Chainwhiz AMA with CRE8R DAO
Primer: Chainwhiz is a bounty marketplace that connects talents with protocols. Find out how they are innovating in this space with community voting and an NFT-based reputation system in their AMA with CRE8R DAO.
Background
Arka
Co-Founder of Chainwhiz
Usually engaged in marketing and business side of things
Working on Chainwhiz for the last 2 years
Is a designer
Ashis
Co-Founder of Chainwhiz
Leads the smart contract department and backend
Their Team
4 Co-Founders
6 members in their team
The Beginnings
Meeting One Another
Started out as a hackathon project
Saw the use case of the project and began further development
Arka knew Rajashree, his Co-Founder, from school
Rajashree met Monalisha, another Co-Founder, at college
Where Did Their Idea Come From?
Freelancing platforms like Upwork and Fiverr charge a lot of fees
For new freelancers, it is hard for them to compete against established freelancers
Chainwhiz
What Is Chainwhiz?
A bounty marketplace connecting protocols, contributors, and communities
Nurturing quality talent and directing them towards upcoming protocol is pivotal for the growth of the entire industry
Chainwhiz opens up the stage for contributors to access opportunities from protocols around the globe and kickstart their Web3 journey, while building up their on-chain reputations
What Does Crypto Unlock For The Freelancing World?
Ownership and power
“I have the power to vote on decisions, I have to power to direct decisions, direct actions for the DAO and basically become an active contributor in a very, very early stage. So crypto gives you that absolute power.”
- Arka Sengupta
Web2 freelancing platforms have a lot of friction:
A bank account requiring KYC
Paying conversion fees between currencies
In Web3, you just only need a wallet
Why Are They Called Chainwhiz?
A combination of 2 words from this phrase: The Wizard of Blockchain
Their Funding Sources
Have received grants from Polygon, NEAR Protocol, Push Protocol, and Filecoin
When Chainwhiz started, gas fees was a massive blocker on the Ethereum chain
Polygon was a faster, cheaper, and more efficient option for contributors and communities
Current Status Of Chainwhiz
Launched on Polygon in January this year
Have collaborated with 12-13 Protocols to onboard talent and opportunities
Their Multichain Plans
Definitely in their plans
Chainwhiz will be launching soon on NEAR Protocol
Their Competitors
Gitcoin and Layer3
How Do They Stand Out From Their Competitors?
Not aiming to stand out. They are working towards one vision to connect talents with protocols
Their community voting concept is something that differentiates them from the rest
Their Business Model/How They Generate Revenue
Currently testing the waters and listening to feedback from the community
A small commission will be charged on every bounty, the proceeds of which will go towards a treasury
Chainwhiz Beta drops in the month of December
Will be introducing featured bounties for protocols who want their bounties to be featured at the very top. This will be a secondary source of revenue
Will be turning into a DAO progressively
Payments For Bounties
MATIC, DEV, USDC, USDT, and DAI
DEV is the native token of Dev Protocol, one of their partners
NFTs as bounty rewards is also coming to Chainwhiz with their beta release
Posting A Bounty
The Process
Need a wallet with funds for the bounty rewards and gas fees
A short crisp title, good description, and a well-defined evaluation criteria along with a few other details
Two types of bounties to choose from
Standard bounties
Upskilling bounties
If it's a standard bounty, the bounty-poster needs to specify the reward and the token in which it's paid in
He can toggle on voting on his bounty if he wants the community to vote on the solutions and help him discover the best
Once the transaction is confirmed, the funds get stored in an escrow
Upskilling bounties are bounties without any financial incentives as rewards. These are generally smaller tasks and can be completed with minimal effort and time
What Can Or Cannot Be Posted As A Bounty?
Initially, they only accepted GitHub links as bounty links
Decided to be more inclusive and included all sections of the industry (e.g. design, development, marketing, etc.)
There's no restrictions in terms of domains while posting bounties on Chainwhiz
Preventing People Trying To Game The System
Initially, they thought of associating a wallet address to a GitHub ID
This prevents people from submitting multiple solutions through multiple wallet addresses
Realized it was very restricting and have since omitted the GitHub authentication
In the process of evaluating decentralized identifiers to solve this issue
Voting For A Solution
Voting Process
Head over to the voting tab on the website to discover the bounties where you can vote
Click on the bounty you are interested in, and you will find a Vote now button on the page
Clicking that, you will be met with a list of all the solutions that were submitted on that bounty
After evaluation, you can select your desired solution, which you want to vote on, stake some tokens and confirm the transaction
Every voter can vote on only one solution in a bounty
How Will They Ensure That People Vote Based On Merit?
Will be introducing on-chain voter weightage — it will rise or fall based on your voting activity
If you vote for your friend and they lose, your staked tokens get slashed too
As your voter weightage increases, you will get more recognized in the community, earn more with each vote, and gain exclusive perks
What Happens If The Bounty Poster Is Not Satisfied With The Voted Solution?
The bounty poster has got complete autonomy when it comes to choosing the solution to his bounty
The voting scores, which are formed after the voting phase ends, simply acts as a guide to help the bounty poster discover the best solution in accordance with the community
Any Plans For A Token?
Do not have plans of launching their token right now
The focus is on scaling the platform and housing more and more protocols and talent
Chainwhiz DAO
Gradually progressing into a DAO
Wants to involve the community in a lot of decisions
Have celebrated bounty winners with the Discord role GOAT — Greatest of all time
The Chainwhiz team will soon be hosting quizzes where folks can win merch and swags
The first merch in collaboration with Dev Protocol is already out! It was distributed to the winners of the bounty - " Creator Economy Thread"
Roadmap
Building an NFT-based reputation system
Exploring Multichain future
Composable SDKs to slide right into DAO workflows to host bounties super fast
Progressive DAO
NFT-Based Reputation System
We are living in a world that’s moving away from the CV
Envisions a future where people will share their on-chain contribution data with protocols
“I think blockchain becomes a very important technology because you can store all your contributions on-chain and that can never ever be removed. That data is completely yours.”
- Arka Sengupta
Planning to make it a Soulbound NFT
The NFT will evolve with each contribution you make
How Can People Get Involved?
Join their Discord to engage with the team/community
Follow their Twitter
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