Please describe your proposed solution.
It is extremely difficult for projects on Cardano to maintain transparency regarding treasury expenditure. Furthermore, internal accounting and tax management on Cardano is a nightmare. There is very little infrastructure and tooling to help projects in this regard. Integral is the silver bullet for web3 accounting & tax management. Many projects have reservations about building on Cardano because the ecosystem doesn't have adequate tooling for aggregating onchain data for tax / accounting purposes. By expanding our product to support Cardano, we will make the ecosystem more attractive to new projects (especially those based in the US or Canada) because they will no longer have to worry about not having access to such tooling.
The Integral platform allows organizations to seamlessly aggregate all of their treasury assets & activity real-time, while automating key accounting workflows like gain/loss calculations, fee tracking, & transaction classification. The end result is much more efficient & clear finances, with real-time intelligence to respond to volatile markets. This allows clients to focus on expanding their projects and grow the network, rather than spending time manually attempting to reconcile their treasury. The dashboard and bookkeeping view in the platform allows clients to easily view, track, understand and value their web3 transactions.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
What products and integrations can be developed or improved that will offer more use cases to the Cardano ecosystem that are high impact and drive more adoption?
Many businesses and VCs have been attracted to Cardano by a variety of extremely desirable features that are strongly suited to large scale DeFi applications including, formal verification for smart contracts and a very large amount of untouched capital in the ecosystem; however, often these entities are dissuaded from choosing Cardano due to the lack of accounting tooling for onchain transactions.
Advanced onchain accounting tooling is especially valuable to VCs. When a VC invests in a DeFi protocol, they want to be able to closely monitor how the treasury funds are being spent, along with the number of vested tokens (belonging to the project team or third parties) and how those tokens are being spent (ex. team is consistently dumping their tokens on the open market). Right now due to the lack of accounting systems in the ecosystem, investing in projects on Cardano is frightening, because you have very little information about whether the treasury and team allocations are being used ethically / responsibly. As it stands, observing a project's treasury activity is extremely laborious; it requires scanning through each and every transaction on the chain, and applying a lot of guess work to determine what each those transactions were for. Integral is the perfect solution to this problem. It is the most powerful crypto accounting stack. Automated bookkeeping, transaction classification, P&L tracking, and treasury visibility.
How do you intend to measure the success of your project?
With our advanced crypto accounting stack, Integral can provide a wide-range of benefits to users. A few metrics we will consider for some use-cases are:
General:
- Total number of organizations using Integral
Accounting for Taxes:
- Total time or value saved for end users in adhering to local tax regulations.
Treasury Transparency:
- Total time saved aggregating and classifying transactions from / to the treasury.
- Total time saved in P&L tracking
Please describe your plans to share the outputs and results of your project?
Once Cardano integration is complete, the platform will be available to any project in the ecosystem to demo and integrate with if they are satisfied.