Team OnlyFunds NEARCON 2022

TRACK

Future of Finance

BOUNTIES

We used the Covalent API to read on-chain data into our front-end.
Click here for our Armored Kingdom bounty story.

Relevant bounties

We used the Covalent API to read on-chain data into our front-end.
Click here for our Armored Kingdom bounty story.

Inspiration

In the web2 crowdfunding model backers have no mechanism to influence the development of the project, such as when the founding team disappears or creates something very different from what was promised.

What it does

Our crowdfunding platform gives backers the power of DAO governance to control the release of funds raised and hold the founding team accountable. A vote at each milestone either releases the remaining funds or returns them to the backers.

How we built it

We used React, Firestore, and Solidity as our backbone. We added custom functionality on top of the ERC-20 standard that gives backers DAO-based governance control over the release of the funds raised through a voting mechanism.

Challenges we ran into

Deciding the scope of the backers' control was a challenging design space because of the many options that exist between donation and investment. We would love to talk to more founders to learn whether they would prefer to have the governance tokens persist, end, or have the option to choose.

Accomplishments that we're proud of

We're proud that we have an MVP on-chain and working front- and back-ends, especially considering that we didn't know each other before Sunday!

What we learned

We learned how to use Aurora to compile Solidity for NEAR, how to use Covalent to read on-chain data, and many of our team members learned how to utilize new languages from each other.

What's next for OnlyFunds

  • Project our burn rate based on initial protocol revenue.
  • Better UI/UX for project tracking and voting.
  • Research parameters founders want in the fundraising contract.
  • Move back-end to IPFS.
  • Make smart contracts gas-efficient and upgradable.
  • Hire a designer :)

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