My name is Justin, and I am the president and board member of MAGIC Grants. MAGIC Grants is a 501(c)(3) public charity that provides undergraduate scholarships and support for public payment infrastructure.
I am excited to announce that MAGIC Grants is interested in starting a MAGIC Firo Fund to support various Firo research, development, and security audits!
Here are a series of slides that I will present during the community meeting on the 10/11 of October:
I like this legal infrastructure and model for support. It certainly would help to have a group making grant/investment decisions beyond the Firo core team.
I do think some seed goal and initial project would help. Otherwise we could end up putting the cart before the horse. I have seen some projects fill up committees that don’t end up doing anything.
So I would start by identifying a small-ish project that could be funded here, say a Summer-of-code style project for a student and faculty advisor to do for a few thousand dollars in a summer or semester.
Perhaps there are some items that dovetail with community wants/needs. Perhaps Elysium updates, or features for the wallet, or the mobile wallet, or something.
It’s normally not the case that if you donate $100, you pay $100 less in taxes. It adjusts your AGI down by $100, saving you $100 * (tax rate, eg 30%) = $30. So it would cost you $70 in this case to donate $100.
Yes, raising funds for Lelantus spark audit is definitely a good initial goal. Just start small and expand from there. Since this audit is important for the integrity of the Lelantus protocol, I would suggest it any donations (90% of the funds) will be fed into this audit first. If there are other proposals coming after this, I would suggest distribute accordingly (like 10 to 20 percent) to them based on their importance.
I think it’s a good idea and is in the step of a good direc tion of decentralizing the decision makers. There is the added extra benefit of it being tax deductible for those based in the US. Let’s try it.