Update Protocol Parameter Agora Effect

[SOLUTION] Please describe your proposed solution.

We propose an open-source Agora Effect that is able to mint and update NFTs that control parameters of any dApp or protocol. We will make it easy for non-technical users to use this effect by creating a no-code mechanism to facilitate a community-wide vote that updates or creates an protocol parameter NFT when passed. Other dApps and protocols can reference the values stored in this NFT in their logic, so they behave exactly as the community decides.

So far, we have built a front end so non technical users can interact with the Agora Protocol (https://github.com/Liqwid-Labs/agora).

Here is a youtube playlist of what we have built so far:

https://www.youtube.com/playlist?list=PL_pBRKCC0S_qu0ujUQZ0wx-pUjsgdDM7TThis is where you can find and play with it to verify: https://www.testnet.clarity.vote/

Here is the documentation to interact with the dApp: https://docsend.com/content

as a result of this proposal we will create an open-source Agora Effect that is able to mint and update NFTs that control parameters of any dApp or protocol.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community.

Empowering community members of a protocol to be involved in setting important parameters of the protocol is an important step in the process of decentralizing large Cardano projects. Without a tool like this, protocols rely on centralized teams or individuals to decide on and set these important parameters, which is clearly not ideal. Instead, this solution democratizes these important decisions, so they can only be updated via community-wide votes. This facilitates further decentralization of projects across all of Cardano.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Ability to Deliver:

Our team has a proven track record of delivering on proposals within the Cardano ecosystem, as demonstrated by our past participation and successful outcomes in Cardano Project Catalyst. Notably, we have succeeded in delivering on the Clarity DAO Infrastructure proposal passed in fund9. <https://projectcatalyst.io/funds/9/f9-daos-less3-cardano/clarity-dao-infrastructure>

Here's how our team ensures high levels of trust and accountability in project delivery:

Experience and Expertise:

Our team members possess extensive experience and expertise in their respective domains, including decentralized governance, smart contract development, UI/UX design, and Cardano ecosystem integration. We have been working in the Cardano governance niche since 2020, and have shipped multiple products that help Cardano communities.
We have a deep understanding of the underlying technology and best practices, enabling us to make informed decisions and deliver reliable solutions. Our team includes core contributors to the Agora Protocol and Cardano domain experts who help ensure project delivery.

Transparent Communication:

We provide weekly development updates, transparent progress reports, and hold interactive sessions to address questions, gather feedback, and ensure alignment with project goals.

Commitment to Documentation:

Our team produces comprehensive documentation, including technical specifications, user guides, and project reports. These are all made public for streamlined user adoption and to make it easy for stakeholders to review and verify the project's progress.

Adherence to Best Practices and Standards:

We follow industry best practices, adhere to established standards, and conduct thorough testing and security audits to ensure the reliability and robustness of our solutions.
We prioritize the security of DAO treasuries and stake pool operations, implementing safeguards and risk mitigation strategies to protect funds and maintain trust.

Past Success and References:

Our successful track record in delivering on previous proposals in Cardano’s Project Catalyst serves as a testament to our ability to fulfill our commitments and achieve desired outcomes.
Communities using our platform already can be found here (<https://www.clarity.vote/>), and are a great reference for our past work.

By combining our experience, transparent communication, documentation practices, adherence to standards, and past successes, we are confident in our capability to deliver the proposed project with high levels of trust and accountability.

Validating our Approach is Feasible:

We have conducted initial research into the plausibility of such an Agora proposal. Our team of highly qualified smart contract developers have confirmed this functionality is feasible for Cardano by minting an NFT which stores protocol parameters, then updating a reference to point to this new NFT. We are confident this solution is technically possible, and it fits into the existing Agora governance framework.

[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?

Milestone: Research and Analysis

Tasks:
Identify technical requirements and challenges (1 week)
Analyze NFT minting and reference updating mechanisms (1 week)
Conduct initial interviews with potential early adopters (1 week)
Expected Timeline: 3 Weeks

>Milestone: MVP and Proof of Concept

Tasks:
Develop an MVP of the Update Protocol Parameter Agora Effect (2 weeks)
Implement testing environment (1 week)
Expected Timeline: 3 Weeks

>Milestone: Stakeholder Feedback and Engagement

Tasks:
Conduct follow-up user interviews with to get feedback on MVP (1 week)
Iterate on design and implementation based on stakeholder input (1 weeks)
Expected Timeline: 2 Weeks

>Milestone: Performance and Scalability Testing

Tasks:
Simulate various scenarios internally to evaluate performance (1 week)
Assess behavior of simultaneous update parameter proposals (1 week)
Expected Timeline: 2 Weeks

>Milestone: Pilot Deployment and Evaluation

Tasks:
Monitor and evaluate the pilot deployment (4 weeks)
Gather feedback and identify refinements (1 week)
Expected Timeline: 5 Weeks

>Milestone: Finalize Implementation and Documentation

Tasks:
Implement refinements based on pilot feedback (1 week)
Prepare comprehensive documentation and educational resources (1 week)
Expected Timeline: 2 Weeks

[RESOURCES] Who is in the project team and what are their roles?
Logan Panchot: Logan is a recent graduate at Stanford University and has been part of the Catalyst community since Fund4. Logan is a deep believer in the potential of decentralized organizations to create a better world. At Clarity, Logan is responsible for business operations, community growth, and client adoption. (<https://www.linkedin.com/in/logan-panchot/>)
Justin Schreiner: Justin has a background in Computer Science and is a Plutus Pioneer. At Clarity, Justin is responsible for business operations, talking with users, and leading Product development. (<https://www.linkedin.com/in/justinschreiner/>)
Matt Laux: Matt is an engineering graduate from Texas A&M with experience in full-stack development. Matt is responsible for full-stack development on the Clarity web platform. (<https://www.linkedin.com/in/matt-laux/>)
Chris Borders: Chris is a lawyer and advisor to blockchain projects. He has over 30 years of experience practicing law. His experience in the blockchain industry began in 2015 when he joined what would become Chainlink. He remained at Chainlink until 2018, eventually serving as their interim General Counsel. Currently, Chris spends most of his time in the Cardano ecosystem, advising other projects including Liqwid, Indigo, and SundaeSwap. (<https://www.linkedin.com/in/christopherjborders/>)
Paul Levine: Paul Levine spent the last 30 years shaping the payments industry. Previously, as the President of Planet Payment he directed its US Global eCommerce division. He also served as the President of an Intuit Company and has worked for industry leaders such as ATT Wireless, First Data and Chase. He currently resides in Brickell, Miami where he consults for leading payments and blockchain companies. (<https://www.linkedin.com/in/paul-levine-26b2b28/>)
Shannon Wu: Shannon is an investor and entrepreneur in the blockchain space. She love working with and investing in transformative technologies in Defi, Big Data, Blockchain, Automation and AI. She was an early team member of MakerDAO and part of the founding team for Bloom Protocol. For Clarity, Shannon advises on go to market strategy, fundraising, and strategic decision making. (<https://www.linkedin.com/in/shannonwu/>)

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.

Amount of hours estimated to complete 335 hours.

Total cost of 83,750 ADA

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Cost per hour $60

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335 x 60 = $20,100 USD

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$20,100 / $0.24 = 83,750 ADA

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Milestone: Research and Analysis

Identify technical requirements and challenges (20 hours)
Analyze NFT minting and reference updating mechanisms (20 hours)
Conduct initial interviews with potential early adopters (10 hours)

===========================

Milestone: MVP and Proof of Concept

Develop an MVP of the Update Protocol Parameter Agora Effect (50 hours)
Implement testing environment (40 hours)

==============================

Milestone: Stakeholder Feedback and Engagement

Conduct follow-up user interviews with to get feedback on MVP (10 hours)
Iterate on design and implementation based on stakeholder input (40 hours)

===========================

Milestone: Performance and Scalability Testing

Simulate various scenarios internally to evaluate performance (40 hours)
Assess scalability under increased stake delegation (20 hours)

==========================

Milestone: Pilot Deployment and Evaluation

Select organizations for pilot deployment (5 hours)
Gather feedback and identify refinements (10 hours)

===========================

Milestone: Finalize Implementation and Documentation

Implement refinements based on pilot feedback (40 hours)
Prepare comprehensive documentation and educational resources (30 hours)

==========================

TOTAL HOURS: 335

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

How does the cost of the project represent value for money for the Cardano ecosystem?

This project provides value to the Cardano ecosystem through the following factors:

Enhanced Functionality and Features:

There is no easy way to control protocol parameters via a decentralized, on-chain vote on Cardano currently. This project makes it possible for communities to have this important power.

Increased Stakeholder Engagement:

By allowing community members to have a voice when deciding important protocol parameters, DAOs will increase the participation in their governance processes. As we’ve seen with Cardano itself, allowing community members to choose important parameters, like the k parameter, leads to community members being more informed about the protocol and engaged in changes to these parameters.

Strengthened Governance and Decentralization:

This project makes it easier for any project on Cardano to become more decentralized by democratizing the power to set and update protocol parameters.
With increased stakeholder participation and representation, the Cardano ecosystem benefits from a diverse range of perspectives, fostering more balanced and informed governance decisions.

Return on Investment (ROI):

This project can produce a return on investment by making communities in Cardano more resilient and decentralized. This benefits the Cardano ecosystem by limiting the effect a bad actor can have on a large protocol. By requiring these important updates to pass community-wide votes, this project can help secure and protect important protocols and dApps on Cardano.

bookmarked!