Beez Faucet - Prototype Funding Request

Beez Faucet - Prototype Funding Request

Overview:

Beez Faucet aims to be a modular system designed for token distribution using sybil-resistant mechanisms and customizable participation criteria. It enables DAOs, including 1Hive, to implement a innovative, fair and transparent token distribution, fostering broader and daily community engagement within decentralized governance.

Objective:

We seek funding for a 2 month development period to build the prototype of Beez Faucet. This prototype will allow DAOs to:

  • Configure a sybil resistance mechanism.
  • Define participation criteria.
  • Test a functional token faucet in a live environment.

Key Features of the Prototype:

  1. Modular Faucet Architecture Design:
    DAOs (like 1Hive) can set up their faucet, define a distribution strategy, select a sybil resistance mechanism and establish participation criteria.

  2. Sybil Resistance:
    Integration of one sybil-resistant technology (choose one from: BrightID, Passport, AllowList, WorldcoinId) to ensure only verified users can claim tokens.

  3. Participation Criteria:
    DAOs can select default options, such as:

    • Token locking (HNY tokens during the faucet period).
      or select a Custom Option:
    • Community-based criteria (user must be registered in 1hive community of Gardnes V2 or user must have an active proposal in Citizen Registry of 1hive Gardens V2).
  4. Token Distribution:
    Tokens will be distributed equally on a daily basis. Once tokens are depleted, the faucet will automatically end.

Funds Request:

We are requesting $8,000 to develop the prototype. The funding allocation is as follows:

  • Core Development: Faucet modular architecture, flexible sybil resistance integrations and participation criteria, and token distribution logic.
  • UI Development: A basic interface for DAO managers to configure a faucet + user flow to enter and claim.
  • Security and Testing: Ensuring reliability and robustness in the contracts
  • Research: Product and market research.

Request Details:

  • Current HNY Supply: 61,826 HNY.
  • Redemption Price of HNY: $6.71.
  • Council Safe Funds: $414,856.
  • Matching Requested Honey: 1293 HNY, to be redimed for 8000k

The requested funds will be deposited into the Beez Faucet SAFE on Gnosis, which operates with a 2/3 multisig approval. The SAFE is currently managed by:

  1. Mati (Team managament, Product & Front)
    To be added to safe :
  2. Goss (Product & Project Tech Lead)
  3. Ro (Product & Contracts)
    The team also includes:
  4. Kevin (Product & Contracts)
  5. Paul (Product - Marketing Advisor)

Ethereum address where funds shall be transferred: Beez Faucet Project: 0x6036DBd7Dfd8167A8C4F097ed4699c4c6BBdbbb5

Allocation of Funds:

10% of the funds requested will be used to purchase HNY to deploy a live HNY faucet prototype on Gnosis, showcasing the functionality and effectiveness of Beez Faucet.

Benefits to 1Hive:

  1. Early Access:
    1Hive will be the first to test and benefit from Beez Faucet in a live environment, gaining insights to refine the system.

  2. Enhanced Community Engagement:
    1hive can distribute tokens transparently and creatively, encouraging participation and daily engagement

  3. Visibility and Recognition:
    1Hive’s support will be prominently acknowledged in Beez Faucet’s documentation and promotions.

  4. Influence on Future Development:
    As an early contributor, 1Hive will have input on future features, such as additional sybil resistance mechanisms and advanced participation criteria. With added custom participation criteria in the faucet that match 1hive and Gardens-V2 goals.

  5. Live Prototype:
    1Hive will have a live HNY faucet on Gnosis, showcasing the functionality and use case of Beez Faucet using 10% of the funding to this purpose

Next Steps:

Post-prototype (not included in this proposal) development will focus on:

  • Adding more sybil resistance methods.
  • Expanding participation criteria.
  • Enhancing user experience based on feedback.
  • Gamified version of the prototype
  • Monetization strategies
  • Marketing Strategies
  • MVP

Useful Links:

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