Trust Funds by Ada
Problem
Creating a Trust is expensive and complicated.As wealth is created in the blockchain ecosystem people will need ways to share and manage it.
Solution
A smart contract that implements a financial Trust on the Cardano Network that delegates and distributes your tokens as you describe.
Total to date
This is the total amount allocated to Trust Funds by Ada.
About this idea
Why a Community-led Trust?
Trusts are a core part of wealth management. Such a building block should be created, audited, managed, and trusted by the community. Any profits generated should be returned to the Treasury to be redistributed to fund future projects
Who am I?
I am an experienced Software Engineer and technical leader with a Masters in Computer Science who has been a member of the Crypto community since 2016 as an Ethereum miner. Upon seeing IOHK's Cardano Whiteboard Youtube video in 2017, I immediately believed in the vision and shifted entirely to the Cardano community and have been an Ada holder ever since.
As a software engineer and open source enthusiast, I have been anxiously waiting for the Plutus release to put my skills to use within the community. I recently participated in the first cohort of the Plutus Pioneer program in preparation.
Why am I asking for funding to create this?
I have recently left employment as Director of Engineering for a medium-sized enterprise Saas to pursue contributing to the Cardano community full time. For this to be a viable long-term career change, I need to cover my costs. These kinds of core reusable smart-contract building blocks seem like an ideal Catalyst-funded project and the perfect way for me to bring value to the community.
Budget
tbd
Success Criteria
The ability to send Ada to the trust contract to create a new trust that behaves according to the rules you have defined upon initiation
The contract should stake your Ada if desired while it is within the trust, with the staking rewards are returned to the trust.
The trust should be able to fund itself in a continuing fashion via a small trust management fee (0.01%/Month is my gut feeling but open to suggestions)
The management fee proceeds are returned to either the Project Catalyst fund or Cardano treasury.
All code open-sourced under a permissive license (TBD)
The project was built in public, including live-streamed coding sessions and office hours to discuss the direction.
Future Work
Support tokens besides Ada
Support the automatic creation and distribution of beneficiary wallets
Research the potential to include the purchase and shipping of a hardware wallet to the beneficiary of the trust upon trust initiation
Utilize oracles to support certain kinds of escrow use cases
Team
Plutus pioneer cohort 1 participant. Software engineer for 8 years.
