In late June we launched RIDE on Waves’ mainnet. Now, we are ready to announce a major new dApp built on RIDE, funded by a grant in partnership with Waves Labs
Ventuary DAO is a platform where promising startups in their earliest stages can gain support. Broadly speaking, Ventuary-DAO is a sandbox dedicated to filtering dApp ideas and stimulating the Waves community to take part in Web 3.0 adoption.
The decentralised infrastructure encoded into the platform entirely fits with the ethos of Waves. Now, Waves Labs has enabled Ventuary-DAO to take its logical next step.
The new solution makes the fundraising process more transparent and automated. Every developer can promote his idea and attract his first users. The best ones will receive Waves Labs support. For everyone else, it’s an excellent opportunity to make a profit by using your analytical skills.
You can apply to Waves Labs with your startup idea without joining Ventuary-DAO if you want. However, Ventuary-DAO provides community backing, with established rules which mean that Waves Labs support is more likely.
How does it work?
To join DAO you have to be invited by a member. You’ll find them all on the community page with their contact information. Ask one of them to share an invitation link with you, or submit an application to join. You must also have the Waves Keeper browser extension installed.
Proposal`
If you want to promote your idea, all you have to do is to fill in the special proposal form, called ‘Canvas’. There will be a few basic questions about your future dApp. Proposal registration costs 3 WAVES.
Moderation
After registration, participants have two hours to support or reject the idea. Everyone gets an invitation to vote ‘Yes’ or ‘No’, betting 1 WAVES each. When the voting period is up, the loser’s tokens are shifted to the winners’ side. The betting mechanism was implemented to involve more users in voting and make the process more decentralised.
Crowdfunding
If the proposal gain two thirds of the votes, members can start to donate from 3 to 1,000 WAVES to the project. To increase the chance to attracting attention from Waves Labs, grant supporters can offer their views in a short message, answering a question such as ‘Why should this proposal be supported by Waves Labs?’.
Grants and rewards
After crowdfunding ends, Waves Labs has five days to decide whether to make a grant. There are two possible outcomes:
- Waves Labs approves the idea. The proposal owner receives a grant and those who supported the project are refunded their investments with a reward of up to 50% of their contribution amount. The reward amount depends on a factor set by the owner.
- The proposal is rejected. In this case, funds collected are returned to investors. Those who bet against the idea are refunded, with a bonus of up to 50%.
- A detailed description of how Ventuary DAO works can be found here. You can also watch tutorial videos on their YouTube channel.
The next step for complete decentralisation
The emergence of Ventuary-DAO is critical for the Waves ecosystem. Each member of our community is an independent actor who will determine the future direction of dApps development. This is a fundamental part of our vision that was articulated at the creation of Waves Platform.
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Waves Labs to Use DAO as Sandbox for Grant Programs was originally published in Waves Platform on Medium, where people are continuing the conversation by highlighting and responding to this story.