LONDON (Bywire News) - Pomelo’s third season has finally taken off and it carried the anticipation from the first two seasons. There are suggestions that it may be just as if not more effective than Gitcoin.
Season two refined the grant application process as well as the accounting and fund distribution. This was a direct response to the sentiment from the community that something was on the horizon. Season three indicates much more promise with funding and contributions setting new records.
Background Info On Pomelo
Pomelo seasons last around three months and rely on a quadratic funding model similar to that which has already been so successful on Github. It’s billed as a more democratic system supporting projects which provide public goods – namely value for the community – rather than a financial return.
The model focuses more on the numbers of donors rather than the amount donated to reward those projects which are valued by the greatest number of people.
Since it was implemented last year, it has demonstrated the potential of decentralised finance solutions to provide alternative sources of funding for those projects which might otherwise struggle to gain support.
Quadratic leverages the advantages of blockchain to allow for unprecedented community-backed financial support. Quadratic funding employs the crowd to make conclusions on distribution. Pomelo and Gitcoin differ from other grant options due to expectations of being the industry leader other projects learn from.
Quadratic funding has many more layers than just the capital aspect. Funds get to where a community needs them the most. They support those projects which qualify as public goods which benefit the community as a whole.
Independent projects
Pomelo projects come from independent minds from the community. Each project creator needs to provide a pitch and is responsible for marketing their own ideas.
This structure aims to accomplish three positive outcomes for the community:
- Encourage the building of public goods
- Empower individuals and teams to develop their ideas
- Simultaneously promote Pomelo and independent projects
Over the course of the first three seasons, Pomelo has supported many projects which have been integral to the development of the network. Examples include EOS Bees, EOS Authority, EOS Support and Anchor which have all been mainstays of EOS development to this point.
The unique nature of Pomelo means it empowers the community giving them a voice in deciding which projects they value. All the projects running in each season are listed on their site and can be found on the website. Anyone looking for projects to support can browse based on name or the type of public good being offered.
As more project creators become aware of Pomelo, the competition for funding will become even more ferocious than it is. If you have a project and hope to take part in future Pomelo seasons, the key thing to remember will be to get in early.
(Writing by Samba Jallow, editing by Tom Cropper and Klaudia Fior)