Waves Labs Enlists The Services Of Ventuary DAO As Sandbox For Its Grant Programs
A little over a month after launching Ride on their proprietary mainnet, Waves platform is back again with a DApp built on Ride. In this initiative, however, Waves Labs chose to use Ventuary-DAO as a sandbox where they tested DApp ideas and also urged the greater Waves community to be part of Web 3.0 adoption.
Ventuary-DAO has lately grown to be an incubation hub for promising startups. The platform’s decentralized infrastructure is built to suitably agree with that of Waves, a reason the two are a perfect match.
For Waves Labs, therefore, having Ventuary-DAO as a sandbox will greatly ease the normal fundraising process. Developers with the best ideas get funded and other forms of support from Waves Labs. On top of the perks and incentives, the best-ranked developers rack in a decent profit off their DApp analytical skills.
Joining The Program
Anyone with a brilliant startup idea can apply to Waves Labs without necessarily joining Ventuary-DAO. However, considering the valuable community backing and the rapport that DAO provides, it would be judicious to join it first.
Joining DAO is different, however, as one has to be invited. Getting an invite isn’t hard as everything is available on the community page where one can simply ask for an invite. One of the mandatory requirements, however, is to install a Waves Keeper browser extension on one’s browser.
Proposing DApp Idea
To promote an idea, there’s a special proposal form that has to be filled out. The form, called ‘Canvas’ comprises of a couple of basic questions that anyone with a solid DApp idea will fill with ease. The whole proposal registration process, however, costs 3 WAVES tokens.
Upon registering their ideas, participants in the community are granted two hours to either support or reject the idea altogether. It is a democratic process where ‘YES’ and ‘NO’ votes are cast, each vote worth 1 WAVES token. At the end of the 2 hours, loser’s tokens are heaped onto the winner.
It is important to note that a proposal that earns two-thirds of all votes is automatically entered into the crowdfunding stage where donations of between 3 and 1,000 WAVES begin to flow in. In a bid to see the fundraising be a success, Waves Labs have a list of techniques that help compel founders to wire in their donations faster.
The crowdfunding stage isn’t a guarantee that an idea will be fully funded. And upon its expiry, Waves Labs will have five more days to either approve the idea and subsequently wire the grant to the developer or reject it. A rejected idea means that all funds are refunded with a 50% bonus.