EarthFund platform update 10/10
The EarthFund platform enters the final phase of testing 🚀
Plus important updates on the team tokens, improvements to the platform, and our corporate structure.
👋 We’re EarthFund, the decentralized platform using blockchain, DAOs, and crypto to revolutionize the giving economy and give you more of a voice in the shape of tomorrow.
This is post #15 in our new weekly update on everything that happens behind the scenes at EarthFund’s (distributed) HQ.
Happy Monday, Earthlings đź‘‹
We have exciting news!
The platform has entered the final stage of testing. This means that all the individual components and back-end tech we’ve built have been tested one by one. Now we’re testing the platform as a whole before we move into the deployment, rollout and growth phases of our roadmap.
Despite setbacks, hurdles, and all the other challenges that come with doing something that has never been done before, we’re very close to launching a fully automated DAO in a box that allows anybody to set up and launch impact DAOs without needing to do any coding whatsoever.
That’s not just huge for mass adoption, but huge for the planet too. We’ve built a new infrastructure for philanthropy and worked really hard to remove every single barrier to entry.
This is the home stretch. We’re nearly there.
The platform enters the final stages of testing ⌛
To anybody who hasn’t built software before, it might seem like the software being built must mean that we’re just a few days from launch. After all, we’ve finished building the software, so there’s nothing much left to do, right?
How we wish it were so.
We’re close. But not T-minus 24 hours close.
However un-sexy and unexciting the testing phase is from the outside, it’s the most important stage for making sure that we launch a platform that a) works as intended b) builds trust from Day One, and c) is completely secure, especially when we’ll be helping raise millions for planet-saving projects.
To make sure the platform ticks all of the boxes before it goes live, we’ll be performing a few different kinds of testing:
- performance testing: how do the stability, speed, scalability, and responsiveness of an application hold up under a given workload? AKA, can it scale?
- functional testing: does the platform do everything we need it to?
- security testing: is the platform secure? Are the donations protected?
- unit testing: does each component part work flawlessly?
- usability testing: is the platform easy and intuitive to use?
So far, unit testing and security testing have been done (with all important security components audited) and now we’re moving on to performance, functionality, and usability.
With that will likely come some UI tweaks, some fine-tuning of the code, and some changes to the EarthFund website.
In other words, the walls are built, the plumbing and wiring are in, and the plaster and painting are done. Now we’re just laying the flooring, moving in the furniture, and double-checking everything.
Move-in day is just around the corner.
Calling all DAO founders 🚨
We’re looking for beta testers to launch their DAO on the EarthFund platform for free (we’ll cover all gas fees), test the platform and let us know if there were any bumps in the road or things you found challenging/that could be easier.
(And, if you’re interested, maybe contribute to a Medium post on your experience that we can use to promote the platform.)
If you’re interested, drop an email to hello@earthfund.io with a brief overview of the DAO you’d like to start and we’ll get back to you with more information.
Looking to Phase 2 of the EarthFund platform đź”
As we finish Phase 1 and get ready for launch, our team is already working on ways to make the platform more intuitive, more democratic, and more mainstream-ready.
NFT Memberships for DAOs
One of the features in the pipeline is NFT memberships for DAOs. This will allow DAOs to launch either a token-based DAO with governance tokens or a membership DAO with NFTs.
The NFT DAOs will give each NFT holder a maximum (DAO-selected) amount of votes to use to make decisions on the platform as well as offer a more user-friendly onboarding.
💡 For new users, a digital membership card with a set amount of votes is easier to understand than purchasing tokens. In effect, it’s a digital polling card or a voter registration card, a concept that everybody knows from their day-to-day life.
Support subscriptions for DAOs
One of the biggest lessons we’ve learned from helping launch our two beta DAOs is that launching a DAO is one thing, but running one is something entirely different.
As well as building the tools for DAOs to launch and run their DAOs, we’re also in the process of building support packages of on-call DAO professionals, marketing experts, and Web3.0 pros to help all new DAOs hit the ground running.
This will be an optional add-on with a fixed monthly cost — much like the support packages on marketing all-in-one platforms — that will increase EarthFund’s profitability, add more money to the development budget, and, most importantly, help new DAO founders find their feet and launch successful DAOs.
Hiring an investment banker to lead the investment round đź‘”
We’re in the final stages of speaking to a number of investment bankers with huge networks of investors and great track records securing investment deals. The investment banker we choose will manage the investment round and help EarthFund get the investment it needs to continue scaling, innovating, and launching world-changing DAOs.
For those not clued up on investment rounds: for an investment banker to have put in a proposal, they typically have to be confident of being able to secure a deal. We’re talking to several investment bankers that have submitted proposals for us to hire them to seek a sizeable investment in EarthFund.
We’ll update you as we have more information, but things are heating up. 🔥
Restructuring EarthFund’s corporate structure 🌍
At the moment, EarthFund is made up of two entities: EarthFund DAO and 1Earth LLC.
In order to secure investment, our advisors have recommended establishing a new company — EarthFund Inc — to own and control the assets and intellectual property of EarthFund. (That means the brand, the software, etc…)
To do this, EarthFund DAO will own a portion of the new company and contribute the EarthFund DAO-owned assets to the new company in return.
This means that the new company is now set up like a traditional software company (making it more viable for investors) without ceding any of the control the EarthFund DAO has over the causes listed on the platform, etc…
The other benefit? EarthFund DAO will receive regular distributions of the profits from EarthFund Inc (the new company) and have full control over how these are used.
That means that the DAO will receive regular payments from EarthFund Inc that can be used to do things like pay and reward 1Earth holders, buy back 1Earth, hold in the treasury, donate to worthy causes on the platform or undertake activities to promote the platform…
A new remit for the EarthFund DAO 🤝
Now we know a little more about the complexities of running a DAO and building game-changing tech, we have a much clearer idea of how the EarthFund DAO can function.
Under the new DAO, 1Earth holders will have full control over:
- Which DAOs are featured on the platform
- Which DAOs should be removed from the platform
- Which DAOs should be promoted
- How to spend the distributions (AKA, $$$) from EarthFund Inc
- When to give EarthFund grants to DAOs on the platform
- If/when to buy back 1Earth from the open market
- If/when to use distributions to reward users
💡 1Earth staking rewards end on January 11, 2023 11:12:04 PM GMT. This new mechanism should be in place by then, creating a new rewards mechanism for the members of the EarthFund DAO. You’ll still have to stake your 1Earth to vote in the DAO, however.
We’re proposing pushing back vesting on the team and private investor tokens 📅
This week, we’re going to be putting a proposal to the EarthFund DAO to push the vesting of the team and private investor tokens back for another year.
As we’re very close to launch and investment (AKA, stopping the selling of treasury tokens) which should bolster interest in 1Earth, it doesn’t make sense to start unlocking team tokens that will increase the circulating supply.
As such, the team have decided to postpone the start of the 5-year vesting period for another year (by then 2 years post-token launch) so that the project can grow and flourish unencumbered by the selling of team, private or treasury tokens.
Keep your eyes peeled for a vote on Snapshot this week.
And if you haven’t staked your 1Earth yet, make sure you do if you want a voice and a vote on the proposal!
PS. Soon, we’re going to be eating our own dog food and bringing the EarthFund DAO onto the EarthFund platform. It’ll look a little something like this… 👇
How can you help? Help us spread the word
- Leave a positive comment on KuCoin’s new comment functionality
- Follow us on Twitter and give our posts a like/retweet → this would be huge for us. Our Twitter profile is key to spreading the word beyond crypto and into the kind of spaces where future DAO members (and maybe even founders) hang out.
- Join our Telegram community (if you’re not a member already)
- Talk about EarthFund in EarthFund-adjacent spaces (maybe mental health communities or carbon/climate change communities on Twitter)
- Tweet about EarthFund or interact with us on social media (got to feed those social media algorithms!)
- Ask us questions — we’re always available to answer questions in Telegram. (And if our community team doesn’t have the answers, we’ll get them for you.)
- Leave a positive comment and bullish rating on CoinMarketCap
- Like 1Earth on CoinGecko
Until next week, a massive thanks for being part of this journey with us!
Let’s build a better tomorrow, together.
New to EarthFund? Here’s everything you need to know 👇
Start a world-changing DAO with its own token.
Join a community of like-minded people.
Donate crypto to change the world.
All from one place.
EarthFund takes the power of centralized organizations like governments and global charities and gives it to communities dedicated to causes.
It allows everyday people like you to affect change. And using crypto and the blockchain, it lets you have a voice in decisions and fund the causes you believe in.
Powering it all is the 1Earth token, an ERC-20 token that can be staked in exchange for governance tokens that give you a voice on the platform.
By buying the token and joining the EarthFund DAO, anybody in the world will have a vote on how the EarthFund treasury is used to fund planet-saving projects around the world.
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