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Imbue Grants. A New Way To Fund Web3 Projects
Imbue Grants. A New Way To Fund Web3 Projects
A New Way to Fund Web3 Projects
Imbue Grants: A New Way to Fund Web3 Projects
The Kusama treasury is a vital resource for supporting innovation and driving the growth of the network. However, the treasury system faces significant challenges in maintaining transparency, which can lead to the misuse of funds and hinder progress. Imbue Grants is an innovative funding solution that aims to address these pressing issues head-on.
What are Imbue Grants?
Imbue Grants is a decentralised, milestone-based funding system that promotes transparency, efficiency, and accountability. Grant proposers have the autonomy to select their curators, who are responsible for evaluating proposals and ensuring that funds are used effectively. Recipients must meet predefined milestones to access funding, and in the event of non-compliance, approvers have the power to refund unapproved milestones back to the treasury.
How do Imbue Grants work?
The Imbue Grants process begins with a grant proposer submitting a proposal to the Imbue Grants platform. The proposal must include a clear description of the project, the intended use of funds, and a timeline for completion. The submission is then reviewed by a group of curators, who are selected by the grant proposer. The curators provide feedback on the proposal and make a recommendation to the approvers. The proposer then submits the proposal to the Kusama treasury (in future any web3 treasury) and the community votes on both the proposal as well as the defined approvers. The approvers are a group of community members who have been delegated the authority to approve or reject milestones. If the proposal is approved, the funds are released to the project’s escrow address The proposer is then free to submit milestones which the approvers validate and vote on. Most importantly, if the approvers feel no work has been done, they can raise a vote of no confidence which all approvers vote on and if/when that passes any unapproved funds are refunded back to the treasury
What are the benefits of Imbue Grants?
Imbue Grants offer several benefits over traditional funding methods, including:
- Transparency: All proposals and decisions are publicly viewable, which helps to build trust and ensure accountability.
- Efficiency: Imbue Grants eliminates unnecessary steps and transactions, which saves time and money.
- Accountability: Recipients are held to clear expectations and mechanisms are in place to ensure that funds are used effectively.
- Scalability: Imbue Grants is a scalable, modular funding system that can be used to support projects across all substrate-based ecosystems.
How is the Imbue Grants process compared to the bounty process?
Imbue Grants is a more transparent, efficient, accountable, and scalable funding system than the bounty process. However, the bounty process can be a more flexible funding system, as it is not as rigidly structured as Imbue Grants.
Here is a table that summarises the key differences between Imbue Grants and the bounty process:
The Future of Imbue Grants
Imbue Grants is still in its early stages, but it has the potential to revolutionize the way web3 projects are funded. By addressing the challenges of transparency, efficiency, and accountability, Imbue Grants can ensure that funds are used effectively and that projects with the greatest potential for success are supported.
In the future, Imbue Grants could be used to support projects across all ecosystems. This would make it a powerful tool for promoting innovation and growth in the web3 space.
Conclusion
In conclusion, Imbue Grants offers a decentralized, milestone-based funding system that tackles the challenges of transparency and accountability faced by the Kusama treasury. With its emphasis on interoperability, Imbue Grants provides a more effective alternative to traditional funding methods. By holding recipients to clear expectations and ensuring funds are used effectively, Imbue Grants promotes responsible use of resources and support projects with the greatest potential for success. As Imbue Grants continue to evolve, it has the potential to revolutionize the way web3 projects are funded and drive innovation and growth in the web3 space.