The XRP Community Fund has been recognized as an official sub-organization to Ripple.
XRPL lead developer, Wieste Wind, and several other community members put together their heads to come up with a community project for promoting both XRP and the XRPL ecosystem. The idea that started as a suggestion, was unanimously selected as the foundation for the promotion of XRP products. The XRP Community Fund has been registered as an official foundation in Netherland.
Their twitter handle reads:
🎉 The XRP Community Fund is now an official foundation, registered in The Netherlands 🍻https://t.co/zfekYi4ogu
— XRP Community Fund (@XRP_Fund) September 10, 2019
The XRP Community Fund is a playground for developers who wish to work with the XRP ledger system. The only restrictions here for the developers are time and imagination. Their products can scale from plugins to DApps to integrations and everything that might help with furthering Ripple’s goals to have the XRP ledger on the top.
The XRP Community Fund will be financing the developers
While this is true, there are some limitations to it- and with good reasons. First off, to encourage the developers, those projects that promise the XRP community the features that the community wants will be put on the bounty podium. The bounty system will be under thorough inspection.
Say an idea is proposed by developers which should not only be doable within a decent amount of time but should also be impactful. Once the idea receives enough votes for it to be put forward, the XRP Community Fund voting committee will consult with the Community Fund tech’s advisor to make a list for the necessary preparations. After that, the MultiSigned transaction embedded bounty will be released to claim- for those willing to code for it.
The Community Fund was originally deployed on September 9 to finance the Woo Commerce payments plugin. It has also served as the fund allocation unit for Google’s BigQuery integration for the XRP ledger. The Slack Channel created for XRP UNL was a costly affair and the Community Fund did a good job holding up the financial weight on its shoulders. Wieste Wind had been teasing the XRP community with his latest project which is a fund recipient of the XRP community Fund program as well.
The Community Fund has eight original board members. The most notable of which are Tiffany Hayden,Wieste Wind, and Hodor. Each of these individuals has a 2 times weight to the vote they cast compared to the other five members. The other five members will act as a countermeasure. A combined force against these three if their decision does not befit the matter being dealt with.