Inspiration
Making traditional companies less traditional by adding innovation from within. We progressively turn them into DAOs by minimizing traditional paperwork and maximizing new forms of accounting and coordination.
What it does
Minimizing traditional paperwork requires cost intensive lawyers which can be prohibitive for small agile startups who would benefit most from digitized company structures.
However, such digital-native contracts only have to be developed once and can be open sourced and reused by everyone thereafter. That's why we build a crowdsourcing platform to allow many companies pool monetary resources and drive down the cost per individual organization. A large amount of pooled money directly translates into a large incentive for lawyers to design and sumit the contract. All contributors then can vote on what contract wins the bounty.
Our first prototype fully focusses on digitizing company share allocation. It seeks an incorporation deed that forwards the responsibility of accounting of shares to an internal ledger system. That way, all benefits of digital administration and coordination can be leveraged, like setting precise and dynamic incentives for your employees.
How we built it
We use Ethereum as a settlement layer to ensure security of the crowdsourcing process and Ramp to make it easy for companies and lawyers to interact with the system. To make our development process easy we have fully committed to using useDApp.
Challenges we ran into
The challenges were mostly of technical nature. For example initially we wanted to use Vue.js and decided to revert back to React due to dependency issues.
Accomplishments that we're proud of
We are proud of pulling of the hackathon with minimum sleep and trying out smart contract development tools that are new to us.
What we learned
Current smart contract technology has a strikingly similar problem as the traditional legal system. Just as you need to be a trained lawyer to comprehend how a legal contract will behave in court, you need to be a crypto-economic expert to estimate whether a smart contract is solid and sound.
What's next for Legislatoor
Turning it into a fully generalized crowd sourcing platform.
Bounties
Ramp Network
Using Ramp will lower the burden for traditional companies that don't have access to crypto yet to bootstrap their crypto-adoption. Similarly, lawyers submitting legal documents can withdraw their reward in the curreny of their choice. This reduces a ton of friction, resulting in the usage of a decentralized settlement layer becoming an implementation detail that just adds value 🌈
useDApp
Our solution is fully developed with useDapp. It was a huge help in a hackathon-styled project because it hides a few data-synchronization complexities from the developer 👍
ETHWarsaw Foundation
- Innovation: We really want to push traditional organizations to adopt crypto-economics.
- Added value: This project was born out of our own need of such a digitized shareholder contract. But as an early stage startup, we are not able to pay a lot of legal fees, thus we are constraind to super inefficient paperwork models.
- Technical: is the code clean? Yes.
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