With our current hiring spree, it seems prudent to try to give a picture of our unusual, experimental pay structure.
Since our pay model is experimental, it is under constant revision, but it basically comes in three parts:
- For full-time employees, called “role-based bounties” (RBBs), we supply a minimum guaranteed monthly payment of at least $6000 per month.
- Anybody contributing to our development work (full time or not) is eligible for a share of $100k/month in milestone bounties. RBB salaries are deducted before payout (no double-dipping). These bounties are awarded by peer-review (everybody grades each other).
- An additional bonus of “dev mastercoins” (dev MSC) are paid in proportion to the bounties earned in #1 and #2
Here is what our compensation looked like for the Month of February for ten people who did the bulk of the dev work:
Holy cow! Person D earned a lot of money that month! It turns out our weighting formula made this too lumpy, because we divided the bounty into two milestones, and person D was the only one who ended up doing much work on one of those milestones. Oops!
For March, we simplified our grading system, and consequently got numbers much more proportional to the work done:
Unfortunately, the average salary for our full-time devs is lower than we would like in this particular month. This is because we had a LOT more people outside the foundation contributing in the month of March, which spread out the $100k monthly milestone bounty a lot thinner.
To fix this, starting in May, 75% of that $100k monthly bounty is reserved for RBBs (compared to 58% they got in March). I expect May compensation to be a lot more favorable to RBBs.
Also, the dev MSC portion going forward also changes – we are increasing it by a large margin (almost doubling Dev MSCs), and using it as a retention bonus for RBBs (vesting after a six month cliff, and every three months thereafter), instead of paying it immediately as shown above.
Consequently, we expect future RBB pay to be quite lucrative, and hopefully quite proportional to the amount of work each person contributes. Plus, you get a large vesting stake in the Mastercoins that you are making more valuable! Also in the future we may re-evaluate and possibly increase the total $100,000 amount given each month as the team grows.
Lots of details and current rules can be found here: http://mastercointalk.org/index.php?topic=297.0
Our full-time people get to work from home and completely choose their own hours and level of effort. Our team tends to be wonderfully cordial and cooperative, since everybody knows that their co-workers have a big say in the distribution of milestone bounty funds at the end of each month. Our aim is to give people enough security to pay their basic bills, and complete control over how hard they work, with the potential to capture a huge paycheck if their peers value their work.
Did I mention the work consists of tinkering with a machine aimed at upending the world economy? It doesn’t get more fun than this.
Care to join us? See our open positions here, and send your CV + the job ID you are interested at to email@example.com