Every passing second, wealth is created in the blockchain ecosystem and people need new approaches for sharing and managing this wealth.
Creating the traditional Trust is complicated and expensive, especially when it comes to implementing it entirely on the crypto ecosystem. This project proposes scaling the traditional Trust down to a smart contract responsible for implementing a financial Trust on the Cardano Network. This smart contract can then distribute and delegate a user’s tokens as instructed.
Rising above the Centralized Finance Trust Fund
The Trust Funds by ADA platform is quite different from the traditional Trust Fund in that it is a community-led Trust. The crypto sphere is community-driven so it would be only right to let the members take up a core part of their wealth management. This type of building block ought to be created, managed, trusted, and audited by the community. This raises the integrity levels around the Trust since any profits generated are credited to the central Treasury for redistribution towards funding future projects.
Centralized Finance claims that:
“a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.”
Bringing in the community approach to a Trust goes hand-in-hand with the core pillars of DeFi. It decentralizes the entire system by giving financial power back to the masses.
A community-led Trust allows users to directly control the decisions concerning their wealth, while still protecting their legacy and privacy. Once a user delegates the fiduciary responsibilities of trust to the blockchain, they can retain complete privacy and make considerable savings as compared to the traditional trust entities.
Bringing this venture to the crypto scene equips crypto enthusiasts with a new and straightforward financial instrument that protects both their wealth and legacy.
This project is spearheaded by an experienced Plutus Pioneer Cohort 1 participant only known as Mark. He has more than 8 years’ experience as a software engineer.
Mark is also a technical leader with a Masters in Computer Science and has been actively involved in the crypto scene for over five years as an Ethereum miner. He is a firm believer in the success of the Cardano ecosystem and has been an ADA holder after seeing IOHK’s Cardano Whiteboard YouTube Video in 2017.
This experience and skillset puts him at a great position to steer the idea to a reality.
The project is requesting $25,000 to turn this Trust idea into a reality. The budget is meant to fund six months of development and the monthly expenses are as shown below:
- Developer time: 80 hours – $37.5/hour
- Infrastructure costs (this includes servers) – $500
- Designer time: 5 hours – $40/hour
- Marketing and promotions – $250/month
The total monthly expenditure comes to $3,950.00
The total budgeted project expenditure is $23,700.00
The contingency budget is $1,300.00
Leveraging Blockchain Technology for Wealth Management and Sharing
Developing a smart contract plugin for a Trust will help accelerate the adoption of Cardano globally as many crypto enthusiasts need better avenues for sharing and managing their wealth. By creating a core building block for the Trust ecosystem, developers can then utilize this DApp defined trust instrument as part of multiple other DApps. This will reduce the developer burden, increase their productivity and boost the community’s trust in the project. These three project features (burden reduction, productivity increase, and increase in trust) work together to increase application output and broaden the range of transactions for users.
If you’d like to know more information or have questions/comments regarding the Trust Fund proposal, check out the link provided: https://cardano.ideascale.com/a/dtd/Trust-Funds-by-Ada/366848-48088