OAK Network wins grant from Web3 to build quadratic funding module

OAK Network, a blockchain startup from San Francisco, has been awarded a grant from the Web3 Foundation to build an innovative crowdfunding module for the Polkadot network and has completed its first milestone.

The grant will help build Quadratic Funding, a common name for the Constrained Liberal Radicalism algorithm (CLR). Proposed by Vitalik Buterin in 2018, the CLR is a crowdfund-matching mechanism for public goods such as open source projects, and has been widely adopted by Gitcoin on Ethereum.

“Quadratic funding is the mathematically optimal way to fund an ecosystem in a democratic way. I believe it will power a mesh network of small donors for supporting the very best projects in the Polkadot ecosystem.” Chris Li, founder of the OAK Network said.

While the CLR module will be first adopted by OAK Network and available for the Polkadot ecosystem, it can also plug-and-play on any blockchain built with Substrate, the blockchain-building framework developed by Parity Technologies. Substrate blockchains are natively compatible with Polkadot. OAK Network chose to build on top of Substrate because it allows us to leverage the extensive functionality of the out-of-box modules, including networking, consensus mechanisms, governance and auctions.

The user flow of the CLR campaign is demonstrated with the sequence diagram below.

Follow the ongoing development of the project at OAK Foundation’s Github repository.

About OAK Network

OAK (On-chain Autonomous Kernel) is a unique blockchain built on the Substrate framework with event-driven smart contract virtual machine, autonomous transactions, and on-chain Oracles.

The goal of OAK is to enable developers to build fully autonomous decentralized applications, and further ignite a global business transformation. By redesigning smart contract virtual machines, OAK introduces a more efficient way for contracts to interact with one another. Contracts will be able to emit signal events, to which other contracts can listen. Once an event is triggered, corresponding subscribed functions are automatically executed as a signal transaction.

Prior to founding OAK, Chris Li worked as a senior data synchronization protocol engineer at Microsoft, and as a successful serial entrepreneur. He sold his first startup before joining the blockchain space in 2017. During the past 4 years, he led the OAK team building Oracles on Ethereum, gaming dApps on EOS, Web3-alike toolchains, and a React Native crypto wallet supporting ENS and Wallet Connect.

To learn more about OAK Network, please visit our website https://oak.tech, check out our Github, and follow our news on Medium and Twitter.

Learn more about Web3 Foundation by visiting their website, and stay up to date with the latest developments by following them on Medium or Twitter.”