{"action":"closed","issue":{"url":"https://api.github.com/repos/aragon/nest/issues/16","repository_url":"https://api.github.com/repos/aragon/nest","labels_url":"https://api.github.com/repos/aragon/nest/issues/16/labels{/name}","comments_url":"https://api.github.com/repos/aragon/nest/issues/16/comments","events_url":"https://api.github.com/repos/aragon/nest/issues/16/events","html_url":"https://github.com/aragon/nest/issues/16","id":294239027,"number":16,"title":"Aragon Nest Proposal - Decentralized Cryptocurrency Exchange Traded Fund Token","user":{"login":"jtiannelli","id":36052893,"avatar_url":"https://avatars2.githubusercontent.com/u/36052893?v=4","gravatar_id":"","url":"https://api.github.com/users/jtiannelli","html_url":"https://github.com/jtiannelli","followers_url":"https://api.github.com/users/jtiannelli/followers","following_url":"https://api.github.com/users/jtiannelli/following{/other_user}","gists_url":"https://api.github.com/users/jtiannelli/gists{/gist_id}","starred_url":"https://api.github.com/users/jtiannelli/starred{/owner}{/repo}","subscriptions_url":"https://api.github.com/users/jtiannelli/subscriptions","organizations_url":"https://api.github.com/users/jtiannelli/orgs","repos_url":"https://api.github.com/users/jtiannelli/repos","events_url":"https://api.github.com/users/jtiannelli/events{/privacy}","received_events_url":"https://api.github.com/users/jtiannelli/received_events","type":"User","site_admin":false},"labels":[{"id":814270250,"url":"https://api.github.com/repos/aragon/nest/labels/proposal:%20rejected","name":"proposal: rejected","color":"d93f0b","default":false}],"state":"closed","locked":false,"assignee":null,"assignees":[],"milestone":null,"comments":4,"created_at":"2018-02-04T22:50:17Z","updated_at":"2018-02-06T09:10:04Z","closed_at":"2018-02-06T09:10:04Z","author_association":"NONE","body":"ETF Token\r\nCryptocurrency Index backed Token\r\n\r\n## Abstract\r\nETF Token aims to create an actively managed fund of cryptocurrencies – a token representing the best available assets available throughout the entire market.  ETF token will be fully backed by verifiable blockchain smart contract transactions which will automatically add to the index of currencies the exact value of each buy order. ETF token will provide reduced volatility, suitable for: long term investment in blockchain based cryptocurrencies, short term fund transfers for day traders, and investors looking for a safer alternative currency to hold when not actively trading. It is meant to appeal to the smallest potential investor in crypto currency to the largest investors and original innovators aiming to reduce their exposure to daily volatility. \r\n\r\n## Deliverables\r\n1. An Ethereum based token which will be 100% backed by an actively managed leading index of cryptocurrencies.\r\n2. A set of AragonOS-compatible smart contracts to transfer ethereum from token purchases into the backing index of cryptocurrencies.  Making backing the investments mandatory as opposed to questionable like with Tether them with multiple tokens, with the contracts burning them afterwards\r\n3. A web interface to let users purchase Tokens, exercise their voting rights and otherwise interact with the ETF Foundation and community.\r\n\r\n\r\n## Grant size\r\n\r\nFunding: Up to $50k in ETH, split into chunks paid out over achieved deliverables.\r\n\r\nSuccess reward: The continued support and friendship of this community!\r\n\r\n\r\n## Application requirements\r\nConcept:\r\n•\tInitial tokens and all tokens issued in perpetuity would be 100% backed by other coins (or other investments to be determined by the coin holder’s votes).  \r\n•\tThe ETF foundation will issue coins as demand increases and use the proceeds to increase the size of the backing fund, so that each ETF Coin would be backed by ETF foundation’s portfolio of crypto investments.  \r\n•\tDownloadable wallets and purchase capabilities would be available on the website. \r\n•\tInternal transaction processors would receive a fractional percentage of the coin for processing/verifying these transactions.  These coins would not be created by mining but rather “paid” to the foundation via a small fee associated with each buy and sell transaction made through the ETF web application, essentially a less expensive system than, but similar to, the way many other types of managed funds operate. \r\n\r\nWhitepaper: (Draft v.1.0.1)\r\nhttps://www.etftoken.org/whitepaper\r\n\r\n## Development timeline\r\n\r\nThe development timeline will be the following one in regards to each deliverable:\r\n\r\n1. Feb 2018 - Finalized Whitepaper and Plan of Action\r\n2. March 2018 - Working Concept waiting for implementation Funding\r\n3. May 2018 - ICO launch (fully functioning platform)\r\n\r\nTestnet launch will be expected during March 2018, with mainnet launch being late april/ early may \r\n[ETF Token White Paper V1.0.1.pdf](https://github.com/aragon/nest/files/1693395/ETF.Token.White.Paper.V1.0.1.pdf)\r\n2018\r\n"}}
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