Hackathon Grant Function Fully Activated, Vote to Win 100x Rewards and NFTs
As aelf’s Web3.0-themed hackathon, Legend X, is reaching the halfway point, the total number of participants has exceeded 150. With this, aelf is delighted to switch on the Grant function as promised. It is a $100,000 worth of prize pool donated by aelf foundation to attract promising projects and incentivize users’ engagement. The allocation of the prizes is determined by voting, which also goes live today. This is designed so that aelf community members get a say in the event by voting for their favorite projects or ideas.
The allocation of Grant prizes is proportional to the number of votes each project receives. Votes are collected through the means of ELF donation and the donated ELF goes directly to the recipients.
About Voting
- Time:
May 13 - June 15
- Tools:
An aelf address (with sufficient $ELF in the tDVV chain to be used as votes and gas fees)
*Please make sure your browser has added Night ELF to its extensions or your mobile device has installed aelf Wallet. If you have trouble when setting up the wallet, please read our tutorials above.
- How to Vote:
Video Tutorial: https://www.youtube.com/watch?v=0HOqnOXt6aY
Step-by-Step Guide:
- PC users can visit our hackathon site and click [Grant] to see all the submitted projects. This first UI is an overview of the current voting results. Scroll it down to read the introduction of each project where details of community contribution, votes received, and their share of the Grant pool are displayed.
2. Find a project you would like to support (here we use NFT Forest as an example) and click [Vote].
3. Read the voting rules in the pop-up window and connect your aelf wallet.
4. Enter the amount of ELF token that you would like to vote for the project and click [Confirm].
5. Click [Submit] to cast your votes.
6. You can click [Vote] again to view your voting history (Please wait a while if your payments have not been updated here). You can also verify your votes here: https://tdvv-explorer.aelf.io/
Quadratic Voting Mechanism
For the purpose of fairness and anti-manipulation, the quadratic voting mechanism is introduced to enable voters to not only express who they like but also to what degree. There is no limit to the number of votes each participant can give. However, the cost of casting more than one vote for projects is quadratic, not linear. So, the marginal cost of each additional vote is far higher than that of the previous vote.
If you intend to cast three votes for a specific project, then the first vote will cost you 1 ELF, the second one is worth 3 ELF, and the third one is 6 ELF. The calculation is simple: for N votes, the amount of ELF you need to pay is N(N+1)/2.
If you are keen to know more about quadratic funding, you can read the Quadratic Funding Algorithm by Vitalik Buterin.
- Quadratic Voting Return Awards
To incentivize participation, aelf also set up a raffle where 3 voters would be randomly selected to receive a return worth 100 times their original donation and another 10 voters will receive a 10 times prize. The calculation is based on the total number of votes from this individual, so Alice’s 100 ELF donated to various projects would be regarded as a whole and win her 10,000 ELF or 1,000 ELF if she is luckily chosen. Vote more to win more!
- NFT Badges Airdrop
aelf’s NFT badges, Pioneer, would be airdropped to 20 voters’ wallet addresses.
Join us on TG or Discord to stay tuned or ask any questions you may have:
Telegram: https://t.me/aelfblockchain
Discord：https://discord.gg/bgysa9xjvD
Email: support@aelf.io
