To avoid fraud you could create some sort of escrow steem account for whoever gets project funding which would only allow a certain amount of the funding they received to be used on a weekly basis... that way if the project is fake at least someone cant just immediately exchange the steem they got for another currency...
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The problem is the more effort we put into fight fraud the more we also will end up making it harder to do a legitimate project. Some projects have liquid expenses and paying out and Steem power means that projects with liquid expenses are not feasible. For example if someone wants to do a Smart Media token they need to pay the developer first. Paying in Steem Power then creates a huge lag and potentially ruins the entire project’s viability.
"It is sufficient to make the walls slippery and allow the other crabs the ability to pull them down. Put a lid on to keep all the crabs in, and you can't add any more!"
Paraphrase of the "crabs in a bucket" parable from the Steem whitepaper!
Interesting requirement.
I would argue that if there exist projects that need liquid expenses, then one project that would probably be funded would be something like an "angel investor" project -- perhaps it would take an equity stake in the project, and give the project liquid funds.
Projects with a track record (e.g., EOS) would likely get more fund per percentage.
Hmm, I've sent blocktrades.us some SBD and had them send me some SP -- so I know that SP can be moved from one account to another. Doesn't seem possible via the Wallet tab's UI, but perhaps steempy would show how it can be done?
Nice research.. Add me
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You could actually do this by releasing the budget as Steem Power instead of Steem, which already has time locks on conversion.
Yes, there are many possibilities... maybe even implementing a voting structure so if the project is not meeting objectives/goals outlined in the proposal the voters could determine that no further funds will be awarded to this project... etc... This way the project does not actually get all the funding it was awarded unless it meets the goals of the proposal. A setup like that would reduce the cost of projects that seem like they will not succeed due to various circumstances.
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Another clever idea! You are on a roll, sir.
Wouldn't having it temporarily locked in Steem Power make it hard to use for accepted proposals' expenses? I guess some project might need major preliminary spending.