Please describe your proposed solution.
DAOs and other organizations try various approaches to have developers build on their chain, however the transition from receiving these grants to spending them for their essentials, most developers find it a big blocker to safely convert their crypto from grants into fiat which can then be used for the expenses. LawFinDao a faction of konma org, proposes a solution where members from the legal and financial realm of specific countries will come together to provide legal consultancies and support in any legal and financial problems they would face. We are open to collaborate with grants to assist all projects that are successfully funded to make use of these funds in a efficient and safe manner.
We aim to be a facilitator for projects based in crypto friendly jurisdictions and provide a bridge for projects based in crypto agnostic jurisdictions looking to seed themselves abroad and benefit off the friendly regulations thereof. Due to the cross border and global nature of the blockchain space, we aim to be a one stop shop solutions for DAOs so that their projects are not hassled by the limited nature of their country's regulations. Legal services such as incorporation of an entity, providing contracts for source key protection, drafting smart contract agreements, defining terms and conditions for a community forum based on a country's social media data privacy guidelines, carrying out financial auditing in compliance with native laws, creating financial structures for free flow of cross border payments, are just some of the ways our onboarded diverse set of experts would assist. This would not only boost the project but also allow smooth flow of cross border payments and flow of FDIs within a country. Aspects like money tracking via the supply chain, international commercial procedures would become automated.
We intend to develop a service DAO which comprises members who have proven track record of legal financial and crypto expertise in their respective countries. Projects funded through catalyst will be able to join this DAO and seek guidance from these members on getting their project kick started. DAO will provide these services and the option to convert the ADA acquired, by getting funded through the catalyst, to other crypto or even fiat currency as so required. It will encourage ease of understanding and doing business among the funded proposers who are wanting to kickstart their projects as soon as funding kicks in with assisted execution and other legal and financial services to be provided by us. This increases the cohort of available experienced lawyers, economists, accountants and financial advisors from different countries who readily assist at a nominal fee.
Our project also envisions to actively engage and involve students of law and paralegals by providing them first hand experience of the confluence of law, finance and blockchain. Our project will engage all the stakeholders in question, we will be providing services and as a result of which the funded proposers will be able to avail the services in easy, efficient and economical way.
Our solution brings value to the CARDANO ecosystem as it brings on board an opportunity to the funded proposers of catalyst as well as going to be future funded proposers to be connected with each other through the DAO making it a truly borderless network.
The proposal is a win win for the Community as well as our organization as it would integrate the best of both worlds through networking and community management thus benefiting the greater Cardano community.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
It will encourage ease of understanding and doing business among the funded proposers who want to kickstart their projects with sound legal backing tailor made for their needs. Since different countries have different regulations with respect to startup incorporations, set ups, web agreements, data privacy policies, intellectual property protections laws, a one stop shop platform would promote development of the technology and trade. In most initiatives, finance, legal and management are separate functions run by different factions. We plan on encompassing these three functions under one umbrella and be a one stop solution for all blockchain needs.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
i) Risk: Managing large repository of participants and members Solution: By maintaining a registry KYC of all members and participants on the blockchain, thus assigning particular roles and responsibilities in the DAO ensuring traceability and accountability.
ii) Risk: Managing different blockchain treasuries, fiat as well as cryptocurrency and Auditability Solution: By maintaining different treasuries of different cryptocurrencies on blockchain, thus allowing transparency of operations of the DAO and providing an audit trail for system and operational audit.
iii) Risk: Adaptability and education Solution: Generate awareness via our platform KonmaHood and KonmaFlair, which engage blockchain enthusiasts to form their niche tribes and mutually exchange knowledge.
iv) Risk:Country specific regulation threatening shut down Solution: Incorporating the DAO as a company in a crypto friendly jurisdiction most conducive for blockchain startups to thrive. Jurisdictions such as Wyoming, Dubai, Singapore, SVG, offer an incubative atmosphere for blockchain based startups to function within.
v) Risk: A threat actor’s attempt to break the integrity of the DAO by compromising more than 51% of the voting power; Solution: Vesting period of one year is ensured so that no funds are sold during various phases of funding, wallet holders will still be able to vote.