Challenges
Best Novel Funding Distribution Tool
The encounter was highly positive, facilitated by an array of impressive tools. Allo's documentation exhibits meticulous structuring and articulation, complemented by an immensely beneficial GitHub repository that significantly expedited the onboarding process. Additionally, the workshops orchestrated by Buildbox proved invaluable in comprehending the project intricacies and aligning with the judges' expectations for builders
Project details
Decentralized GrantStream: A DAO-Driven Crowdfunding Ecosystem for Developers and Investors
Decentralized GrantStream is an innovative crowdfunding platform in the Web3 space, designed to foster a symbiotic relationship between developers and investors. Utilizing the scalability of Arbitrum and the functionalities of Allo and Hats protocols, it offers a transparent and democratic process for project funding and management.
Core Mechanics and Innovations:
1. Proposal Submission by Developers: Developers propose their projects, outlining goals and required funding.
2. Investor Participation: Investors peruse the platform, choosing projects to fund. They have the flexibility to revoke their funding if they change their mind.
3. Formation of Funding Committee: Once a project is fully funded, a new pool is created for fund distribution. All investors then form a 'Funding Committee,' receiving voting power proportional to their investment.
4. Milestone-Based Planning and Voting: Developers present a building plan with milestones, including the fund distribution for each. The committee votes on these milestones; a milestone is approved if it receives the necessary consensus, otherwise, it's revoked.
5. Milestone Submission and Approval Process: Developers submit completed milestones for committee review. If a milestone receives more votes, it's approved, and funds are distributed accordingly. Rejected milestones can be resubmitted for a new vote.
6. Fund Reclamation Option: If developers fail to make progress, the committee can vote to retract the entire funding, redistributing it back to its members.
7. Post-Launch Reward Distribution: Successful projects have the option to return rewards to the committee, which are then distributed among investors based on their initial funding contributions.
Operational Flow:
- Developers present their projects and request funding.
- Investors fund and gain committee voting rights.
- The committee oversees fund distribution based on milestone completion.
- Developers can resubmit rejected milestones for new voting rounds.
- A mechanism for fund retraction ensures investor protection.
- Post-launch, rewards can be distributed to investors as a return on investment.
Vision and Impact:
Decentralized GrantStream is envisioned as a platform that not only facilitates funding but also empowers investors to play an active role in project development and oversight. It aims to create a transparent, accountable, and mutually beneficial ecosystem for developers and investors in the decentralized world.