Inspiration
Businesses operating in Web3 and DAOs have very specific needs when it comes to managing their expenses and income.
As governments push towards more regulation in crypto, it becomes more and more important for businesses and DAOs to easily become compliant and manage their operations transparently.
What it does
The Next Wallet is striving to become the accounting operating system for businesses and DAOs on Near.
We want to make it easy to ensure compliance with authorities, automate payrolls, control business expenses, generate invoices, manage proposals, organise employees and contributors, all in one user friendly solution.
Some of the features include:
- Invoice and reports generation for organisation and members
- LinkDrop - a way to send or request payments through an easy to share link
- Proposal voting and management
- Granular control over contributor roles
- Recurring payments / payroll automation
- Token vesting tool
- Yield on idle treasury assets
- Integrated partner dApps with built in reporting
Our business model
We want everyone to use The Next Wallet for free and never switch back!
We noticed that a lot of DAOs and businesses get most of their funding near their launch and then sit on idle capital with an estimated $11.3 billion currently in DAO treasuries.
We offer the possibility to lock idle funds that would be used for future payrolls in partner protocols integrated in our dApp to generate yield.
Users may also decide to purchase insurance on those locked funds to protect themselves from smart contract or depeg risk.
This creates a transparent alternative to active treasury management and allows us to generate revenue from fees on yield, insurance sales and other services in a non-intrusive way.
How we built it
The Next Wallet is built using TypeScript, React, Node.js, Postgresql and a lot of brain storming sessions.
Challenges we ran into
There are a lot of pain points for businesses in Web3, it was hard to decide exactly which problems to tackle during the hackathon.
Accomplishments that we're proud of
We were able to come up with a lot of solutions to almost all of the issues we discussed with businesses in the space. We were able to get a working demo up although with limited features. Our roadmap is also full for the next several months!
What we learned
When talking to startups and DAOs in the space we learned that there is no easy way for them to deal with their particular needs, and there are lots of inefficiencies which can create problems:
- Difficulty in generating financial statements, reports, invoices for the organisation and contributors
- Difficulty in managing contributors or employe roles and payment tiers
- Automated payments / payroll
- Many DAOs and businesses raise a lot of capital which sits unutilised for months and years, managing a treasury is a hard task
- Difficulty in managing token vesting schedules
- Lack of tooling catered towards their special operational needs We learned that many of the day to day tasks that would be automated in Web2 require extensive manual work at this time. There is no central hub for accounting in crypto, we want to change that.
What's next for The Next Wallet
Our roadmap is rich of features to implement and we couldn't be more excited to keep building on our idea after the hackathon.
We are committed to solving pressing issues for businesses and capturing this multi-million dollar market.
Track
We believe the project fits into the Governance, Future of Work and Web2 to Web3 tracks.
We did not see information about applying for different tracks, we leave it up to the judges to decide which track fits best if only one is allowed.
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