[IMPACT] Please describe your proposed solution.
Creation of the JPG DAO would be a multi-segmented process and you will find below the major segments mentioned along with their function and purpose:
- Token
- Creation
- Staking
- Governance Platform
- Proposal Submission/Management
- Vote Casting
- Benefits
Token Creation
We will mint and distribute through multiple means a new token on the Cardano Blockchain to act as the native token of the DAO. Holding the token would allow wallets to interact with the DAO, unlocking different tiers of participation depending on volume owned.
Token Staking
To allow for secure and fair participation in the DAO, users would have to lock a certain volume of their own token in a staking platform that would be created.
Proposal Submission
Once a wallet has the token staked with JPG it would open up the functionality of being able to provide proposals to the DAO for review, finesse and voting. Each proposal would have the ability to request access to a certain amount of funds within the JPG DAO to allow for the execution of the proposal. Our main aim with the system is to create a fluid and easy to use experience for all our users.
Vote Casting
Voting would be open to all wallets that have the tokens staked to our platform. Vote weightage and exact counting methods would be presented to the public as we build our system.
Benefits
All interactions with the DAO would carry rewards for wallets. Some of which are described below:
- Staking the token would allow for lower fees while using our marketplace.
- Creating, presenting and progressing a proposal through the approval stages would earn rewards for the users.
- Voting would carry one-time rewards as well as streak-like compounding rewards for regular contributors.
[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.
The JPG DAO would be our first major step towards officially becoming the first ever user driven NFT marketplace. With users having the ability to create proposals and with the community voting on them we believe we will be able to create an NFT ecosystem on Cardano that is unparalleled across crypto.
Moreover; this step would empower us to make decisions as the market evolves and ensure that the Cardano NFT Ecosystem breaks the corporate barriers that usually stand in the way of exponential growth.
[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
We are very confident in our ability to create the project we have described with the biggest challenge being adoption and usage of the end-product.
[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.
The project would be executed over a time period of 6 weeks. This time period is divided into further sections as follows:
- Wireframing and Structure Development - 1 Week
- Core Functionality Development - 2 Weeks
- Design Implementation - 2 Weeks
- Testing & QA - 1 Week
[FEASIBILITY] Please provide a detailed budget breakdown.
Our budgets are divided over two major categories, employee costs and overheads for the duration of execution. Our costs for both are as follows:
Employee Costs: $8500 USD / week
Overheads: $2000 USD / week
Overheads include hosting, unexpected delays, marketing costs, tutorial development and more.
[FEASIBILITY] Please provide details of the people who will work on the project.
To execute the proposal we will be using 3 core resources dedicatedly while other employees of JPG will assist wherever need be. The main 3 resources would be 2 engineers and 1 UX/UI designer.
The exact team members working on the project are decided as we go through the 4 stages but you can learn more about all our team members and their expertise at https://www.jpg.store/team
[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.
The submission is a one time funding request to execute the proposal. We do not foresee us returning to Catalyst for further funding in regards to this proposal.
[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?
We build our tools and features in a modular manner while testing each part as it is built and retesting as it starts to communicate with other modules. We will be tracking these milestones internally and inviting our beta testers to provide feedback on usability and functionality as soon as our project reaches a state of readiness.
We are also driven to run the project in a user-centered manner, listening to our users and various stakeholders throughout the process to ensure the end product is what the community at large desires.
[AUDITABILITY] What does success for this project look like?
A DAO that enables JPG Store to be driven by the community, with regular proposal creation by the community and an active voting pool of 50%+ users on approved proposals.
[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.
This is an entirely new proposal.
