Hi, everyone. I am creator of the StreamPay protocol, and now I want to introduce the DAISO which one of the winner project of Kleros hackathon to get some fund.
We hope the DAISO could enable good project to obtain investors’ funds and reduce investors’ risks.
Background
- The collapse of ICO.
- The high threshold and high fees of IEO.
- The practice is not good of DAICO.
With the development of Ethereum, the scene on Ethereum is developing constantly, and the number of projects is increasing. How to “find the money” for good projects and how to minimise risk for investors has become a challenge.
Introduce DAISO
DAISO: Merge streaming money into DAICO, and Decentralize Arbitration solution the disputes from the project and investors.
- By streaming money, allocate fund money to the fundraising period, the fundraising is no longer a one-time act, but a continuing act.
- The project Investors can exit at any time. And by voting, it could minimize the risk of investors’ money.
- Introduce the Decentralize Arbitration to supervision the project’s behavior. Enable project to fulfill their promise.
- Introduce the AMM, investors could swap token at any time.
Example
- Alice wanted to raise money for his developed project and she choose the platform of DAISO. In the fundraising application for Alice’s project, it shows the fundraising project will begin on January 1 and end on April 1, she will sell 1 million SDAI token for 100 thousand DAI, and she explain his project and make promise of the project:
- When withdraw 20000 DAI, the smart contract was deployed to the test network and audit began.
- When withdraw 50000 DAI, the smart contract was deployed to the main network.
- When withdraw 80000 DAI, TVL is over $1 million.
- All code commits and updates are made public during development.
- Bob wants to invest in Alice’s project. He used StreamPay to payment before the project start and on DAISO platform. Bob was invested 10,000 DAI. By StreamPay, Bob and Alice establish a two-way stream.
The actual transfer in the stream is not the token, but the balance, the project side and investors can withdraw the balance to cash.
Bob could withdraw the balance at any time.
- After January 1:
(1) Alice:
SDAI stream balance decrease 0.127188 per second.
DAI stream balance increase 0.0127188 per second.
SDAI stream balance =1000000 - (now – start time) * 0.127188.
DAI stream balance = (now – start time) * 0.0127188.
(2) Bob:
SDAI stream balance increase 0.0127188 per second.
DAI stream balance decrease 0.00127188 per second.
SDAI stream balance = (now – start time) *0.0127188.
DAI stream balance = 10000 - (now – start time) * 0.00127188.
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Alice submitted a proposal on January 20th for withdraw stream balance to pay smart contract audits fees and developer salaries. In proposal, it Indicates the use of funds. It was voted by investor and successful withdraw when voted pass. The voting closes on January 21 and lasts for 24 hours. At end of the voting time, Alice’s DAI stream balance is 21978.09, and it is the maximum withdrawal amount. The investor voting weight uses the SDAI stream balance at the start of the voting time, the sum of the pass and notPass stream balance is the voting result.
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When Alice withdraw 20000 DAI, Alice did not deploy the project to the test network and did not began smart contract audit. The investors refuse to Alice’s withdrawal proposal in order to urged Alice could fulfill the promise as soon as possible. Finally, Alice deployed the project to the test network and signed the smart contract audit contract. Finally, Alice’s withdraw proposal was passed once again.
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When Alice withdraw 50000 DAI, the smart contract was not deployed to the main network. Bob was completely dissatisfied with Alice’s behavior, so he submitted to the Kleros Court for the Arbitration. The reason was that Alice had not fulfilled her promise, and the Kleros Court judged that Alice had not kept her promise according to the actual situation. Alice appealed, but Kleros keep the original judged. When the project party first loss the arbitration, it will pay a certain penalty in order to obtain a certain change period. And when the project party loss for third, the fundraising stream was cancelled, the DAI and SDAI stream balance of the investors was returned. And the DAI stream balance of the project will contribute to investors in a certain proportion.
In the arbitration period and change period, the project can’t withdraw from the stream balance. -
Another investor, Carl, who invested $5,000 and wants to cancel on March 1 due to personal reasons, so he can choose to cancel stream. At this time, Carl has withdrawn 10,000 SDAI from the stream balance, and now Carl’s DAI stream balance is 1703.297 and SDAI stream balance is 22967.033 on March 1. After cancelling the stream, the stream balance will be automatically withdrawn to its wallet address. It could influence the project stream that rate per second of project for stream is decrease.
Future work lines
- Develop AMM module and optimize the front page.
- Start smart contract audit and test.
- Deployed to the main network of Ethereum before February 2021.
Funding
To develop this project we ask for 6 000 DAI mainly to cover the audit fees. To be executed during Q42020.
These funds will allow us to:
- Pay the smart contract audit fees.
- Deploy the smart contract to main network of Ethereum.
Resources
DAISO: https://lichenguang62.medium.com/daiso-a-project-fundraising-token-swap-scheme-4e7d3c1ceb67
DAISO Github: https://github.com/Machael-lcg/DAISO
DAISO Website: https://daiso.streampay.finance
StreamPay Github: https://github.com/Machael-lcg/streampay
StreamPay Website: https://streampay.finance