber•Fund and are controlled exclusively by its board of directors. As of now, the funds are used in a non profit scheme, which makes it suboptimal for the whole ecosystem. 5% of the reserve (which makes for about 30 Bitcoins), was spent from the beginning of the crowdsale, for blockchain development, development of the web application golos.io, and marketing events in order to popularize the system. Carrying on likewise, will eradicate the fund within a period of 2 years.
This document describes a more optimized scheme for governing the development funds, and transferring them to a 4-profit development scheme. The offered mechanism, will allow for a quick change to a healthier and a more competitive economy of the Golos blockchain, and its applications. It will also allow for a rise of the total capitalisation of the development fund, instead of driving it to bankruptcy. By those leaving the Golos blockchain development in the hands of fate.
## Introduction
We have decided to divide the existing assets for development, into 3 different organisations. In which, each one of them, has a specific economical mode:
1. **Golos•Fund**: makes money from venture capital, by investing into applications and teams within the Graphene ecosystem. By acquiring small shares in young and talented teams on their early development stages (using the [yCombinator model](
https://www.ycombinator.com/)). By using its mere expertise, the fund can guarantee to capitalize the open source code of the teams within a timeframe of between 1 - 2 years. By either helping the team to its own ICO or by finding a strategic investor for them. Golos•Fund’s target is to make a revenue of 7 fold, within the first 12 months of existence.
2. **Golos Core**: makes money on development and implementation of the Golos blockchain and its smart contracts. By consistent developing of the public core, but leaving space for private chain development too, Golos Core will make sure its own technical expertise and competency in the field of high productivity blockchain solutions, will constantly rise. As a result, Golos Core can monetize development (1) via selling of consulting for private solutions, (2) selling of standard solutions based on top of the public blockchain, and (3) tipped by the community for ready made releases (i.e. publishing).
3. **Golosio**: makes money as a typical application on top of the Golos blockchain, by delivering the best blogging service possible. Its ways of incomes include (1) part of the income of authors, (2) money received from new registrations, (3) open source releases, and (4) other monetization options (publishing, premium features and so on)
Each of those organisations has its own unique business model and the required resources for the compliance of the tasks set for them. This document sets options, made available as economic stimulus, for the task executors. This is made in order to maximise the results set by the tasks. It is expected, that within a 2 year period, the following things will occur:
The Golos ecosystem will cover the majority of the well known social applications
Transformation into a fully functional smart contract platform
Development and implementation of a more effective hybrid consensus algorithm
Rise of the (chain) capitalization to 1 billion USD
Decentralization of the peering network, to 300 well motivated nodes
Accessibility of the Golos blockchain for private installations
Rise of the total number of independent development teams, working on application, to 50
300 - 500 domains within the Golos ecosystem
## Golos•Fund
[cyber•Fund](
https://cyber.fund) (Golos: @cyberfund, Bitshares: [cyberfund](
http://cryptofresh.com/u/cyberfund)) creates [Golos•Fund](
http://golos.fund) (Golos: @golos, Bitshares: [golos](
http://cryptofresh.com/u/golos)) by releasing 100,000 [GFUND](
http://cryptofresh.com/a/GFUND) tokens on the BitShares blockchain (with the future moving of the asset to the Golos blockchain). The nominal capital of Golos•Fund consists of:
360 Bitcoins
8,959,750 Golos tokens + GBG @golos + @goloschina +@golosio
The rights to all the repositories of the [organization on Github](
https://github.com/GolosChain)
Contract rights to all existing clients
[Witnesses debt according to the initial token distribution](
https://docs.google.com/spreadsheets/d/1FwDp4yBbQ6Ae9Co0dWKxvq2nj2TWB1oiiMvY2E1oVck/edit))
Accounts in Steem and Golos (@golos @golosio @golosevents @goloscore @goloschina @golosfund and all accounts that were reserved for LJ users and other bloggers
Domains golos.io, golos.fund, goloscore.org, golos.blog
20000 GFUND tokens in order to be able to pay out the above mentioned options to executors
The key task of Golos•Fund is venture capital investment into perspective and talented teams, that develop the Graphene ecosystem: Golos, Steem, Bitshares and Eos.
Golos•Fund does not put as its task to control any independent development team. Instead Golos•Fund offers the teams smart money. To be more exact:
Helping teams for a more efficient choice of technological stake
Helping teams to choose a more efficient economic model
Mentoring of investors, that specialize on scaling technological companies, with a direct focus on certain industries
A successful lead to an own ICO
The CEO of Golos•Fund is @serejandmyself (Bitshares: [serejand-myself](
http://cryptofresh.com/u/serejand-myself) and @serejandmsyelf account on golos.io
His key tasks are:
Planning and forming a report on the progress of the fund, with accordance [to this form](
https://docs.google.com/spreadsheets/d/1WVUdFkGoDMV-lld1Q_IWbrUFykl-BjcO7exn415OjDo/edit#gid=1584753534)
Finding objects for investment
The participation in the investment portfolio of the funded companies and control of their KPI
Coordination of future ICO for funded companies
Finding key investors in order for companies to be able to make clear exists at the right time
Development of the Golos blockchain economics and the stimulation of business activity
The growth of the ecosystem of included applications and formation of developers society
Coordination of the marketing for the Golos blockchain
Options are paid at the end of a 2 year period (it's possible to pay out the option on a yearly basis), per the following structure:
[Golos• Fund](
https://docs.google.com/spreadsheets/d/1WVUdFkGoDMV-lld1Q_IWbrUFykl-BjcO7exn415OjDo/edit#gid=70598753) - Options tab
[Golos Core](
https://docs.google.com/spreadsheets/d/1l9R7_GqjwZHPU7MLnjJfqR7qoZPmyocL0iEdSOat3Jk/edit#gid=1584753534) - Options tab
[Golosio](
https://docs.google.com/spreadsheets/d/1hBy8wgQrdzdWzZBNKXRb7aKuiVolVteoSl-pHr1zDPQ/edit#gid=1584753534) - Options tab
Based on the above, Golos•Fund can increase its investment budget, gradually, on a regular basis, opening doors for new development. For the year 2017, the target is to invest into 6 - 10 teams. Each investment will consists of between 6 to 100 thousand USD per team.
All investment decisions, that the fund decides upon, have to be approved by the board of directors of cyber•Fund.
## Requirements for teams and applications for investment by Golos•Fund
Abstractly speaking, Golos•Fund points out the following key targets for applications:
Content production
Content curation
Syndication of content
Competitive applications (application which can compete with popular social networks on the market)
Usage of smart contracts
Working on a “for profit” scheme
The below set of rules is not final. Golos•Fund leaves itself the right to both demand a stricter set of rules, and invest into teams that comply only with some of them. In any case, the decision to invest will be made by the CEO of Golos•Fund and the board of directors of cyber•Fund.
The decision for investment into a team, will be based on the following set of rules:
The team has to work with 100% [open source code](
https://golos.io/ru--otkrytyij-kod/@hipster/iniciativa-kiber-fonda-po-podderzhke-otkrytogo-iskhodnogo-koda-v-golose), and uses Graphene technology.
Number of developers per team is between 2 and 6 people
The (company) stake target is between 5% - 49%
The team is ready for an option scheme, based upon two KPI’s (1) stake in the network, based upon inflation, (2) capitalization of the app’s tokens
The team has to be ready for a case scenario, in which it is driven to give Golos•Fund a much bigger stake (up to 90%), in case if the project isn't successful (KPI is 8 times lower than key targets) (to own 10% of what is working is better, than to own 90% of what isn’t). In case a team is ready for such scenario, Golos•Fund has the option to reanimate the project if needs to be
The team is ready to follow a basic monetization model, which is based upon a stake in the pool reward (Golos•Fund stays open for a better idea of an economical model)
The teams are independent, and can make their own decisions for their own development
Teams are ready to adapt an automated set of reports for the investors and for the community
The team leader is ready to be available for weekly online meetings with other teams
Teams are ready to use a typical form of a publicly avaliabe budget, [an example is Golosio](
https://docs.google.com/spreadsheets/d/1hBy8wgQrdzdWzZBNKXRb7aKuiVolVteoSl-pHr1zDPQ/edit)
## Golos•Core
Golos•Fund creates Golos Core by releasing 100,000 GCORE tokens, on the Bitshares blockchain (with their future movement to the Golos blockchain). The Golos Core budget consists of:
35 Bitcoins
1,000,000 Golos tokens. With it, Golos Core, is not allowed to use those tokens within a 3 year period, upon receival of the tokens (if their development fund runs out, they are allowed to use the tokens for monthly outgoing needs)
Rights for the Golos blockchain license in [Golos Core](
https://goloscore.org)(bitshares account: golos-core) and the domaine goloscore.org
20% of the GCORE tokens, for [options payment of the team](
https://docs.google.com/spreadsheets/d/1l9R7_GqjwZHPU7MLnjJfqR7qoZPmyocL0iEdSOat3Jk/edit#gid=1584753534)
@serejandmyself is made CEO a.i. of the Golos Core company
The key tasks for the team are:
Core development and HF coordination
Private chain development, on the base of Golos Core
Selling of basic implementations for communities and services, based upon existing smart contracts (and more)
Development of new smart contracts
The Golos blockchain core team, does not have an in built monetized model. Instead they have to find their own.
Within the blockchain industry, there are at least 2 successful cases, where development of core teams publishes smart investments: [BlockStream](
https://blockstream.com/) and [Ethcore](
https://ethcore.io/). Basically, those developers are funded by investors, upon the perspective of receiving cash flow from Enterprise solutions. The recent announcemnt of [Ent Eth](
https://www.ethnews.com/enterprise-ethereum-alliance-officially-launches) is a great example of how, and why, such cases can be succefull. By those, Golos Core, can easily make money from private chains, but carrying on working on developing the public infrastructure around it. That is, the success of the public infrastructure will make the demand for private infrastructure.
It should be mentioned, that Golos Core is not the only core development team, into which Golos•Fund can invest. If, teams arise on the market, which will offer alternative solutions, Golos•Fund only sees that as a plus for the global development of the whole ecosystem of projects.
Golos•Fund leaves itself the right to consult, and to make decisions in the development model of Golos Core, as its major investor.
[Golos Core budget](
https://docs.google.com/spreadsheets/d/1l9R7_GqjwZHPU7MLnjJfqR7qoZPmyocL0iEdSOat3Jk/edit#gid=1584753534)
## The Golos blockchain roadmap
The offered roadmap is based on unique development by Golos Core and does not include Steem’s blockchain development. Steem’s development will also be included into hard forks, based on logic and necessity.
Hardfork 2. Drop
User issued assets
Smart coins (a tradable contract based on price change) for national currencies (it is worth noting, that this feature will be implemented on the blockchain for the first time, without having in built transactional fees)
Multisignature (offering of transactions as a general proposition)
A separate reward pool for comments
Parametrization of the blockchain (economical and financial parameters, and also, those parameters, that affect the workload of the network itself)
Hardfork 3. Pool
Golos•Rank: Ranging of data with a the ability for promotion
Dividing witnesses into 2 roles: block validators (users with a running Golos node, that sign blocks), and delegates (users, chosen by voting, not necessary having a running node, but having the right to change network parameters per consensus)
Allowing applications on the blockchain (registration of web clients into the blockchain by transaction)
Validators have the right to sign blocks within the network by placing a collateral equal to 300,000 Golos tokens, that is held in Golos power
Delegates are chosen by Golos power holders, and can choose the inflationary parameters of the network
Dynamic size of a single round
Account recovery via friends
Hardfork 4. Stream
Translators: provide a decentralized access to a read-only mode into the Golos blockchain for side developers (motivated seed-nodes). A collateral of 6,000 Golos tokens held in Golos Power is required.
Payment routing. ICO + dividends
Hardfork 5. Lake
Smart contracts
Messaging
Abstract: Beginning of compatibility of the core contracts with an EOS-like actor model
Hardfork 6. River
Motivated storage of data
Abstract: Active work on compatibility of the core contracts with an EOS-like actor model
Hardfork 7. Sea
Abstract: End of work on compatibility of the core contracts with an EOS-like actor model
Multiple reward pools
## Golosio
Golos•Fund creates Golosio by releasing 10,000,000,000 GOLSOIO tokens on the Bitshares blockchain (with the future possibility to move them onto the Golos blockchain). Its budget consists of:
35 Bitcoins
100,000 Golos tokens for registration reserve
300,000 Golos tokens for a future validators node
20% of the GOLOSIO tokens for future [option payment](
https://docs.google.com/spreadsheets/d/1hBy8wgQrdzdWzZBNKXRb7aKuiVolVteoSl-pHr1zDPQ/edit#gid=1584753534)
The right for the Tolstoy repository, the domain golos.io and the LJ registered accounts
@serejandmyself is made CEO a.i. of the Golosio company
After the implementation of the second HF, powerful marketing mechanism will become available in order to launch monetization for applications. And so, it will be for Golosio.
The tasks of the Golosio team (and so is for other application):
Move onto a commercial model
Decided upon target audience of the application
Develop the project
Deliver new solutions and features, solve current bugs
Based upon existing information and statistics, Golos•Fund recommends to develop Golosio in the direction of Livejournal / Medium style platform, but one that includes an economical model on the blockchain. Parallel to that, create a “gateway” into the blockchain world for internet users. And an entry point for Russian speaking users into the blockchain.
Golosio will become an independent application, which will not have any advantages over other development teams. This will create a solid and stable background for the Golos ecosystem growth.
Golos•Fund leaves itself the right to consult, and to make decisions in the development model of Golosio, as its major investor.
[Golosio budget](
https://docs.google.com/spreadsheets/d/1hBy8wgQrdzdWzZBNKXRb7aKuiVolVteoSl-pHr1zDPQ/edit#gid=1584753534)
## Marketing
The overall marketing strategy of the 3 structures can be looked upon as the following: an overall growth of net assets of Golos•Fund. In turn, this will make possible to increase the “cost” of each member in the system, and obviously increase the amount of money per user within the ecosystem. An overall increase of life rate and quality - is the end target of the Golos blockchain.
The marketing strategy of each structure can be described and documented by each team leader according to his own style. Any change, though, will require a complete consensus from the investors.
The marketing structure of the teams that Golos•Fund has invested in, will be described and documented in a similar manner.
The next key targets should stand out:
Golos•Fund: maximises the existing network of already well known social applications, but on the blockchain; overall growth of value and users into the system
Golsoio: platform development, growing of WAU, growing of capital
Golos Core: competitive decisions on the blockchain market, embedding of new platforms onto the Golos blockchain
Other tams: application development, WAU growth, capital growth
## Conclusion
At the moment the Golos blockchain is the most dynamically developing chain, with a CMGR of 35% (on time of writing this paper). This document offers not only technical, but also, economical development for the Golos blockchain. Which will make sure, that the speed of CMGR growth, is set to 50% on a monthly basis (at infancy period).
## Links
[Golos white paper](
https://wiki.golos.io/1-introduction/golos_whitepaper.html)
[Steem white paper translated](
https://wiki.golos.io/1-introduction/steem_whitepaper.html)
[cyber•Fund website](
https://cyber.fund/assets)
[Golos blockchain explorer](
http://golosd.com/)
[Golos wiki](
https://wiki.golos.io/1-introduction/golos_whitepaper.html)
[Golos•Fund website](
http://golos.fund/)
[Coinmarketcap](
http://coinmarketcap.com/currencies/golos/)
[Old Golos budget](
https://docs.google.com/spreadsheets/d/1FwDp4yBbQ6Ae9Co0dWKxvq2nj2TWB1oiiMvY2E1oVck/edit)
[Golos•Fund budget](
https://docs.google.com/spreadsheets/d/1WVUdFkGoDMV-lld1Q_IWbrUFykl-BjcO7exn415OjDo/edit#gid=70598753)
[Golos•Core budget](
https://docs.google.com/spreadsheets/d/1l9R7_GqjwZHPU7MLnjJfqR7qoZPmyocL0iEdSOat3Jk/edit#gid=1584753534)
[GolosIo budget](
https://docs.google.com/spreadsheets/d/1hBy8wgQrdzdWzZBNKXRb7aKuiVolVteoSl-pHr1zDPQ/edit#gid=1584753534)
[Golosio website](
https://golos.io/)
[Golos Github](
https://github.com/GolosChain/)
[Steem Github](
https://github.com/steemit)
