# Ricardian Fabric DAO is now on testnet **URL:** \ **Category:** Applications\ **Created:** [March 11, 2022, 8:36pm UTC](https://talk.harmony.one/t/ricardian-fabric-dao-is-now-on-testnet/13863 "2022-03-11T20:36:05Z")\ **Posts on this page:** 3\ **Page:** 1
**Author:** ![barf](https://avatars.discourse-cdn.com/v4/letter/b/ba8739/32.png) [@barf](https://talk.harmony.one/u/barf)\ **Post date:** [March 11, 2022, 8:36pm UTC](https://talk.harmony.one/t/ricardian-fabric-dao-is-now-on-testnet/13863/1 "2022-03-11T20:36:05Z")
Hi everyone, I just want to show that Ricardian Fabric has been fully developed and only pending a smart contract review before it’s deployed on mainnet. [https://ricardianfabric.com](https://ricardianfabric.com) **so what does it do?** \*This is the first **ricardian contract implementation for EVM** compatible chains. It allows creating a contract with semantics, like a traditional handwritten contract, and linking it securely to a blockchain. Here is what the Ricardian Contract editor looks like: ![createRicardian](https://canada1.discourse-cdn.com/flex035/uploads/harmony1/original/2X/e/e9e9dc533ca7b7892d37c10569155e32ed510333.png) You can find a deployed ricardian contract, the DAO terms here: [https://bafybeiaemqhuvdlzthraqmg4ilkurjyc67aueyo5cao6bjl5dkvs5df76u.ipfs.infura-ipfs.io/](https://bafybeiaemqhuvdlzthraqmg4ilkurjyc67aueyo5cao6bjl5dkvs5df76u.ipfs.infura-ipfs.io/) It’s **A builder guild**. Ricardian Fabric DAO is, a **develop to earn** DAO. Developers can propose smart contracts and when the proposals are accepted, the smart contracts will appear in the app and can be deployed by users. It pays the developers in it’s native token RIC. Developers need to create a proposal to join, and when that is accepted, they can create smart contract proposals too. The proposals pass in one week, here is the State of the Dao, just after deployment, waiting for the first user to join, so he can start contributing. ![currentDaoState](https://canada1.discourse-cdn.com/flex035/uploads/harmony1/original/2X/b/b1578e975261f3d52acaeff9fee48d05b6e3967d.png) The native token can be purchased in app, that allows users to join the DAO. ![join the community](https://canada1.discourse-cdn.com/flex035/uploads/harmony1/original/2X/5/549da50050224e0c00d3913d082ab6acbba04721.png) The tokens are **backed by the builders contributions** , and dao members can withdraw rewards collected by the smart contract proposals when they are used. Easily **create asset-referenced tokens** The application allows uploading content to Arweave, which is a blockchain solution that provides permanent storage. It’s possible to create **Audit Trails** that can be linked to Ricardian Contracts, which in return can be linked to Smart Contracts, it’s easy to bridge traditional finance assets to blockchain, like silver or gold or even other assets like real estate. All you need to upload is a proof of your treasurys audit. This is a multi purpose tool, with a lot of use-cases. **What is next?** A token presale is coming soon. A smart contract that will be also available in-app for others to use. The presale will sell a limited amount of tokens at a 20 RIC/ONE rate, half of the In -app sale rate, and it’s used for sponsoring extensive code reviews that are needed before mainnet deployment, just in case. Feel free to leave a feedback or post any observations. Is there any way you could use this app? Like adding IP rights to NFTs or creating Futures contracts ? Let me know in the comments below! Thanks! ---
**Author:** ![Flu](https://yyz1.discourse-cdn.com/flex035/user_avatar/talk.harmony.one/flu/32/8980_2.png) [@Flu](https://talk.harmony.one/u/Flu)\ **Post date:** [March 12, 2022, 8:24am UTC](https://talk.harmony.one/t/ricardian-fabric-dao-is-now-on-testnet/13863/2 "2022-03-12T08:24:14Z")
So, I was a little lost on this, so I decided to do some Googling. The Ricardian contract, as invented by Ian Grigg in 1996, is **a method of recording a document as a contract at law, and linking it securely to other systems, such as accounting, for the contract as an issuance of value**. Is this the intended purpose here? By the way, I really love the interface, it reminds me of the old Apple OS. ---
**Author:** ![barf](https://avatars.discourse-cdn.com/v4/letter/b/ba8739/32.png) [@barf](https://talk.harmony.one/u/barf)\ **Post date:** [March 12, 2022, 12:54pm UTC](https://talk.harmony.one/t/ricardian-fabric-dao-is-now-on-testnet/13863/3 "2022-03-12T12:54:47Z")
Yeah, exactly. That is the intended purpose. You can upload a legal document and link it to an EVM compatible chain, its works similar like Ian Grigg invented in 1996. It’s still kind of ahead of it’s time. There are a few existing implementations, like R3 Corda, Barclay’s smart contract templates or EOS contains an implementation. You can find a detailed explanation here: > **[What are Ricardian Contracts? A Comprehensive Guide](https://101blockchains.com/ricardian-contracts/)** > > The new EOS Ricardian contracts and the introduction of a new type of digital agreement raised many eyebrows as well as interest in the topic. Let's check Or you can hear an explanation from Ian Grigg here: [![](https://canada1.discourse-cdn.com/flex035/uploads/harmony1/original/2X/0/09cec975b5cba6eec30a6ee5e704db4f4751c5af.jpeg "151 – Ian Grigg: Ricardian Contracts And Digital Assets Prehistory") ](https://www.youtube.com/watch?v=wokvO1ptE1k) Disclaimer: This project is not affiliated with Ian Grigg.