The Juicebox protocol is a programmable treasury. Projects can use it to configure how its tokens should be minted when it receives money, and under what conditions funds can be distributed to preprogrammed addresses or claimed by its community.
In simpler words Juice Box is basically a platform in which you can make your own services in the form of projects and can offer it to your customers/users. The person who has created that service in the form of a project will be paid in terms of crypto’s by the users who use their services.
Some special terms regarding Juicebox are as under:
Juicebox platform is basically designed for Creators, Developers, people who wanna provide public goods and services and at last for the people involved in a DAO.
Juicebox is just not only for the people who wish to create a project over the internet it is also for the users who want those services and to enhance it further Juicebox also mediates as a payment holder to which the user can get a token in return after every payment is made by them.
Community tokens are just like a currency on the Juicebox platform which can be withdrawn in the form of ERC 20 which is basically the Ethereum tokens. Tokens can be earned by redeeming the project's overflow which further depends upon the project’s success rate.
ERC 20 refers to the Ethereum tokens which are used as a medium by the project providers to withdraw their money. Juicebox uses Ethereum tokens just to respect its advance financial commitments made by the customers to their providers. And for this Juicebox has adopted Ethereum tokens as their mode of payment.
This was also done because Juicebox provides an ecosystem or a public environment where the applications having their own mode of tokens can run seamlessly.
Overflow is just defined as the Surplus amount of money which is considered to be greater than the amount of funding’s cycle target. The amount of money, if it is greater than that funding’s cycle target will be locked in an overflow pool.
This will also help the programmed addresses which are a part of your project as they can claim a portion of the overflow by just spending their own tokens. Moreover, the overflow can be owned by the project itself and this thing will help the project to occupy its own overflow.
Well, juicebox is absolutely free to use except a 5% deduction in money which is made whenever a user makes a payment to its service provider. The money deducted just charged for the maintenance and the services provided by the Juicebox team.
Initially Juicebox’s governance power was held by its contributors through the smart contracts but later on the power was given to its token holders. Moreover, Juicebox works on a governance-minimal protocol which basically means that there are few functions which can be tuned of course through its smart contracts. These functions would not be imposed at all on any of the users without their respective consent to do so.
Juicebox is purely under Research and development and is developing with time and of course with the users who are using it. The developers have done their best to shape Juicebox according to people’s needs. Even though the program has been tested several times, there are still some minor bugs associated with the program.
And as mentioned previously all the codes and working are public this means that any threat made to it can reverse engineer its working and finally, lead to irreversible consequences, loss of funds in the form of tokens and even the overpool too.
The program has been tested thoroughly through unit tests and also through the integration tests.
The unit tests are mainly made for every function included in the contract and checks every aspect of it accordingly.
Moreover, the integration tests work and keeps a check on the workflows that are supported by the protocol.
In order to make these tests more precise a stress-testing script was written which checks the programs repeatedly using a random input generator and also by prioritizing edge cases. Juicebox’s code has passed this critical script over 1 million times ensuring its smooth working and a seamless experience to its users.
As the name suggests DAO is a Decentralized Autonomous Organization and so are the projects on Juicebox and due to this the frequencies between the two get matched. Some ways in which the Juicebox helps DAOs are as under:
Juicebox serves as a crowdfunding website for a DAO and helps the users to fund the projects created on Juicebox and get associated with its respected DAO.
Moreover, when the first DAO was officially created , efforts were made by Austin Cain and Graham Novak. The efforts were first started and launched on Discord and that server gained so much attention that on an average 200 people joined that server in an hour. It is further boosted by Juicebox which raised the DAO over $40 million Ethereum tokens on Juicebox.
The main reason due to which the Juicebox was treated as the early stage DAO platform is that Juicebox also uses the same method used by DAO contributors or shareholders i.e. Ethereum tokens. Most of the DAO’s today are associated with Ethereum tokens and so as the Juicebox platform.
This makes the DAOs to be in the favour of the Juicebox platform as both of them share the same currencies this will help the contributors who are in a DAO to easily understand the working of Juicebox protocol.
Initially, when DAOs were created the core team suggested that in case if the auction fails the contributions will be refunded back through the Juicebox platform.
Even today most of the DAOs are using Juicebox as a platform through which they can refund the contributions from their contributors in case if heavy loss is made in that organization or as said previously the DAO failed in auction.
Some simple steps to create your brand new project are listed as under but before that one thing to keep in mind is to connect your wallet which can be done from the homepage of Juicebox’s website.
The ‘Connect’ button is available on the top right section of the homepage and by clicking on it you will be asked to select the wallet from the options given in there. Moreover, if you are a newcomer you can know more about the wallet system used in Juicebox by visiting the link named ‘What is a Wallet?’ which is present at the bottom of that list.
Now talking on the point you can either select the option on the homepage to ‘create a new project’ or either you can slide down below on to the Project Design Wizard. The Project design wizard consists of two panes i.e., a left and a right one. In the left pane you can design your project by moving on to the headings step by step as mentioned below and in the right pane you will get the preview of how your project will be displayed to your visitors.
Creating a Juicebox project:
The first section gives the major identity of your project and will be displayed as the Appearance section in the Project Design Wizard. And note that complete your profile as much as you can as this will cost you tokens later on if you try to edit this.
The Funding section is a major finance section of your project and it consists of two parts, First one is the Funding Target and other is the Funding Target Cycle. The details of two are discussed as under:
Funding target is actually a goal limit set. The money which will be invested in your project will be stored in a locker or a treasury and if at some point or in some case your money invested got greater than the Funding target then, the surplus money will be stored in an overflow pool.
The members of the project can access it by giving their own tokens and this also depends upon the Bonding curve as explained earlier.
Funding Target Cycle or Funding Period
Funding period lets you control everything about your budget and this includes various parameters, target limits etc. This feature is basically beneficial to lock your budget withdrawal limits.
Also, remember if you don’t choose a Funding Target Cycle Period you can withdraw your money anytime from your project. Moreover, you can even control your Funding period later on whenever you want so.
This is the section where you can select the payment to be given to someone in your project on whom your work depends on and this is known as payouts. Recipients at the time of withdrawals support either Ethereum address or any other Juicebox projects.
Moreover, the money will be distributed automatically to the payouts whenever a withdrawal is being made in your project.
If you don’t select any of the payouts as this feature is an optional one so the payment will be set to default in the owner's wallet.
Reserved tokens are the tokens which will get available to the user who gives money in a project. In this section basically what you can do is to set the amount of tokens to be reserved and what percentage of tokens will be available to your team or payouts at the time when someone makes a payment for your project.
These tokens can be used to take a share in an overflow if the project crosses the Funding Target value. You can also issue the ERC 20 tokens once your project is launched. And in the meantime you can use the staked tokens which basically means locked crypto currency for a certain period of time. You can use these staked tokens to track your balance and also to acquire a share in overflow in the meantime.
This section basically helps you to define your rules for the time period of funding cycle i.e. how much time would be there to make reconfigurations to the currently implemented Funding Cycle.
Presently there are three configurations on offer:
In this configuration the changes made to the current Funding cycle will be made immediately and this is the most dangerous configuration of all the four as when the changes are implemented immediately the chances for rug pulls increases.
This configuration makes the updates to be implemented 7 days after they are received. This means that the updates in this configuration need to be submitted 7 days before it gets implemented.
Just like the 7 day delay in this configuration the updates need to be submitted 3 days before they are actually implemented.
In this configuration you can basically set your own rules for the funding cycle i.e., you can set your customized number of days in which you want the rules to be implemented. And those changes should be submitted before those customized number of days.
In this section the project provider fixes some parameters or rules to define the advantages to join the earliest as possible. Moreover, he/she can also set some restrictions for the token holders in the project who take time to redeem their token basically in order to get a higher Bonding curve.
One thing which should be noted is that the Incentive section can be used only if the provider has already enabled the Funding Cycle option in the Funding section and has already fixed the cycle’s target limit.
Moreover, the Incentives section consists of two variables the first is the Discount Rate and the other one is the Bonding curve. The two are discussed in details below:
Discount rate is basically the amount of token production which depreciates accordingly with the ETH (Ethereum value) per cycle. This means that if you fix the percentage of discount rate on this category it will be deducted from the amount of token relative to the current ETH value with every cycle.
This can also be explained using an example as suppose the 1 ETH values contains 200 tokens and also the Discount rate is 15% then in 1st cycle the ETH value will hold 170 tokens and subsequently the Discount rate will now be applied to the current ETH value which is 170, so the ETH value in 2nd cycle will be 144.5 tokens and so on.
Also, the provider should note that once the applied value is set it cannot be changed at all so it's important to choose a value carefully. Moreover, if the Discount rate value is set to 0% then, the supporter will get the same amount of tokens relative to the ETH contributed. And the maximum percentage which can be set to the Discount rate is 20%.
As told previously curves just define the time for which the person is waiting to redeem his/her tokens in order to get a share in overflow and by explaining it in a more deeper way it is the variable which defines the value that would be taken by the token holders in your project from the project’s owner if they wanna redeem their tokens from overflow.
This means that the lower the value of the Bonding curve, the lower will be the shares taken by that specific token holder in an overflow. Rest of the token will be still available to other token holders according to their percentage in the bonding curve. Also, note that the bonding curve can also be reconfigured later on by the project owner according to the investments in the project.
And that’s all after configuring all of these fields your project’s details are completed and you are all set up to make it live.
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