equistart

Inspiration

*** "Early-stage Startups" find it a hectic, expensive, and time-consuming process to register as a company with the concerned authority at the time. Traditionally, there are no concrete alternatives to divide and manage the project equity in a trustless manner. No option to manage finances without trust, and also no concrete logs of important decisions. Facebook or Apple's cofounder spat at the time of scaling can be deemed as an example. ***

Solution

*** ERC2- token on a public distributed ledger(blockchain) can be created uniquely to symbolize the Project Equity. This provides trustless management of token distribution with functionalities like on-chain voting for payments, fundraising, or other important decisions. On-chain payment escrow and contract treasury account will help in managing the funds transparently. ***

Product

*** A simple smart contract framework with the essentials to manage the project equity on a public blockchain. Any startup team (including non-tech) can easily create their ERC-20 project token through a mobile App. Stakeholders can back their project tokens with other widely accepted cryptos (like BTC, ETH), transfer their tokens, and also log their finances by using the token balance for on-chain voting. ***

Summary

Internat unlocked a vast universe of new applications over the past decades, and now blockchain can revolutionize the management of our financial assets over the network of computers in a decentralized manner. As this tech will mature, we'll be amazed by the applications, which might be completely not feasible previously. This summary explains how we can edge on public blockchains to create an ERC20 like token representing equity for founders, investors, and other stakeholders in an Early-stage startup project. We aim to create a generic smart contract template that will help any startup team to: -> create their project token (ERC20) -> transfer those tokens (equity) -> manage their finances (escrow, accounts) -> vote on important decisions.

This can save hours of time and a pile of money while securing trust among the team members. The project can be scaled with the pillars of legal frameworks to accommodate any startup or they can choose to migrate to traditional methods upon necessity. Blockchain projects can use the application till they manage to develop the platform.

Accomplishments that we're proud of

A challenging part was to integrate the React-Native Mobile Application with crypto wallets like alfajores (Valora, metamask), but we accomplished it using walletConnect.

A successful deployment of smart contract on alfajores network, and test the function calls from React-Native App using @celo/contract kit v1.3.3.

What we learned

We explored some great UI concepts from cred, learned to write the smart contracts in Ethereum, tested in the remix, deployed on alfajores with injected Web3 using metamask (after configuring for alfajores Network).

Configuring the web3 environment in a bare React-Native Project was challenging enough, we were successfully able to test the connection to alfajores, Valora, metamask wallet using the deep link and wallet-connect on android.

Web3.js and @celo/contract kit helped us connect to https://alfajores-forno.celo-testnet.org where we deployed out smart contracts.

What's next for equistart

Although read calls were successful, write calls need the care of wallet-connect to sign the transaction. The immediate step would be to complete the version App with the given limited functionalities. The next version is set to include lot more functionality with management of finances and deployment the project on celo mainnet

Built With

• alfajores
• celo
• contractkit
• javascript
• node.js
• react
• react-native
• remix
• solidity
• walletconnect