[IMPACT] Please describe your proposed solution.
We will require KYC verification for any and all artists/creatives who choose to factionalize their IP rights and or individuals who request withdrawals of assets from the platform.
[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.
By establishing a KYC verification process there will be also a legal assessment of fractionalization of music ip rights to ensure full compliance with the established legal framework in the United States.
[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Risk 1: Implementation Risk
- finding the right partner to ensure third party database information is connected to the identity of the musician.
Risk 2: Incorrect Data on the third-party database.
Risk 3: Minting Process lack of compliance with the current Legal framework.
Mitigation: High quality due diligence process of the correct partner. [key kpi's : industry knowledge, years of business practice, established reputation) Plan B Creation for the Minting process to ensure compliance with current legal framework.
[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.
Stage one: identify appropriate third-party kyc compliance officer.
Stage two: hire compliance officer.
Stage three: identify potential partners
Stage Four: due diligence on potential partners.
Stage Five: Agreement with partners and creation of kyc process with partners.
Stage Six: Legal Precedence Check.
[FEASIBILITY] Please provide a detailed budget breakdown.
50K USD: Legal Opinion and Precedence Check
18K USD: KYC Solution operational costs
32K USD: Compliance Officer Retainers Fee
[FEASIBILITY] Please provide details of the people who will work on the project.
Team can be found at bottom of projectnew.io website. We will hire an additional member for KYC compliance if funded.
[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.
Yes! Legal Framework especially for crypto. Having the KYC process up to date will reduce legal risk for the entire project.
[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?
We are measuring successfully minted IP rights as well as the default rate during the KYC process.
[AUDITABILITY] What does success for this project look like?
Success will be represented in a seamless KYC process upon the creation of an artist account.
[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 a new proposal.
