Business on the Blockchain in MIAMI
Problem
Need easy to use, fully integrated Business-on-the-Business (DAO) platform where Cardano can be used as the central medium of value-exchange
Solution
Develop fully integrated system and toolset for legally registered (or unreg) organizations to conduct business activities on the blockchain
Total to date
This is the total amount allocated to Business on the Blockchain in MIAMI.
About this idea
[IMPACT]
Audience
- People interested in using Cardano as a central medium of value
- People interested in operating or participating in organizations tied to the blockchain (DAOs)
- Charities and Research organizations that would like to show financial transparency
- Business owners that would enjoy a built-in accounting system into their operation
Actions
- Develop metadata standard for businesses operating on the Cardano blockchain (pursued in separate proposal for operational standards) [WIP - 25%]
- Develop simple process to form legally registered or unregistered organizations [WIP - 90%]
- Develop compensation systems (payroll, bounty, work orders) [WIP - 70%]
- Develop organization funding system [WIP - 85%]
- Develop treasury system [WIP - 70%]
- Develop profile system [WIP - 70%]
- Develop profile system [WIP - 70%]
- Develop a fiat to crypto off ramp pipeline [WIP - 85%]
- Implement the fiat to crypto off ramp pipeline (in Miami) [WIP - 10%]
- Get local real estate developers and startups to formally operate on the blockchain [WIP - 25%]
(For full list of features with a finer breakdown and progress levels please visit the web link attached)
Impact
- On-ramp traditional small businesses onto the blockchain
- Enable frictionless finance
- Enable organizations to establish a formal chain of custody for ideas, assets, projects, and organizations and enhanced visibility into the flow of funds
- Automated accounting (the blockchain is the accounting system)
- Enable meritocratic organizations (ref. Proof of value added abstract in attached link)
Addressing Challenge KPI
- $ additional funding from other sources for the funded proposals
- Our MVP has a simple funding portal for our DAO to raise additional funding that accepts both credit and crypto. It is currently closed, but will open shortly after this proposal enters the next stage. A direct $ amount can be provided from Catalyst as a source due to the built-in referral system.
- https://www.mintmatrix.io/dao/funding/seed
- $ projected cost savings
- Our platform seeks to remove a lot of overhead from business operations and management through the use of smart contracts, using the blockchain as the core accounting system, and using blockchain based payroll and bounty system for human capital. Assuming this saves a business 1 accountant and 1 HR person, potential cost savings could be estimated to be $100k/year for a business.
- % growth in mainnet / testnet activity due to business solutions
- Our platform seeks to use Cardano as a central currency for business activities. Doing so will naturally increase network activity. A conservative estimate for tx/organization/year can be added soon.
The biggest challenge by far is convincing people to use ADA as a base unit of value.
The only solution to mitigate price volatility is implementation across entire supply chains or micro-economic systems to achieve stability. In other words, adoption will eventually stabilize the currency. And in theory, it should present itself as more robust in the end as a lot of economic non-linearities, such as inflation, are governed by an algorithm. Additionally, the enhanced visibility into the flow of funds should create a closed-loop system that can be financially engineered to be self-correcting.
[FEASIBILITY]
Roadmap
- Develop demo product and preliminary DAO tooling - Pre-Alpha v1.0 private release [Complete]
- Seek catalyst seed funding [We are here]
- Open payment gateway on MintMatrix.io DAO funding page to sell stake and raise more funds to further accelerate progress - Pre-Alpha v1.1 [page is publicly visible, but awaiting more feedback before accepting payments]
- Activate block producing node on stakepool [pool ticker: MIAMI]
- Open DAO request pipeline to begin onboarding early interest (no more than 100 organizations) - Pre-Alpha v1.2 release [request forms and initial profile pages are complete]
- Refine DAO management tooling and interaction pages - Alpha v2.0
- Complete security audit and implement any recommendations - Alpha v2.1
- Open platform to manageable sample size of no more than 500 organizations - Alpha v2.2
- Iterate over user feedback, implement new features, and further increase robustness of architecture - Alpha v2.3
- Open to platform to Beta cohort v3.0
Deliverables
- Front-end design to allow users to:
- launch a DAO
- interact with their DAO
- 10 DAOs operating on the blockchain
- User guides and educational materials
- Platform and smart contracts security audits
- A fully functional fiat to crypto off-ramp (developed by Moneta)
- Locally placed off-ramps in 50 local areas (executed by Moneta)
The full estimated cost to bring this project to full completion is approximately: 3,460,000 ₳. Please reference the link provided for a breakdown of this cost.
For the sake of this proposal most of the funds will be spent on the security auditing and scaling software development efforts.
A precise allocation plan for the funds requested in this proposal as applied into the referenced plan above will be provided soon.
Platform Development Team: 11
- Full stack developers (8)
- Cyber security professionals (2)
- Smart contracts developer (1)
Ground Team (Implementing the infrastructure with clients in the city of Miami): 6
- Marketing/Sales (2)
- Business operations and development (3)
- Full stack developer (1)
[AUDITABILITY]
The system we're building is inherently an auditing system in itself. The project will be tracked via the MintMatrix.io DAO's on chain activity with links to the proposed metadata identifiers. In other words, payments for services will be tokenized into receipts, proving value was added. One quantitative figure we can aim for can be
- 50 transactions with metadata footprints proving value-added (bounties, payroll, work orders, project grants, tokenization of assets, etc)
- A completed security audit of our system
- At least 100 organizations operating their finances on our platform
- At least 500 unique users earning money via the payroll or bounty systems
- At least 100 fiat-to-crypto off ramps
This proposal is the full scope of 4 previously proposed (unfunded) projects in F6. The intention then was to break up the complete vision and final product into separate features, presenting each feature as its own proposal. Unfortunately, we were spread a too thin and didn't have enough resources to dedicate enough manpower to all the proposals and were more focused on development efforts. So only 2 proposals this time, one to set a community metadata standard and one to complete this vision.
- Bounty system: https://cardano.ideascale.com/c/idea/369297
- Asset management on the ledger: https://cardano.ideascale.com/c/idea/367331
- Enable digital governance: https://cardano.ideascale.com/c/idea/367345
- Decentralized world data bank: https://cardano.ideascale.com/c/idea/367486/comments/372157
SDG Rating
- 8 - Decent work and economic growth
- 9 - Industry, innovation, and infrastructure
- 10 - Reduced inequalities
Team
My background is in spacecraft flight software which is requires the same level of high assurance and robustness as in financial systems. I've developed an MVP for this solution (2 years of dev) and currently positioned in the epicenter of crypto adoption in Miami.
