Framework for Authenticity Verification of Tokenized Real-World Assets based on Atala Prism

[GENERAL] Name and surname of main applicant

Patrick Tobler

[GENERAL] Email address of main applicant

patrick@nmkr.io

Additional applicants

No additional applicants.

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

8

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” .

The project will be dependent on the Atala PRISM platform for digital identity verification and on NMKR for creating a Proof of Concept implementation of Tokenized Real World Assets.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

Project will be fully open source.

[METADATA] Category of proposal

Identity Solutions

[IMPACT] Please describe your proposed solution.

TLDR / Summary:

The "Framework for Real World Asset Authenticity" is a proposed solution that leverages Atala PRISM and tokenization to ensure the authenticity of real-world assets in the Cardano ecosystem.

The framework will provide a reliable, scalable, and decentralized method for verifying the authenticity of assets prior to their tokenization, thereby enhancing trust and security in the ecosystem.

The development of this framework will be led by Patrick Tobler, the founder of NMKR, and his team.

Detailed Description:

The primary issues that the "Framework for Real World Asset Authenticity" aims to address are:

1. Lack of Authenticity Verification: In the current system, there is no reliable way to verify the authenticity of real-world assets before they are tokenized. This can lead to fraud and mistrust in the ecosystem. Our framework will provide a robust and reliable method for verifying the authenticity of assets, thereby preventing fraud and enhancing trust.
2. Limited Access to Authenticity Information: Currently, it is difficult for users to access reliable information about the authenticity of tokenized assets. Our framework will make this information easily accessible to all users, thereby promoting transparency and informed decision-making.
3. Low Engagement in Asset Tokenization: Due to the lack of a reliable authenticity verification mechanism, many potential asset owners may be hesitant to tokenize their assets. By providing a reliable and user-friendly authenticity verification framework, we aim to encourage more asset owners to tokenize their assets, thereby increasing engagement in asset tokenization.
4. Accountability: Our framework will provide a transparent and auditable record of authenticity verifications, thereby holding asset owners and authenticity verifiers accountable for their actions.
5. Information Asymmetry: Our framework will provide a centralized place where users can find detailed information about the authenticity of tokenized assets, thereby reducing information asymmetry and promoting informed decision-making.

What does this solution look like?

We will develop a comprehensive framework that leverages Atala PRISM for verifying the authenticity of real-world assets. This framework will facilitate the tokenization of these assets on the Cardano blockchain by ensuring their authenticity, thereby preventing fraud and enhancing trust in the ecosystem.

The framework will include features for ownership verification, asset authenticity confirmation, regulatory compliance, access control, and traceability. It will be designed to be scalable, secure, and user-friendly, making it easy for asset owners and other stakeholders to use.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

The solution addresses the challenge by providing a reliable mechanism for verifying the authenticity of real-world assets, which is a key requirement for their tokenization.

This will benefit the Cardano ecosystem by enhancing trust and security, facilitating regulatory compliance, and enabling the tokenization of a wider range of assets.

It will also open up new opportunities for businesses and individuals to tokenize their assets, potentially leading to an increase in the overall value of assets tokenized on the Cardano blockchain

[IMPACT] How do you intend to measure the success of your project?

The success of the project will be measured by the number of real-world assets verified using the framework, the volume of these assets tokenized on the Cardano blockchain, and the feedback from users and stakeholders.

We will also track metrics related to the usage of the framework, such as the number of asset owners using it and the number of authenticity verifications performed.

[IMPACT] Please describe your plans to share the outputs and results of your project?

The outputs and results of the project will be shared through regular updates on our website and GitHub repository.

We will also engage with the community through forums and social media to gather feedback and make improvements.

In addition, we will publish detailed reports on the project's progress and outcomes, and we will present our findings at relevant conferences and events.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

The project will be delivered by Patrick Tobler and the NMKR team, who have extensive experience in blockchain development and have successfully delivered several projects in the Cardano ecosystem. NMKR is a leading NFT Creation, Minting & Trading Infrastructure provider on the Cardano blockchain, with a proven history of delivering robust and reliable solutions.

The company has minted over 2 million NFTs and has worked with high-profile clients, including celebrities like Martin Lawrence and foundational entities of the Cardano Blockchain: IOHK (IOG), Emurgo, and the Cardano Foundation.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

The main goals of the project are to develop the authenticity verification framework and facilitate the tokenization of real-world assets.

The feasibility of the approach will be validated through pilot tests and feedback from users and stakeholders.

We will also conduct a thorough analysis of the technical and regulatory challenges associated with the project, and we will seek expert advice to ensure that our approach is sound and feasible.

[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.

Milestone 1: Project Initiation and Planning

• Deliverables: Project plan, stakeholder analysis, risk assessment, and resource allocation plan.
• Outputs: A clear roadmap for the project, identification of key stakeholders, and a plan for managing potential risks.
• Intended Outcomes: A well-structured project plan that guides the subsequent stages of the project.

Milestone 2: Development of the Digital Identity Framework

• Deliverables: A comprehensive digital identity framework tailored for tokenization of real-world assets.
• Outputs: A functional framework that can be integrated into existing systems or used as a standalone solution.
• Intended Outcomes: A robust digital identity solution that enhances the authenticity and traceability of tokenized assets.

Milestone 3: Integration with Atala PRISM

• Deliverables: A fully integrated solution combining the digital identity framework with Atala PRISM.
• Outputs: A unified platform that leverages the strengths of both the digital identity framework and Atala PRISM.
• Intended Outcomes: Enhanced security, scalability, and efficiency in the tokenization and management of real-world assets.

Milestone 4: Testing and Validation

• Deliverables: Test results, bug reports, and validation reports.
• Outputs: A thoroughly tested and validated solution ready for deployment.
• Intended Outcomes: A reliable and robust platform that meets the needs of users and stakeholders.

Milestone 5: Deployment and User Training

• Deliverables: A live platform, user manuals, and training materials.
• Outputs: A fully operational platform and well-informed users capable of leveraging its features.
• Intended Outcomes: Widespread adoption of the platform, leading to enhanced authenticity and traceability of tokenized real-world assets.

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

Milestone 1: Project Planning and Design

• Deliverables: A comprehensive project plan and design documents for the platform.
• Outputs: Meetings, brainstorming sessions, and drafting of design documents.
• Intended Outcomes: A clear roadmap for the development of the platform and a detailed design that will guide the development process.

Milestone 2: Development of Core Features

• Deliverables: A working prototype of the platform with core features implemented.
• Outputs: Code, testing results, and updated design documents.
• Intended Outcomes: A functional platform that can be tested and refined.

Milestone 3: Testing and Refinement

• Deliverables: A fully tested and refined platform ready for launch.
• Outputs: Test results, bug reports, and updated code.
• Intended Outcomes: A reliable and user-friendly platform that meets the project's goals.

Milestone 4: Launch and Promotion

• Deliverables: The launched platform and promotional materials.
• Outputs: Marketing campaigns, user feedback, and usage data.
• Intended Outcomes: Increased awareness of the platform, a growing user base, and positive impact on the Cardano ecosystem.

Milestone 5: Maintenance and Updates

• Deliverables: Regular updates and maintenance to the platform.
• Outputs: Updated code, maintenance reports, and user feedback.
• Intended Outcomes: A continuously improving platform that adapts to user needs and contributes to the Cardano ecosystem.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Budget Breakdown:

1. Project Management and Administration (20%): This includes the cost of managing the project, coordinating with team members, and ensuring that the project stays on track. This would amount to 200 000 ADA.
2. Development (50%): This is the cost of developing the franework, including a Proof of Concept platform, testing, and deployment. This would amount to 500 000 ADA.
3. Design (10%): This includes the cost of designing the platform's user interface and user experience. This would amount to 100 000 ADA.
4. Marketing and Community Engagement (10%): This includes the cost of marketing the platform to the Cardano community and engaging with users. This would amount to 100 000 ADA.
5. Contingency (10%): This is a reserve for unexpected costs or overruns in the project. This would amount to 100 000 ADA.

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

Apologies for the confusion. Let's reframe the value proposition for the "Framework for Real World Asset Authenticity" project:

1. Asset Authenticity and Trust: The project aims to establish a framework for verifying the authenticity of real-world assets on the Cardano blockchain. This will enhance trust in the ecosystem, as users can be confident in the legitimacy of tokenized assets.
2. Facilitating Tokenization: By providing a robust framework for asset authenticity, the project will facilitate the tokenization of a wide range of real-world assets. This opens up new possibilities for decentralized finance and other applications on Cardano, potentially attracting more users and developers to the ecosystem.
3. Interoperability with Atala PRISM: The project will leverage Atala PRISM, Cardano's decentralized identity solution, to link real-world identities with tokenized assets. This not only enhances the utility of Atala PRISM but also promotes interoperability within the Cardano ecosystem.
4. Expertise and Track Record: The project will be developed by NMKR, a team with a proven track record in the Cardano ecosystem. The cost includes their expertise and experience, which increases the likelihood of the project's success.
5. Potential for Future Developments: The project lays the groundwork for future developments in the Cardano ecosystem. The insights gained from this project could be used to inform future initiatives, making it a valuable investment for the long-term growth of Cardano.

In summary, the cost of the project is justified by the significant benefits it can bring to the Cardano ecosystem, including enhanced trust, facilitation of asset tokenization, and potential for future growth.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept