DFR1 – Voting is Live!

Author: jan Published: May 16, 2022

Dear community members,

After a long preparation phase, in which we defined the rules, created the website, and opened our new portal for all innovative and groundbreaking AI proposals, we have finally arrived at the phase where we can start voting on which projects we would like to give our support. Voting can be done on https://voting.deepfunding.ai/ and is open until May 24th, 00:00 UTC.

This is the very first round of Deep Funding and the first time the community can decide which projects will be awarded some substantial funding amounts, so they can develop and publish their AI services on the platform. 

From a project-submission perspective, we are already very happy with the result. We started out with a total of 47 contributions. After some discussions on the goals, feedback from the community, and finally a strict formal verification of the rules, this has been brought down to 28 eligible proposals. This means that these projects have the potential to bring concrete value (and API calls) to the platform and that they have followed the rules concerning budget, milestones, and deliverables. 

The most important validation is yet to come. Do you believe that these projects will bring real-world value to the platform? Do you think that the team, their experience, and the required budget will really make them successful in their objectives? These questions are still open, and we put our confidence and faith in you, our community, to make thoughtful decisions. 

Some guidelines for voting

We took over the project titles and created some concise summaries of the projects ourselves in the voting portal and on https://deepfunding.ai/proposals/. This will give you a rough idea of what the proposals are about. But we urge you to have a good look at the detailed project descriptions on our portal supplied by our partners from Swae.io. You can also find a full overview of all eligible proposals here. We don’t expect everyone to study every proposal in detail (but you are welcome to do so!). You can single out a few proposals that appeal to you and review what they are all about. Here are some pointers when reviewing:

  • Does the proposal have a realistic and clear scope?
  • Is the team experienced and capable enough to deliver?
  • Is the budget adequate to cover what the team has set out to accomplish?
  • When the project has been delivered, is there a plan to market the solution? Will it bring users to our platform?
  • Did the team define a good and fair revenue sharing policy for the deep funding wallet in case they should become very successful? (mainly for pool A)
  • Is the overall quality of the proposal in line with the requested budget and ambition? Has the team put their heart into it?

All this can be summed up in one question: do you really believe in this project? Do you not only want them to succeed but do you believe that they actually will succeed? 

The voting process

On our voting portal https://voting.deepfunding.ai/ you will see a list of all 28 proposals. On click, a page is loaded with the summary of the proposal, a link to the details, and voting functionality. 

You can vote on one project, on multiple projects, or on all of them. Your voting power depends on the number of tokens in your wallet during the voting period. This will not be diluted if you vote on multiple projects. Every project you vote on will have the benefit (or the burden) of your full voting power, based on the principle of one token = one vote. 

For every proposal, you can select a number between 1 and 10. 1 means you think it is an extremely poor proposal. 10 means it’s a fabulous one. The important thing here is that each project needs an average score of 6,5 (weighted by the amount of tokens = votes) to be eligible for funding. This means you can wield your voting power to support OR obstruct projects as you see fit. As they say, “With great power comes great responsibility.” Be respectful of the proposer’s work and only cast a vote if you have an actual opinion on a project. Try to leave your emotion out of it and vote with a clear and unbiased mindset. Remember that these outcomes may be very important events in the professional lives of some of the proposers!

Another rule is that a proposal needs to have at least 1% of the votes cast to be eligible. We have set this rule to avoid strange outliers due to proposals that may have received just a few votes. 

What this will lead to

It may be possible that a large number of proposals will get awarded (Not all, since the total amount of Pool A is more than 3 times the available amount.) In an extreme case, it is possible that none of the proposals get awarded. A low amount of awarded proposals is not necessarily a problem. If not all of the 1M dollar worth of AGIX is being awarded, we will simply keep it in store for the next round. Of course, a really low number or otherwise strange outcomes may have a negative effect on submissions in the next round. So, we do hope and trust that you, our community of token holders, will vote with respect for the work that all these proposers put into their submission. We’re counting on your collective wisdom to single out the most valuable projects!

The next steps

After the results are known and shared, we will engage with the awarded teams and draw up a formal contract. After that, it’s up to the teams to start making their promises come true. We do not track timelines but we will disburse part of the award whenever the team can show that they reached the next milestone. If a team does not get further than the second milestone, we will not be disbursing any additional amounts and the funding will remain available for the next Deep Funding round. 

With all these conditions and rules in place, we aim to maximize the effectiveness of our program. But the main success factor, apart from the teams and projects themselves, is you, our community. This program can’t be successful without your support and commitment.
We hope that, just like us, you will see the huge potential of Deep Funding for the platform, for beneficial AI, and for our decentralized future. We trust this will motivate and guide you in your assessments and your voting behavior. 

Let’s go and make Deep Funding round one a big success!!!

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