In addition to the 12 Harmony tracks, we are working with Terra, Chainlink, Sushi, Maddock Capital, and Hashkey on a challenge with the following prize structure: $20K for top prize, $10K for second, $5K for pool prize, and 2 follow on grants of $10K to be decided by the prize partners.
### Maddock Capital’s Challenges:
Theme, “Reduction of the broker / middleman tax in all financial marketplaces”
Preamble: blockchain technologies power is to reduce transaction friction and transaction costs across all marketplaces in a mature and efficient ecosystem. Currently nearly every financial transaction undertaken has a “broker tax” applied to it. Harmony’s infrastructure enables that to be materially reduced.
Currently most online businesses, particularly early stage startups and more mature tech businesses with recurring revenue have limited recourse to raise money outside of equity rounds. Typically, equity raises when advised by financial intermediaries charge 5-7% of proceeds. A blockchain enabled Crowdfunding solution for equity in these businesses (ideally native to and utilising blockchain technologies) could significantly disrupt this market by bringing new sources of capital to these businesses. In short, improve access through designing a 2-sided marketplace for equity raises.
Similarly these businesses currently are not able to raise debt. Current solutions are focused on securitising or forward selling revenues linked to recurring contract income.
In short we want you to disrupt online platforms providing marketplaces to forward sell revenues and contract receivables.
Our view is that this would require the Use of a stable coin pegged to the USD in the first instance. This should enable any blockchain participant to put their capital to work for real growth.
Theme, “Reduction of the broker / middleman tax in all financial marketplaces”
Preamble: blockchain technologies power is to reduce transaction friction and transaction costs across all marketplaces in a mature and efficient ecosystem. Currently nearly every financial transaction undertaken has a “broker tax” applied to it. Harmony’s infrastructure enables that to be materially reduced.
Currently most online businesses, particularly early stage startups and more mature tech businesses with recurring revenue have limited recourse to raise money outside of equity rounds. Typically, equity raises when advised by financial intermediaries charge 5-7% of proceeds. A blockchain enabled Crowdfunding solution for equity in these businesses (ideally native to and utilising blockchain technologies) could significantly disrupt this market by bringing new sources of capital to these businesses. In short, improve access through designing a 2-sided marketplace for equity raises.
Similarly these businesses currently are not able to raise debt. Current solutions are focused on securitising or forward selling revenues linked to recurring contract income.
In short we want you to disrupt online platforms providing marketplaces to forward sell revenues and contract receivables.
Our view is that this would require the Use of a stable coin pegged to the USD in the first instance. This should enable any blockchain participant to put their capital to work for real growth.
