Model Contracts for DeFi Loans
Problem
Legal requirements for contracts pertaining to home and auto loans vary from one state to the next. Dapp developers need a uniform approach.
Solution
Construct model smart contracts comprising natural language provisions with matching code that works across jurisdictions.
Total to date
This is the total amount allocated to Model Contracts for DeFi Loans.
About this idea
AIMS:
How can developers of DeFi dApps create smart contracts for home mortgages and autoloans when the standard contractual provisions vary from state to state? How can we bring the expertise of mortgage brokers and auto finance agents into the Cardano community?
In order to avoid the limitations of having smart contracts that are written for 50 different state jurisdictions, we seek to create templates on a modular approach that will work in multiple states. The templates for each part of the contracts will be written in natural language, Plutus and Marlowe. Team members will create informational resources for home and auto finance professionals to explain the advantages of smart contracts and defi loan options.
RELEVANT EXPERIENCE:
David Watts, business systems oriented on the problems of blockchain scalability.
Jeff Downard, professor at NAU specializing in law, ethics and logic. PI of NEH and NSF funded projects to build educational resources, director of crowdsourcing for SPIN project.
Kip Moyer, home mortgage agent
Justin Mcallister, auto finance
Board of Advisors: https://www.keplerscs.com/our-team-1
IP: Open workshop on Zoom in both a live and recorded form. The educational resources will be publicly available via a Youtube channel under copy left permission. The templates will be freely available for developers and dApp users in the Cardano community.
DEFINING SUCCESS:
A workshop with more than dozens of active participants drawn from the home mortgage and auto finance communities. An integrated set of video tutorials on the use of smart contracts for defi loans. A set of templates for smart agreements written in both natural language and Plutus.
TIMELINE & BUDGET:
Phase 1:
Month 1: DeFi community outreach ($2200)
Month 1-2: Workshops ($3100)
Month 2: Webpage development and and Youtube channel: 80 hours at $50 per hour ($2400)
Months 2-3: DeFi model contract language (MCL) for auto and home loans in natural language, Plutus and Marlowe: $75 per hour ($5,000)
Project direction: 4 hours per week for 12 weeks at $100/hour ($5,800)
Project oversight and evaluation by members of Board of Advisors months 1-5: 3-4 hours per week for 12 weeks at $100-250 hour ($4,500)
Legal work on guidelines for the roadmap (: 3 hours a week for 12 weeks ($4,000)
Total: ($25,400)
Phase 2:
Months 4-8: Develop and deploy dApp for DeFi auto loans
Phase 3:
Months 9-12: Develop and deploy dApp for DeFi home loans
Team
Contract law, tax law, ethics, business law, business systems consultant, developer, educator.
