Smart Contract Audit Token SCAT DAO

SCAT DAO is a new audit paradigm that reinvents the way audits are selected, performed, and financed. With SCAT DAO we solve audits inherent problem, the conflict of interest that comes from paying for an audit service. As we have seen with Enron, Tyco, and countless others, the possibility always exists for an auditor to commit fraud to keep their client happy. With SCAT DAO, the token holders choose the projects they care for and want audited. The audit process is standardized, automated, and performed by the community with all services funded by the DAO's treasury. SCAT DAO auditors are incentivized only to provide accurate audit results, regardless of if they are good or bad. No more altering or softening results to appease clients, no more worrying about what the client will think. We are the client, we are the auditor, we are SCAT DAO.

With our funding received from R5, we are currently in the process of developing our work program to audit the various dapps and projects that will be coming to the Cardano ecosystem. As part of this initiative, we will also be onboarding a work force of part time auditors who will perform audit procedures on behalf of the DAO. We believe there are direct synergies between this project already in progress and the monitoring and review of Catalyst projects, so that incorporating this into our mandate would be a good use of the communities funds as well as improve the utility and usefulness of our DAO.

As mentioned, SCAT DAO does not receive funding from any project that we audit. We feel that this is a direct conflict of interest that puts into question the legitimacy of any audit results that are found. In order to solve for this, the DAO will be issuing a token that is partially reserved by its treasury and invested into various yield generating opportunities that generate revenue and fund its operations. Eventually, we expect our treasury to be able to fund our audits as well as our monitoring of Catalyst projects, but it will take a bit of time to get to that point. To begin reviewing these sooner we are requesting additional funds that can be used to compensate our workforce that will be monitoring Catalyst projects until the treasury funding is robust and self-sustaining. All results of our monitoring will be written up into clear, easy to read reports, and will be distributed for the entire community through our website (SCATDAO.com).

Detailed information about how the DAO functions and is funded is provided on our website along with our Whitepaper. Please refer to SCATDAO.com to learn more about how the process works.

Road Map

One Month:

Develop comprehensive work program to monitor Catalyst winners. Examples of items that the work program will take into account in its monitoring are:

• Performance

• Achievements

• Financials

• Number of onboarded developers.

• Number of commits in funded proposal repositories (Github)

• Indicators of: transactions, volume and unique wallets interacting with dapps.

• Smart contract audit results.

• Social media engagement indicators.

As different projects will have different metrics to define their success, we will be sure to design the program to have various KPIs that we check for each different category that a project falls into. For example, a Defi applications would be assessed and monitored differently than a project to create educational YouTube videos.

Three Months:

Hire, onboard, and train our workforce who will be following the work program we develop and begin the monitoring of funded Catalyst projects. Within 3 months of receiving funding, we plan to publicly launch this aspect of our DAO and be actively monitoring Catalyst projects. 

Six Months:

The treasury should now be self-sustaining and SCAT DAO will now have funding to review all catalyst projects in perpetuity. No additional funds should be required from Catalyst and the ecosystem will now have a dedicated, scalable team who will be continuously reviewing Catalyst project and sharing our results with the community.

Budget:

Website $0 – Already covered through R5 Funding

Programming smart contract functionality $0 - Already covered through R5 Funding

Creating work program $0 - Already covered through R5 Funding

Paying Auditors working on behalf of the DAO for 6 months – 15,000

Measuring Success: If we receive funding and are able to incorporate this work into the mandate of our DAO, then success would be defined as every single project that receives funding through Catalyst would be monitored and reported on by us. Achieving partial results or covering a majority of projects would be a failure. We do not feel that any project funded through catalyst is more important than any other or deserves special focus. All funding awarded through Catalyst carries a responsibility to the community to spend it ethically and build something that will benefit the Cardano community. So our success will be defined by thoroughly reviewing all funded projects and delivering accurate and timely results to the community through our website.