Introduction to Lumin dApp

Lumin dApp is a funding platform that streamlines collaborative funding and co-working on projects.

The Status Quo

The web3 space lacks sophisticated funding infrastructure that enables creative ways of financing long-term projects while ensuring accountability and transparency; and decreases administrative effort to support collaborative funding and co-working initiatives.

There are many entities in the Ethereum ecosystem looking for opportunities to collaborate, in an abundance of different capacities; DAOs, protocols, on-the-ground communities with ecological assets, research groups and skilled professionals alike are all hungry for opportunities to co-create magic in the decentralized universe. What we lack is a platform to bring all of these elements together, a space for coordination and co-funding of the many ideas and initiatives in the space.

Organizations and Working teams are overburdened with an abundance of administrative hurdles.

In the current state of collaborative funding in organizations, teams often have to seek consensus from all the funders at every work cycle to continue the work, jump through the hoops of a governance process of approval, manage payments from different funders with different tokens, and contend with a plethora of differences in DAO payment schemes - networks, tokens, paperwork, and pay periods, which ultimately results in contributors spending more time on administrative work and less time on building.

No accountability mechanisms for long-term funding

The funders cannot guarantee long-term funding to working teams because there is no direct way to implement check mechanisms for funded groups without relying on tiresome bureaucratic processes. As a result, working teams also bear the burden and risk of re-seeking funds at every completion of a milestone, negotiated individually with each funder.

Lumin Flips Proposals Inside-Out

While proposals can work for small tasks within individual organizations, larger projects and collaborations benefit immensely from multiple organizations being able to fund shared projects that lie outside the scope of any individual organization. They could do this using a persistent, cross-organization funding & resource distribution tool.

the Lumin

Lumin aims to provide the lacking infrastructure for the co-funding of long-term collaborative initiatives such as joint ventures, open-source work, or research proposals. It does this by reducing the administrative burden and increasing accountability and transparency for both funders and contributor teams. Unlike status quo funding process that requiring builders to interact with many mediums, Lumin inverts the funding process and create a single management space by allowing teams to apply and manage multiple funding application in one platform.The Lumin dApp improves project funding by:

• Offering a system of accountability, feedback loops, and collaborative funding primitives for funding Programs to collaboratively fund projects based on the completion of their milestones and KPIs.

• Enabling individual teams such as early-stage projects, research initiatives, and DAO workstreams to easily apply for and coordinate continuous funding (including feedback loops, payment processes etc.) from multiple organizations.

• Enabling organizations to continuously fund internal working groups and external projects based on their progress on a set of stated milestones and deliverables, while earning yield from idle treasury tokens.

The Tool

Lumin introduces the ability to streamline the administrative overhead of both funding and payment allocation for distributed teams working on large research and projects. It does this by providing a simple interface for funders to contribute toward project milestones and for project teams to receive a stream of funds for the work they do over predetermined periods.

An example interaction on the Lumin dApp:

Each project has a project contract that can receive funding from multiple funders with multiple currencies, and from different chains. It then disburses these funds to a project team in their preferred currency based on the completion of milestones (conditions of milestones are customizable for different use cases). The sitting funds on locked milestones can be plugged into other financial protocols for automated treasury operations.

Lumin enables automated milestone-based contracts between teams and multiple funders in multiple networks and payment tokens to reduce the administrative overhead of managing these operations- feedback loops & accountability, payments, joint funding, token issuance, team compensations, capital utilization, etc. Apart from editing the project contract to accommodate scope changes, or a funder deciding to withdraw funds from the project, a funder will not need to coordinate a multi-sig transaction while continuously engaging with a project.

In Lumin, there are two types of agents that are actively engaging with the protocol;

• Project Owner: The user who initiates projects and actively oversees them to maintain the funder's consent.

• Funder: The user who provides resources for Proposals. It can be an individual or an organization.

In the next section, we'll go over the core benefits of the Lumin.