Vega Token Decentralized Effective Funding | Ethereum Smart Contrct
What is Vega?
01 / Decentralized
Vega is a decentralized, token-based fund, and not a traditional venture capital group by any means. We aren’t offering money management services, but rather a platform for people to pool money and encourage the growth of companies, organizations and projects seeking funding from a global audience.
02 / Effective
People in this market are not only out to make a money, but are also genuinely enthusiastic about these technologies, and have a desire to encourage their growth. By leveraging the power of the crowd, we can be maximally efficient in our funding pursuits.
03 / Funding
Our core focus is to promote the growth of crowdfunding investment opportunities offered by companies, organizations and projects that opt to fund their development through newly issued tokens. We hope to effectively provide the value that many promising projects are seeking, allowing the potential of the ethereum platform to be explored to its fullest potential.
Video About Vega:
How Vega Works
Crowd Powered Voting
We believe in the wisdom of the crowd, and have chosen to base the mechanics of the fund off of that idea.
Being a Vega Token holder entitles you to voting rights for funding decisions, which ensures everyone some command over their money, and the future of the fund.
Our funding strategy is simple: Vega token holders vote on various projects seeking crowdfunding financing.
Many companies offer special incentives during this round of fundraising in exchange for the extra risk taken by investors, making it an opportune time to get in on promising tokens.
The Vega community will be able to fund fixes to issues in Vega's contracts.
We believe it would be unethical to expose token holders to the downside of platform flaws without providing them a way to create a solution directly.
Future Funding:Coming soon
Developer Funding Initiative (DFI)
What is the DFI? While Vega’s main strategy is funding Ethereum-based companies seeking early fundraising, we recognize the vital role of individual contract developers in the Ethereum ecosystem. By providing a funding base for developers, we can simultaneously support the exploration of the Ethereum platform’s potential and the refinement of individual developer’s skillsets at the grassroots level.
How does it work? As the Vega community (Vega Token holders) sees areas of the fund that need improvement, members will propose new contracts or updates on contracts that need to be made, and individual developers will compete for the job.
Benefits of the DFI - The DFI provides Vega with an ever-increasing level of flexibility, allowing us to improve our platform continuously and be robust in the face of security threats, competition, and the rapidly changing state of the market while also supporting the broader community.
Find more on our business plan here.
What is a Vega Token?
A Vega Token is a representation of a holder's rights guaranteed by the fund and of access to certain functions of the fund, i.e. voting rights.
How many Vega Tokens will be minted?
The fund will issue a limited amount of tokens. Not all tokens will be created at once, but rather will be distributed over time based on decisions made by the community. The limited amount of tokens created over time will be 12,000,000 (12000000000000000000000000 uint256).
Can I trade Vega Tokens?
Yes the platform allows anyone to trade Vega Tokens with any other account on Ethereum.
Can I buy, sell and hold a fraction of a single Vega Token?
Yes Vega tokens will be able to be divisible by 18 decimal places. This gives token holders a greater amount of flexibility.
Will Vega tokens be ERC-20?
Yes - tokens will follow the ERC-20 standards.
What is the pre-sale?
The pre-sale is an opportunity for early participants to help fund the project. The incentive for being an early participant is there is a discount as compensation for taking a greater amount of risk, thus giving participants a greater amount of leverage.
What is a project proposal?
A project proposal is the method through which a, crowdfunding campaign, or some kind of project offer can be voted on by Vega token holders.
How does voting on a project proposal work?
Each Vega token holder's stake (amount of tokens held / current token circulation) is equal to their voting weight, both in terms of making decisions and the actual currency (Ether) weight their stake represents. A token holder can vote for any project proposal of their choice, and after a project proposal's voting period has ended the platform will determine if the proposal received enough votes from token holders for the proposal's set funding goal. If the votes account for enough funds, then the project proposal is considered a success and the fund will allocate funds to the project.
What is the relationship between the proposal goal and the amount of votes received?
The proposal goal is set by the creator of the proposal. This goal is the amount of Ether needed for sufficient funding. The amount of votes received will determine whether this goal has been met. Because Vega tokens represent stake in the fund, the platform will actually look at the Ether holdings per token and use this ratio to determine if the amount of tokens used to vote represents a greater than or equal amount ether holding to meet the goal.
Can you opt to forward your voting power to another account without sending tokens?
Yes - you can allow another account to vote on your behalf without sending tokens.
Is there any way for token holders to individually realize returns made on an investment the fund makes?
The fund itself does not have a universal dividend pool. Returns made on a project investment will be split between the fund's broad available pool of ether.
Can I redeem my Vega tokens and receive Ether back?
Vega tokens are not redeemable directly from the fund. This means that you cannot sell your tokens to the fund.
If one chooses to not hold a position in the fund, they may sell their tokens via a centralized or decentralized exchange, or in any way to another interested party.
How does the DFI work?
We have dedicated a page for the DFI, click here for more information on the DFI.
Can the fund decide to issue tokens to new participants?
Token holders of the fund will be able to vote on what is called a Mint proposal. This is a unique type of proposal that allows token holders to decide the amount and issuance price that the fund is willing to sell tokens for. This proposal can only be executed if one the fixed supply of 12,000,000 has not already been issued, and two if greater than 50% of tokens have decided to vote for the proposal.
Followers of Vega,
The first two weeks of March have been an exciting time for the project. Advances in development, publicity, and the large rally in ETH have been the center of our attention during this time — some highlights are to be detailed below.
We’ve made advancements in development during the last two weeks as we’ve created basic prototypes for certain aspects of the fund while also refining other technical concepts. For instance, one of our more rough and early concepts — ‘Credit Proposals’ — which allow a decentralized VC platform to take on leverage, has been overhauled to allow for more secure and reliable collateral. While concepts like this are far from perfect, we enjoy the challenge of trying to bring new ideas into practice and engaging with knowledgeable members of the community along the way.
Additionally, we look forward to progress in the Ethereum Name Service (ENS) and StabL Coin platforms and are actively researching how it could improve Vega.
Last week we were the subject of an article published on both Bitcoin Magazine and NASDAQ by Giulio Prisco. This exposed Vega to a much wider audience and sparked valuable discourse with a variety of interested people. We were also the subject of an article on ETH News, written by Jim Manning. We’d like to thank both Prisco and Manning for the great articles — we appreciate opportunity to be exposed to so many enthusiastic individuals.
Finally, we are excited to announce that we’ve officially added Mikko Ohtamaa, former CTO of LocalBitcoins and current Co-Founder at TokenMarket, to the Vega team as an advisor. His technical expertise and general experience in this market will be invaluable moving forward.
Thanks to all those who recently taken interest in the project — we look forward to discussing ideas with you.
If you have any questions, comments, or feedback, please join our Slack, where we are most actively engaged.