idea-factory

Overview

idea-factory is going to be a crypto-based startup incubator/crowdfunding platform. Anyone can submit an idea, and anyone can contribute to an idea (much like github)

Users will earn crypto based on:

The "worth" of the idea they submitted
The "worth" of the work they contributed
The "worth" of the idea they funded

A decentralized funding pool for startups using Aave and potentially other sponsers. The funding pool will be determined by the amount of collateral put into the governance token, IDEA. The price of IDEA will be roughly based on (totalAmountOfCollateral/totalLP's) to get an average collateral amount (subject to change). This will give LP's a certain amount of IDEA based on the collateral put in, with the base value of IDEA rising as higher amounts of collateral are deposited (i think). This collateral will then be distributed among startups, using a voting system. The exact details of this I haven't quite figured out yet. The thought process is that by depositing collateral into IDEA (using aave), LP's are granted a certain amount of votes, with voting power. LP's use these votes to distribute their collateral amoung startups.

Purpose

The main purpose and motivation behind this project is to make it easier for people to both fund their ideas and bring their ideas to life. There are a decent number of successful startups but what about the potential startups that never got off the ground because the person behind the idea didn't have the neccessary skills or knowledge, or they didn't have funds, or they weren't business savy, etc. This project will

a) Allow users to get critizism on their idea/gauge idea popularity

b) Allow developers/UI artists/business/whoever to find projects to contribute to

c) Allow users to bring their ideas to life and earn from those ideas before the idea is in market

Obviously, not every idea is perfect or marketable or valuable but this project will help filter out the ideas that are marketable/perfect/valuable and make it easier for those ideas to become successful

How it works

NOTE that this is all subject to change

Base token is called IDEA:

functions:

can deposit collateral into IDEA, withdraw etc (which, when using AAVE, mints or burns new IDEA tokens)
can create a subtoken with a starting value of 0% of IDEA value (or the value of collateral in IDEA).
This subtoken is supposed to be for an idea but I guess it in theory could be for whatever. LP's or owners of IDEA, can vote on the subtoken which will increase the perecentage or ratio value based on voting power of LP
NON-LPS can buy this subtoken which makes you an LP of the subtoken? maybe? or somemthing like that. Irregardless, it supports the development of whatever the subidea is for.
Users can also contribute to the subtoken, which will give that user a certain amount of the subtoken based on voting by all holders of subtoken and LP's which voted for subtoken as well as the creator of subtoken.
If the subtoken isn't going anywheres, LP's and holders of subtoken can vote to liquidate the subtoken and gain back money + interest (based on amount of time they staked subtoken?)
Uses Aave, and probably chainlink or something idk, maybe ens Other functions or caveats:

Base token value will be determined by

  totalValueOfContributions/amountOfContributions

Or something similar, not completly sure yet.

Subtoken value will be a percent of the totalContributionvalue divided by the amount of votes, but will also take into account the voting power of said votes

Subtokens can vote to liquidate for one reason:

Project isn't going anywhere (this burns all tokens and gives money back to holders based on the amount of subtoken +interest

But holders of the subtoken can "liqudate" their position by turning the subtoken back into x amount of base token. For certain scenarios, this provides a benefit but will overal be discouraged:

The creator thinks their idea should be worth more: If the creator thinks that their idea is better than others, they can liqudate their subtokens back into base token, which increases the value of the base token. This has the impact that all subtokens can potentially increase their value. The creator can earn back those tokens by recontributing to their creation? Same with contributors, potentially? This doesn't burn those tokens (i guess) but swaps them and redistrubtes them back into the subtoken pool.

The base amount of subtokens is undecided. I guess zero, but new coins are minted on voting and the creator and contributors are given a certain amount based on some magic algorithm

Goals

Incentivize idea sharing and contributing
Help build ideas from the ground up, no matter whose idea it is

Tools/Platform

Aave, maybe UMA, ens, chainlink uniswap are all potentials with js as the frontend (probably react)

Interesting Links, similar projects

https://github.com/ethereum/EIPs/blob/master/EIPS/eip-2917.md rDai

Running smart contracts and frontend

clone repo and run yarn install or npm install whichever you prefer
Next run yarn chain. This starts a local hardhat node. If you want to test contracts on kovan or mainnet you can run yarn fork. Right now this points to mainnet infura but I will change it to point to kovan alchemy.
To deploy smart contracts to localhost, just run yarn deploy. To deploy smart contracts to kovan run yarn deploy-kovan
If you want the smart contracts to redeploy automatically then run yarn watch. This also recompiles the frontend
There are a couple of ways that you can test/interact with our contracts:

a) The easiest way would be to run yarn react-app:start. This runs our react-app frontend which gives you access to all of the deployed contracts functions.

b) The other way would be to run npx hardhat console in the packages/hardhat folder and then do const yourContract = ethers.getContractFactory("YourContract") and const contract = yourContract.attach("deployed address of contract from hardhat node")

c) Or anyother way you can think of

NOTE: not all of the yarn commands are merged yet. Will do that shortly

idea-factore / idea-factory