LICX governance & Smart contract audit
Development – DeFi
1 Month to implement governance
There is quite some demand for LICX already but to really see adoption by other protocols we need to implement governance so that protocols can decide which P-rep they wish to dedicate their votes to. Since LICX could potentially hold a large amount of funds in the smart contract we also want to have it audited by a third party to prevent possible failures in the smart contract. Since we understand the value of resources, we want to implement governance before the audit so that we don’t have to redo it all over again in such a short period of time.
We have contacted Blockmove in order to collaborate to help us bring governance implementation to realization faster.
We have contacted multiple reputable auditors and most of them have a full schedule until the Q1 2021. Slowmist was the only company which offered an audit prior to that, since they were recommended to us by Scott from ICX station we believe that they are a reputable company.
What is included in LICX governance:
- Smart contract
The smart contract will be adjusted so that holders of LICX may vote for any P-rep(s) that they desire.
- Website and documentation
A subsite will be created on licx.finance specifically for governance and all the information required. There will also be adequate documentation created for any protocols that wish to implement voting for their users to be able to easily do so.
We want to implement 3 major milestones for this project
- Milestone #1 - MVP
Smart contract and testing. Functionalities: LICX holders can vote for their desired P-rep(s)
- Milestone #2 - Final version
Website, documentation, and testing. Functionalities: functions of MVP, website implementation, and documentation.
- Milestone #3 - Audited protocol
We have already defined users stories for our development:
- US1 - As a user as I deposit my ICX to the smart contract and still be able to vote for any P-rep I desire. #SP 5
- US 2 - As a user I want to change my vote whenever I want. #SP 5
- US 3 - As a user I want my newly generated rewards to be delegated to my previously voted P-reps while the ratio of the votes stays the same #SP 8
- US4 - As a user I want to easily interact with the governance part through a web application based UI. #SP 8
- US5 - As a user I want to see great documentation about the smart contract and how the project works in general so I can verify its integrity and easily implement it into any existing protocols #SP 2
Funding the project
Work package - Documentation, website (10 SP)
Work package - Smart contract (18 SP)
Total number of SP: 28 SP
Estimation for SP = 360€
Governance development: 10,080€ (Calculation in $ or ICX is done at the date of the payment)
Agreed on 6,000$ provided by ICON foundation for development. The rest of the costs will be covered by block42.
Audit by slowmist: 50 ETH
We will provide an invoice of the audit to the ICON foundation if any changes to the auditing price would occur we will first discuss it with the ICON Foundation.
The grant funds will be used for the development of the project:
-2 developers – in charge of upgrading the smart contract with all the functionalities LICX, reward distribution, and front end web application.
-1 Technical advisor – in charge of overviewing how the functionalities are implemented from a development side
-1 Project manager – in charge of assigning tasks to members of the team, keeping track of deadlines as well as communicating with the community about the progress of the project.