[IMPACT] Please describe your proposed solution.
DAOs and other organizations try various approaches to have developers build on their chain, however the transition from receiving these grants to spending them for their essentials, most developers find it a big blocker to safely convert their crypto from grants into fiat which can then be used for the expenses. LawFinDao a faction of konma org, proposes a solution where members from the legal and financial realm of specific countries will come together to provide legal consultancies and support in any legal and financial problems they would face. We are open to collaborate with grants to assist all projects that are successfully funded to make use of these funds in a efficient and safe manner.
We aim to be a facilitator for projects based in crypto friendly jurisdictions and provide a bridge for projects based in crypto agnostic jurisdictions looking to seed themselves abroad and benefit off the friendly regulations thereof. Due to the cross border and global nature of the blockchain space, we aim to be a one stop shop solutions for DAOs so that their projects are not hassled by the limited nature of their country's regulations. Legal services such as incorporation of an entity, providing contracts for source key protection, drafting smart contract agreements, defining terms and conditions for a community forum based on a country's social media data privacy guidelines, carrying out financial auditing in compliance with native laws, creating financial structures for free flow of cross border payments, are just some of the ways our onboarded diverse set of experts would assist. This would not only boost the project but also allow smooth flow of cross border payments and flow of FDIs within a country. Aspects like money tracking via the supply chain, international commercial procedures would become automated.
We intend to develop a service DAO which comprises members who have proven track record of legal financial and crypto expertise in their respective countries. Projects funded through catalyst will be able to join this DAO and seek guidance from these members on getting their project kick started. DAO will provide these services and the option to convert the ADA acquired, by getting funded through the catalyst, to other crypto or even fiat currency as so required. It will encourage ease of understanding and doing business among the funded proposers who are wanting to kickstart their projects as soon as funding kicks in with assisted execution and other legal and financial services to be provided by us. This increases the cohort of available experienced lawyers, economists, accountants and financial advisors from different countries who readily assist at a nominal fee.
Our project also envisions to actively engage and involve students of law and paralegals by providing them first hand experience of the confluence of law, finance and blockchain. Our project will engage all the stakeholders in question, we will be providing services and as a result of which the funded proposers will be able to avail the services in easy, efficient and economical way.
Our solution brings value to the CARDANO ecosystem as it brings on board an opportunity to the funded proposers of catalyst as well as going to be future funded proposers to be connected with each other through the DAO making it a truly borderless network.
The proposal is a win win for the Community as well as our organization as it would integrate the best of both worlds through networking and community management thus benefiting the greater Cardano community.
[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.
It will encourage ease of understanding and doing business among the funded proposers who want to kickstart their projects with sound legal backing tailor made for their needs. Since different countries have different regulations with respect to startup incorporations, set ups, web agreements, data privacy policies, intellectual property protections laws, a one stop shop platform would promote development of the technology and trade. In most initiatives, finance, legal and management are separate functions run by different factions. We plan on encompassing these three functions under one umbrella and be a one stop solution for all blockchain needs.
[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
i) Risk: Managing large repository of participants and members Solution: By maintaining a registry KYC of all members and participants on the blockchain, thus assigning particular roles and responsibilities in the DAO ensuring traceability and accountability.
ii) Risk: Managing different blockchain treasuries, fiat as well as cryptocurrency and Auditability Solution: By maintaining different treasuries of different cryptocurrencies on blockchain, thus allowing transparency of operations of the DAO and providing an audit trail for system and operational audit.
iii) Risk: Adaptability and education Solution: Generate awareness via our platform KonmaHood and KonmaFlair, which engage blockchain enthusiasts to form their niche tribes and mutually exchange knowledge.
iv) Risk:Country specific regulation threatening shut down Solution: Incorporating the DAO as a company in a crypto friendly jurisdiction most conducive for blockchain startups to thrive. Jurisdictions such as Wyoming, Dubai, Singapore, SVG, offer an incubative atmosphere for blockchain based startups to function within.
v) Risk: A threat actor’s attempt to break the integrity of the DAO by compromising more than 51% of the voting power; Solution: Vesting period of one year is ensured so that no funds are sold during various phases of funding, wallet holders will still be able to vote.
[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.
- Incorporating the DAO as an entity in a crypto friendly jurisdiction: 2 months
- Formation and implementation of dynamic enrollment form on blockchain: 2 weeks
- Creation of smart contracts on the basis of the dynamic enrollment form: 2 week
- Onboarding and assigning smart contract to the relevant resident expert member of that country: 2 weeks
- Initialization of the legal and financial framework for the proposer in desired jurisdictions: 1 month
- Creating a repository of research and analysis of various undertaken projects: continuous and ongoing
- Creating and refining the template as more and more projects get on board: continuous and ongoing
[FEASIBILITY] Please provide a detailed budget breakdown.
TECHNICAL BUDGET
3 Haskell and Plutus devs - $ 2500 / month for 2 months - $ 15000
- Smart contract development for dynamic enrollment
- Creation of entity formation smart contract
- Onboarding and assignment of smart contracts to relevant entity
LEGAL BUDGET $ 30000
- Incorporating of the DAO in crypto friendly jurisdictions
- Initialization of the legal and financial framework
- Creating a repository of research and analysis (on-going expense)
- Compliance fee
- Legal and Financial advisory remuneration
- Drafting terms of the smart contracts
MARKETING & MISC $ 6500
[FEASIBILITY] Please provide details of the people who will work on the project.
Vinay: <https://www.linkedin.com/in/vinay-devabhaktuni-b642bb90/>
> Head of Strategy and process work flow
Nikhil: <https://www.linkedin.com/in/nikhil-batra-116203135>
> Handling the repository of participants and members Financial treasuries set up and their audit Workflow and process audit Financials of the Token
Arundhati: <https://www.linkedin.com/in/arundhati-kale-400283187/>
> Incorporation of entities onboarding legal experts Research and analysis Legal Opinion on Token
Sangeet: <https://www.linkedin.com/in/sangeet-muralidhar/>
> Implementation of tokenomics Development and deployment of Smart contracts
George: <https://www.linkedin.com/in/george-j-ramayya-98446b50/>
> Management and upskilling of trainers Governance structure auditing and process controls
College: <https://www.tndalu.ac.in/> The Tamil Nadu Dr.Ambedkar Law University with 17 colleges.
<https://technocratsgroup.edu.in/>
> Facilitating inclusive seminars/webinars for trainees, paralegals, members and participant proposers.
[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.
Yes we plan on returning for future rounds of funding to make this project more inclusive for the cardano ecosystem and external cross chain collaborations to empower everyone.
[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?
- Member repository: Onboarding of multiple specialized experts from various countries which would imply large scale adopting and acceptance of the project;
- Executions of smart contracts: By auditing smart contracts it can be ascertained how the work has been distributed among the legal and financial legs of the governance.
- Projects Onboarded and Implemented: By considering the auditing of smart contracts we can ascertain a project’s onboarding and implementation in a set timeline, which in turn is comparable with the standard timeline.
- Internal controls: By auditing the internal controls the accountability of all the roles can be fixed and the performance can be measured on real time basis.
[AUDITABILITY] What does success for this project look like?
As more members come in and more projects use this platform from all around the world and between multiple chain, we will introduce new treasuries for each chain which are then governed by this DAO over oracles and smart contracts making it scalable.
Because of the expansive and diverse nature of the project, success would entail as smooth cross border bridge enabling an integrated environment of legal, financial and technological verticals.
As members would engage from across the globe, the adaptation will be much easier and quicker and will help in smooth execution to help bring projects from the cardano ecosystem, under one roof for providing these services which are adaptable in different countries, according to their legal system in place, thus following the law of the land and making it easily accessible in the web3 and web2 space.
[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.
This project is a new project under catalyst.
