Cyber Republic Weekly Update 15

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