Crowd Funding platform for Conflux Network

#1

Funding Tier
Tier 3-$50,000

Project Overview
MyFunder is a protocol that allows users with no smart contract development experience to raise money for projects through our crowdfunding protocol which is built on Conflux network. MyFunder allows users to setup their campaigns with the use of templates, where they can select specifications tailored to their campaign needs.They also have the ability to manage their funds through our dao templates which involves a governance setup, multisigs approval, voting contract etc.

MyFunder is targeted at two categories of users:

Individuals - Myfunder can be used by Individuals to raise funds for personal projects and emergencies like natural disaster, health related issues, scholarship fundraising etc. Gofundme is proof that this concept works but it has its flaws such as kyc requirements, restrictions on locations - thereby not available to everyone and it takes time before funds are released.
MyFunder solves this by allowing anyone from anywhere in the world to easily raise funds in a just a few clicks without any restrictions from a centralized body.

Corporate Entities - Corporate Bodies such as such as startups and societies waste time on raising funds which reduces the time that should be spend on working on their project. MyFunder allows Corporate entities such as early startups, societies to raise money to fund their ideas and projects.

For example, a young team of 16years developers who form a startup are on a mission to tackle cyber attacks.They find it difficult to raise funds from VC and angel investors because of their age.These young startup can come on MyFunder and create a campaign to fund their ideas. This is a much larger scope than the individual needs so the following are set up:

A Governance mechanism - this involves the use of DAOs.
The use of Project Milestones - to track team progress before the release of funds
Multisigs votes -Your stake as a user on the campaign determines your voting power.

Project Roadmap
Phase 1

  • Smart Contract Development and Ui/Ux Design
  • Writing of the functional specifications of Myfunder smart contract.
  • Creation of the user flow and UI design for navigating the MyFunder platform.
    Timeline:45 days

Phase 2
Testnet

  • Frontend Implementation:
  • Testnet Deployment
  • Smart contract Audit
    Timeline:30 days

Phase3
Mainnet Deployment
Timeline:20 days

Team
We are a progressive team of Software developers with the sole aim of creating solutions that people love.

Project Lead

Smart Contract Developer

Frontend, Smart Contract Developer

Frontend, Smart Contract Developer

2 Likes
#2

Hi, thanks for applying for a Conflux Network grant!

This would be a very useful application. Just few questions from my side:

  1. Would the users require any experience coding smart contracts?
  2. Would there be an option to update the smart contract functionality in case a particular creator wants to add it?
  3. Do you have any existing templates that you plan to use for this?
  4. Would you be working on this application from scratch or reusing something that is already available on Ethereum?
  5. What platform can this be related to that is already existing on Ethereum kind of networks?
  6. For auditing the smart contract are you planning to do it yourself or using any external service?
  7. Will there be any off-chain data that would be stored for this application?
#3

Thanks for the enquiries

  1. Would the users require any experience coding smart contracts?
    No, Users don’t need to have experience coding smart contracts because the protocol we are buildiing will allow them create their crowdfunding projects from several templates that suites each users project requirements.

  2. Would there be an option to update the smart contract functionality in case a particular creator wants to add it?
    We are going to implement EIP 2535 (Diamond standard) to build this project, this is a standard that works like proxy which allows for upgradeability of smart contracts . We can easily add, replace or remove functionality with this standard without having to redeploy existing functionality.

  3. Do you have any existing templates that you plan to use for this?
    Aragon client SDK - a toolkit for developers to create customizable online organizations. We will be working on templates like this for our users.

  4. Would you be working on this application from scratch or reusing something that is already available on Ethereum?
    We are going to be building from scratch using industry standard tools.

  5. What platform can this be related to that is already existing on Ethereum kind of networks?
    Aragon, a platform built on ethereum network that allows users create their own DAO

  6. For auditing the smart contract are you planning to do it yourself or using any external service?
    We are going to have 2 phases of Audit -

  1. Internal audit: Which will be done by a member of the team who is a smart contract auditor.
  2. External audit: This will done by an external team to ensure safety.
  1. Will there be any off-chain data that would be stored for this application?
    Yes, There will be an off-chain data storage for this application
#4

Thanks for responding.

Few more questions on this:

  1. Where are you planning to store the off-chain data?
  2. Since you say this platform works in comparison with Aragon, why not expand on their contracts? Their code and the templates are open-source (https://github.com/aragon/dao-templates).
  3. What is the technology stack you are planning to use for this project?
  4. I am not able to access the profile for this resource (https://www.linkedin.com/in/david-uzochukwu/)

Thank you. Looking forward to your response.

#5

Thanks for the inquiries.

  1. We are aiming at making the project as decentralized as possible, Therefore we will be making use of IPFS to handle the off chain data.
  2. Yes, we are going to leverage on the Aragon contracts by using their DAO templates and extend the capabilities to our project requirements(crowdfunding for entities). these are going to be some parts of our diamond facets.
  3. Solidity, Hardhat/Foundry, IPFS, Ethers Js, and Typescript and subgraphs.
  4. Apologies, link has been updated https://www.linkedin.com/in/david-uzochukwu-3a3a07171/
#6

Hi @ABIMS,

  1. The concept of governing a fundraising project using a DAO is interesting. How does this relate to IDOs, where users earn a stake in the project by investing? What happens if the DAO decides to stop payments due to lack of delivery – will the remaining funds be refunded?
  2. You mentioned using a multisig and DAO stack and also mentioned Aragon. Do you plan to deploy the whole Aragon stack on Conflux? I’ve worked with Aragon and it’s quite complex. Or do you plan to implement your own stack?
  3. Are audit fees included in your budget?
#7

Hello @ABIMS Thanks for applying for this grant. I see you have also posted a grant proposal for “Mobile Wallet Proposal For Conflux” and I was wondering what your plans were in case both get approved and how would that impact the timelines and roadmap. Are you capable of doing both at the same time? In case you had to choose between one or the other so to focus on one project at a time, which one would you choose?
Regards,

#8

  1. We will allow each DAO member to gain 5-10% of their locked investment on a project. These terms are subject to change.
    Yes, as earlier said, the disbursement of funds for each project will be dependent on certain criteria like milestones deliverable, so if the DAO decides to stop payments due to lack of delivery. the remaining funds for the project will be refunded to the dao members based on the amount they staked, this will reduced the percentage loss to the dao members.

  2. Yes. we are implementing our own stack. We are only making reference to Aragon as a working model of what we are trying to do.

  3. Partially, Only internal audit is included in the budget, due to the complexity of the project which is going to have a large codebase, it will be safe to have external auditors look into the contract but the price for this can’t be determined at the moment until the full codebase is ready.

#9

Hi @0xn1c0
Yes, we have a good idea about the two projects and with the experience of the team members we are confident that we can carry out the two projects successfully, But giving an option to choose we would like to start with the crowdfunding project and we intend to continue the wallet project when the Crowdfunding project is launched.

We also intend to build more projects on the Conflux network as we progress along and hopefully get to become a development partner with Conflux Network.

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#10

Hello, I have a small question. Sometimes the money can help humans live in a better way, but sometimes the resources in our routine life are much more important, does the platform responsible for the use of donations funding?

#11

Hi @Yumingyuan
One of the core importance of crowdfunding is helping humanity, Which is why our project is targeted at two categories of users, the first part is for Individuals, these are people in crisis and in needs of some help to get back on there feet. For this category of users, they have total control over their funds.

1 Like
#12

Proud of you guys

#13

Thanks for answering the questions. Do you plan to open source this project? Have you deployed any Conflux project before?

As to the question from Nico, if we give you a choice of picking one project between the wallet and crowd funding platform do you have any preference?

#14

Good day @nelaturuk.
Yes, we can make the project open source but this is dependent on what the Conflux team agrees on.
We have deployed on Ethereum and other EVM compatible chains like Polygon, so we believe, it’s going to be a smooth transition deploying on Conflux.

Yes, we will be going for Crowd Funding Platform

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