Name of Project / DAO / Company
TrustlessTX
Application type
Product Launch
Proposal overview
The Problem
NFTs on Harmony have not been adopted at the same rate as they appear to have been adopted by other chains. Many NFT projects here have launched, several have been successful in selling out, several have been a slow burner and some just appear to be struggling to gain any adoption. One key area that does not seem to be consistent is the ability to safely trade your NFT’s after minting.
A case study
A perfect use case could be DFK. DFK launched their heroes and soon after allowed summoning, but for the first week or so there was no safe way to trade heroes or sell them to other collectors. This lead to loss of token, loss of funds and bad actors manipulating unsuspected victims into giving away their NFTs.
The Solution
We propose TrustlessTX, a trustless swap site that utilises smart contract transactions to create trades, hold NFTs in escrow and complete a trade upon verification by both parties. Trades will be subject to a fee from both users. This fee has been theorised at 20 ONE (10 per user) but we have implemented the ability to change the fee (requires signing from our multi-sig and confirmation from our future DAO). We plan to reflect rewards to our DAO members from fees as well as fund future developments and features.
The contracts have been written to handle trustless escrow trading for all ERC721 and ERC1155 tokens on Harmony. Tokens from different collections can be sent between users, as well as additional payment in $ONE. We feel this platform will help newly launched projects and their adopters to safely trade and sell their tokens in private trades within the community, it will help promote cross-project adoption by allowing users to trade different tokens from different projects with each other and ultimately reduce the risk of bad actors profiting off their victims.
Harmony Wide Project Verification
Alongside our proposed platform, we are planning to create a DAO to help control and vote projects we recongise as ‘verified’. The verified status will help users know the traded tokens are from a legitimate contract address and be used to warn them when a new address is identified. For example, if they believe they are receiving a rare Harmony One Punk for their rare Harmonaut, but the Harmony Punk has been cloned and relaunched under a fake contract, then our Dapp would warn them that the address is unrecognised. However, if the Punk is from the legitimate contract then it will have a verification mark next to it! We believe this will bring peace of mind and help welcome newcomers to the chain in recognising these projects.
Our verification data will be held on-chain, in a DAO controlled contract (the long-term goal). Documentation will be released for all future projects and users to query the contract with a specific address for use within other project Dapps and future marketplaces. Project owners and collectors can propose a project to the DAO for verification. This will be assessed and added to the verifier contract on approval.
We plan to launch a limited run of badges (ERC721 tokens) that once obtained, will grant the holder wallet access to our DAO. All badge holders will be eligible for fee reflections which should help incentivise participation and maintaining the recognised projects on the platform.
Current Project State
We currently have a basic proof of concept Dapp running on the testnet (not publicly hosted at this time) and mock ERC721 tokens have been traded back and forward. Our Veritifer contract is currently populated by the owner’s address which will be a multi-sig address and will require signing from both founders and core members of the future DAO to change any on-chain data.
Long Term Goals for TrustlessTX
- Dynamic verifier contract with public documentation for querying
- Functioning DAO to control, monitor and vote contracts for verification
- Reflection rewards for DAO members to incentivise growing the project and maintaing the verification contract for the entire Harmony blockchain
- Subgraph used to populate future planning Dapp features (indexed trades for searching users, tokens and existing trades)
- Subgraph used to track all trades of a user (including history, accepted and cancelled trades)
- Discord bots available to all for checking contract integrity/address verification and quickly checking the state of a trade without having to use the Dapp
We are requesting $50K in equity-free contribution:
- $10K after launching a feature-complete product on testnet (a % of this will ideally be used for auditing the contract ahead of public launch)
- $15K after mainnet launch
- $10K after forming a DAO for our community
- $15K for after 1000 successful trades on the mainnet.
As well as funding, we are looking for Harmony’s help with product promotion and support across the blockchain to assist in maintaining integrity and reducing bad actors targetting unsuspecting victims.
We are a team of 2 developers and we are confident that our platform, combined with Harmony’s fast and cost-effective ecosystem will be a huge success and very popular among the Harmony community. We, as well as other developers in this area, want Harmony to become the next big platform for NFTs and we hope to be a key part of this adoption.
Our milestones are:
Weeks 1-4: Feature complete and deployed onto testnet
Weeks 4-6: Give beta access to Harmony community to test and give feedback (testnet, discord and public Dapp)
Weeks: 6-8: Deploy to mainnet, ramp up marketing efforts (socials, contacts in other projects) as well as promoting and populating the verifier contract
First month after launch: Form DAO (design and implement the verification process)
Second month: Hit 1000 successful trades
Proposal ask
$50k
With this funding, we at TrustlessTX would be able to have our contracts audited and verified ahead of launch, pay ourselves for the time taken to continue development and bring it mainnet as well as invest in outside help to push marketing and generate a foothold in the ecosystem.
Metrics for success
1000 successful trades created (and completed) for any compatible ERC721/ERC1155 within the first month
Populated verification contract adopted and used by 3rd party projects to help maintain integrity across the entire blockchain
External links
TBD
Let me know if I can help you out 
and really good stuff!