In the interests of transparency, we present the first Hydro Labs update! This report has been published to let the community know what has been happening behind the scenes at Hydro Labs on a business level, rather than a protocol/product level.
Incorporation of Hydro Labs
For the past ~6 months, the open source team has been moving towards the creation of a new entity designed to further the Hydro ecosystem, facilitate decentralisation, and foster community involvement. In April, this process was completed and Hydro Labs was officially incorporated in the Cayman Islands.
There was much debate on where to set up camp, but being a global team with no common “Headquarters”, and after weighing the advantages, the Caymans was the logical choice. The other big decision we had to make was whether we would be a foundation or a company. After a lot of debate we decided that a company offered greater flexibility and a greater chance at achieving sustainability. We are, however, prioritising the development and completion of the roadmap and the Hydro community, and will do so for the foreseeable future.
The Hydro Labs Balance
On June 8th, 2019, 500 million HYDRO Tokens were moved from a Hydrogen wallet to Hydro Labs as part of the agreement for Hydro Labs to push the development of the Hydro protocols, the products built on Hydro, and the ecosystem as a whole.
We will also be using these tokens to pay for any other expenses we might incur such as marketing, development, exchange listings, etc.
You can view the Hydro Labs wallet which can be viewed here on etherscan. All transactions are visible and we are happy to discuss any transactions made from this wallet as long as we do not violate any NDAs.
Please note that the personal wallets of Hydro Labs team members, and those owned by other entities, are the property of those parties and will not be commented on by Hydro Labs.
The team is hard at work reviewing applications for more members and interviewing candidates. We have been on-boarding new team members, and more will be joining us soon, including developers and product managers. These new team members will be invaluable in progressing the project.
Along with bringing new team members in we will soon be running elections for what are currently known as, “officer” posts. The titles, roles, and responsibilities will be changing as the current set up needs refining.
At least one of the people in these posts will change, perhaps more depending on the election results. The one person who will definitely be changing is myself (Joel Kite). Due to various reasons, I cannot continue to work for the project at the highest level (Vice President or equivalent). I am not leaving the project, but the project needs someone that can commit more time, has less personal responsibilities, and who has the ability to work under the current setup at an “officer” level.
Some of the basic responsibilities of the new positions are as follows:
General Operations Manager (Previously closest to ‘President’)
- Manage High level operations
- Liaise with managers
- Hold the team accountable
- Design and maintain incentive models
- Build the Board of Advisors
- Manage and Maintain Company Documents
- Manage Hydro Labs policies
- Implement and maintain insurance policies
- Interface with Legal
- Manage contracts and records as needed across departments
- Keep the tech teams on track
- Maintain the roadmap and ensure execution of technology
- Hold weekly meetings with team leaders
- Be the tech face for when we have discussions with industry leaders, interviews, and business deals/opportunities
- Manage bank accounts and credit lines
- Manage market making activities
- Manage exchange accounts
- Manage payments to vendors and service providers
- Manage Hydro disbursements to Hydro Labs contractors and Community Members
- Manage Hydro wallets and multi-sig solutions
- Manage Tax, Audit, or Reporting Needs (delegate as necessary)
- Manage bookkeeper
As well as these positions we also have general team leader positions up for election.
Team leaders will be responsible for the following:
- Maintaining and executing a team-specific roadmap (in collaboration with overall project roadmap and Managers)
- Holding team members accountable for their work and ensuring progress is tracked methodically
- Managing team budget where applicable
- Reporting any problems, concerns, or ideas to Managers
- Holding weekly meetings with other team leaders
- Holding regular meetings with team members as necessary
- Ensuring that processes are followed, including corporate policies, expense reporting, budget requests or changes, etc. (alongside managers)
Any team member can stand in the elections and anyone can apply to be a team member. If you think you have what it takes then please get your application in today.
As soon as we have finalised the new set up we will publish an updated organisation structure diagram.
There has been a lot of debate over the past six months over the compensation structure for Hydro Labs. Some of the team have been putting in 40hr+ weeks on top of their day jobs, which eats into family/personal time, for what amounts to a very low amount of compensation- currently around $670/month.
As such, we need to ensure that everyone is adequately rewarded for the work they do whether this be via monthly compensation or KPIs, bonuses, and/or bounties, whilst at the same time ensuring the stability of the project. We haven’t yet reached a consensus on how this will be structured, but we are getting there, and we will keep you all informed about the final decision.
Keep up to date with the latest news via our social media accounts:
- Telegram: https://t.me/projecthydro
- Twitter: https://twitter.com/HydroBlockchain
- Reddit: https://www.reddit.com/r/projecthydro
- Discord: https://discordapp.com/invite/SbW5Feg