WAX Labs 2.0
Starting a new project can prove to be daunting and challenging in many aspects. From funding to development and marketing, WAX invites creative and ingenuitive individuals to step forward with their unique ideas; projects that will contribute to furthering the development of technology and the community. WAX Labs provides these projects with a solid foundation to flourish by funding and implementing community-approved proposals.
Think back to when the internet first emerged; before the .com boom, before Google and Amazon, the internet was a blank slate with endless possibilities. Individuals with fresh, new ideas stepped up and began developing systems to make the web usable, and convenient, for every-day users. Similarly, WAX is now in its infancy stage. There is an outstanding opportunity for innovation, and WAX offers a plethora of possibilities to be enhanced, created and engineered on the platform.
What is WAX Labs?
WAX Labs is a source for WAX pioneers and visionaries to receive funding for projects that will further the community as a whole. To get started, all you need is a WAX Cloud Wallet and an idea:
1. Begin by DRAFTING a “proposal” for submission and review. During this phase, any edits and changes can be made. A proposal involves all information pertaining to and about the project. This includes in-depth explanations and planning for the length of time to complete and required funds in WAX.
2. Once it is SUBMITTED, no further changes can be made to the document.
3. Those who have staked WAX may VOTE on each proposal. The more WAX the individual has staked, the more weight their vote carries. If the minimum number of votes is surpassed for approval, the proposal is accepted. *10% of total registered voter stakes must vote, and more than 50% must vote YES for the proposal to be approved.*
If the proposal is accepted:
4. IN PROGRESS, approved by the WAX community, the real work begins to bring the project to life.
5. The proposal then phases into COMPLETION once there is no more work to be done and the payouts have all been met.
*At any point in this process, the proposal can be terminated due to disapproval from the WAX admin or failing the community vote. If the denial comes from the WAX admin then feedback is provided in the project itself explaining why it was denied. You may resubmit a new proposal for further consideration.*
Candidates can submit their projects for consideration, and WAX Token holders can vote on them here.
The original version of WAX Labs had some faults in it; however, WAX Labs 2.0 swoops in to reconcile some of the features that were missing in the previous version. A new system has been implemented to ensure each and every proposal is seen and responded to in a timely manner.
Also new to WAX Labs 2.0, those who have submitted proposals have easier access to open communication with the WAX administration.
New and improved look:
WAX Labs 2.0 offers a sleek, modernized and updated user interface that increases ease of use.
The new homepage offers a generalized overview of everything taking place on the site. Track the funds available for approved projects, see how many proposals are currently being reviewed and view detailed flow charts portraying the new proposal lifecycle.
Search for projects your way: This new design offers users the opportunity to view all submitted proposals; past and present. Select new filter options to better surf proposals by status and category. This makes finding, viewing and voting on your favorite projects effortless and practical.
How does it work?
WAX Labs incentivizes developers to build new projects on WAX, work on community needs, patches, and upgrades. In exchange for their time and effort contributing to the development of WAX, these developers will be eligible to receive WAX Tokens from the WAX Labs fund, which will provide support for WAX development efforts for many years to come.
Projects that will have a clear positive and measurable impact on the WAX ecosystem are eligible to be funded. This excludes profit-generating businesses, such as NFT projects.
If you request more funds for your project than the Reviewers and voters feel is appropriate for the project’s anticipated value to the WAX ecosystem, the project may not be approved (but is eligible for resubmission). Projects will not be approved if they are functions of another role in the WAX ecosystem that also earns WAX Tokens (ie: WAX Guild functions).
Through WAX Labs, the WAX Community benefits from a decentralized structure by reducing the reliance on a single source for new additions. This system is beneficial for everyone including:
- The developers who are compensated for their efforts
- The community for having access to additional resources
- The WAX organization, which can leverage the creativity of the community to advance projects
WAX Token holders: please be advised that voting for WAX Labs projects does not affect your vote strength or stake weight.
Rob Konsdorf, a Founding Inspector General, funded the development of WAX Labs 2.0 with the WAX Labs system in order to bring the ecosystem a new and improved version. We thank EOS DETROIT for their collaboration and efforts to provide a system that is easy to use and allows the community to provide their collective input on what projects are funded. The WAX team is so proud of the community and its developers on the technology they have enhanced and created on the WAX Platform. We look forward to seeing your creative ideas implemented.
