mariapao
commented
6 years ago HI @kermankohli Thank for submitting your proposal.
The 8X protocol is interesting, specially for traditional businesses. Right now Nest is focused on (i) basic dev tooling and infra for Aragon and/or Ethereum and (ii) key apps for Aragon. We are in the early stages of the tech and the emergence of this new type of organizations so we need to focus on the more basic tooling first. Thus, this proposal is not a candidate for funding this time. In the future, if you are working on something that is a fit for the program, please apply again. We appreciate your participation very much :)
Preamble
The world of business is changing once again. We are currently experiencing the birth of decentralized finance.
In the last 15 years, 52% of the Fortune 500 have disappeared with many of the 'winners' integrating a subscription business model - most notably Apple, Amazon, and IBM. The subscription e-commerce market itself has grown by more than 100% a year over the past five years with as many as 46% of consumers subscribing to at least one online media-streaming service such as Netflix or Spotify. This can attribute to the fall of the traditional brick and mortar media stores such as Blockbuster.
McKinsey forecasts the subscription economy to be worth more than $500 billion by 2020 with large companies capitalizing on a subscription model's capacity to maximize revenue and sustain an ongoing business-consumer relationship.
It is not a matter of if, but when will dAPPs and DAO’s embrace the subscription economy.
Abstract
There currently is no way for anyone to make recurring cryptocurrency payments.
8x Protocol removes the friction of overhead and administration in decentralized autonomous organizations.
8x is creating infrastructure to enable repeatable payments on the blockchain that removes external restrictions and minimises hefty overhead/admin costs such as transfer fees.
DAO’s and consumers will be able to utilize 8x Protocol to create and interact with their subscriptions seamlessly. Furthermore, 8x’s off-chain relayers remove the need for manually triggered subscriptions, hereby aligning with Aragon’s strategic vision and reducing the friction in a DAO’s core administrative functions - such as: payroll, fundraising, and accounts payable/receivable.
Not only are we building an infrastructure, but a stronger and more reliable Ethereum ecosystem. 8x is able to make DAO’s more accountable through recurring payments during token generation - reducing the probability of the misuse of funds or an exit scam.
The integration of cryptocurrencies into a traditional business model such as subscriptions is inevitable. 8x Protocol will:
8x Protocol is to become the infrastructure that unlocks the subscription economy for more reliable, decentralized world.
Deliverables
With the funds raised, 8x Protocol will finalize and build the technical infrastructure, and launch a UX friendly product that allows for the creation, management, and cancellation of subscriptions.
Milestone 1
Milestone 2
Milestone 3
Grant size
Funding: $80,000 in ETH, split into chunks paid out over achieved deliverables.
Success Reward: $50,000 in ANT given when all deliverables are ready.
Proof of Concept:
GitHub Repo Whitepaper Explainer Video
Estimated Burn Rate
Our team has a burn rate of $12,000 a month. This burn rate has been calculated to include: four team members, advisory fees, legal and compliance costs, accounting costs, and marketing costs.
Legal structure
Australian Proprietary Limited company for now. Plans to create off-shore foundation once we can pay for legal expenses.