Settlement is a process of rewarding backers and returning funds to the project owner. It is done by default after 30 days period
1. The process
- Project owner creates a project and sets the goal
- During the 30 days, backers can donate to the project via direct donate or microfund deployment
- Project owner incentivizes backers to donate by offering rewards (promises, ERC20, ERC1155)
- After the period ends, project is closed and two scenarios could happen (success, failure)
a) Project failed
Target goal was not reached.
- All funds are returned to the original backers.
- Locked rewards are returned to the project owner.
b) Project succeeded
Gathered amount from backers is higher than the target goal.
- Whole amount is sent to the project owner.
- Uncharged balances of microfunds are returned to the original backers.
- Rewards are unlocked and can be claimed by the eligible backers.
- Rest of rewards are returned back to the project owner (or creator of the reward)
All settlement functions can be called only by the contract owner - Eyeseek team, to prevent any malicious activity in early stages of the project.
No smart contract function can benefit the team in any way. Code is open source and can be verified by anyone.
TBD client-side process to explain
Platform fee 1% is charged from all successful projects, this value is coded into the smart contract and so the amount is automatically charged during the settlement process.
- Failed projects are not penalized in any way.
Blockchain gas fees are charged for all interactions with the blockchain, Eyeseek does not benefit from any of these operations:
- Create project
- Create reward
- Claim reward
Value of the fee is different for each blockchain based on the traffic and its performance.