Cyber Republic Weekly Update 15
Hello, fellow Cyber Republicans. On the last day of February, the Elastos Foundation published the 2018 Financial Report covering July 2018 to December 2018.
https://news.elastos.org/wp-content/uploads/2019/02/Elastos-Financial-Report-English.pdf
We will be delving into some details from the report and we’ll share some clarifications Elastos’ leader, Rong Chen, answered for the community. There's also some hot discourse in the community regarding Supernode pools along with a deep dive into DPoS written by yours truly. There is a stunningly active community in the Philippines that, through the voice of Krisha, we’ll be showing their significant activities. And lastly, the Cyber Republic is piling up suggestions on the Cyber Republic website. Vote for the projects you feel are most important. This is our ecosystem and we control our own destiny.
Hello, fellow Cyber Republicans. On the last day of February, the Elastos Foundation published the 2018 Financial Report covering July 2018 to December 2018.
https://news.elastos.org/wp-content/uploads/2019/02/Elastos-Financial-Report-English.pdf
We will be delving into some details from the report and we’ll share some clarifications Elastos’ leader, Rong Chen, answered for the community. There's also some hot discourse in the community regarding Supernode pools along with a deep dive into DPoS written by yours truly. There is a stunningly active community in the Philippines that, through the voice of Krisha, we’ll be showing their significant activities. And lastly, the Cyber Republic is piling up suggestions on the Cyber Republic website. Vote for the projects you feel are most important. This is our ecosystem and we control our own destiny.
CYBER REPUBLIC Weekly Update/Issue 15 Jimmy Lipham @jimmyhacksstuff of PeerJet needs to add more servers to keep up with the demand of a growing number of Elastos Carrier Nodes. Hello, fellow Cyber Republicans. On the last day of February, the Elastos Foundation published the 2018 Financial Report covering July 2018 to December 2018. https://news.elastos.org/wp- content/uploads/2019/02/Elastos-Financial- Report-English.pdf We will be delving into some details from the report and we’ll share some clarifications Elastos’ leader, Rong Chen, answered for the community.There's also some hot discourse in the community regarding Supernode pools along with a deep dive into DPoS written by yours truly. There is a stunningly active community in the Philippines that, through the voice of Krisha, we’ll be showing their significant activities. And lastly, the Cyber Republic is piling up suggestions on the Cyber Republic website. Vote for the projects you feel are most important.This is our ecosystem and we control our own destiny. Moving into the financial report, it includes expenditure information in the following areas: Research and Development, Public Relations and Marketing, Operations and Management, Fixed Assets and Ecosystem Collaboration.The audit was done by Beijing Shuangdou Accounting Firm. Elastos Foundation explains:“Beijing Shuangdou Accounting Firm was engaged by the Elastos Foundation to audit the expenses in fiat and digital currency and assets made between July 2018 and December 2018.The information included in this Report follows pertinent regulations in Auditing Standards for CPAs of China.” As community members dove into the Financial Report, some questions were raised and Rong Chen personally answered several of these questions in the Telegram chatroom. //2
There's a post on the Cyber Republic Forum that overviews everything Mr. Chen had to say about the Financial Report. https://forum.cyberrepublic.org/t/unoffi cial-telegram-q-a-with-rong-chen/694 The Elastos Foundation doesn't have the responsibility or legal ability to disclose all information. When this was pointed out by a community member, Rong explained,“Thanks for pointing out that EF is not CR. We are not going to expose full financial details, nor BTC addresses, partially due to legal matters. However, I do invite [the] Elastos community to select one or two people with CPA license to come to come to Beijing at [the] foundation’s cost, sign an NDA, sit down with the auditing firm and Elastos accountants to find out whether Elastos foundation is true to its words.” A big question from the community was getting into the specifics of what “Ecosystem Collaboration” really means. Rong was able to explain in full detail:“DMA, HIVE, SPV wallet, ETH Sidechains,Trinity Browser, etc. are partially or completely outsourced. We are likely to sign contract or to pay for bonuses at the end or beginning of a financial circle. Please keep in mind that Elastos Foundation is not a single company. People should read [the] EOY report and check against milestones. Last night I was talking about 6 months average BTC expenditures. We will post a “teams” page in a day or two, to explain which companies, teams and how many people were paid for the last 6 months. Comparing two documents side by side, you may have a better understanding what’s going on. Elastos is an open source Smartweb platform. We tried to implement it as efficient as possible.” This settles the argument that the EF is omitting any specific information.There are legitimate legal ramifications to disclosing certain aspects of the Foundation that they must abide by. Rong Chen is willing to take suggestions for other Financial Audits in the future:“If you find a reputable accounting firm, let me know. Before you do that please call it up and make sure it really does crypto accounting, not some crypto projects saying they do. Next time we may take the accounting firm you select seriously. We will not consider any accounting firm that charges a quarter million dollars a pop, and that don’t do cryptos.” Lastly, he reminds the community that there are 100 engineers at work. “Here’s some simple math: 1400 BTC in six months, in terms of average BTC price of each month, comes to 4.5 to 5 million USD. Reading through weekly reports and the EOY report, Elastos Smartweb takes at least 100 engineers including outsourcing plus supporting staff to build, whether it’s really very efficient team or not, you may ask Jimmy or anyone with IT management that you trust. 5,000,000 divided by 100 employees, divided by 6 months, comes to 8333 dollars per month salary, plus office rent, travels, BD, PR, legal, social security benefits, everything. Is it too high? I hope people could see the simple logic behind before they FUD. ELA expenditure is for bonuses, incentives for partners, etc. How many crypto projects are as clean and as transparent?” Rong clearly wants what's best for Elastos and the Cyber Republic. We thank the Elastos Foundation and Rong Chen for giving us a deeper dive into the expenditures and answering so many //3
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- Page 5 and 6: Table of Contents 2 Intro 6 New CR
- Page 7 and 8: CR Website Analytics: Feb 23 - Mar
- Page 9 and 10: Supernodes, so it is important to v
- Page 11 and 12: Summary Here is the latest Elastos
- Page 13 and 14: CR Terminology By Kenneth K. As the
- Page 15 and 16: Though rewards to voters are increa
- Page 17 and 18: software and blockchain development
- Page 19 and 20: communications. We hope that we can
- Page 21 and 22: CR Forum Analytics: Feb 22 - Mar 1
- Page 23 and 24: Supernode Pool Recruitment and Q&A
- Page 25 and 26: Glossary A growing list of Terms an
- Page 27: Credits: Writers: Kenneth K Jeremy
CYBER REPUBLIC <strong>Weekly</strong> <strong>Update</strong>/Issue <strong>15</strong><br />
Jimmy Lipham @jimmyhacksstuff of PeerJet needs to add more servers<br />
to keep up with the demand of a growing number of Elastos Carrier<br />
Nodes.<br />
Hello, fellow <strong>Cyber</strong> <strong>Republic</strong>ans. On the<br />
last day of February, the Elastos Foundation<br />
published the 2018 Financial Report<br />
covering July 2018 to December 2018.<br />
https://news.elastos.org/wp-<br />
content/uploads/2019/02/Elastos-Financial-<br />
Report-English.pdf<br />
We will be delving into some details from<br />
the report and we’ll share some<br />
clarifications Elastos’ leader, Rong Chen,<br />
answered for the community.There's also<br />
some hot discourse in the community<br />
regarding Supernode pools along with a<br />
deep dive into DPoS written by yours truly.<br />
There is a stunningly active community in<br />
the Philippines that, through the voice of<br />
Krisha, we’ll be showing their significant<br />
activities. And lastly, the <strong>Cyber</strong> <strong>Republic</strong> is<br />
piling up suggestions on the <strong>Cyber</strong><br />
<strong>Republic</strong> website. Vote for the projects you<br />
feel are most important.This is our<br />
ecosystem and we control our own destiny.<br />
Moving into the financial report, it includes<br />
expenditure information in the following<br />
areas: Research and Development, Public<br />
Relations and Marketing, Operations and<br />
Management, Fixed Assets and Ecosystem<br />
Collaboration.The audit was done by Beijing<br />
Shuangdou Accounting Firm.<br />
Elastos Foundation explains:“Beijing<br />
Shuangdou Accounting Firm was engaged by<br />
the Elastos Foundation to audit the expenses<br />
in fiat and digital currency and assets made<br />
between July 2018 and December 2018.The<br />
information included in this Report follows<br />
pertinent regulations in Auditing Standards<br />
for CPAs of China.”<br />
As community members dove into the<br />
Financial Report, some questions were raised<br />
and Rong Chen personally answered several<br />
of these questions in the Telegram chatroom.<br />
//2
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