- Treasury/
- Proposals/
- #356/
Proof of Chaos Funding
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- AI Summary
Our last referendum was unfortunately rejected in the confirmation period. As it dropped below 50% approval, the referendum went back into the decision period. But the specific referendum already elapsed the allowed decision period of 14 days when it was knocked out of confirmation. A referendum that does not meet the requirements to enter confirmation at the end of its decision period will fail.
We appreciate everyone that supported us and all the feedback received. 🖤
We are keen to keep building. To help us get back to work faster we are reducing our asking amount by 20% in this referendum.
Project: Proof of Chaos
Domain: Governance Participation
Beneficiary: Proof of Chaos Multisig (Go8NpTvzdpfpK1rprXW1tE4TFTHtd2NDJCqZLw5V77GR8r4)
Requested Amount: 802KSM ($16842)
Purpose: Retroactive Funding + Artist subsidies
Latest Deliverables:
Bring project to AssetHub (nfts pallet)
Make project multi-chain
- Kusama ✅
- Rococo ✅
- Polkadot 🏗️ (voting enabled already)
- Parachains 🏗️
Referenda sendout UI (ANYONE can mint governance participation NFTs and earn royalties)📈
Revamped codebase: allows for faster implementation of new features in the future🧑💻
Passing of this proposal is a prerequisite for further implementation of our roadmap (see our full proposal for details).
Dear Community,
The Proof of Chaos project is running full steam again. For the past 9 months we worked hard to bring our vision to life. It has been a period of constant learning and pivoting in this fast paced environment. We are very proud of where the project is going and what we have built: anyone can now mint governance participation rewards and receive royalties whenever they are traded.
We demoed this with a sendout for all voters of Referendum 0 on Kusama.
Most of the work done to date has been covered through our last funding round in November of last year. As the future around NFTs was very uncertain at the start of this year we took the strategic decision to run our engine on minimum steam until there was more clarity on the horizon. Through this decision we have been able to stretch our last funding pretty far.
We did run a bit overboard though (19.2k USD) as we completely revamped our code base. We now have a new site and the new code allows for much quicker and cheaper implementation of new features in the future. For example with the new codebase adding multi-chain support is now very easy. This proposal seeks retroactive funding for those hours and outlines our future roadmap.
With a period of heavy development to build a solid foundation behind us, we will now also start focusing on marketing our tool. Reward creators currently have to lock up approximately 7KSM per sendout for a referendum of 500 votes. So while they do earn royalties on the trades, in the current market climate it is tough to earn back that amount through trades. In this regard we want to launch a program that reimburses the first 10 reward creators with the amount paid/locked up through their send-outs. We have included a budget of 7KSM*10 to fund the first 10 creators and get things going.
The full proposal can be found here.
Our Value To the Ecosystem
Our goal is to bring more participants to on-chain governance on Polkadot and Kusama to secure the network through increased decentralization. Besides governance participation increasing notably since the introduction of our project in gov1, we also achieved doing the following:
- We recently published a clean UI to allow anyone in the ecosystem to send NFTs as rewards for participating in on chain governance.
- We work alongside many other ecosystem teams to elevate the whole. We frequently discuss with Parity, Encointer, Kilt and Kodadot to provide feedback and develop ideas in the realm of the Polkadot ecosystem. We are amongst the first builders on the nfts pallet on Assethub for example. Similarly we also created PRs for Subsquare and Kodadot in the past as we found bugs and built new features for the respective projects.
- We provide another interface (besides Polkassembly, Subsquare) for voting on OpenGov referenda (currently Kusama + Polkadot, more possible), that works in the browser and on mobile (besides Nova, SubWallet). We think it is important to have different options available.
- Our code is fully open source. We build with the latest tech and best practices. Our codebase is a valuable example for any current and future builders. Things develop fast and not every aspect of the ecosystem is well documented. In these areas especially using our code as an example will save future builders many hours of reaching out to teams for clarification and pain-staking debugging. We have gone through that process already with various ecosystem teams and through our lessons learnt helped improve documentation as in the example of KILT.
Proof of Chaos is a project that helps people participate in on-chain governance on Polkadot and Kusama. They recently had a failed referendum, but are reducing their asking amount by 20% in this new referendum. They are requesting retroactive funding and artist subsidies to continue building their project. They have already achieved many goals, such as creating a clean UI to allow anyone in the ecosystem to send NFTs as rewards for participating in on-chain governance. They also provide another interface for voting on OpenGov referenda and their code is fully open source.
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Just to make sure that everyone understands how the Confirmation Period works:
This is not an accurate statement – a referendum enters the Confirmation Period when it meets the Support (turnout) and Approval (ayes vs nays) criteria.
The referendum must continue to meet these parameters during the entire confirmation period.
If it does not, then it is returned to the decision period. In the case of ref 291 the decision period ended during the confirmation period - this meant that when the referendum fell below 50% approval it was instantly rejected as the decision period had ended.