Snapbrillia Attempts to Solve the Funding Conundrum with Open-Source Quadratic Voting Funding

Snapbrillia is on a mission to leverage the prowess of AI and blockchain technology on a global scale to help accelerate the transition to a diverse, equitable, and inclusive workforce and guarantee fair opportunities for all. They are working with the Cardano network to deploy this open-source quadratic voting and funding platform to build a community of open-source projects, contributors, and entrepreneurs.

Open-source means that it’s a public good and the quadratic funding mechanism optimizes matching funds by prioritizing open-source projects based on the number of people who contributed and voted. This approach ensures funds meant to benefit the public go towards projects benefiting a broad public so that future efforts can benefit from the work that is funded today.

Snapbrillia is bringing onto the Cardano network an optimal way for funding public goods in a democratic community. Mathematically, quadratic funding amplifies the donations made by a large community over the contributions made by a few wealthy backers.

The Existing Funding Environment and the Solution

Currently, Cardano’s open-source funding is less than $25m. This means that projects need to have major donors (from both within or outside Cardano) to accelerate open-source funding and support.

Snapbrillia’s solution to this is a capital allocation mechanism that empowers the community to demonstrate their preference for a project by amplifying every contributor’s donation such that projects with a large number of backers will benefit the most. By bringing GitCoin to Cardano with quadratic voting and funding, projects can amplify trust and opportunities to build the future of open-source Cardano.

Snapbrillia also provides multiple opportunities for open-source enthusiasts to get hands-on experience through a mentor-mentee eLearning marketplace of open-source bounties, open-source workshops, and open-source hackathons.

The Snapbrillia team explains funding with these two examples:

Traditional crowdfunding:

Project 1 gets $100 from 1 funder.

Project 2 gets $100 from 10 funders.

At the end of the round, both projects get $100 in matching.

Quadratic funding:

Project 1 gets $100 from 1 funder.

Project 2 gets $100 from 10 funders.

At the end of the round, Project 1 gets $10 in matching, Project 2 gets $190 in matching.

The Team Bringing Quadratic Funding to the Cardano Network

The team consists of four diversely skilled and self-taught founders with more than 97 years of combined experience learning and implementing AI and Blockchain solutions in different fields. Their experience in FinTech, E-Commerce, Healthcare Tech, HR Tech, Legal, and Non-profit further bolster the diversity in skillsets for each individual.

Their funding experience is solidified by their success in running $60million funded AI and Web3 startups.

Funding Request

Snapbrillia requested a total of $112,000 to be used as shown:

  • 5 Web2 Developers: $1,500.00/mo for 4 months = $30,000.00
  • 4 Web3 Developers: $3,000.00/mo for 4 months = $48,000.00
  • Cardano Gas-fees Budget: $24,000.00
  • Cloud Hosting: $10,000.00

This is a conservative funding estimate based on GitCoin’s first six months of user growth and transaction volume.

The team noted that salaries are market rate. Also, in addition to Cardano gas fees and AWS/GCP cloud hosting fees, they will need to hire additional senior developers in Vietnam to upgrade their IDE and professional Cardano developers to help them build the smart contracts and the on-chain practical resume.

Building the Future of Open-Source Cardano

An open-sourced quadratic voting and funding platform is the gateway to supporting open-source fundraising campaigns and increase collaborative contributions. Through this platform, open-source projects and entrepreneurs can raise funds or fund match in multiple currencies in a decentralized marketplace with security, transparency, and a streamlined user experience.

An open-source Cardano is attainable with such a platform and with it, we can avoid the funding conundrum – The Tragedy of Commons – that occurs when individuals neglect the well-being of society in the pursuit of personal gain. Quadratic voting and funding together with Snapbrillia Mentor-mentee Bounties & eLearning will empower people to collaborate and share their knowledge to build a sustainable open-source ecosystem in and out of Cardano.

To learn more on Snapbrillia check out their proposal

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