1MillionDevs is committed to onboarding the next 1,000,000 Ethereum developers.
Enabling developers, designers and builders to participate in Ethereum projects is a top priority.
Besides projects like Gitcoin and Bounties.Network very few on-ramps into Open Source Ethereum projection exist. If you are a new developer to the Ethereum ecosystem, very few opportunities exist to participate and/or contribute to the designing, developing and management of decentralized applications.
The only ways to gain real-world Ethereum development experience is through a side project, a grant or to get hired part/full time in the industry.
Both a limited number of grant and jobs are available in the Ethereum ecosystems. And learning complex technology in one’s free time is not a sustainable community growth strategy.
Currently no application exists to encourage and facilitate side projects.
A Brief Summary of PoolTogether
The PoolTogether application “pools” together the DAI into a single investment. The investment accrues interest over X amount of time. The accrued interest is the no-loss lottery prize pool. The principle investment (lottery ticket) is returned to the purchases once the lottery is complete. A user buys a lottery ticket (lock up DAI for X amount of time). The lottery ticket earns money for the community. When the lottery is over you can get a full refund of the lottery ticket price.
The no-loss lottery facilitates a large group of individuals (with no prior relationships) to capture their “collective interest earning power” and direct that value into single investment.
In this particular instance, the investment is to a lottery winner.
However… the winner could be a grant proposal though.
Simplified Application Architecture
- Users purchase a lottery ticket (10 DAI) in the Community Lottery.
- DAI earns interest (avg 5% to 9%) of X amount of time.
- The collective interest is used for the lottery winnings.
- A winner is selected using a random number generator (RNG).
- The 10 DAI (cost of lottery ticket) is returned to user.
Community Bank to Capture Collective Interest Earning Power
One could imagine the no-loss lottery as an investment specific community bank. The community bank invests the communities funds for X amount of time (enforced by smart contract). After X amount of time (or theoretically after Y amount of investment gains) the accrued interest is separated from the principle investment. A single recipient is chose to receive the collective interest.
1MillionDevs campaign can deploy an on-chain “community bank” to capture and redirect the “collective interesting earning power” of the community. Creating an incentive mechanism to propose new ideas to the community.
But… what if the “community bank” provided micro-grants to the community members?
What if instead of an individual benefiting from the “collective interest earning power” of the no-loss lottery a community idea/proposal receives the accrued interest in the form of a “micro-grants”.
The Ethereum blockchain enables communities to capture their “collective interest earning power” using Open Finance protocols like a stablecoin savings rate or collateralized digital currency lending.
Public Goods Open Finance Protocol
What does a Public Goods Open Finance Protocol look like?
Is it possible to create self-sustaining public goods?
1MillionDevs community bank is an experiment to validate a Public Goods Open Finance Protocol
The collective interest earning power Open Finance Protocol classified under the Public Goods category would operate similar to the PoolTogether decentralized finance application. Same fundamental financial instrument mechanics. With the additional of community centric features like list curation and also fundamentally different incentive model for the existing archetype investor and additional archetype project proposer.
- Community decides on a list applicable grant recipients (between 1-10).
- Users purchase a lottery ticket (10 DAI) in the 1MillionDevs Micro-Grant Lottery.
- DAI earns interest (avg 5% to 9%) of X amount of time (30 days).
- Lottery winner is selected using a random number generator.
- Winner selects a community approved grant applicants to receive winnings.
- Earned interest is granted to the idea/project.
- Collectible “One in a Million” Badge give to selected winner.
- The 10 DAI (cost of lottery ticket) is returned.
- Investor - Deposits DAI into Community Bank.
- Project Proposer - Submits Idea/Proposal to to Community Bank
- Curator - Manages list of approved community projeccts
New Features Introduced to No-Loss Lottery
- Curated list of applicable idea/proposal projects.
- Lottery winnings are forward to idea/proposal wallet address.
- Winner receives a limited edition collectible that includes other benefits
Community Bank Directors will be responsible for curating list of approved idea/proposal side projects. In this instance the Directors will be the 1MillionDevs stewards.
Winner of the raffle/lottery are given the Limited Edition “One in a Million” Collectible which grants permissions to select the micro-grant recipient from the approved project list.
The incentive argument against a public goods lottery
As much as I love the idea, and would participate in “funding public goods through a no-loss lottery” I recognize the incentivize is likely not enough for a vast majority of users… Undoubtedly the “public goods” mission will resonate with a percentage of users (hopefully at-least 5% to 15%) but… it’s likely an additional incentive is required to attract an optimal number of participants.
Therefore, to sweeten the deal users who hold the One in a Million Badge will be given special privileges and permissions in the real world. For example this could include, but not limited to, special event access, limited edition swag or trade with an expert or mentor.
Collectable Special Privileges Options
- Ticket to Ethereum conference or exclusive event.
- Limited edition physical item e.x. t-shirt, hat, hardware wallet, etc…
- Access to 1-on-1 mentorship or training for X amount of time.
As a member of the 1MillionDevs community I would like to be the benefactor of micro-grant ($500 to $1,500) so I can more easily validate new Ethereum product idea or hypothesis.
Use Case Hypothesis
Project Name: One In A Million
Hypothesis: 1MillionDevs can create a sustainable micro-grant ($500 to $1,500) community asset by function stacking a community bank and collective interest earning power Open Finance protocol coupled with a Board of Directors Open Governance protocol.
Validation: To validate the community bank and collective interest earning power hypothesis the One In A Million experiment must be fund 1 micro-grant with at least 100 $DAI 2-4 after months official application launch date.
Next Steps for Minimal Viable Product
- Specification for merging PoolTogether with MolochDAO Smart Contracts
- Minimal Viable Interface Design
- Board of Directors Governance Bylaws
- Smart Contract Protocol Engineer
- User Interface Designer
- Community Debate about Board of Directors role
Why A 1MillionDevs “Community Bank”? Why Now?
Not sustainable. Great for current ecosystem growth and experimentation with quadratic funding models… but not sustainable.
Currently… ZERO teams are experimenting with Decentralized Finance Services to sustainably fund public goods projects at the community organization level. Several experiments with rDAI and CHAI, but nothing at the scale of PoolTogether. The adoption levels required to provide micro-grants with significant value.
Merging DeFi protocols with tested DAO governance models just makes sense.
It’s going to create sustainable community growth models.
It will be fun.