[IMPACT] Please describe your proposed solution.
We are partnering with Frank Law https://franco.law/ to create a strong, trustworthy contract that enables FluxusNetwork to legally hold investment funds and use smart contracts to secure and distribute those funds to developers. Regular audits by developers will assess the success of the operation, reducing risk for investors. Whenever a milestone is successfully reached, the smart contract will release funds to the developer, ensuring that investors receive the product they invested in or the remaining funds without incurring taxes as income.
[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
Providing genuine investment security to investors in the web3 industry is an unprecedented feat. The impact of this achievement is hard to measure. The primary focus of investment is to minimize risk, followed by maximizing profits. Thanks to the efforts of Franko Law in Europe, investors in the Cardano ecosystem can now be assured of security.
[IMPACT] How do you intend to measure the success of your project?
We are tracking the progress of our dealings with the Portuguese government regarding transparency in our documents and correspondence. Once achieved, there should be an influx of investment into the web3 space due to the high demand for security in current market conditions. This heightened level of security will be advantageous for all projects and companies seeking investment and even for protecting employees during a bear market. The impact of this development is significant.
[IMPACT] Please describe your plans to share the outputs and results of your project?
FluxusNetwork will share any advancements made in investment security with the community. Once the legal documents are finalized with the approval of the Portuguese government, we plan to hold a town hall meeting to present our offerings and move forward together.
[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?
Frank Law has a long-standing track record that goes back to 2007. Portugal is recognized for its welcoming attitude towards expatriates, and Frank Law has developed a solid rapport with regulatory bodies in Portugal. They regularly communicate with these entities. Lately, the subject of crypto expatriates has garnered more attention, and the Portuguese government is actively soliciting suggestions on how to promote the web3 revolution while complying with EU regulations. Frank Law is highly capable of handling this responsibility, and they are among the most competent candidates outside of Switzerland.
[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?
Our main goal is to engage in a transparent discussion with the government to identify the necessary legal structure for establishing Cardano as a European investment hub. Recognizing that legal issues can be lengthy, we intend to increase our workforce to work on multiple versions of the proposal. This is aimed at providing the Portuguese government with several alternatives to facilitate the decision-making process.
[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.
To ensure that our regulatory and legal proposal stays on schedule despite expected delays from the government, we need to stagger our milestones. Here are the three main milestones we have identified:
- Incorporate FluxusNetwork into our company structure (first 3 months)
- Commission Franko Law to handle the legal aspects of the proposal (until 5th month)
- Complete the necessary legal documents, which will be open for evaluation by the entire ecosystem (scheduled to be completed at the end of month 12 with the close out report)
[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.
In addition to the detailed report on the three major milestones, FluxusNetwork will also provide updates on its correspondence with the government and the progress made on legal documentation for investment security.
[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.
We will hire four lawyers from Franko Laws who have the most government contacts. They will work for 12 months, and all additional costs for the operation are already included.
[RESOURCES & VALUE FOR MONEY] Who is in the project team and what are their roles?
Frank Law has been a partner of FluxusNetwork since its inception in 2021 and is currently responsible for overseeing its legal operations.
[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
We should regard this proposal as the initial step towards replicating these processes in other continents, particularly in Latin America and Africa. These investments should not only be focused on the web3 space, but also on providing substantial funding for underdeveloped continents and their populations who require physical infrastructure.