The 16th KIR: Klaytn Ecosystem Audit Fund_Blaize Technology


KLAY Funding

  • Proposed: KLAY worth USD 720,000


Brief Introduction of the Project

The goal of this proposal is to set up an audit fund for the Klaytn ecosystem to help select partners and projects to have their projects audited by Blaize Technology and its top audit team in a timely manner.

Key Deliverables

  • Audit certificates for the projects audited
  • Blaize Technology proposes to create a Klaytn Ecosystem audit fund for audit services as follows:
    ● Starting at the time of project approval (defined in Section 4 below)
    ○ A total yearly budgeted fund of $ 720,000 to be used to subsidize Klaytn approved audit work
    ○ Quarterly funds dispensed as $180,000 payments. Unused funds will carry over to the following quarter and off-set any quarterly payments.
    ● Actual audit costs for each project will be scoped and settled on a per project basis: 50% of the costs will be paid using the above mentioned audit funds, and the other 50% of the costs will be paid by the ecosystem companies (the audit customers) themselves.
    ● Blaize Technology reserves the right to receive payment of the audit customers 50% portion in customer’s project token or any other denomination and agreed pegged pricing of that denomination to be agreed upon between Blaize Technology and the customer.
    ● In case any audit customer does not pay its own bill for any reason within one month after Blaize Technology issues a completed audit certificate, the unpaid 50% will also be paid from the audit fund allocation.
    ● The Klaytn Foundation shall inform Blaize Technology of the audit needs by one month before each quarter, and Blaize Technology will reserve audit slots for that quarter. Blaize Technology will provide up to 3 audits per quarter.
    ● Each project should complete and provide an Audit Questionnaire (with code freeze) to Blaize Technology at least one month before the audit starts.
    ● A 20% discount will be given to a project when it submits the Audit Questionnaire (with a code freeze) at least two months before the audit starts.
    ● 30% of audit costs of any reserved but unused slots will be forfeited and paid from the audit fund.
    ● If at any time, the Quarterly fund is used up, Klaytn can decide to recharge the fund.
    ● In case the allocated funds are not used up in one Quarter, the remaining amount will be carried over to be used to fund the following Quarter term. For the avoidance of doubt, following Quarters will be made whole up to the agreed amount $180,000 USD, the difference of which will be supplemented with leftover funds from previous Quarters.
    ● Blaize Technology reserves the right to not to audit a certain project after scoping and evaluation (e.g. below standard, any legitimate concern, against policy, etc.)
    ● Any project exceeding the scope and complexity of $60,000 USD will require a custom scope and is subject to additional discussion within the given time. As such, very large projects may use multiple audit slots per quarter. In such cases Blaize Technology will do its best to scale its development team to accommodate.