Pomelo, crowdfunding for blockchain projects on EOS

The Pomelo platform has been launched (the name comes from the citrus fruit of the same name) and aims to bring together developers and those who have an idea and a project to develop on the EOS blockchain.

Pomelo, the crowdfunding platform for EOS blockchain projects

Pomelo is a crowdfunding platform based on the EOS blockchain. Everyone can access it and send their donations. It also uses quadratic funding to reward projects with the most donors.

For the first season, $500,000 has been provided by the EOS Network Foundation. This sum represents an important and substantial budget for projects that want to apply, provided that they are linked to the EOS blockchain and of public utility.

The dates

From 7 to 28 November everyone can create their own grant or proposal and the Pomelo team will approve those that meet the guidelines.

From 11 November until 1 December, anyone can donate EOS to the project they find most interesting. After 1 December, funds will be distributed according to the mathematical formula of “quadratic funding”.

Over the course of a year, there will be four seasons or sessions for developer support. Those who fail to win in one session will be able to apply for the next one.

Crowdfunding for the development of EOS

Crowdfunding is an incentive to create an ecosystem full of novelties and applications that were not there before. It pushes and motivates developers to submit their ideas by covering the initial costs.

EOS for its part is one of the fastest, cheapest and environmentally neutral blockchains, 

On the EOS blockchain, the ferment and development has never stopped, so much so that the Chinese CCID makes it the first-ever blockchain in terms of technology, surpassing even Ethereum. 

Contributing to this progress will soon be the imminent launch of the Bullish hybrid exchange, which, according to rumours, could be up and running as early as next week. EOS fans hope that this new project will send the price of the token soaring to unprecedented heights.

Crowdfunding in the crypto world

In the crypto and blockchain industry, the development of projects and protocols does not always come from structured companies. 

To enable projects to be funded, in addition to the various grants and hackathons, platforms have been developed to raise funds from interested users.

One of these is certainly GitCoin, designed for the Ethereum blockchain, which allows developers and users to be connected in the creation of products, protocols and other things on this blockchain. 

The whole thing uses a reward system, called “quadratic funding”, created by Vitalik Buterin, which allows resources to be given to those who have had the most donors for their project (and not to those who have had the most donations).

In this way, there is a certainty that the project being funded already has a solid user base. 

Gitcoin also has its own token, GTC, which was launched in May of this year and has already reached $9 and even a record of over $16.

In the meantime, other platforms have been or are being created with the intention of providing financial support to those developers who want to realize their blockchain projects and ideas.