Please describe your proposed solution.

Auditing of smart contracts is important for user trust in the system. In the case of projectNEWM, significant value and intellectual property rights will move through our smart contracts. projectNEWM will hire a 3rd party auditing company to ensure that our smart contracts have no significant security issues and operate as intended.

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

projectNEWM is a dApp that manage IP music rights and streaming royalties for musicians. Supporting projectNEWM through Catalyst helps elevate the entire Cardano ecosystem.

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

The largest risk to smart contract auditability is lack of resources on the 3rd party auditor's side. To mitigate this risk, we can elicit multiple offers from auditing companies.

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

Milestone 1: Auditor selection process completion.

Milestone 2: Smart contract audit complete and any recommendations implemented.

Please provide a detailed budget breakdown.

The entire amount requested will be used to pay the 3rd party auditing company.

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

This project will be lead by Andrew Westberg from a technical perspective and Florian Sorg from a financial and legal perspective.

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

Yes. There is always the possibility at a later date to request auditing of new smart contracts for new projectNEWM features and dApps. This auditing covers just our first set of smart contracts.

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

Updates on progress will be shared with the community through our weekly twitter status thread and bi-weekly twitter space tech update. Significant milestones will also be available through our weekly newsletter.

What does success for this project look like?

A successfully audited and any suggestions deployed in our smart contracts.

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

Entirely new proposal.