Everybody loves art or music. It encourages reflection on society, it excites and above all gives us JOY. But somehow, we don't convert our appreciation into economic value. Artists struggle to make a living out of their passion. Cultural organizations lack funds, highly run on volunteers (> 60% on average) and endure economic risks upon organizing events. Culture lovers have no access to the process of selecting and providing stage to talented artists. Commitment of volunteers shows that many people are willing to contribute financially but don't know how or are not able to because they are not involved in the decision process. And when they can contribute (for example with crowdfunding) they are reluctant to do so because of a lack of transparency in the spending of funds.
LoyalGarden changes that by building JOY.
What it does
JOY is a decentralized self-sustaining ecosystem for culture empowering the community to reward projects they like.
Self-sustaining The community effortlessly earns money for the ecosystem by using referral links when they shop online. Up to 25% of earnings will be converted into JOY our crypto token and put into an Stability and Development fund. The Stability and Development fund will be used to back payouts to events/projects. Excess funds will be used to develop further features and services for the ecosystem.
Empowering community About 65% of the money earned by the community will be exchanged into JOY and transferred to their personal wallet. Holding JOY gives the community the right to select and fund projects they like. Transparency about goals reached and money spent will built the Trust needed to built a interactive participating community.
Decentralized JOY is an Ethereum-based platform. The platform gives culture lovers easy access and voting power. Anyone can become an organizer at little to no risk. Thus leveling the playing field in selecting, organizing and providing stage to talented artists. Governance of the ecosystem will be implemented by using ARAGON apps like Token Manager, Vault, Voting and Finance.
Reward projects Event organisers will publish their events and submit up to 3 goals for the event and a minimum cap to execute it. The community funds the projects by sending JOY. Needed cap will be accounted in dollars, but the JOY will be put in a Project Fund. Upon reaching the cap and the goals the Project Fund will convert JOY to dollars and payout to organisers. Goals will be validated by Auditors (people who are elected by voting by community). Successful events will reward community contributors with tickets or VIP arrangements.
X-factor of JOY The community extracts money from the commercial world into 'JOY', our cultural ecosystem, by regular online shopping. Moving value from the commercial world into the cultural ecosystem by converting it into an appreciating (amongst others because of growing network effects) crypto token will provide opportunities to give fair rewards to all participants who join JOY!
Impact on society Free moneyflow, easy access, voting power and more transparency organized as an DAO on Blockchain will level the playing field. Anyone can organize an event at no risk. We believe this in the end will lead to a more interactive community, more successful events and likely to more and fair rewards for artist, volunteers, organizers and the community itself.
How we built it
Me made a POC Dapp based on Solidity, OpenZeppelin, Truffle and simplified app from Aragon, running on local Ganache Ethereum network.
Challenges we ran into
Overcoming a jetlag (we're from the Netherlands :-) Designing Token economics in such way that event organizers are not exposed to volatility risks. Designing Governance with Aragon.
Accomplishments that we're proud of
We managed to work out a new viable business model for culture using Blockchain for Good. We are confident that we can start using it within a month with our current customer base. Successful usage and a growing customer base of JOY will bring mass adoption for blockchain.
What we learned
With the use of Aragon we can make our ecosystem into a DAO truly democratising governance. Token economics is a key-factor for the success of our ecosystem.
What's next for Stairway to JOY
Turn the prototype in an easy to use mobile app. Testing and implementing it together with our first customers Podium Asteriks ( http://podiumasteriks.nl ) and Neushoorn ( http://www.neushoorn.nl ) Promote the product to create a huge customer base and let the ecosystem flourish!