An opensource smart contract for donation, distribution and contribution to a common DAO treasury

[GENERAL] Name and surname of main applicant

Ubio Obu

[GENERAL] Email address of main applicant

ubboyoyo@yahoo.com

Additional applicants

Daniel Effiom, Yash Ambekar, Ediyangha Ottoho, Blessing Izirein

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

7

[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?

No

[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.” .

No dependencies

[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

DAO

[METADATA] SDG rating

SDG goals:

Reduce inequality within and among countries

SDG subgoals:

By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion, or economic or other status

Adopt policies, especially fiscal, wage, and social protection policies, and progressively achieve greater equality

Encourage official development assistance and financial flows, including foreign direct investment, to States where the need is greatest, in particular, least developed countries, African countries, small island developing States, and landlocked developing countries, in accordance with their national plans and programs

Key Performance Indicator (KPI):

The proportion of people living below 50 percent of median income, by sex, age, and persons with disabilities

Labor share of GDP

Redistributive impact of fiscal policy4

Total resource flows for development, by recipient and donor countries and type of flow (e.g. official development assistance, foreign direct investment, and other flows)

[IMPACT] Please describe your proposed solution.

THE ORIGIN

Here is a true event that happened to me, that made me realize the importance of this solution. I was trying to structure a DAO that we will be onboarding to the Cardano ecosystem, and I needed a structure for the treasury of this DAO. Unlike most DAO this DAO is such that a certain percentage of their members' earnings as predetermined by the member goes directly to the treasury. The members don't need to at every time send in their contributions to this DAO, it ought to be automated and smart, I searched for tools and smart contracts in the ecosystem that could help me achieve this goal but couldn't find one, in the absence of finding one, I decided its time to build one, to help as many DAOs currently and in the future who will need this tool. And to make it open source so that others can adapt this solution according to their use cases. This is the origin of the project.

THE PLEDGE SUBSCRIPTION MODEL

This model of an automated transfer of earnings to a particular DAOs may seem novel but in reality, it is not, it is an age-long model that communities, organizations, and even some social businesses have long operated with, these kinds of organizations are gradually coming into the DAO community like the organization I was trying to move in, and it is getting obvious that we are not well ready for them. For example, this model is what some social businesses operate in when they say For every shoe sold 10% goes to charity, assuming this kind of social business moves into the DAO for the sake of transparency, once there is a sale, the deduction of 10% to the common treasury ought to be automatic and traceable by the buyer, this model is also what some individuals do when they pledge to split commissions earned on a business transaction with an organization or person. Another use case that is related to my personal example is a DAO where they all work as a group to get a project done, but payments are made individually to all members of the DAO, all members of the DAO are committed to a certain percentage to the treasury but in the absence of a smart contract, this process can be so tasking and inefficient. I call this use cases and model the pledge subscription model and is gradually coming into the Cardano DAO we need to prepare for it by developing opensource smart contracts that can be adapted for different types of this kind of use cases

HOW IT WILL WORK

Smart Contract Initialization:

• The DAO initiates the smart contract by deploying it on the Cardano blockchain platform
• The contract includes configurable parameters such as the treasury address, contribution percentage, and any additional rules or conditions.

Member Registration and Pledge Subscription:

• DAO members who wish to contribute a percentage of their earnings to the treasury register their addresses with the smart contract.
• Each member specifies the percentage they want to contribute from their earnings, which is stored within the contract.
• Members can update or revoke their pledge subscription at any time, adjusting the contribution percentage or opting out entirely.

Earnings Tracking and Contribution Calculation:

• Members' earnings are monitored either through direct integration with their wallets or by manual reporting.
• The smart contract periodically checks or receives updates on the members' earnings and calculates the contribution amount based on the specified percentage.
• The contract holds a record of the total contributions made by each member.

Automatic Contribution to the Treasury:

• At predetermined intervals upon reaching a certain threshold, the smart contract triggers the automatic transfer of the calculated contribution amounts from each member's address to the DAO treasury address.
• The contract executes the transactions on the blockchain, ensuring transparency and traceability.

Transparency and Auditability:

• The smart contract maintains a transparent record of contributions, providing a verifiable and immutable history of transactions.
• The contribution details, including the member's address, amount, and timestamp, are recorded and can be audited by anyone on the Cardano blockchain.

Contract Upgradability and Adaptability:

• As an open-source project, the smart contract will be designed to be upgradable and adaptable to different use cases and requirements.
• Community feedback and contributions will help enhance the contract's features, security, and functionality over time.

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

This proposal is exactly what this challenge seeks and the Cardano community as well. Here is why in the challenge setting this is what it says.

Cardano needs:

• Similar tools offer superior features to those offered on other chains.

So many chains lack this tool and this will make DAOs to consider our chain when choosing a DAO to use.

• Effective Collaboration Management Platforms to Organize Community Intentions and Actions:

This tool will help DAOs manage the treasury problem and give a better organizational structure to how the treasury operates.

• Additional not yet existing tools to give Cardano a distinct advantage:

This tool is yet an existing tool and will Cardano a distinct advantage.

• Tools for prospective organizations to use in evaluating the features available in Cardano DAOs
• DAO community collaboration
• DAO creation
• DAO operation
• DAO governance.

Specifically this tool will help DAOs governance and treasury and even community collaboration since it is open source.

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

1. The deployment of smart contracts on the blockchain
2. The number of DAOs that will adopt and use the smart contract
3. The number of DAO tools that will integrate the smart contract into their solution
4. The number of forks on GitHub
5. The volume of transaction done through the smart contract

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

Code Development and Testing

Time period: 3 Months

Documentation and Code Review

Time Period: 1 Month

Community Outreach and Education

Time Period: 1 Month

Deployment and Initial Adoption

Time Period: 1 Month

iterative Improvements and Updates

Time Period: 1 month

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

Ubio Obu: CEO of RemoStart, A Blockchain Researcher and an AI expert and researcher with 4 years of experience in developing ML models and has completed his ATALA PRISM pioneer program. He has product management experience and has managed products that are in Agriculture, IoT, health, app development, etc. He has experience working with a range of tech stacks and has about 6 research publications in the field of Artificial Intelligence. His wide experience in tech development makes him ideal for the product management position in this solution. Successfully implemented a fund 9 awarded proposal. He will be in charge of coordinating with faculties and mentors for this project. He is a catalyst Facilitator collective member, organized the CIP-1694 Lagos event, is an African town hall coordinator, and was a moderator at the SingularityNet Deepfunding2 Pitchfest.

https://www.linkedin.com/in/ubio-obu-71927276/

http://github.com/ubiodee

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

The goals and objectives of this proposal are to

Develop a smart contract for automated contributions to a DAO treasury pool

Open source the smart contract to see what contributions and use cases the community will use it for

See the utilization and adoption of the smart contract by at least 1-3 DAOs in the ecosystem in the period of this proposal

Encourage other DAO builders to integrate the contract into their tools or solutions.

[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.

Development and Testing

ACTIVITIES

• Allocate the first two months to develop and test the smart contract.
• Define the contract's functionalities, design the code architecture, and implement the core features.
• Conduct comprehensive testing to ensure the contract's reliability, security, and compatibility with the cardano blockchain

Documentation and Code Review

ACTIVITIES

• Dedicate time to thoroughly document the smart contract code, including clear instructions on how to deploy, configure, and interact with the contract.
• Review the code to identify and address any potential vulnerabilities or inefficiencies.
• Encourage community engagement by sharing the project's progress, seeking feedback, and inviting developers to review the code and provide suggestions for improvement.

Community Outreach and Education

ACTIVITIES

• Allocate time to spread awareness about the open-source smart contract project.
• Engage with relevant communities, forums, and social media platforms to introduce the project, its objectives, and potential benefits to DAOs and related initiatives.
• Conduct educational sessions, webinars, or workshops to help interested individuals and organizations understand how to implement and customize the contract for their specific use cases.

Deployment and Initial Adoption

ACTIVITIES

• Release the smart contract code, along with the comprehensive documentation, on a public platform or repository (such as GitHub).
• Encourage early adopters to test the contract in their DAOs and provide feedback on its usability and functionality.
• Monitor the initial adoption, address any issues or bug reports, and provide prompt support to ensure a smooth deployment experience.

Iterative Improvements and Update

ACTIVITIES

• Based on the feedback received during the initial adoption phase, prioritize and implement necessary improvements and updates to the smart contract.
• Continuously engage with the community, addressing queries, providing guidance, and incorporating valuable suggestions for enhancing the contract's features and user experience.
• Regularly release updated versions of the contract to incorporate new functionalities or address any identified issues.

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

Milestone 1: Development and Testing

Deliverables:

• Completed smart contract code written in Plutus
• Test suite report covering various scenarios and edge cases.

Outputs:

• A fully functional smart contract capable of automatically distributing and contributing funds to a common DAO treasury based on the specified percentage.
• A set of test reports that have been carried out

Milestone 2: Documentation and Code Review

Deliverables:

• Detailed documentation describing the smart contract's functionalities, including deployment instructions, configuration options, and interaction guidelines.
• Security and best practices guide for using and customizing the contract.

Outputs:

• Well-documented smart contract code, making it easy for developers to understand, deploy, and integrate into their DAOs.
• A reviewed and audited codebase that addresses potential vulnerabilities, follows coding standards and ensures efficient execution.

Milestone 3: Community Outreach and Education

Deliverables:

• Marketing materials and promotional content, such as blog posts, social media announcements, and explanatory videos, highlighting the project's objectives, features, and benefits.
• Educational resources, including tutorials, guides, and presentations, explaining the implementation and customization of the smart contract.

Outputs:

• Increased awareness and understanding of the open-source smart contract project among the DAO community and related stakeholders.
• Engaged community members who express interest, ask questions, and provide initial feedback.

Milestone 4: Deployment and Initial Adoption

Deliverables:

• Public release of the smart contract code on github
• channels link to forum for users to report issues, seek guidance, and provide feedback.

Outputs:

• Successful deployment of the smart contract by early adopters in their DAOs, with positive user experiences and initial feedback received.
• Identified bug reports and improvement suggestions from the initial adoption phase.

Milestone 5: Iterative Improvements and Updates

Deliverables:

• Updated versions of the smart contract, incorporating bug fixes, feature enhancements, and community-driven improvements.
• Changelogs and release notes documenting the changes in each version.

Outputs:

• Improved functionality and usability of the smart contract based on user feedback and community contributions.
• Growing community engagement and participation in shaping the future development and adaptation of the contract.

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

Milestone 1: Development and Testing

• Development 200+ hours: 40,000 ADA
• Infrastructure costs: 5,000 ADA
• Project Management Cost for 2 months: 15000 ADA

TOTAL: 60,000 ADA

Milestone 2: Documentation and Code Review

• Technical writer: 5000 ADA
• Code review: 10,000 ADA
• Project Management Cost: 7500 ADA

TOTAL: 22,500 ADA

Milestone 3: Community Outreach and Education

• Marketing materials: 7000 ADA
• Education resources: 4000 ADA
• Community engagement: 10000 ADA
• Project Management Cost: 7500 ADA

TOTAL: 28,500 ADA

Milestone 4: Deployment and Initial Adoption

• Public Release: 3000 ADA
• Support channels: 4000 ADA
• Project Management Cost: 7500 ADA

TOTAL: 14,500 ADA

Milestone 5: Iterative Improvements and Updates

• Development 60 hours: 10000 ADA
• Infrastructure costs: 3000 ADA
• Project Management Cost: 7500 ADA

TOTAL: 20,500 ADA

Budget Total: 60,000+22,500+28,500+14500+20,500 = 146,000 ADA

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

The cost for project management, infrastructure, and developer resources(both wage for paying developers and talents and resources they will need for development) is calculated using global rates as the team is a distributed team with persons from Germany, India, Nigeria, etc as such global standards were applied. A link to the cost of paying an average blockchain developer and PM is attached below

https://www.knowledgehut.com/blog/blockchain/blockchain-developer-salary

https://www.ziprecruiter.com/Salaries/Global-Project-Manager-Salary

Our rates were calculated using global standards but adaptable and minimized a bit to our need

[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