The fund’s website says the Netherlands-based foundation “will be used to support the development of tools/apps/integrations/plugins that make it easier to use XRP for (consumer/small business) payments.”
The site also goes into detail about how the fund was formed a few months ago.
“Over 90 exchanges were tested by some of the XRP Community members. The XRPL implementation (different transaction types) were tested, and results were sent to the exchanges. Some exchanges decided to reward the community for their efforts. We (the testing community members) decided to use the bounties to start the XRP Community Fund.”
The founder of the Ripple-backed startup XRPL Labs, Wietse Wind, is one of the directors and board members of the foundation. So far, the vast majority of the foundation’s earmarked funding has gone to him, with 17,464 XRP (currently worth about $5,385) devoted to his “super awesome secret project” that the site says will “definitely help the rollout of new XRPL payment initiatives.” It promises more news in Q3.
The fund also donated 4,635 XRP to help develop a WooCommerce payments plugin; 1,343 XRP to cover Google BigQuery costs for Thomas Silkjær’s visualizations of the XRP ledger; and 2,266 XRP for a paid Slack subscription for the 20-plus community UNL validator operators.
The site provides a link for people to add and check new suggestions for project funding.
“Ideas will be carefully selected. They need to be doable within a decent amount of time, target a great audience, and ideally have a decent amount of votes (not the highest per se). After selection, the Community Fund voting committee (work in progress) will consult with the Community Fund tech. advisors to make a list of requirements. Only if they are met, the bounty will be released (by a MultiSigned transaction by the voting committee).”