HECO Conversation with DoraHacks: How HECO Grant Empowers Small and Medium-Sized Developers

HECO Grant is a global community developer secondary voting grant program jointly launched by HECO and DoraHacks, aiming at pro bono funding for developers’ innovative ideas and early stage quality projects that can be further developed into more technically sound, usable products and complete communities in the HECO ecosystem.

HECO Conversation with DoraHacks: How HECO Grant Empowers Small and Medium-Sized Developers

HECO Director Steve Hgok talks to DoraHacks partner Steve Hgok and discusses how HECO Grant can empower small and medium-sized developers.

During the live broadcast, Liusu introduced that HECO Grant is a global community developer secondary voting grant program jointly launched by HECO and DoraHacks, which aims to publicly fund developers’ innovative ideas and early quality projects that can be further developed into more technically sound, more usable and more complete community projects in HECO ecology.

According to Liusu, HECO adopts HPoS consensus mechanism and supports EVM programmability, which greatly reduces development and maintenance costs and provides a more efficient and stable development environment for global developers. At the same time, Liusu said, “The construction of HECO ecology is inseparable from the developers in the ecology. When developers grow up, they will also feed other developers to build a better HECO ecology. We welcome more projects to join HECO and build HECO ecology together.”

Steve gave users a detailed introduction of HECO Grant application, Grant funding bonus allocation method and core progress during the live broadcast.

The following is the transcript of AMA live broadcast (with deletion).

Moderator Wang Yukun: Let’s ask Six Su to introduce HECO Grant for us first, what kind of activity is it?

Six Su: HECO Grant is an application to support developers’ early stage ideas and projects. Through the algorithm of Quadratic Funding, community and institutional funding for developers’ projects can be effectively allocated to each project based on two dimensions of donation quantity and community enthusiasm, making the project sustainable. This event is co-organized by DoraHacks & HECO to provide developers with exposure and awards.

The purpose of the HECO Grant is to fund innovative ideas and early stage projects for the benefit of developers, so that they can be further developed into more technically sound, usable, and community-complete projects in the HECO ecosystem.

Moderator Wang Yukun: Let’s ask Steve to tell us about the application status and core progress of HECO Grant since its official launch on March 18.

Steve: Hello, I am Steve, a partner of DoraHacks, and thank you very much for the invitation to this event.

HECO Grant 1 is the first time HECO uses a second-party voting method to fund HECO open source developers and builders around the world together with the HECO community.

As of today, HECO Grant 1 has received applications from 128 developer teams around the world, of which 91 teams have completed their registration to be on the chain and can accept donations and votes from the community.

In terms of voting, it is more evident that the HECO community is active and strong. This time HECO Grant 1 received 41,477 votes from the community, all of which are real money. The amount of votes cast reached 11,693.74 HT, worth $177,800. This does not include the $72,000 equivalent of 5,500 HT provided by HECO officials and HECO event sponsor edc.io.

More data can be found at https://hackerlink.io/grant/HECO/1看到.

Moderator Wang Yukun: It is noted that the original intention of Grant is to fund developers’ ideas and early stage projects for the public good, from the progress so far, does Rokusu think it has reached your expected goal?

Rokusu: I think the goal has basically been achieved. There are a lot of interesting projects, some of them have been deployed on HECO before and have recently made new progress, some new projects, and some are previous projects that have recently made some new progress.

Moderator YuKun Wang: Can Steve tell us about how the Grant awards are distributed this time?

Steve: HECO Grant is a community support application for early stage developer ideas and projects. Through the Quadratic Funding algorithm, community and institutional funding for developer projects can be effectively allocated to each project based on the number of donations and community enthusiasm dimensions, allowing the project to be sustainable.

HECO Grant uses the Quadratic Funding voting mechanism. For the model of Quadratic Funding, please refer to Vitalik’s blog “Quadratic Payments” (https://vitalik.ca/general/2019/12/07/quadratic.html) for a Chinese interpretation and For the HackerLink Grant model, please refer to the blog “Quadratic Voting and Quadratic Funding” (https://matataki.io/p/6113). In the voting process, the Grant funding pool is divided into two parts – the individual contributor and the sponsor match pool.

Sponsor Matching Bonus Pools: $60,000 from HECO and $12,000 from EDC.

Individual contributors can donate to a project through their personal wallet and complete a vote at the same time. Voting for the same wallet address on the same project starts at 0.1 HT/vote and increases by 0.1 HT per vote, with the Nth vote costing 0.1*N HT. Individual contributor votes will affect the allocation of the match bonus pool based on the Quadratic Funding algorithm. Simply put, the greater the number of individual contributors and the greater the funding, the greater the amount of the sponsor match bonus pool match to that project will be proportionally larger.

Secondary voting places more emphasis on the community’s views, opinions, enthusiasm and support for the project, and the community can largely determine the destination and distribution of the sponsor matching bonus pool, which gives greater play to the initiative of the HECO community, i.e., community participation in HECO open source developer governance.

Moderator Wang Yukun: How is the development of HECO ecology so far? For global developers, why should they choose HECO for their new projects?

Liusu: We have done a HECO ecological mapping before, which covers many development tracks of HECO.

For global developers, HECO is a great development platform opportunity. Because it is a public chain that supports EVM, developers who were previously in Ether can migrate to HECO very well. at the same time, HECO has its own unique user base, which provides a very good user base for new projects. Also, the fees are relatively low. This is very friendly to both developers and users.

Moderator Wang Yukun: From the perspective of DoraHacks, how do you see and evaluate HECO’s move to support developers through online Hackthon? What kind of feedback do developers have?

Steve: The goal of Grant funding is to pro bono fund developers’ ideas and early stage projects so that these attempts can be further developed into more technically sound, usable products and complete communities in the HECO ecosystem.

Projects that can be uploaded to participate in the Grant include but are not limited to

  1. HECO eco-applications: NFT protocol and platform applications, DAO and on-chain governance tools, next generation DeFi applications, etc.
  2. HECO-based tools: better programming languages, wallets, browsers, SDKs, etc.
  3. HECO on-chain infrastructure, consensus research, layer 2 infrastructure, privacy computing, API services, etc.

We see that HECO provides relatively rich resources for open source developer projects in this Grant, not only a public prize pool of $60,000, but also a very intimate mentorship and support service to help projects grow quickly with HECO’s strong community and publicity resources.

Moderator Wang Yukun: What other actions will HECO take to support developers? How to make the developers of the platform more confident?

Sixth Sue: We will soon organize more developer events in multiple regions around the world, both online and offline. At the same time with multiple community linkage. For example, in addition to Dora Hacks, we also support a number of events in other developer communities. We DEMO Day, to provide developers with a good platform and resources to have a better reach development. The Creator Program has completed two phases, and the effect is also very good, emerging a lot of quality developer projects, including many in the HECO ecology now excellent performance of the project. We will also continue to pay attention to and support them.

Recently HECO has also established HECO Eco Fund. We will provide more advantages in terms of funding and resources for more developers in the starting stage.

Moderator Wang Yukun: This HECO Grant is coming to an end, please ask Steve to introduce us what are the important points to watch next.

Steve: The final round of the Grant, the showcase of all the projects and the sprint canvassing, will be held tomorrow night at 8pm Beijing time on DoraHacks Live. You can look forward to their exciting performance and vote for your favorite projects.

Moderator Wang Yukun: In this HECO Grant, we also saw that some HECO projects such as EDC took the initiative to donate to the prize pool, how does HECO view such ecological interaction?

Six Su: HECO ecology cannot be built without the developers in the ecology. When the developers grow up, they will want to feed the developers again and build a better developer ecology. This is a very healthy ecological state of development. We welcome more projects to join us to build it. Including our ongoing node campaign, there are also many projects registering to participate in the governance of HECO in the future.

Moderator Wang Yukun: Last question, the HECO node campaign has been in full swing recently, what does HECO hope to achieve through the node campaign? How can the early developers, such as those discovered in the hackathon, benefit from the node campaign?

Sixth Sue: The governance of public chains is a long-term process, and HECO’s node campaign is also a step towards decentralized governance of HECO. At the same time, HT will become the campaign pass for this node campaign, and HECO will gradually grow, so that more organizations and communities can participate in the governance, and early developers will benefit. We also have some developers who are very active in this node.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/heco-conversation-with-dorahacks-how-heco-grant-empowers-small-and-medium-sized-developers/
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