[IMPACT] Please describe your proposed solution.
We are here in Fund 10, having witnessed the problems in game development in the last funding rounds, to build infrastructure in the game sector so that our ecosystem does not miss out on the billions of dollars of investment that permeate other sectors of a blockchain.
We want to develop a smart contract that compensates investors in case a project fails or mitigates the loss in case of a rug pull.
Therefore, FluxusNetwork will rightfully retain investor funds and give them to the development studio when milestones are reached. If these are not met, we retain absolute industry veterans who can judge whether the project is at risk, failed or still on track for success.
In the event of failure, the smart contract takes the retained and unspent funds and redistributes them fairly, so that a €100000 investment gets the same percentage return as a €1000 investment.
This gives the entire gaming sector certification for unparalleled security and should keep investment flowing into our Cardano ecosystem.
[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
It will give the whole ecosystem an unbeatable advantage over every single other blockchain!
There is not a single investor out there who would not prefer to have up to 45% of their investment legally secured (in Portugal EU)…! When we talk about mass adoption, with an infrastructure like this, we will be able to promote our entire ecosystem and open a link to the European regulatory apparatus.
[IMPACT] How do you intend to measure the success of your project?
Every single project that uses the smart contract developed by MLabs via FluxusNetwork is already a great success. For the proposal, the functionality and reliability of the smart contract is of utmost importance and the only measure of success we need to focus on.
[IMPACT] Please describe your plans to share the outputs and results of your project?
As we have a very short development time for the smart contracts, we will report monthly on the results of the development of the smart contracts while Frank Law prepares the paperwork that can be presented to the community.
[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?
MLabs has an impressive track record for smart contract development and is deeply rooted in our Cardano ecosystem.
Franko Law is a proto-Uruguayan company that has been active in the Web2 space for years and sees the need to close the gap with Web3 to provide legal certainty for the sector.
[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?
The goal is to develop the smart contract and provide it with legally binding documentation so that our ecosystem can benefit from it as soon as possible. We can verify that our goals are achieved with the first game development team and the first investor using the contract and the legally binding documents.
[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.
The smart contract will take 4 months and can then be reported immediately.
Frank Law's legal transactions are estimated to take 6 months and progress with the document will be reported monthly in the final documentation.
[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.
In addition to the monthly reports to the catalyst, we have achieved major milestones in the last two months during the 6-month development of the proposal.
4 months Smart contract report
6 months Completion and report on legal documentation
[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.
Compared to the cost of €110,000, access to the $192 billion games market and its infrastructure developers is immeasurable for our ecosystem.
[RESOURCES & VALUE FOR MONEY] Who is in the project team and what are their roles?
Mlabs https://mlabs.city/
Franko Law https://franco.law/
[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
This is associated with the possibility for investments to further expand the infrastructure. The smart contract can also provide immense investment security in areas outside of gaming, which only adds to the benefits for our ecosystem.