Introduction to Programmable NFTs
Last Updated by Code Sport. Filed under ethereumDeprecation Notice This is a deprecated business plan and README for an…
This is a deprecated business plan and README for an earlier iteration of our Builder’s DAO project. This post is left here for reference. But may be deleted.
The revised and updated business plan is here: Business Plan: Blockchain Studio
NB: Eight Test DAO is a placeholder name for yet to be named DAO that would spun off from Code Sport Labs
Eight Test uses NFTs as primitives to provide cashflow entitlements, blockchain-based credentialing, proof of provenance, proof of work (completed labor), and proof of attendance (of events) for individuals in real life scenarios.
The contract’s address on Polygon’s Mumbai testnet is: 0x001fd467d74cc8c3c2e4884a1810d06f082aefe3
The first phase of this project is this NFT minter. The minter issues programmable investor NFTs which convey membership and ownership interest in the DAO.
This minter was built using a React frontend with Node and Express.js on the backend. Automated and programmatic image editing was done using jimp-compact on the backend.
Eight Test is an investment vehicle and guild for blockchain end users, investors, and builders. it shall offer several novel use cases for NFTs through a mechanism called “Programmable NFTs”. Eight Test binds NFTs to permanent capital reserves, organizational governance, claims to future cashflows, proof of work, and verifiable chains of provenance.
These novel use-cases provide tangible utility and a quantifiable floor to an NFT’s intrinsic monetary value. The below summarizes the first phase of our business and product development roadmap.
The goals of the DAO is to meet the needs of key stakeholders within the blockchain ecosystem: end users, investors, and blockchain developers.
This phase deliverable is a proof of concept for the Investor NFT. It can be minted on-demand by anyone wants to invest in a group of blockchain devs working together as a team.
These roles are simplified for discussion purposes. It’s understood that each stakeholder may have multiple roles.
End users: 80 to 90% of the funding provided by end users goes into developer salaries to fund product development. The remaining 10% to 20% is kept in the treasury’s rainy-day reserve fund. All code and intellectual property are transferred to end user upon successful product completion.
Investors: are purchasing equity ownership in the DAO. They have a direct claim on all the assets based on their ownership percent. They pay a 5%-10% haircut which goes into the Treasury’s rainy-day reserve fund.
Developers: receive salaries and milestone bonuses based on building applications that end-users want and within schedule. Developers are also eligible for ownership awards based team member and end user feedback.
Treasury funds: The rainy-day fund will be used to fund core-team developer salaries when business is slow. Funds may also be invested in conservative fixed income strategies from Element Finance, Notional, and Yield. As well as Ethereum Staking.
Minter:
npx hardhat run scripts/deploy-eight.js --network mumbai pinFileToIPFS Output: { IpfsHash: 'QmQT9ixtB9rDSZgrkCza6onTzNULsz3XAftCbGhu1JfAsg', PinSize: 38241, Timestamp: '2022-03-27T12:49:09.027Z' } File URL: https://gateway.pinata.cloud/ipfs/QmQT9ixtB9rDSZgrkCza6onTzNULsz3XAftCbGhu1JfAsg Contract deployed TO: 0x001fd467D74CC8c3c2e4884a1810D06F082aeFe3
Governor:
$ npx hardhat run scripts/deploy-eightGovernor.js --network mumbai Contract deployed TO: 0x336827b17909B59439C4291B05929b42f271635B
Timelock:
$ npx hardhat run scripts/deploy-eightTimelock.js --network mumbai Compiling 47 files with 0.8.12 Solidity compilation finished successfully Contract deployed TO: 0xdd4447373BB1B868004348fF15FbbEBdE90b5461
Builders’ DAO offers several novel use cases for NFTs through a mechanism called “Programmable NFTs”
We allow NFTs to represent and entitle holders to either (a) perpetual, (b) limited with expiry, (c) continuous, or (d) discrete claims on future cashflows based on:
Amount of ETH staked by a member (Founder NFTs) Satisfactory completion of time based labour services performed by a member (Builder NFTs) Additionally, we exploit NFTs as primitives to provide blockchain-based credentialing, proof of provenance, proof of work (completed labor), proof of attendance (of events), for individuals in real life scenarios Proof of Work/Contribution: Verifies satisfactory completion of time-based labour services performed by a member Proof of Ownership: Attestation of ownership and therefore a claim on cashflows from a revenue generating product or business Proof of Attendance/Completion: Confirms attendance and/or completion of classes/courses/homework from an educational institutions Proof of Provenance/Origin: Attests that NFT was issued by a smart contract owned and deployed by a specific entity (e.g., a school/educational institution, individual, or any organizational entity) These NFTs may not be resold and are permanently tied to a members ETH Address