Please describe your proposed solution.

Develop the legal and financial framework to allow on-chain purchases of physical products. This requires a roadmap for establishing token-based enterprises on the Cardano network.

With the correct legal and financial implementation, a blockchain based business can be constructed consisting of an online marketplace which supplies physical products for exchange of ADA or a supported native token. This framework allows the Cardano community to engage with a decentralised business ecosystem.

Contact has been established with well-regarded specialised cryptocurrency accountants and law firm and Lawyers in Australia, members of which advise and direct local government bodies on blockchain and cryptocurrency related laws. An agreement has been made to support our project in verifying the correct legal and financial framework, token classification and entity establishment essential to the growth of the Cardano network.

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

This challenge will help funded projects to establish the legal and financial framework to operate and comply with local legal obligations on the global Cardano network. The applicable local and international regulations and laws must be identified and acknowledged to permit global expansion of onchain services with physical products. The establishment of legally recognised entities on the Cardano network is essential for the blockchain to advance and these entities are obliged to operate lawfully. The legal framework for our project, if funded, can serve as a template for similar business structures.

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

The risk of creating insufficient legal entities, which are not adaptable to adjustments of legal regulations and standards, currently not clearly defined and subject to precipitous change. We wish to identify solutions to existing legal uncertainties, through professional legal guidance. Allowing for the creation of a robust financial and legal framework to ensure growth on the Cardano network.

Digital assets and native tokens have no clear pathway to ensure lawful operations, this proposal seeks to address this issue and implement entities which adhere to existing financial and legal regulations and standards.

The ability to empower businesses development on the blockchain are inadequate. This can lead to reoccurring legal and financial consultancy fees. We aim to identify advanced financial and law personnel, assisting in the creation of blockchain based entities avoiding reiterations.

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

Proposal developed over 4 Month period

Timeline and Milestones

Month 1

• Identify Legal compliance – best practises – scope of compliance
• Token Classification
• Social Impact Classification
• Identify Legal entity – LLC/Association/Foundation
• Identify legal responsibilities
• Identify financial responsibility
• Due diligence

Month 2-3

• Identify Global Legal location – each country has different laws and financial operations, as a project wishes to operate globally advice must be obtained from experts.
• Creation of Legal entity
• Creation of Social Impact entity

Month 4

• Application to Register as legal entity
• Application to register as social impact entity
• Token classification completion

Time has been allocated by the team to complete proposed milestones for this project. The milestones operate in conjunction with other business processes which coexist with complementary functionalities of business operations, required to complete the entire blockchain project.

*Internal core team time allocation 1 day per week for 1 people over 4 months

Please provide a detailed budget breakdown.

Project development by the internal core Algae Token Team: 8 hours per week for 4 months (128 hours at $40/h = $5,120)

• Project management and reporting
• Coordinate legal research and liaise with legal advisor
• Coordinate accounting research and liaise with financial advisor

Legal entity registration ($10,000)

• Accounting fees to establish the local legal entity that administers the physical project.
• Local registration fees
• Social Impact Classification

International Legal advice & consultancy (40 hours at $145 = $5,800)

• Specialised Cryptocurrency/blockchain Lawyer
• Token classification
• Establishment of legal entity

Finance and accounting advice & consultancy (30 hours at $105 = $3,150)

Other expenditures (approx. $800)

• Registration fees
• Trading License

Total $24,870

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

Dylan Kreis <https://www.linkedin.com/in/dylankreis/>

Bachelor of Information Systems

20+ Year's experience in Information System project management,

design and implementation.

Chemical Engineer

He has significant experience as a Chemical Engineer and Farm

manager for a micro algae-based companies in Australia and as the Algae Energy

Farm Manager for the University of Queensland. Consulting for microalgae

companies in Australia and the middle east.

Dr. Skye Thomas Hall <https://www.linkedin.com/in/skye-thomas-hall-858a6639/>

PHD. Microbiologist

Dr Thomas-Hall has worked at the University of Queensland as

Team leader of the Algae Biotechnology supervising a number of PhD, Masters,

Honours and undergraduate students, all working on algae production/processing.

Skye has helped set up over 30 small scale projects in

hatcheries, university operations and several larger companies, primarily based

in northern America and Australia.

Dr. Swaminathan Detchanamurthy <https://www.linkedin.com/in/dr-d-swaminathan-5982b115/>

PHD. Microbiologist

Chemical Engineer

Dr D. Swaminathan serves in the Board of different microalgae

cultivating companies which includes Seagrass Tech Pvt Ltd India. Glaukos Algae

Technologies, India and Algae Australia

Cryptocurrency Lawyer

Ph.D. Digital Signatures and LL.B. (Hons)

A solicitor for 30 years having concentrated on IT law, and IT security law.

Presently advising on Blockchain technology.

Chartered Accountant

Cryptocurrency Accountant

Expertise includes accounting & tax, asset structuring, management reporting for business success and implementing cloud accounting systems.

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

This project aims to be self-funded within the given timeframe

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

The projects progress will be tracked with regular meetings with legal and accounting professionals to ensure progress and task completion. The majority of the measurable outcomes of the proposal are task orientated and progress is defined by registration of legal entities and completion of milestones.

• Creation of legally compliant business entity – registered legal entity
• Confirmed Token Classification
• Complying to legal responsibilities in local and international locations

What does success for this project look like?

Success of this proposal is the confirmed fully operational business entity and registered legal entity, coordinated by legal and financial experts. This includes;

• Token classification
• Social impact classification
• Business Entity registration

Allowing for legal on-chain purchases of physical products with ADA and or Native tokens and the and financial framework to maintain a sustainable business model.

Success is also the Cardano community adopting the project which will be calculated by the number of members onboarded to social media platforms, such as discord and twitter.

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

New project never been funded.