Established in 2021.The goal is to decentralize the grant program so that Web2 developers can move to the Web3 space and explore new opportunities.
Blockchain startups say they are focusing on DAO (Decentralized Autonomous Organization). It is an autonomous, community-driven entity with varying degrees of central control. DAO is seen as the future of the Internet, not only because it is essential for managing blockchain protocols, but also because it helps developers work on passionate Web3 projects and find opportunities to earn capital.
Due to the limited talent pool for many projects, DAO will deploy grants to attract developers. Although some protocols, including Uniswap, Compound, and Aave, employ different tools to manage grant programs, There is no standardized approach in the industry Deploy these grants.
Often, these grants and the edtech platform for Web3 are offered to developers, but they don’t provide enough long-term incentives.
Headquartered in Palo Alto, California Quest book, Co-founded by Abhilash Inumella, Subhash Karri, Sriharsha Karamchati When Madhavan Maloran, Trying Decentralize these grant programs to support developers.
Questbook is an app that offers courses for professionals, startups On-chain grant orchestration tool It provides a platform for developers to work on Web3 projects.
Startup Gap between grant ecosystem and applicants.. In 2021, Questbook started as a learning / educational technology platform, and in late 2022, the team decided to build an on-chain. Grants orchestration tools to empower developers.
Abhilash, Subhash, Sriharshai, and Madhavan have known each other since they were at the Institute for International Information Technology (IIIT) in Hyderabad.
“We’re from the same university, but from different batches, and we’ve known each other for over a decade,” says Madhavan. Decrypting Story.
Teams have not only come together to address and minimize resource constraints Helps developers access Web3 projects.
Sriharsha named their venture.Quest book, Madhavan To tell, Means a quest for developer capital Startups aim to support and encourage this talent.
Madhavan explains why startups chose DAO as the media: All four resonate well with the media and we want our products to be available to everyone. “
Startups are affiliated with blockchain networks such as polygon, Solana, Harmony, Near, AAve It will be a multi-chain platform. “We are trying to connect Web3 projects to contributors.” Madhavan says.
Startups, their software is completely Decentralized and on-chain, This means that DAOs and protocols can test different grant schemes at the same time to get a wide range of information about grant applicants. All sensitive information is encrypted.
“We are currently focusing on helping Web3 projects run grant programs and helping developers come and build Web3 projects.
Data is stored on the chain And that The front end is provided over a distributed storage network.. According to Questbook, the product is fully decentralized and open source configurable because it does not run its own database or server.
“Everything is managed on-chain, data is stored in IPFS, and indexed in the Graph Protocol.” Web3 means that most Web2 companies will disclose application programming interfaces (APIs) years after their release. Although configurable, in Web3 the API is disclosed from day one by default.
Startups are also Evaluation rubric function, This allows grant managers to sift the application by adding a rating rubric to the grant and assigning a reviewer to it.
Assigned reviewers can evaluate the application and provide feedback in encrypted form. DAO works with smart contracts rather than traditional corporate structures, ensuring security.
The company will adopt cryptoeconomics, a combination of incentives and cryptography for building systems, applications, and networks. Once the certificate of completion is submitted and the grant is approved, Applicants will be given tokens.
According to Madhavan, infrastructure and tools are Questbook’s biggest challenge.
“We are developing a grant orchestration tool, so we need to develop a lot of infrastructure. We are developing a product with multi-chain capabilities, but a library to interface with many chains. No. We need to build them and open sourcing all the code, “he explains.
Over the last few decades, the Internet has moved from the new technologies used by scientists to what they need in their daily lives, thanks to the millions of applications built on their networks.
Web3 enthusiasts around the world expect new technology adoption to grow as well, if not bigger.
According to Madhavan, Questbook wants to be the center of innovation for Web3.
“We intend to have our grant program adopt our tools, protocols and infrastructure. That is our goal. In the future, we plan to make advances in wallets and credentials,” he says.
Startups intend to make grant applicant credentials accessible on the chain.
“Credentials are an important part of Web3. If credentials are provided, grant detection is possible. For example, if you have access to data, create a user interface (UI) with the appropriate builder. You can match the right possibilities, Madhavan explains.
Startups aim to enable the discovery of cryptocurrency acquisition opportunities. “There are two ways to encourage developers and individuals to work on Web3 projects. Providing users with the opportunity to earn crypto And we are focusing on the latter aspect, “he says.
Questbook is now 20,000 developers with a team size of 20. “Currently we are focusing on developers. Once this is done, we will focus on many other aspects such as design, product management and marketing.”