Paction Corp. - Launch Proposal

Funding Proposals Grants
1

## Name of Project / DAO / Company

Paction Corp.

Application Type

Smart-contract payments/Royalty Tokenization/NFT dAPP

Proposal Overview

Paction’s mission is to establish a standard for digital legal contracts and smart contracts allowing the music industry to collaborate on a shared blockchain solution that can integrate and replace legacy systems. Paction will introduce the music business to a Web3 infrastructure and a future that removes the middle-man and costs associated with traditional contract management, improving the transparency and credibility of royalty transactions.

Paction components:

  • Contract management and smart-contract transformation** enable the digitization of legal contracts. All legal agreements on Paction are briefed. For users, the briefs present complicated legal agreements in an easy-to-read format, but Paction Briefs are actually smart contracts that turn the elements that are the basis of all royalty transactions into executable code. This creates a modern, modular, and data-driven smart-contract which powers automatic payment execution and settlement on the Harmony blockchain.
  • Royalty term extraction and NFT creation allows for the tokenization of royalty rights contained within a smart-contract, providing direct ownership for the NFT holder. Royalty share earnings fed through Paction establish a market value for the NFT.
  • Paction Payment Gateway** will allow other music industry participants to automatically and trustlessly pay music royalties to any rights shares represented by Paction contracts with ease.

Paction users are anyone in the supply chain including sound recording distributors, mechanical rights organizations, performing rights societies, and record companies.

Paction is developed to be completely EVM compatible and its current NFT functionality is deployed on the Ethereum Ropsten Test network. Grant will be used for expansion of development team to build-out complete feature set and target Harmony mainnet for greater speed, scalability and reliability.

Proposal Ask

$50,000

Roadmap

:large_blue_circle: Music contract importer complete and Paction Briefs created

Current Status: Testing

Metric for success: Onboard 400 contracts

$ Need: 16,666

Target Date: January 17, 2022

:large_blue_circle: NFT metadata API complete and Generate NFTs on Harmony POPS testnet

Current Status: Testing

Metric for success: Generate 10,000 NFTs

$ Need: 16,666

Target Date: January 21, 2022

:large_blue_circle: NFT dApp complete

Current Status: In development

Metric for success: launching on Harmony mainnet

$ Need: 16,666

Target Date: January 28, 2022

Team

Pactions senior executives have decades of experience in entertainment law and music royalties. We’ve seen the challenges of royalty accounting and know the industry needs a solution that can integrate with the new technologies. Our team brings many years of experience leading agile engineering and project management. As our technology experts, they work closely with our founders and provide strategic input.

Paction was developed to address the root of the problems we encountered daily with music contracts and royalty accounting.

External link

Demo Site: https://paction.tech

1 Like
2

hey @Jennifer_Cary pleasure to see an important component of contract management take interest in blockchain, and in particular Harmony. Can you provide a bit more details on the actual product idea and flow, since it’s on Ropsten? I wasn’t able to grasp in detail how this is going to be solved with blockchain. If you have a deck, that would also help. How close are you to launching, as I see the launch date as Jan 28th?

Last but not least, this proposal fits best to the Launch grant based on the guidelines at Apply for Grants or DAO

Applications of each launch must have prototyped a feature-full product. Harmony helps incubate these founding teams with product development, fundraising, and talent recruit.
We recommend a $50K equity-free contribution each:

$10K after launching a feature-complete product on our testnet,
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs,
$10K after launching on our mainnet with audit,
$10K after 1K daily active users (with launch video, full PR promotion),
$10K after 10k daily active users (with a detailed roadmap, governance process).

Moreover, we recommend a 5-out-9 multisig account on Gnosis Safe with 3 governors from the project team, 3 governors from the project community, and 3 governors from Harmony DAOs – namely, ONEcommunityDAO, ONEdeveloperDAO, ONEincubatorDAO.

In all cases, we ask for 3-month exclusive campaigns with Harmony before more porting with other chains. We also offer follow-on investments – see 50 Investments ($20M) above; but, at the moment, you must have an outside, lead investor for us to match the funding terms. All codes, development materials and production assets must be fully open, preferrably with MIT or BSD licences; weekly updates must on sent on forum; and, all server deploys or mobile apps must be easily clonable.

Please go through the above milestones thoroughly, I understand it’s a lot to take in.

3

Since we have not heard back, we will pause the proposal at this time. Please DM me if you prefer to move forward. We will close out this proposal at this time.