In this part, we are going to delve into how project selection workflow works so our community as well as entrepreneurs and innovators can visualize the step-by-step system regarding to this subject.
First and foremost, there will be an application in our website that project founders will need to fill which will ask certain questions such as;
Additional documents & Links
as well as information such as these for verification purposes;
Contact email (needs to be the as the website link)
Contact phone number
2. After this application is filled online, our team will review and verify whether the application fills the prerequisities.
*Our team will not decline any project due to project being "not good or great" due to their opinions. The sole purpose of this application will be to verify that the founder/founders have submitted the requirements, and can be personally verified that he/she/they is the founder of the certain project.
3. After this step, our team will send the link for project founders to reach the dashboard area, where they can update their custom page on the Seedify.fund Project Proposals section. Once they submit the project for public voting, our team will publish the project into the "Upcoming Project Proposals" part with the next available time schedule for DAO votings to take place, and notify the founders with an email.
As Seedify.fund we will try to have a schedule on how many ongoing votings can take place at a certain time period, so our community of token holders can have enough time to research each project before casting their votes for the selections.
4. During the time when the project is waiting its schedule for DAO votings, our community will be able to see and research about the projects, and this timeframe will be a good time for projects to introduce themselves and their offerings to our community through our social channels in Telegram and Discord.
5. Once their scheduled time arrives for DAO votings, our community will start to see these projects in the "Ongoing Project Proposals" section in our dashboard, and they will be able to start casting their votes.
As mentioned in our whitepaper, projects will need to have 80% yay (yes) threshold at the end of their DAO voting schedule, and minimum of 20% of token holder values will need to cast their votes.
(During the vote casting, each $SFUND token will have a value of 1:1, so rather than a 80% threshold on amount of people who voted, the threshold will be decided according to 80% of the token value casted.)
These thresholds are designed so only projects that give strong convictions to our community about their future success potential are selected to our seed funding & incubation program.
6. Once vote casting timeline is over, and the project passes the thresholds, the multisig contract will approve the seed funding, and the seed funding will be transfered from the funding pool wallet to the wallet provided by the same email address that initially got verified.
7. This contract will be a p2p blockchain contract of $75.000 seed funding, and Seedify.fund incubation program acceptance, in exchange for %3 of the project's tokens at token generation event, which will be distributed according to the parameters mentioned in the Mechanics of the Fund Pool part more detailed; among;
Fund pool reallocation
Staking reward mechanisms
Community involvement rewards
8. At the final stage, Seedify incubation team will send the introduction documents to the project teams, and they will help with the onboarding for all necessary tools that will be used during the incubation program. Thus, the process for selected projects to become incubated projects will start at this point.