Neo has announced the launch of the Polaris Launchpad’s Plus phase. Neo users will be able to vote for their favorite projects in the hackathon by using GAS in a quadratic voting mechanism. Community contributions will be matched by a Neo-allocated pool equal to US $101,300 in value.
Polaris Plus voting opened on June 8 on the DoraHacks website. The platform uses a quadratic funding mechanism implemented in an N3 smart contract to encourage a fair distribution of funds based on where the collective community finds value. Votes can be submitted until June 28, when community contributions will close and final results will be announced.
Quadratic funding is a voting approach that differs from typical “one-person-one-vote” or linear token payment voting models. The starting vote cost is 1 GAS. Users can vote any number of times and for any number of projects, but the cost of each extra vote for a given project is the vote number times the starting vote cost.
With a starting vote cost of 1 GAS, the second vote for the same project will cost 2 GAS, and the third will cost 3. The cost of three votes is therefore a total of 6 GAS.
This increasing cost to a single “unit of influence” is designed to alter how users are incentivized to vote. It is better value for a contributor to place smaller numbers of votes across a greater number of projects.
After the community voting concludes, the contributions will be matched by a pool of GAS approximately $100,000 in value set aside by Neo. This system allows the Neo community to dictate distribution of funds from Neo for the Polaris projects.
The original announcement article by Neo can be read at the following link: