Hello and welcome to July's addition of Valueplan the numbers where we look the funds allocated by Valueplan during the month of July. It was a turbulent month on Hive as the Hive DHF funding was given front and center attention by the whole community. Splinterland's applied for DHF funding but the proposal did not get fully backed by the Community. This led to many people asking what exactly the DHF fund does and how does the Hive Blockchain spend their funds on if there was push back supporting arguably the largest onboarder to the Hive blockchain. The strong argument from some of the top witnesses who did not support the proposal was that there was no detail on how Splinterland's were going to spend the funds and at the end of the day there would be nothing going back to the DHF funds from the funding of what was a private company. Some witnesses argued that most Splinterland's users are not that active on the Hive blockchain with the exception of their transactions being validated while they are playing the actual game which does not add value to Hive. This was proven when the Splinterland's users did not have enough Hive stake to pass the proposal by themselves. There was a broad explanation that the funds would be spent on Marketing but the Hive Community especially the accounts with a stake that matters did not think there was enough detail in the proposal to allocate them the funding needed. Fair enough in my opinion so the decision has to be respected. But on the other side of the argument is the question on what the DHF is actually spending their funds on at the moment?
Valueplan which is the marketing arm of the DHF allocates funding every month to projects considered worthy of funding. Valueplan publish a quarterly post and draft a summary of what is being funded but they don't really delve into the numbers behind each project. Some of the numbers are quite staggering so it is important that users realise the amounts of HBD that are heading outwards and how the powers that be are spending the Communities fund on Marketing. Now it is safe to say that Hive has not been pulling up any trees in any metrics since the last bull run. We are looking at a token price of less than 19 cent and dropping. We actually look a bit like dinosaurs if you compare us to the up and coming chains such as Ton, Solana. Arbitrium's so there is a danger that we fall into the abyss if we don't buck up our ideas. The funding of projects get funded in HBD which is converted to Hive and sent to an exchange for FIAT which puts pressure on our token price. So every HBD spent needs to be returning the same amount of value to the blockchain at the very least and this is why we have to scrutinize this funding in more detail.
Recap on June's Post
I asked the top 3 accounts that were funded in June some questions around their funding. You can find that post here. These were basic questions and they were to gather more info on what exactly the Hive Community were funding.
All 3 have yet to get back to me. Given the amount of funding that these 3 people have been allocated in the last year I think it is important to know what value we are getting from these projects and I am amazed that I have not heard from back from any of them. That is OK though because if there is silence then I get even more curious to look into the projects a little deeper.
Julys Numbers
| Rank | User | Total HBD in June | Project |
|---|---|---|---|
| 1. | @lordbutterfly | 20,800.00 | Vibes/Hivefest |
| 2. | @mcsamm | 10,373.00 | Community Wells |
| 3. | @swc-oficial | 9860.00 | Street Work Out |
| 4. | @sucrewallet | 9267.50 | Hive Sucre |
| 5. | @hivecreators | 5480.00 | Various Projects |
| 6. | @blackheart1 | 4060.00 | Hackathons |
| 7. | @victorwallet | 3610.00 | Bike Racing |
| 8. | @krolestwo | 3600.00 | krolestwo |
| 9. | @king13wallet | 1790.00 | king13 racing |
| 10. | @starkerz | 1553.00 | Rio Blockchain Event |
| 11. | @arlettemsalase | 1510.50 | Conferences |
| 12. | @crimsonclad | 1393.00 | Hive Projects |
| 13. | @jonsnow1983 | 680.00 | Professional Services for Hive Events |
| 14. | @denny0105 | 608.00 | Web3 Dubai |
| 15. | @edmundochauran | 485.00 | Blockchain Rio |
| 16. | @disregardfiat | 379.00 | Blockchain Rio |
| 17. | @mynewlife | 275.00 | Various Hive Events |
| 18. | @yonnathang | 183.00 | Exchange Meeting |
| Total July | 75,907.00 |
So we move on to Julys numbers. As like June there were a total of 18 accounts funded to a total of $75,907.00 well down on June's total of $100,931.00. The rally car once again was not present this month which is welcome news as it is a massive expense during a turbulent time on Hive.
1 Hivefest Deposit
@lordbutterfly takes number 1 spot with the majority of the funding (16,000 HBD) to secure the payment of Hivefest 9 which happens in Split Croatia this year. 4,800 HBD were given to him to fund his Vibes Project which as you all know is doing well with plenty of posts around it. In the most recent Valueplan post @lordbutterfly is to become a project manager for Valueplan which is welcome news and adds more of a voice to the project team. We see some of the Valueplan project team being high on the YTD lists as they are assigned to allocate the funding on Hive events such as Hivefest , major Conferences etc so it is important to note that the project manager will be high up the list for a reason which is fine. We all get it. One question that I have been asked by a few of you is : Does the Community think a project manager should have their own projects funded by Valueplan? Is this managed by one of the other project managers? Will it be "tots awks" if you are denied funding by one of your colleagues?
2. Community Wells Project.
In number 2 we have @mcsamm moving up one place from June having received 10,373 HBD in July.
8008.00 HBD was for the Community Wells Project and HF which I presume means Hivefest?
The remaining 2,365 HBD was for him to attend a Blockchain EXO called TechEx in Amsterdam. I asked some questions in June around some of these expenses but there was no reply so we will go again.
First of all I think we can all agree that we will never see a return with the Wells project. Bar an odd mention in a newspaper. It is a good deed project assigned to help people. One does not expect a return I imagine which poses the question. Can we afford projects like this that are not giving value back to Hive? Is this more of a major player project from the likes of Binance , CDC or a major exchange? It is more a good will gesture from Hive to build wells for poor people in Ghana but whether the funds can be better spent to promote our blockchain is a question. It is more a charitable cause than a marketing campaign. @mcsamm has been fairly active on Hive showcasing every well made which is positive and he has announced the launch of building Ghana's 16th borehole just recently.
Lets look into each of these boreholes in more detail from the 1st one in Q1 2022.
| Number | Date | Location | Total HBD Cost | Comment In Valueplan Wallet |
|---|---|---|---|---|
| 1 | 17th April 2022 | Fawoade, Ghana | 3425.5+214 = 3639.50 | Well drilling and installation Hive local community empowerment and promotion project Included: drilling, structure and plumbing, tank. Contingency fund not included at this time.214 HBD for Well structure and signage installation part 2 of Hive local community empowerment and promotion project. Contingency fund not included at this time. |
| 2 | 12th June 2022 | Agona Bedomase, Ghana | 4325+200 = 4525.00 | Well 2 Well drilling and installation full project minus incidentals minor proposal replacement contingency fund not included at this time and will be addressed as incidentals if required. 200HBD Additional funds due to rising prices of supply chain Well 2. Well drilling and installation |
| 3 | 15th July 2022 | Anwomaso, Ghana | 4924+500= 5424.00 | Well project #3 Ghana promotional Hive sponsored borehole and related expenditures. +500 hbd Laptop for well opening day and Hive presentation capability Hive promotional Ghana well project. |
| 4 | 3rd September 2022 | Pentecost sch Bremang, Ghana | 4924.00 | Ghana well project borehole #4 books for distribution to kids Hive promotional project Borehole complete $4524 Books $400 Further costs possible but not expected at this time. |
| 5 | 19th October 2022 | Jamasi Dawu | 4,524.00+500 =5024.00 | Ghana borehole project costs of next borehole additional costs possible due to inflation Hive promotional activity. +500 HBD Books for school children part of well project 1000 books Hive promotional activity |
| 2022 | Total Cost | 23,536.50 | 5 Wells | |
| 2023 | ||||
| 6 | 22th March 2023 | Asamang | 8,780.00 | Community Well Project 1st Borehole Feb-March construction of the well materials and labor minor incidentals |
| 7 | 31st March 2023 | Asamang (2nd well Repair & Renovation) | 3,000.00 | Community Well Project 1st Borehole repair and renovation of 2nd well in town (still part of same project) materials and required logistics |
| 8 | 15th May 2023 | Chichibon | 8,550.00 | Community Well Project Tamale entire construction of the borehole installation costs and logistics |
| 9 | 3rd July 2023 | Chanshegu | 8,550.00 | Community Well Project Ashanti well 3rd borehole drilling, tower with structure, plumbing, finishing and sign books are part of previous transfer aimed for Tekna |
| 10 | 18th July 2023 | Gbamyamli | 9,110.00 | Community Well Project all three stages of borehole drilling and installation including all materials costs of printing 800 books for local children included books may be used across multiple projects. |
| 11 | 24th Sept 2023 | Kanvili-kukuo | 8,550.00 | Community Well Project borehole drilling, installation, tiling and all related logistical project costs |
| 12 | 1st November 2023 | Asamankama A | 8,550.00 | Community Well Project borehole drilling, tank purchase and installation, plumbing, cement work and all other labor and materials that go into a completed well logistics included. |
| 13 | 1st November 2023 | 2nd Well Reconstruction Asamankama B | 3,800.00 | Community Well Project reconstruction of old well and installation of all components drilling omitted due to existence of old borehole |
| 14 | 11th December 2023 | Wadie Adwumakase | 8,550.00 | Community Well Project final borehole drilling, purchase of materials, installation and all related costs associated with erecting the well and its infrastructure |
| Total | 2023 | Cost Excludes 2800HBD on 4000 workbooks | 67,440 HBD | 7 wells and 2 renovations/ repairs |
| 2024 | ||||
| 15 | May 2024 | CWP Ghana | 5,000.00 | materials for remaining 2 x wells in the northern region double-installation is to save on costs deposit costs for materials |
| 16 | 08th June 2024 | Dingoni | 12,940.00 | Community Well Project 2 x boreholes remaining outstanding costs for materials, labor drilling and installing, and related expenses both units are being installed in different villages at the same time to save on costs |
Figures only include only borehole drilling and do not include expenses or any conferences attended during this period
Now the total funding to @mcsamm is 176,966.00HBD since March 2022 when he was first funded 3,425.00 to drill a borehole in Fawoade Ghana. The total for the first well came to 3,639 HBD.
The 2nd borehole was slightly more expensive at 4525 HBD. Borehole could have been deeper, more remote location, soil condition etc ,whatever it was. It was 886 HBD more expensive. The 3rd borehole cost a total of $4,524 but this time he asked for an additional 400 HBD for books for the children of the village. He also needed a new laptop to present which cost another 500HBD of community funds. You can see the costs above in the table. If an accountants are looking for anomalies they seek similar values with differing explanations. The extra 500 HBD for a laptop on borehole #3 and then school books at borehole #5 for 500 HBD stand out here. 500.00 even is always a red flag. Also I would have thought everybody on Hive had a laptop which should be their own expense if they need a new one!! Free laptops guys for everybody at Hive everyone. Hooray!!!
There seemed to be a major jump in 2023 for the average cost of a borehole. You can see from the above table that the cost went from between 4500-5000 up to 8,550 which is a 3500-4000 HBD increase. I get that costs do rise but the rate of inflation with the Ghana currency Cedi must be extortionate. What first began at 3,639.50 HBD to build a borehole is now working out at 8,550 HBD per well which is 234% increase on the initial price. A good deed at 3,639.50 HBD is an easier pill to swallow than at 8,550.00 per well a year later. As well as that it looks like the school workbooks were not included in the cost of the boreholes in 2023 as opposed to 2022. They were another cost in the Valueplan wallet of 2800HBD for 4000 workbooks early on in the year. 2023 costs compared to 2022 costs increased by 286%. If you divide the number of wells by the total cost then you see in 2022 4707.30 HBD was spent per well. In 2023 there were 7 wells and 2 renovations which came to 7493.33HBD . A 159% increase per well on the year before.
In 2024 there has only been 2 wells completed so far with the 16th well commenced. The comment in the wallet is for 2 X boreholes so there is not much data to analyze here until the end of 2024.
I began to investigate how much a borehole costs to drill if I was to carry out this task myself by simply contacting a local contractor in the area. The world is now a small place. I received 3 quotes. The most expensive quote for a borehole (remote location, 200m depth) would cost me 15,000 Cedi for a borehole from start to finish which works out at about $962 in USD or 962 HBD. There was a 10% discount for early payment.
I mentioned above that @mcsamm has received 176,966HBD since 2022 and boreholes look to be just a % of this total sum. Last year he was given 25,000HBD by Valueplan for a European Blockchain Expo . In 2024 so far he has received a total of 22,228.50 HBD so far as expenses to attend conferences which is separate from the boreholes. I presume he is talking about his experiences at these expo's. The problem with conferences is not the conference itself but the dead money flying people across the globe to attend them.
The bottom line is when you take heaven out of it and whether everyone at Hive is going there for funding the boreholes, does there come a time when someone might take a look at the costs involved because it is getting rather expensive and if our friend lives in the UK, I take it we are paying for the round trip to Ghana! Send the Butterfly Lord down there for a look into things.
No 3. GYM Street Workout
Number 3 on the list from July is Gym Street Workout. I smiled at this as these guys are always there and there about's on the top 5 list every month. These lads have been getting Valueplan funding for a couple of years now and you are not talking small funding either. Not only that but one of the group Victor has now expanded into Bike Racing as well so I would expect this sport to become a highly costly project as well. It is currently number 7 on our list in July.
When you see this expenses line in the Valueplan wallet this month you have to laugh.
'And so on........' and so forth. I may hope so seeing that the community have spent 5310 HBD on hats shirts and sweaters.
Could you imagine if Splinterlands put "and so on...." in their proposal!!! Poor Matt would be hung , drawn and quartered!!
I have always had concerns over the Street Workout and why they incur so many expenses. The equipment and clothing should be well covered at this stage which just leaves logistical costs. Sometimes I wonder whether it is a sweatshop we are funding rather than a Hive events group. Paying to turn up at events confuses me seeing that they are the attraction.
I asked the question last month to no reply whether this is an actual business we are funding here?
Does the Street Workout Group get paid for their events?
One of the properties I run is a Shopping Centre and out of our marketing service charge we would allocate a certain amount each year to attract groups like this to do a display. It could cost us anything between €1,000 and €3,000 depending on the group.
Malls love this kind of thing to attract footfall. But yet each mall display is costing the Hive Community money? Why?
There has been much debate over the Splinterlands proposal. Are they socialising losses and privatising profits? Did we ever question this in any other projects?? This being one?
Looking down through the 2023 funding for the Street Workout crew and indeed the 2024, we seem to fund a vast amount of merchandise. Much more than other projects.
Let us have a look at their funding in 2024 so far in detail.
| Date | Amount in HBD | Valueplan Wallet Explanation |
|---|---|---|
| 14th Jan 2024 | 45.00 | SWC minor contingency for Caracas meeting |
| Jan 17, 2024 | 3597.50 | SWC 1st Versus por Aleatoriedad Maracay Hive merch, logistics, transport, and event items |
| Jan 19, 2024 | 800 | SWC 1st Versus por Aleatoriedad Maracay additional transport costs associated with the event |
| Jan 30, 2024 | 7,092.000 | SWC Freestyle Day 1st Edition Parque Generalismo Francisco de Miranda Caracas Hive merch, logistics and transportation promotional event in select area |
| Feb 1, 2024 | 120.000 | SWC 1st Versus por Aleatoriedad Maracay design and element creation work for all the custom Hive mech, certificates, flyers and so on 6 hours @victorwallet |
| Feb 6, 2024 | 200.00 | SWC b2b meeting preparation |
| Feb 15, 2024 | 8950.00 | SWC Hive merch this is a pure merch order to get the lowest prices by buying in bulk promotional items |
| Feb 21, 2024 | 3752.00 | SWC 1st Versus by Modality Hive merch (major purchase is not yet due to arrive), transport, water and consumables, general event supplies promotional event |
| Mar 3, 2024 | 300.00 | SWC media costs journalist engagement refund of 249 HBD plus 51 HBD contingency for next round of media engagement |
| Mar 3, 2024 | 1,205.00 | SWC Colombia setup expenses transportation and logistics |
| Mar 7, 2024 | 240.00 | SWC graphic design all designs for event that had to be customized and remade 12 hours @victorwallet |
| Mar 9, 2024 | 300.00 | SWC Colombia minor contingency for event set up |
| Mar 13, 2024 | 1,721.00 | SWC triple org event Copa Zette logistics and transport |
| Mar 22, 2024 | 6,603.00 | SWC Hive Anniversary Event Sets and Reps full competition with logistics, merch (pre-ordered merch is delayed), transport and other event requirements including small prizes |
| Mar 30, 2024 | 220.00 | SWC Sets and Reps 1st Edition design costs of all elements for this event including the billboard 11 hours @victorwallet |
| Apr 9, 2024 | 2,816.00 | SWC / Revenga this is a joint event logistics, transport, media considerations no merch |
| Apr 16, 2024 | 200.00 | SWC Punto Fijo minor presentation logistcs and transport |
| Apr 16, 2024 | 5,791.00 | SWC Only Static 3rd Edition Kiki Beach Club transport, logistics, insurance, event items and minor media promotional event at tourist location. |
| May 7, 2024 | 680.00 | SWC proper storage space for portable bars and other materials |
| May 16, 2024 | 6,061.00 | SWC 1st Versus by Category Centro Comercial Unicentro mall exhibition Hive merch, logistics, transportation, event necessities as required by the venue promotional event |
| Jun 15, 2024 | 12,500.00 | SWC Duals Battles 3rd Ed Los Aviadores Hive merch, logistics, transportation of equipment and athletes, venue costs, insurance and general event costs pre-scheduled promotional activity in high-end mall |
| Jun 18, 2024 | 2,650.00 | SWC Duals Battles 3rd Ed Los Aviadores remaining costs due to lack of secondary sponsor |
| Jun 24, 2024 | 580.00 | SWC professional services SWBD 3rd Ed various designs for major event 29 hours @victorwallet |
| Jun 25, 2024 | 1,600.00 | SWC transportation and logistics costs media costs additional event costs due to the presence of media additional costs due to increases in transportation demands |
| Jul 07, 2024 | 5,310.00 | SWC Hive merch 420 pieces including sweaters, hats, shirts and so on |
| Jul 25,2024 | 4,550.00 | Multiple projects three malls b2b mall adoption Hive merch and printed material costs |
| Total Cost so far in 2024 | 77,883.50 |
Total higher than YTD total below due to some payments made to @victorwallet above but they are SWC related
The word "Merch" has been mentioned more than 6 times in the above so it is safe to say that the GYM Street Workout crew give out lots of Hive stuff at their events. But does this expense translate into Hive users is the issue? It looks like they are giving away an awful lot of stuff and the Hive funding is covering this. Should we be moving away from the merch at some point in the project?
If you look at the 15th June, Hive funded 12,500.00 for a SWC Duals Battles in a high end mall but Hive had to cough up the remaining 2650.00 as there was no second sponsor! I think this speaks volumes. Is it time for something new to fund here? Have we exhausted this project? I do not think the Street Crew are returning more than 77,883.50HBD in value since the start of the year.
Major Event This Month : Blockchain Rio
The Rio Blockchain Conference had been funded this June & July but there has been very few posts about it on Hive so far. For what was sold to be the biggest event EVER there is not much media around it especially on Hive. I did find this video of the Hive team hard at work although the first few seconds of the video would not inspire me with that much hope to be honest.
Source
The breakdown of the funding has been as follows
| Funded | HBD | Description |
|---|---|---|
| @arlettemsalase | 15593.50 | Blockchain Rio Brazil sponsorship and partial transportation accommodations costs initial expenses for major conference |
| @arlettemsalase | 6,874.00 | Blockchain Rio Brazil additional costs including Hive merch contingency separate |
| @edmundochauran | 285.00 | Rio Blockchain Brazil preparation for conference Hive merch |
| @jonsnow1983 | 630.00 | Rio Blockchain Brazil conference equipment, Hiver merch and minor logistics |
| @disregardfiat | 379.00 | Rio Blockchain Brazil transportation |
| @starkerz | 1553.00 | Rio Blockchain transportation and logistics included |
| @arlettemsalase | 200.00 | Blockchain Rio CoinEx special promotional activity |
| @edmundochauran | 200.00 | Blockchain Rio logistical expenses misc expenses |
| @jonsnow1983 | 50.00 | Blockchain Rio minor transportation expenses |
| @hivecreators | 680.00 | Blockchain Rio element design, stand design, various social elements as required for the conference no conference-provided designs in this event 34 hours |
| @arlettemsalase | 250.00 | Blockchain Rio transportation back to VZ additional costs due to border closure |
| Total Cost of Rio Blockchain Event | 26694.50 |
Any metrics guys?? How many did we sign up? Was it any good? Why is the main conference organizer not posting anymore around the conferences?? Any feedback would be appreciated. Did you guys speak at it by the way because I cannot find any videos of this?
YTD Ranking
| Rank | User | Project | Hive | HBD | USD Equivalent |
|---|---|---|---|---|---|
| 1. | @ssekuliji | Rally Car | 530,257.57 | 18,126.89 | $199,090.55 |
| 2. | @crimsonclad | Hive Project Manager | 216,057.28 | 22,723.43 | $111,762.77 |
| 3. | @swc-oficial | GYM Street Workout | 0 | 74,918.00 | $74,918.00 |
| 4. | @blackheart1 | Hackathons | 0 | 57,695.20 | $57,695.20 |
| 5. | @cryptosimplify | Sports team Sponsorship | 0 | 45,705.80 | $45,705.80 |
| 6. | @lordbutterfly | Hive Project Manager / Vibes | 0 | 45,200.00 | $45,200.00 |
| 7. | @arlettemsalase | Conference SA | 0 | 44,854.25 | $44,854.25 |
| 8. | @sucrewallet | Hive Sucre | 0 | 42,063.10 | $42,063.10 |
| 9. | @mcsamm | Community Wells Project | 0 | 36,168.00 | $36,168.00 |
| 10. | @wooconventions | Woo Convention | 0 | 23,000.00 | $23,000.00 |
| 11. | @qmwallet | Community Wells Project Expansion? | 0 | 20,835.00 | $20,835.00 |
| 12. | @victorwallet | Bike Racing | 0 | 20,087.00 | $20,087.00 |
So not much of a change at the top YTD. @victorwallet creeps funding above 20,000HBD for his bike riding. It would be awesome to see some posts around this sport by the way as I am finding it hard to find anything. I had to go to Instagram to actually find some photos of the bike .There seems to be another bike racing project funded as well which is number 19 on the list as @k13wallet. One is peddle bike racing and the other is motorbike racing but again the posts around these are vague to say the least.
So that's it for July. Not too many questions this month but more a deeper dive into some of the projects that were high on the list in July. See you need month for Augusts edition.