<u>Audience</u>
- Cardano users that would like to integrate the blockchain into their business environment as an accounting software
<u>Project Scope</u>
- Identify the most common smart contracts for B2B interactions and their respective metadata parameters
- Adapt existing accounting systems to be served on the blockchain.
- Write up a best practices, standards, and methods.
- UI displaying the transaction history of a DAO detailed using this metadata standard.
- Propose a metadata structure detailing:
- Assets (More detailed CIP-25 to include physical assets such as real estate)
- Transactional receipts for "value-added"
- Work Orders
- Bounties
- Payroll
- Organization
- Legally Registered DAO
- LLC
- S-Corp
- Non-profit
- Unregistered DAO
- Project
- Team
- Pilot this system on DAOs in Miami operating on the MintMatrix.io platform.
<u>Impact</u>
- Create an operating standard for transparent B2B interactions
- Enhance traceability of actions throughout the blockchain.
- Create an automated accounting system
Open standards adoption should increase among cardano projects. On the long term, all of the community-funded projects should be open and transparent by following common standards.
<u>Metric</u>: There should be observable improvements: easier to discover projects and find project resources, more intuitive to access project knowledge base (documentation, how-to, etc.), and simple to find and contact project members.
A simple github page or gitbook detailing the metadata
<u>Metric</u>: "It should be possible to have project synergies by allowing simple inter-project communication, knowledge sharing, and re-use of existing components/services."
Allows anyone to launch a DAO on common grounds and furthermore financially interact using a common interface.
<u>Metric</u>: "We should observe an increase in open-source contributions to different projects: both from new joiners and from other people already in the Cardano community"
This operational standard will enable an accounting system which will further enable tracking of value-added and key contributions into the projects via transactions stamped identifying metadata structures. Impact can be directly measured by querying a project/organization's policy ID and then further querying the identifiers within this standard.
<u>Metric</u>: We should observe an increase in reputability of the Cardano Open Source projects. The measure can be done by looking at media communications of various open source communities.
This enhanced view into the allocation of a project/organization's funds will benefit transparency and as a result increase the reputation of projects on the Cardano ecosystem. As initial token/DAO offerings become more popular, we can hope projects adopt this framework to show funds being properly used to add value and deliver on promises.
<u>Biggest Challenges</u>
- Interoperability between a wide range of international tax laws and codes.
- Finding consensus on this proposed framework
Many perspectives will be considered and in the end, community discourse and cost-benefit analysis will weigh into a mature operating standard.