Early July, 2019, the most robust Suggestion CR has ever seen has officially moved through the entire CRC process. The revised Suggestion for the Manhattan Project was picked up by the Council and is now Approved.
A total of approximately $1.3 million (300,000 ELA) will be allocated. Where does this come from? Solo mining rewards earned from December, 2017, to August, 2018, from the Elastos Foundation, 35% of DPoS Rewards during Merged Mining with btc.com from August, 2018, to March, 2019, and then from the 12 CRC Supernode, the rewards earned from March, 2019, onwards.
But First, a Short Discussion
The Manhattan Project has been covered in detail by CR Press multiple times, most recently in a summary by CR Press’ Amos Thomas. You can find the article, and its companion video here.
While this is certainly an important and exciting development, we’re going to take an objective step back before we cover the newly passed Proposal.
The community has put up several Suggestions. Projects have campaigned for community attention so that they’ll be selected for voting as Proposals by the Council. This original Manhattan Fund Project Suggestion was widely discussed and supported, but in only 1-2 days, it was moved to a Proposal and voted on. It did not pass, and perhaps that was a good thing because the apparent favoritism weakened the Proposal. We discussed the events in this article.
This latest Manhattan Fund Project suggestion took 3 days before becoming a Proposal, and shortly thereafter, it has been approved by the votes of Yipeng Su and Feng Zhang.
It’s easy to ask why these Suggestions got to be expedited into Proposals while many others that have shown community support receive much slower attention. CR Press does not have the answer, but it is possible that there is a time constraint with the involved partners. These relationships have been, as our prior interviews have established, under works for quite a long time, and these partners are all quite large.
To make the community aware, the Council has the right to directly skip the Suggestions process and vote directly on Proposals. This Suggestion was presented to the community first, which, given the size and impact of the Suggestion, is a gesture of transparency.
So far, 19 total Proposals have passed without any community involvement and the questions become:
How is the community going to be better made aware of Proposals and their statuses?
On full roll-out, the CR Consensus allows for the vetoing of even Approved Proposals. Since vetoes haven’t been implemented yet, should there be–even if not veto power–a better method or period of time to discuss Approved Proposals that weren’t originally raised by the community? Perhaps a bit of publicity should follow each and every Approved Proposal?
We would like to remind our readers that the CR Consensus is not fully launched. Consensus on the blockchain is still being developed, and thus, we are still centralized. We are in a transitional period, and the Interim Council has been placed by the Elastos Foundation.
Whatever the case, there seems to be a disconnect with the current CRC process and the community. Though these Proposals are indeed publicly visible and published at all times, fully transparent, at present it does seem easy for a Proposal to be “slipped through”. Looking through the Proposals that were not initiated by the community, it is obvious there are many Proposals that directly benefit the ecosystem:
For now, please remember to keep up to date on all the new Proposals at https://www.cyberrepublic.org/proposals.
Perhaps the community could raise a Suggestion detailing a better method of communicating Proposals statuses?
Now, on to the Proposal.
Manhattan Proposal Has Been Approved
Manhattan Project has a goal to help the market discover the true value of Elastos. Manhattan Fund proposed an investment of 300,000 ELA in efforts to accomplish these tasks:
-Enhance the liquidity of ELA
-Explore ELA application scenarios and introduce 10 strategic ecological projects and resources
-Invest in high-quality projects
-Support the long-term construction of Elastos
The motivation of this Proposal is to support the advancement of Elastos technology: the unique combination of Blockchain, runtime sandboxed environment, Elastos Carrier, and the creation of scarce digital assets that builds wealth for all people throughout the world. The team knows there’s an abundance of competition in the space (Ethereum, Tron, EOS), so Manhattan Project is focusing on the construction of Elastos’ ecology as a direct professional investment institution.
The Manhattan Project fund is led by Elastos co-founder, Sunny Feng Han, general partner and CEO of the Manhattan Project fund, Soong Bao, the Chief Technical Advisor Kevin Zhang, EIRs Yi Li and Jean Wu, and Investment Partner, Hermione He. The management team comes from high-end companies such as Morgan Stanley, MIT, Tsinghua, Tencent. Their investment network extends to Beijing, New York, San Francisco, Sydney, and Switzerland.
The Manhattan Project Fund has established the, “Modern Internet Alliance”. This alliance was built in order to introduce and promote Rong Chen’s new internet vision and the revolutionary Elastos technology to premier projects and teams in the industry. Thus far, the team has promoted the TOP Network and the World Bank in order to implement Elastos DID’s and ELA token.
The team looks to invest around $100,000-$500,000 per project building on top of Elastos. The following are areas the Manhattan Fund Project is interested in exploring for each DApp: General protocols and industry applications, scalable verification, cross-chain protocols, privacy protection, contract verification, encryption technology, status channels, industry applications such as games, copyright exchanges, wallets, education, networking, content, social, medical, etc.
The fund structure of the Manhattan Fund is that the ratio of the CR investment will not exceed 1/3. In other words, for every 100,000 ELA the CR invests, the Manhattan Project Fund will raise a total of 200,000 ELA or more from other markets. The fund will be denominated in USD. The shares and proceeds of CR investment will be distributed to the CR community in the form of ELA.
The Manhattan Project Fund stands by the Investor’s right to know. Each investment case will be announced in various Elastos and CR media channels. Introduction of ecosystem partners will be announced in Elastos and partner communities. Annual reports will be provided to investors.
Between investing in promising killer DApps, building strategic partnerships and establishing liquidity for the ELA token, Manhattan Fund Project is looking to build and grow the CR and Elastos ecosystem to the fullest. With Elastos hash power around 45% of Bitcoin’s power, MyToken ranking Elastos as the 34th most active Github in the world for blockchain projects, projects like Elephant Wallet, DMA, and Hive paving the way, the future looks bright indeed.