A Contract for Every Occasion
OpenQ has three contract types: fixed-price, split-price and contests
Your organization has all kinds of work.
Sometimes you have a single task you need done fast - a stylish new Payment button, a GIF-integration for cat memes in your chat, a new web page footer.
Or maybe you want to summon the creativity of your community for a collaborative Learn2Earn opportunity, with many developers each building example apps using your protocol.
Or maybe you want to host a hackathon around a theme like civic technology.
No matter what kind of work you have, OpenQ has you covered.
We offer three targeted types of contracts:
- 3.Fixed Contests
Let's take a look at each type so you can pick the right contract for the job.
Fixed-price Fixed-price contracts pay a fixed amount to one developer one time, e.g. for a particular task.
100% of the funds and NFTs escrowed on the contract is claimable by the Github user who's pull request was linked to the issue and merged by a maintainer.
Contest contracts pay a percentage amount to multiple developers one time based on each claimants' tier, e.g. in a hackathon with 1st, 2nd and 3rd place.
The amount a developer is paid will be a percentage of the total escrow of all funds on the contest contract.
Example In a hackathon with 10,000 USDC in prizes, 1st place may get 70% (7,000 USDC), 2nd place may get 20% (2,000 USDC), and third place may get 10% (1,000 USDC).
Fixed Contest contracts pay a specific amount of tokens to multiple developers one time based on each claimants' tier, e.g. in a hackathon with 1st, 2nd and 3rd place.
The amount a developer is paid will be a preset amount of tokens, which will be distributed from the funds escrowed on the fixed contest contract.
Example In a hackathon with 10,000 USDC in prizes, 1st place may get 7,000 USDC, 2nd place may get 2,000 USDC, and third place may get 1,000 USDC. The Sponsor needs to escrow enough funds to cover all these preset prizes.
Next up, we'll look at how you can mint, fund, approve and claim each of the three contract types we just covered.