The XRP Community Fund, the much-anticipated framework, will now work as an official foundation registered in The Netherlands.
In an attempt to increase XRP adoption by heads and bounds along with an aim to create the XRPL ecosystem, the notable chief developer of XRPL, Wieste Wind and many other community members drafted out the roadmap to launch the XRP community fund project.
The XRP Community Fund boasts of eight board members including eminent financial personalities Tiffany Hayden, Wieste Wind, and Hodor. These notable members will have a two times weight to the vote in comparison to the other five members who will act as a countermeasure.
The newly registered platform will strive to induce more developers into its network by ensuring financing of development tools, plugins, dApps, and other crucial domains. However, the primary objective of the fund will be to give a boost to XRP ledger system adoption.
The developers can come up with an array of ideas and opinions operating on XRP network. The fund spearheads’ will then scrutinize all the pitched projects to select one of the best in the lot. Interestingly, the platform will promote proposals which will be easily executable within a stipulated timeframe but rendering services to a much larger customer base.
XRP Community Fund Selection Procedure:
The multiple steps involved in the selection process of a project by the XRP Community Fund are:
- Firstly, the Board will select those projects that will ensure to provide the features expected by the community. The selected projects will be put on the bounty podium, which will be under scrutiny by the Board members.
- Secondly, the XRP Community Fund voting committee will organize voting for the selected projects. The project that will earn enough votes will be put forward by the committee in front of the Community Fund tech’s advisor to list down the crucial preparations.
- Lastly, the MultiSigned transaction embedded bounty will be unveiled to those who will be willing to code for it.
The Community Fund was used on September 9, 2019, to support the Woo Commerce payments plugin. During Google’s BigQuery collaboration with the XRP ledger, the community fund played a crucial role.