Overview
A glance overview of how GrantPicks works.
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A glance overview of how GrantPicks works.
Last updated
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GrantPicks is an innovative platform designed to make funding projects easier and more transparent. It uses a unique system that combines pairwise voting and budget boxing. Developed by Potlock, GrantPicks aims to simplify the way resources and funding are allocated in the blockchain and cryptocurrency space. By using advanced blockchain technology, GrantPicks ensures that the distribution of grants is transparent, efficient, and fair.
At its core, GrantPicks is a multichain application that allows project creators to seek funding while giving community members a say in the decision-making process. Built on the Soroban (Stellar) and NEAR networks, the platform provides a strong foundation for managing funding rounds.
Pairwise Voting: GrantPicks allows voters to compare projects in pairs, making it easier to decide which project they prefer. This method helps engage voters by presenting them with two options at a time.
Budget Boxing Algorithm: The platform uses a budget boxing algorithm that looks at how people voted and decides how to share the available funds among the chosen projects fairly.
Vault Creation: Round managers can create and manage vaults that hold the funds for each funding round. This feature ensures that financial resources are handled securely and helps with quick payouts to approved projects.
Project Application: Projects looking for funding can apply directly through GrantPicks, making their proposals available to round managers and voters. This process encourages a variety of projects to participate in funding rounds.
Admin Oversight: Admins play an important role in managing the funding rounds by approving project applications and starting payouts from the vaults. Their oversight helps keep the funding process secure and reliable.
Transparency & Tracking: GrantPicks offers features that let users explore ongoing, upcoming, and past funding rounds. This allows everyone to see how funds are allocated and builds trust within the community.
Multichain Support: Built on the Soroban (Stellar) and NEAR networks, GrantPicks supports multiple blockchain systems, making it easier for more users to access the platform.
Open Source Protocol: GrantPicks operates as an open-source protocol under the MIT License, allowing developers to create their own funding mechanisms based on their needs.
Compliance Requirements: Projects must complete KYC (Know Your Customer) compliance within a set period to receive funding. This ensures transparency and accountability in the funding process.
GrantPicks aims to foster innovation and growth in the blockchain industry by connecting promising projects with the necessary resources and support. By leveraging the power of decentralization and community involvement, the platform seeks to create a more inclusive and efficient grant-making ecosystem for the Web3 space.
GrantPicks has different user roles, each with specific tasks that help with the funding process through pairwise voting. Here’s a breakdown of each role:
The Observor role is likely designed for users who want to view and monitor the grant-making process without actively participating. Their features may include:
Browsing active and past grant rounds
Viewing project proposals and details
Accessing public voting results and statistics
Observors have limited interaction capabilities but can stay informed about the platform's activities.
Voters play an important role in deciding which projects receive funding through their participation in the voting process. Their features include:
Pairwise Voting: Voters compare projects in pairs to choose their preferred options.
Voting History: They can track their voting history and see how their choices have influenced funding decisions.
User Guidance: The platform provides step-by-step instructions on how to evaluate projects and cast votes effectively.
Access to Round Information: Voters can view details about ongoing funding rounds, including project descriptions, available funds, and round stages.
Project Owners are individuals or teams seeking funding for their initiatives. Their key features include:
Apply for Funding: They can submit applications during designated periods by creating a project profile with essential information like project name, description, and supporting materials (e.g., videos).
Edit Project Profiles: They can update their project information as needed during the funding process.
KYC Compliance: To receive funding, Project Owners must complete KYC verification within the compliance period set by Round Managers.
Receive Funding Payouts: Once approved and compliant with KYC requirements, they can receive funds directly into their specified payout addresses.
Projects play a vital role in populating the platform with innovative ideas and potential recipients for grants.
Round Managers are responsible for creating, managing, and overseeing funding rounds. Their key features include:
Create and Manage Rounds: They can start new funding rounds by setting details like round name, description, funding amount, application duration, and voting period.
Admin Oversight: They can approve project applications, assign admins to help manage the round, and ensure compliance with KYC requirements.
Trigger Payouts: After voting ends, Round Managers can calculate results and start payouts to successful projects directly from the vaults.
Edit Round Details: They can change round settings if needed.
Transparency and Tracking: They have access to detailed insights about ongoing and past rounds, including voter participation and funding allocation.
Round Managers ensure the smooth operation of the grant-making process and maintain the platform's integrity.
For a complete extensive feature list, click here
Github Repo https://github.com/potlock/grantpicks
GrantPicks is a project within the 🫕 Potlock open funding stack ecosystem