Below are the step-by-step processes for participation (and receipt) of the Velas Grant to projects and developers building on the Velas blockchain.
VELAS GRANT STEPS:
1. Project Proposal
- The target project or product team approaches Velas through official communication channels, defining the tool/task to be developed upon the Velas blockchain.
- The Velas Chief Technical Officer alongside the Velas developer team can brainstorm further or through specifics if something can be added for mutually beneficial development within the stipulated development proposal.
- The proposal will be clearly thought-through and be in a stage of ‘ready development’, meaning the target team are able to bring development from the moment of confirmation of Velas Grant cooperation.
2. Timeline, Development Team, and Funding Requirements
- The target project or product team will approach the Velas Grants team defining the approximate time needed for the development of the aforementioned product or service upon the Velas Blockchain, the people/ developers/ key workers who will be directly involved in the development of the product or service, and the explicit financial breakdowns and necessities asked of the Velas Grant team needed for the development.
- The Velas Grant is strictly allocated for development works and developer costs to deliver on the aforementioned product or service on the Velas Blockchain, and not ‘other expenditures’, such as marketing or influencer outreach. This is strictly a development grant provided by Velas.
3. Formalized Agreement, Contract, Agreed Grant Total and Terms and Conditions
- At this stage, a formalized, legally binding agreement is provided from the Velas Grant team to the project/ product team, defining:
- The total, summarized grant amount
- The release structure of the grant amount
- General terms and conditions, legal disclaimers, and miscellaneous technicalities.
- Both parties will sign the agreement before development begins and grant values are disbursed.
4. Milestones Reached and Open Source Code Audit
- Once the grant-receiving project has finalized development of the agreed project, product or service, or reached a major pre-agreed milestone of development, the development code must be made open-source and undergo auditing stages on behalf of the Velas Development team to verify its legitimacy.
- Audits are mandatory, and as such, the open-source nature of the development must also be made mandatory at the point of product/ service completion or milestone reached, per the signed agreement.
5. Velas Grant Released
- Providing the steps above are completed and achieved at a satisfactory level, the agreed Velas Grant will be released to the project team. This will be in accordance with the signed agreement, where all totals, breakdowns of disbursement protocols and more are detailed explicitly.