Digital Identity Integration

[GENERAL] Summarize your solution to the problem.

projectNEWM aims to provide all individuals who fractionalize ip rights with DIDs.

[GENERAL] Summarize your relevant experience.

Andrew Westberg (Creator of Phyrhose, JorManager, PoolPerks, etc) leads our dev team with over 60 cumulative years of professional experience. Our legal team has over 25 years of legal experience.

[IMPACT] Please describe your proposed solution.

How you perceive the problem you are solving:

• Currently there are limited ways to connect blockchain tech with irl events. With current marketplaces there are no good ways for a disgruntled party to bring legal action against sudo-anonymous parties.

Your reasons for approaching it in the way that you have; 

• When dealing with Intellectual property rights, there has to be a legal entity to take custody of said rights. No rights holder will use a platform where they are restricted with no legal recourse due to malicious third party actors.

Who your project will engage, or who its stakeholders are; 

• projectNEWM will engage directly with artist, managers/management companies, labels, catalog holders, as well as live concert venues (live nation).

How your project will be implemented; 

• When creating an account on our platform the content will be required to go through KYC if they chose to fractionalize/mint their audio files. For added security that a consumer is indeed purchasing a song ip from the intended artist, we will implement a check mark system built upon DIDs.

What will happen as a result of your work (i.e. your outcomes)

• As a result of KYC and DIDs on our platform we will legitimize the trading of IP rights in a secure and responsible manner. This will facilitate a transition from Blockchain to RealFi and pave the way to an equitable platform for ALL creators and consumers.

[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

By building this framework and implementation process we will build a best practice and guide for others RealFi projects wishing to bridge from onChain to RealFi.

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

Risk 1: Identity Theft

Risk 2: Development Risk

Solution: Work with our security advisor Michael Fazio to mitigate risks.

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

Implementing KYC: see other proposal

[FEASIBILITY] Please provide a detailed budget breakdown.

Future Edits forthcoming

[FEASIBILITY] Please provide details of the people who will work on the project.

Team can be found at bottom of website projectnewm.io

[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

Yes, we will plan to continue going through Catalyst for Funding as we will have further legal needs. Our project is choosing to tackle the legal portion of this equation (we have three lawyers on our internal legal team) and we believe it is imperative that we solve this to bring true real world adoption to Cardano and Crypto at large.

[FEASIBILITY] Are you or any member of your team working on any other proposals in this Fund9?

[FEASIBILITY] Are you or your team working on any other proposals from previous Funds?

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

Future Edits forthcoming

[AUDITABILITY] What does success for this project look like?

Successful implementation of a Digital Identity Solution for all content creators on projectNEWM.

[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

This is an entirely new project.