Fundraising

Core logic and specific rules

The core logic for fundraisers is to effectively manage the lifecycle of their withdrawal checks and community interactions. Fundraisers can create multiple checks, meaning multiple rounds of fundraising, but at any given time, a fundraising target can have only one valid check. The system encourages a gradualist approach to mini-ICOs rather than capitalism.

Specific Rules

Project Information Repository:

  • Store project information in a GitHub repository.

  • Projects stored can be browsed and displayed on Synbo Data.

On-chain Operations:

  • Perform on-chain operations for the stored projects, archive them on IPFS, generate on-chain NFT certificates, and obtain a Target-ID.

Declare Contractor:

  • Declare a Contractor identity based on the Target-ID.

Create Protocol Custody:

  • Using the Contractor identity, create protocol custody Distribution-ID for the project's financing tokens, and establish distribution rules and market release rules. The system encourages setting rules such as "only Check users can participate" in distribution custody to reduce financing costs and ensure decision-making effectiveness.

Create Cheque:

  • Using the Contractor identity, in coordination with the created Distribution-ID, create a cheque and obtain a Cheque-ID.

Manage Cheque Lifecycle:

  • Manage the lifecycle of Cheque-ID through the Proof of Position of the cheque and community activities of the Distribution, completing consensus building and financing processes.

Withdrawal Rights and Proposals:

  • Use the Cheque to acquire withdrawal rights and propose fund withdrawals.

Withdrawal Rules:

  • Successful Decision: The cheque can unlock 1/3 of the withdrawal rights.

  • Distribution Progress ≥ 40%: The cheque can unlock 1/3 of the withdrawal rights.

  • Distribution Progress ≥ 70%: The cheque can unlock 1/3 of the withdrawal rights.

Suspension and Termination:

  • Decision Failure: Enters a suspended state.

  • Distribution Failure A: If the distribution price drops to a discounted rate, the fundraiser can terminate the distribution, causing the financing tokens to enter liquidation.

  • Distribution Failure B: End of the 21-day distribution period, task ends, and financing tokens automatically enter liquidation state.

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