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First State Fintech Lab Aragon - Digital Jurisdiction Proposal #51

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MannyCho commented Jun 15, 2018

Request for Nest membership and funding (#48)

Team name: First State Fintech Lab

Proof of concept / research whitepaper: Aragon - Digital Jurisdiction Proposal.pdf

Burn rate: $250k/year in installments per deliverable. Breakdown of costs can be found here:
Aragon Budget.pdf

Budget Summary:
Project Planning | $5,250
Staff Costs | $183,250
External Consultants | $30,000
Travel | $7,500
Research | $10,000
Events | $10,000
Production | $2,500
Supplies | $1,500

Legal structure: NA / Aragon DAO

Team and roadmap

Proposal

First State Fintech Lab ("FSFL") is a proposal for the Aragon Nest project - DAOs and the interaction with the physical world.

FSFL will assist Aragon to define and implement best practices and criteria for DAOs and a digital jurisdiction to interact with the physical world and land jurisdictions by performing the following:

  1. Identify the relevant US requirements for traditional organizations in which Aragon would need to meet if it were a traditional organization.
  2. Based on point 1, define gaps which would not apply as Aragon is a DAO. Example, no FEIN exists for a DAO.
  3. Based on gaps identified in point 2, collaborate with regulators and subject matter experts (lawyers, tax accountants, etc.) to define best practices and criteria for DAOs and a digital jurisdiction to interact with the physical world and land jurisdictions. These could include curated events, thought leadership roundtables, one-on-one meetings, or other methods.
  4. Assist Aragon with implementation of best practices and criteria for DAOs and a digital jurisdiction to interact with the physical world and land jurisdictions.

About FSFL

Founded by Delawareans, Entrepreneurs, and Policy Wonks, the First State Fintech Lab is a partner with the State of Delaware's Financial Innovation Hub. FSFL's primary mission is to ensure that Delaware functions as the FinTech capital of the United States. FSFL’s approach is holistic, community driven, and co-enabled by government. It is a collective, highly focused group of industry, government, academic, and community leaders whose purpose is to drive systemic change in order to strengthen and grow the Fintech sector in the First State.

FSFL bridges the gap between financial technology innovation and policy. FSFL achieves this by developing an ecosystem to promote collaboration amongst key stakeholders – fintech companies, regulatory bodies, financial institutions, and professional services organizations.

FSFL maintains relationships with various State and Federal agencies including Delaware’s Office of the State Bank Commissioner, Delaware Prosperity Partnership, Office of the Secretary of State of Delaware, the Internal Revenue Service, and many more. These relationships lend to effective navigation through and support of the various policy and regulatory environments. Given its relationships and team’s expertise, FSFL is best suited to support Aragon for this proposal.

MannyCho added some commits Jun 15, 2018

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mariapao commented Jun 25, 2018

Hi @MannyCho thank you for submitting your request for funding. Can you merge the PR that @Smokyish created for your that unifies the two branches of the PR? We are in the process of reviewing the application.

Merge pull request #1 from MannyCho/patch-3
Update your branch to include changes in one branch & Pull Request

@Smokyish Smokyish referenced this pull request Jun 26, 2018

Closed

Create roadmap.md #52

@Smokyish Smokyish changed the title from Create team.md to First State Fintech Lab Aragon - Digital Jurisdiction Proposal Jun 26, 2018

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Smokyish commented Jun 26, 2018

@MannyCho I closed the other Pull Request after the changes here and edited the title on this one.

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MannyCho commented Jun 26, 2018

Thanks @Smokyish

@mariapao

Hi @MannyCho

Thanks for submitting your request for funding. We have been reviewing it and think that this can be an interesting project. It's important that regulators and land jurisdictions, in general, start learning and experimenting with DAOs. We need to actively push the boundaries of the current system.

After the reviewing in detail the application, my comments are:

  1. Regarding the team, we need to have the team members commitment clear as this is going to affect the funding. Take into account that the funding of the program goes from $50k up to $100k/150k in ETH

  2. Regarding the paper/proposal:

  • Can you clarify or take out the part that says that Aragon is requesting services. You guys are applying and participating in the nest program, a grants program.

  • As a general comment, what is needed is to define and implement the best practices and criteria for DAOs and a digital jurisdiction to interact with the physical world and land jurisdictions. Land jurisdictions and regulators shouldn't dictate best practices or criteria for DAOs to be created.

  • Scope of work: In general, what the Aragon project needs is to define and implement the criteria by which DAOs and a digital jurisdiction can interact with land jurisdictions and physical world. The digital jurisdiction is being define according to  the blockchain-native digital entities' needs. The Ethereum ecosystem needs to start experimenting with different ways DAOs and a digital jurisdiction could interact with the physical world. The Delaware jurisdiction would be a great place to start working on this.

  • Request for funding: we don’t do a one-time payment. We do payout according to the fulfilment of the deliverables. We divide the total amount into the difference milestones. This is the way we keep the grants accountable.

  1. Regarding the roadmap and deliverables:
  • Discovery: "iii. List of relevant land jurisdiction requirements with supporting gap analysis". Instead of requirements, is better to call them critical points, points that are worrisome for the land jurisdiction. Is important to clarify that this is not a project about making the new system fit in the traditional system's box but about finding ways in which these two systems could co-exist

  • Implementation (5 weeks). Deliverable(s): "i. Testing and go-live of processes and/or platform changes". Can we have here instead: Testing and go-live of the first interaction/s between a DAO and the Delaware jurisdiction?

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jtiannelli commented Jul 5, 2018

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mariapao commented Jul 11, 2018

Hi @jtiannelli are you talking about creating a template to setup a "digital body corporate" on the blockchain, using Aragon, according to Malta's law? If this is the case we are interested.

Also, I understood that in any case such "digital body corporate" would have to incorporate as a foundation or similar legal entity.

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jtiannelli commented Jul 11, 2018

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mariapao commented Jul 12, 2018

@jtiannelli Thank you!

MannyCho added some commits Jul 12, 2018

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MannyCho commented Jul 12, 2018

@mariapao Thanks for the feedback. Please see below for my responses to your points.

After the reviewing in detail the application, my comments are:

Regarding the team, we need to have the team members commitment clear as this is going to affect the funding. Take into account that the funding of the program goes from $50k up to $100k/150k in ETH
The total funding of $250k is broken up into three separate installments and payable when deliverables have been provided. In the first phase, Discovery, we will provide specific deliverables. Once these specific deliverables are provided, we would then receive payment of $100k in ETH. The second phase is Development, which also has specific deliverables associated with this phase. Once the Development deliverables are provided, we would then receive payment of another $100k in ETH. The third and final phase is Implementation, which has specific deliverables associated with this phase. Once the Implementation deliverables are provided, we would then receive a payment of $50k in ETH. I have updated the request for funding accordingly.

Regarding the paper/proposal:

Can you clarify or take out the part that says that Aragon is requesting services. You guys are applying and participating in the nest program, a grants program.
Yes, I have updated this.

As a general comment, what is needed is to define and implement the best practices and criteria for DAOs and a digital jurisdiction to interact with the physical world and land jurisdictions. Land jurisdictions and regulators shouldn't dictate best practices or criteria for DAOs to be created.
Understood. I have updated the paper/proposal and request for funding accordingly.

Scope of work: In general, what the Aragon project needs is to define and implement the criteria by which DAOs and a digital jurisdiction can interact with land jurisdictions and physical world. The digital jurisdiction is being define according to the blockchain-native digital entities' needs. The Ethereum ecosystem needs to start experimenting with different ways DAOs and a digital jurisdiction could interact with the physical world. The Delaware jurisdiction would be a great place to start working on this.
Understood. I have updated the paper/proposal and request for funding accordingly. Regarding the land jurisdiction, Delaware may be a starting point, but we also have relationships at the Federal level. Given the reach of DAO's, it would be prudent for us to explore other jurisdictions as well (ex. IRS). As such, I have updated the proposal to indicate 'select land jurisdiction' in the implementation phase.

Request for funding: we don’t do a one-time payment. We do payout according to the fulfilment of the deliverables. We divide the total amount into the difference milestones. This is the way we keep the grants accountable.
The total funding of $250k is broken up into three separate installments and payable when deliverables have been provided. In the first phase, Discovery, we will provide specific deliverables. Once these specific deliverables are provided, we would then receive payment of $100k in ETH. The second phase is Development, which also has specific deliverables associated with this phase. Once the Development deliverables are provided, we would then receive payment of another $100k in ETH. The third and final phase is Implementation, which has specific deliverables associated with this phase. Once the Implementation deliverables are provided, we would then receive a payment of $50k in ETH. I have updated the request for funding accordingly.

Regarding the roadmap and deliverables:
Discovery: "iii. List of relevant land jurisdiction requirements with supporting gap analysis". Instead of requirements, is better to call them critical points, points that are worrisome for the land jurisdiction. Is important to clarify that this is not a project about making the new system fit in the traditional system's box but about finding ways in which these two systems could co-exist
Understood. I have updated the request and paper/proposal accordingly.

Implementation (5 weeks). Deliverable(s): "i. Testing and go-live of processes and/or platform changes". Can we have here instead: Testing and go-live of the first interaction/s between a DAO and the Delaware jurisdiction?
Delaware may be a starting point, but we also have relationships at the Federal level. Given the reach of DAO's, it would be prudent for us to explore other jurisdictions as well (ex. IRS). As such, I have updated the proposal to indicate 'select land jurisdiction'.

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MannyCho commented Aug 8, 2018

@mariapao I have uploaded a breakdown of the budget and uploaded a file that provides further detail regarding our budget.

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mariapao commented Aug 21, 2018

@MannyCho thanks for the additional information on the budget. We have decided to stick to the program's funding range for the moment. Would this work for you and your team?

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MannyCho commented Aug 21, 2018

@mariapao Yes, that will work for our team.

@mariapao mariapao self-requested a review Aug 28, 2018

@mariapao

@MannyCho great!

Just to confirm. The funding will be $100k in ETH. And $50k in ANT as a reward.

We think this project is an important work that no many projects are actively pushing right now. We see it as a key part of bridging the gap between the blockchain world and the physical and legal world. The team is strong and we are confident that the outcome is going to be extremely valuable for the Ethereum and Aragon ecosystems. For all the above, I'm pleased to let you know that your request for funding is approved. Welcome to Nest :)

Next steps: I'll schedule a call with you this week to go over some minor details to close this process and start the onboarding process to the nest program.

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MannyCho commented Aug 28, 2018

@mariapao That's great. I confirm the $100k in ETH and $50k in ANT as a reward. We too believe this is a key initiative to support the Ethereum and Aragon ecosystems. We're excited to get this project kicked off!

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Smokyish commented Sep 14, 2018

@MannyCho Hi, please sign the CLA at https://cla-assistant.io/aragon/nest?pullRequest=51 to have the steps completed for being able to have this PR merged.

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MannyCho commented Sep 14, 2018

@Smokyish I have signed the CLA. Thanks.

@mariapao mariapao merged commit 401986a into aragon:master Oct 5, 2018

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