AlgoDAO introduces Reverse Hackathon Offerings (RHO) - Members get the opportunity to invest in the top three projects of the hackathon

medium.com2m ago

AlgoDAO — Reverse Hackathon Offering (RHO)

AlgoDAO has pioneered an innovative design for building community-centric hackathons. This new brand of hackathon brings together project leads, developers, enthusiasts, and coordinators to encourage large-scale participation. And what is more, it is uniquely positioned to facilitate fair distribution of project tokens, attract the best talent, and makes giant leaps forward in community-driven ecosystem development.

We call this innovative design Reverse Hackathon Offering (RHO)

How AlgoDAO’s RHO Works: AlgoDAO will host an RHO that gives the AlgoDAO community a chance to invest in the future potential of the three top projects from the hackathon. This participation can be likened to early-stage participation before the projects go on to the public IDO stage. $ADAO holders can participate in the offering the same way they would participate in a normal IDO. Funds from the raise will be used to launch and host the hackathon. Developer teams, projects, and individuals will have the opportunity to build and present their projects over two sessions during the RHO: Online (lasting a month) and an in-person event (lasting three days). Participating projects will compete for three positions inside the AlgoDAO incubator as well as other bounties. The AlgoDAO community members who participate in the RHO will be allocated a pro-rata 2% share in the project tokens from the three incubated projects when they launch. The allocated tokens will be subject to arbitrary vesting. Benefits of AlgoDAO’s RHO For AlgoDAO members:

For AlgoDAO community members that participate in the RHO, it presents an opportunity to be the first to support projects from their very beginning in the incubation and launch process. The RHO effectively allows community members to access three projects at the pricing of a pre-seed round for the price of participating in the IDO of one project. This raise also directly contributes to the activation of projects that are being incubated and built on Algorand.

For Developer and Projects: The RHO presents an opportunity to form a team and create a project with the help and guidance of industry experts. Access to key VC groups, investors, and media outlets when you showcase your projects during the events and a chance to build relationships with other teams building within the Algorand ecosystem. Direct exposure to interested communities. Feedback and insights from a panel of project leads and experts building the cryptosphere. Access to a world-class venue for the in-person event. Winners will qualify for incubation inside the AlgoDAO incubator. Stay tuned for more information.

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