Proposal “Sec-Audit-Jul22“ (Completed)Back
|Title:||Dash Core Group Security Audits|
|One-time payment:||459 DASH (21658 USD)|
|Completed payments:||1 totaling in 459 DASH (0 month remaining)|
|Payment start/end:||2022-06-12 / 2022-07-12 (added on 2022-06-07)|
|Votes:||655 Yes / 23 No / 17 Abstain|
Dash Core Group June 26th Funding Proposals
DCG is submitting 2 funding proposals for the budget cycle that pays out June 26th:
1) DCG Compensation: 2,296 Dash per month (currently in month 1/3)
2) DCG Security Audits: 459 Dash (currently in month 1/1)
What is this proposal about?
As a follow-up to the DCG Core Code Security Audit Apr May and the DCG Platform Code Security Audit Apr May, due to the severe drop of the Dash price over the last two months, there will be insufficient funds to cover the costs of both of the audits. Even if the price of Dash recovers above the price at the time of those Apr/May proposals ($129), we are not likely to recover the required amount of fiat via our normally scheduled Dash sales.
As we do for all proposals, we regularly sell equal amounts of Dash throughout the entire period of funding; in the past, we have found that this usually results in the required amount of fiat to be acquired for the related funding. Given the current bear market, this balance was not achieved. We considered selling all of the Dash for the audits immediately upon receipt at the beginning of May but the price had already dropped 30% to about $90 and so we decided to keep to our regular sale schedule with the hope of a market recovery.
Most of the Dash received from the April proposal was sold at an average price of $59, about 53% less than the price at the time of submitting that proposal. If we assume that same average sale price over the course of selling the Dash from the May proposal, we have a shortfall of about $73,000 to cover both audits. This same scenario would result in enough fiat to cover the cost of the Core audit only and would leave little to nothing to pay for the Platform audit.
Dash Core Group kicked off the Core code security audit with Least Authority on 2-Jun-22. Upon initial preparation for the project, the Least Authority team determined that they needed more time to complete their code review; the initial audit report is now estimated to be delivered to Dash Core Group one month later in the middle of July. It was agreed that there will be no increase to the cost due to this schedule change.
To avoid complexities surrounding the audit budgets and the obligations to Least Authority during the current market conditions, it was decided to submit a single proposal for both audits since they both were already individually approved by the network.
How much will this proposal cost?
The cost of the Core protocol audit was a little more than 110,000 Euros (~ $122,000) and the cost of the Platform audit was estimated at 110,498 Euros (~ $123,000 USD), a total of about $245,000 USD. If this proposal is accepted, the past and planned payment/funding schedule would be as shown below. This schedule highlights a shortfall of about $45,515 but to avoid exceeding the 60% cap on DCG funding, one or more proposals will need to be submitted in the months of July and beyond to continue covering the shortfall as these projects continue.
SEP-OCT Infrastructure Proposal
Core - First Payment
Platform - First Payment
APR Infrastructure Proposal
MAY Infrastructure Proposal
JUNE Infrastructure Proposal
Core - Second Payment
Core - Final Payment
Platform - Second Payment
Platform - Final Payment
As stated in the Apr/May proposals, the costs of the Platform audit to-date are only estimates since the code has not been completed for Least Authority to provide a final fixed quote yet. Even if market conditions change for the better, the actual cost of the Platform audit is expected to increase since a significant amount of code has been written since the first estimate was given in September 2021. It should also be noted that due to the current development schedule of the Platform, the start date of the Platform audit has been tentatively moved to start in August or September.
All USD amounts noted above are based on the Dash price at the time of submitting this proposal ($59). The earlier that this proposal passes with high confidence will allow Dash Core Group to sell the associated amount of Dash from current holdings to reduce the risk of further price declines that could occur through the end of the June cycle.
If you have any questions, please direct them to @brianfoster at dashcentral to ensure we are notified of your request.
Requested funding is as follows for the June 26th budget cycle.
454 Dash ($26,786 USD @ $59 per Dash)
5 Dash reimbursement for the proposal cost
Total: 459 Dash
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