SingularityNET: Deep Funding | Round 2
Hello everybody, my name is Jan Huylings and it’s my great pleasure to announce to you the second round of deep funding. Deep funding is our grant program, the grant program of SingularityNet, where we want to award and support teams that like to build stuff that supports our decentralized community. I will use this video to explain a little bit more about the rules and conditions of this round because we learned a lot in the first round by analyzing the results and everything that happened. And also by our community governance round, which was followed on the first round where we asked our community members to come up with proposals for improving on round one targeted to round two. And that actually also created some new developments, which I will tell you about in a minute. So there are two things here. I will tell you a little bit about the five new pools that we have and I will tell you a little bit about our rules related to the voting process that will change. But most important right now are these five new pools. So last time we only had two pools with different maximum amounts to be awarded for a project, one for smaller projects and one for larger projects. This time our pool A, which to wish 250,000 dollar worth of HIX will be allocated, has no maximum. But the rest it’s similar to the old pools in the sense that we would expect projects that would help support our platform by either using a service that is already available on the platform or by having a project that includes building a service and onboarding it on the platform brand new service that is. Which brings me to the second pool and the second pool actually is an outcome of our governance experiment as we call it. Here we have 125,000 dollars worth of HIX allocated to existing services. So we would like our community members to go out and search for interesting AI services that would like to be onboarded on our platform. And we hope we can motivate community members and others and AI developers out there with a little bit of AGI X to go the extra mile and the extra mile means for community members to search and allocate and contact these developers that have interesting AI services. For AI developers themselves it means that maybe they need to tweak their service a little bit, bring it up to date or maybe it wasn’t quite finished for production. So you could use part of that fund for those things. And finally you can use the amount to onboard your service on the platform. Usually there are some efforts related to that as well. And you can now use this fund either to do it yourself, there is good documentation on it or to ask somebody else to do it for you. So this is probably the pool that I am most excited about. I think with this, even though it’s only half of pool A with 125,000 K, I think in principle we could leverage a lot of new services coming on to our platform which shortly times that is what I would hope. And also if this would be successful, yeah, then there are lots of similar things that we can do going forward. So I really hope and I’m counting on you who are watching this video that go out, see what you can find and motivate these developers with support of AGI X to onboard the platform. Also here there’s no maximum because we thought about having a standard amount, but it might still be very different what each project will need. Some may be already completed API ready, documented, etc. And only need to be onboard it and other services, maybe some more works still needs to be done before they can be onboard it. And also here in the end, we’ll leave it to the community to judge where the funds are best spent. If it’s better to spend them on five new five existing services that are completely ready only need to be onboard it, or maybe one service that is also existing, but maybe not API ready and need some more substantial work to be done. So all that is open also this is an experiment. So yeah, it will be very interesting to see if this will get support and what kind of submissions and proposals we will be we see. And based on that we can we can adapt and grow this in an in an X round. So those are the two main rounds, general new services and existing services. And then we have three what I would call supporting rounds. The first one is also an outcome of our Covenants community experiment, which is a pool for ideation projects. So these are projects that are in the ideation phase that are not quite ready for the documentation and to start as a full fetch project. The reason can be that it’s a person with a great idea, but no, but somebody who still needs other roles in his team, a developer or a marketer or whatever. It might also be used for teams that have a great idea, but would like to have some more feedback from the community and some more information to know if they are the right track and maybe help from the community to steer it in the right way and to get valuable input. So this pool is only 25,000 dollar worth of a GIX. It’s really meant as a as a notch and a small push and actually also as a way to get more visibility for your project and to get some sense how popular your project will be in a real next round. So one condition would be that if you submit something to this ideation pool, your goal must be to create it as a real project in the next round. We never know what will happen in practice, but that should be your clear goal. Also, here is no maximum amount because we think that also here there might be some differences. So one thing you could use this pool for is to create more documentation, but you could also make technical specification for instance for your idea, but you could also use the pool to create some funding for market research for instance. Or your primary goal maybe you already have technical specification and market research and you could use the pool to get more visibility and collect other roles and team members around the project that would like to support you in that. We do expect some deliverables just as in the regular rounds we expect everything is milestone based also for the first two main rounds. We expect everything to come up with a number of milestones and also the disbursements of these grants will be milestone based. I’ll tell a little bit more about that later. So in the case of an ideation project I would expect that to be something like a backlog with well described user stories or maybe it could be UI, UX interface for the project you are developing or like I mentioned it could be marketing research or all of them. But remember this is just like more like stimulation fund to get you to the next level. Then the next pool is also 25,000 dollars worth of AGIX so it’s also a small pool is dedicated to marketing initiative. This was already available in the previous round but then it was wrapped in the total of pool A and pool B. And this time we made it into a special pool for two reasons. First of all we hope that this way this purpose will get a little bit more visibility and maybe also motivate people to actually submit a proposal. And the other reason is that we can easily more easily limit the maximum amount that will be spent on that. It wouldn’t be good if the whole amount of all pools would be spent just on marketing but it would be very good if a small amount would be spent on just that goal. Here the rules would be the guidelines would be that whatever you do for marketing somehow needs to be measurable. So we need to measure when you are successful. And this is a very broad pool. I can imagine a lot of things that could be done but you have to convince the community that this will be a successful activity that will drive utility and usage of the pool. Of our AI platform and do it in a way that we can award you based on the results. So one approach here would be and this is this is a separate thing here. Here perhaps you could leave out the milestone based approach if it would be a KPI based approach. So suppose that you would send new developers to our platform and somehow this would be traceable. Then you can say with 10 new developers I expect this amount of awards and with 25 I expect this amount of awards and with 100 I expect this amount of awards. And then it’s up to the community if they think this worth a lot. Those were four rounds. The last round is about two then. And also this similar as in the marketing pool was already part of the rules and conditions of the previous round, the first round of deep funding. But for the same reasons we are now isolating this into a dedicated pool. Here we allocate $75,000 worth of AGIX to the pool. Because if you want to make tooling there’s also some substantial work related to that. I expect this round not to have that many submissions as pool A and this pool at as pool A and B. So that’s why the total amount is a little bit lower. It’s also not the first purpose. It’s a supporting purpose of our platform. So we think it’s well balanced with 75 K worth of AGIX. So the idea of this pool would be to create tooling that will either help. This are deep funding process or it will help the platform itself by creating new tooling or a new onboarding mechanism or something similar. It’s up to you and you can also be in touch with the team and with us if you’re not sure if your idea is a good idea or if you want to have our insights. Specifically on this tooling part I think it often makes sense to have some contact with the team behind deep funding and the team behind the platform development. So these are the five pools, two main pools, regular proposals. Regular projects I should say. A project for existing services, a small pool for projects in the ideation phase, a small pool for marketing projects and a medium size tool for tooling that will support the project. I hope this will inspire you and will bring you some new ideas and I’m really looking forward to your submission over the coming weeks. I also hope that you won’t wait until the last day of the submission period. Because you’re missing out, basically you’re missing out on valuable opportunities and feedback from the community. What we will do we have a more or less four week period for submission. It will end at the 15th of January that at least is what we’re setting out today. It won’t end before that’s sure. But 15th of January is our target. Then we will have two weeks of a stable period where no new submissions are accepted. But the community can still have some time to analyze and review and assess and give feedback on the services that were submitted. In that same period, the proposes who submitted a proposal can still improve their submitted proposal. After that two weeks we will have one week where we will analyze the projects for eligibility. Are they following the rules that are not really that many very strict rules but maybe a project could be in a wrong pool or maybe there isn’t the surface that they are actually using or there could be some other reasons why there might not be eligible eligible. So we will use that one week for reviewing and assessing the projects but also for preparing our voting portal with all the right proposes for the community to cast their votes, which will be done a week later. So if you’re counting with me by the time we get to voting it will be the first health of February and that’s when we expect the votes to be done and very closely after that results coming in. So a few things on the voting process. We did this community governance experiment and we called it an experiment for a number of reasons. We experimented with reputation so we gave rating to all community members that had some kind of interaction on the platform. So each interaction would give you points whether it’s submitting a proposal, creating a comment or reacting to a comment. All of these things could give you some rates. Based on that rates we awarded people for their contributions, for their positive and constructive contributions. So in a total there was 100,000 AGIX distributed among those people that contributed to the conversation basically, which amounted and it was done by ratio of the amount of points about their reputation so basically based on the number of interactions and the quality of these interactions. And that meant that some community members out there were able to receive something like a little bit over 10,000 AGIX and others got 1500 AGIX. So I think that was worthwhile and that’s why we’ll try to do it or while we’ll do the same thing again in this deep funding round. So we will use the same mechanism. We will also stick to the 100,000 AGIX. We hope that there will be more contributions and more people discussing and helping and interacting with the team. Based on that it could be that the average reward might be a little bit lower but that depends on you to be precise. So really looking forward how that will pen out. We believe in reputation as weighting mechanism and a rewarding mechanism. So we use it in this case for incentives for giving you an award for all the time and effort that you’re putting into this. We also use it for extra weights to votes. And remember that I talked about the pool that was dedicated to ideation. If we hadn’t had reputation system that would give extra weight to folks then probably we wouldn’t have had this pool today. But because we gave extra weight to community members that were really motivated and enthusiastic and did a lot of work on our portal and we listened to them a little bit closer than we listened to the average voter as a way of speaking. That meant that this was actually approved and is now part of Deep Funding Round 2. So this already has good impact. We will also do that in this Deep Funding Round. So we will use the same metrics for counting and rating. We will keep the right if we think that something is being gained then we might take measures, take countermeasures against that. I’ve no doubt somewhere in the future that will happen. But if everything seems reasonable okay then we plan to use the same metrics as we have today for Deep Funding. And that has an other for the Covenant Round. That has another effect. Quareretic voting. So in the first round of Deep Funding you saw that there were a few wallets that had massive amount of tokens and therefore could influence the outcome very substantially. In reality it was a little bit more nuanced than that in terms of the outcome. So there were no accidents so to speak. But in this case we want to use Quareretic voting. So basically we will use the square root of your wallet amount as your voting weight. Yeah. I hear some of you think that will imply that some people will engage in splitting their wallets. That might be the case and that is where reputation comes in. So I would like to urge and ask everybody that is interacting with proposals on our portal to use the new Web 3 login. You can log in with your wallet. And if that is the same wallet as you are using for voting on our platform then we can connect it to. And then we will use the reputation that you gained on our portal to give you extra weight in the voting process. And this first round we will see how that will balance out. I strongly and firmly believe that over time if we are few rounds ahead, this will more than counter the effect of any potential wallet splitting. Because we will just give more weight to people that are engaged and the best way to make your vote count is to be active on the portal and at least have a wallet log in. And even if you only had one comment it will already give you extra weight. So this is still a little bit experimental and we will analyze the results afterwards and see what we need to do to further improve this process. But you see deep funding is about supporting the platform. But deep funding is in itself also a kind of experiment in governance. So we want strong community governance and we want to develop tools and processes that make that possible. So that in the not too far away future we can use all those learnings and insights and press app tooling that we create to give the community also more say in other parts related to singularity. So that is another reason why we think this is so very much important. So quadratic voting in combination with reputation based weights for voting we think is a good balance and that’s what we will implement in the next round. One last thing for the next round all our amounts are based on dollar value in AGIX. We have one safety mechanism. We will define a minimum exchange amount. That’s a static amount which is artificial of three and a half cents which is lower than it has ever been this year. And much lower than it is today while I’m recording this video. The reason we are doing that is we want to protect our treasury for any sudden strange exceptions and downward movements. So worst scenario is that some teams in some of their milestone payments will not get the full dollar amount that they were expecting. Shoot that happen in those circumstances of which I hope they will not happen. Then we will be in touch with that team and we will talk about how we can best solve this on a one-on-one basis and find a solution. So we could either bring down the scope of the project or we could delay the payment until the later notice. Well, there may be project specific ways that we can handle that situation should occur. Another thing related to this is what we are doing currently for the teams in round one and what we will continue to do for those teams is that we pay out on their milestones after they have delivered the result of that milestone. So if that milestone is, I’ll create a new UX UI for my AI service. Then first they have to show it to us and then we will pay out. There were some questions about it in the beginning. And if we are now having this minimum exchange rate that we’re planning, we decided to pay out each milestone in advance. It will still be milestone based so you can’t continue on the next milestone and get paid for that because the former, before the former milestone has been finished. But at least for each single milestone you are protected and you know for sure what your budget is. So with that I think we have a very good balance between helping giving security to the teams that help develop for our platform and also protecting our treasury which we want to be sustainable and we want to keep using for many years to come. So I think those are the main rules and conditions for round two of deep funding. So there’s a lot of new stuff going on. There’s still a lot of experimentation so for me it will still be just as exciting and maybe even more as round one of deep funding. And there are also plenty of opportunity for anyone in the community to get engaged if you’re a developer obviously. But also if you are a passionate community member without development capabilities there are still many opportunities for you. You can create a marketing proposal or you can go out and find new services, existing services as I should say. That can be onboarded on our project and yeah that would really be great to see some community members go out finding and getting in touch of developers and motivating them to come to our platform. On board their service get a little bit of compensation for their efforts and then afterwards be able to get proper payment for their services on the platform. That’s it for now. More information can be found on deepfunding.ai. Also our proposals the portal is proposes.deepfunding.ai. You can see the proposals that were awarded in the last round you can see all detailed rules and guidelines. So please visit the site, visit our social channels, telegram or discord and you can get in touch with me or a colleague or a community member that can help you with any questions or remarks you might have. So I’m looking forward to all those interactions whether related to a proposal on the portal or otherwise and keep it coming I would say. I’ll see you online. Thank you.