Monero's MAGIC Fund Committee

Not sure if this news went un-noticed, but Monero launched their version of an advisory committee to disburse grants. I wonder if Zcash MGRC served as an inspiration for a competing privacy coin to self fund developers in the eco-system!

Congrats to @kayabaNerve, @Rucknium & @cakewallet’s Vik Sharma for being elected on the inaugural committee!

https://www.reddit.com/r/Monero/comments/s31glu/welcome_the_new_magic_monero_fund_committee/

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According to @sgp , yes it did :slight_smile: . Monero has had the Community Crowdfunding System for years, but MAGIC provides a nonprofit legal framework, which used MGRC/ZOMG as a template according to my understanding.

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For disclosure, I donated some of my personal ZEC years ago, when that non-profit was first set up by my friends Brandon and Sara, before they added Justin Ehrenhofer to the Board. At the time, they mostly used the money to give grants to undergraduates to study math and crypto.

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For clarity, the MAGIC Monero Fund is a separate sub-entity of MAGIC. According to my understanding, it can only disburse funds that are specifically donated to the Monero Fund. So far 200 XMR has been donated, although the Monero Fund can accept a wide variety of cryptocurrency and fiat currency. @sgp can confirm, I think.

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Yes, the MAGIC Monero Fund was closely modeled after Zcash Foundation’s ZOMG advisory committee! We both argue similarly that cryptocurrencies can be public infrastructure.

We would like to thank the Zcash Foundation and the Zcash community for the inspiration of these advisory committee funds. We feel we have learned a lot from their ZOMG committee, and we hope they can learn from our efforts as well.

We hope to add additional MAGIC Funds in the near future, but the Monero community clearly needed the help imo.

The 200 XMR donation to it came from an anonymous donor. Donations to the Fund are restricted donations and can only be used for purposes approved by the Fund advisory committee, just like ZOMG.

MAGIC Grants continues to issue undergraduate scholarships. We issued $6000 this school year.

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Did you know at the time that the money will be primarily used to implement Bulletproofs in Monero?

Funds for bulletproofs, as well as for most initiatives, were raised through a separate campaign.

I stand corrected. What did you spend $50,000 out of $90,000 you had in 2018-2019 on then? 2018-2019 and 2019-2020 filings

The decrease of ZEC’s value was the largest contributor to the balance sheet that year, as shown in the document. I don’t mind discussing things related to MAGIC Grants’s finances, but it’s obvious we didn’t spend $90,000 just by skimming the documents you shared.

Total expenses: $8,109

You replied just as I edited it to clarify :slight_smile: I meant $50k expenses in 2019-2020 out of $90k remainder of $100k pot (presumably) given to you by @zooko Sorry for the confusion.

The decrease of ZEC’s value was the largest contributor to the balance sheet that year

I don’t understand. Filing is for 2019-08-01 (Zcash price $67.9) until 2020-07-31 (Zcash price $70.76) If you started with 85k in Zcash at the beginning of the year, how come that you ended up with a 45k loss on those assets?

You insult Monero community members like @sgp and even @zooko himself with your empty insinuations of theft. Zooko donated his groceries to MONERO and it us up to MONERO to do anything it wants with that monero @shawn @tokidoki FUK needs to be banned IMMEDIATELY for insulting Monero and zooko.

@make_xmr_great_again

Sounds like you are the one jumping to conclusions here. There are only two questions from FireIce above are regarding math/numbers on Magics public charity fillings.

Please point out precisely what part of the two posted questions you claim are “insinuating theft” ?

The questions do not appear to be unreasonable, and sgp commented:

Keeping in mind that Justin, Zooko, Magic Grants, etc… are under no obligation to reply to questions posted on this forum. If they choose (or not) to reply here is not an insinuation of anything.

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The MAGIC Monero Fund is now accepting research grant applications:

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