With the aim to start fulfilling Lucidao.com’s purpose and therefore to bridge crypto and real worlds I’m proposing the development and deployment of a fully decentralized marketplace protocol where DAO validated oracles can post and sell their goods and services to crypto holders. The dapp would work as a tech enabler by providing the connection between Platform Users and certifying the transactions.
During the beta phase the marketplace could focus on luxury goods in particular on Watches. Subsequently, once the marketplace is fully functioning, further categories such as cars, art, wines could be added.
Let’s dive a little bit into it:
What are Oracles?
In the Defi space, an Oracle is a community trusted entity in charge of bringing off-chain data on chain. This includes services and products.
How are they going to interact with the dapp?
In order to be eligible to post their goods/services for sale, Oracles will have to provide to Lucidao team a proven track record of transactions and business structure related to the product/service they are willing to provide on the marketplace. Including:
- Articles of incorporation
- Company Purpose
- Business Plans
Once the aspiring Oracle is certified by Lucidao team, will be then able to propose itself to the community. The DAO Governance, through its voting system, will decide whether to accept or not the Oracle; being aware that 8,8M LCD tokens are needed to issue a proposal on Lucidao Governance protocol.
Oracles can be divided into tiers based on their willingness to contribute to the dapp’s success. Therefore they will be asked to stake LP tokens (i.e. FTM/LCD) in order to be entitled with the Oracle status. This will make the oracle fully invested in the protocol and work fairly.
1st Tier Oracles [>$Nk LP tokens]
2nd Tier Oracles [>$Nk LP tokens]
3rd Tier Oracles [>$Nk LP tokens]
Tiers’ benefits could include:
- Reduction on platform’s fees
- Possibility to post more insertions on the marketplace
The first Oracle that would be willing to participate in the Beta phase is:
-The Watch Boutique: A company specialized in the trading of watches, based in New York, Luxembourg, Switzerland and Italy.
During the beta, the oracle will put its watches for sale on the platform and provide each piece with a blockchain certified expertise (nft) guaranteeing the product’s authenticity.
How does the buying and selling work?
During the beta phase, goods can be purchased in two ways:
- Purchase certified collectibles using cryptocurrencies. The crypto holder will make the transaction at the requested price. The goods are then shipped to the buyers address thanks to our certified courier.
- Purchase the ownership of the collectibles in the form of an NFT. In this case the crypto holder will make the transaction at the requested price.
- The buyer will receive an NFT representing the ownership of the purchased goods.
- The NFT will be claimable anytime: once the goods are shipped or collected; the token representing the ownership will be destroyed
- During the time purchased goods are not claimed by the buyers, they are stored in Oracle’s secure caveau.
Products on the marketplace will be purchasable initially with stable coins such as fUSDT, MIM, USDC on Fantom Opera network. LCD utility token won’t be used as means of payment but as a platform fee in exchange to the access to the technology.
To ensure the success of the project we are proposing the following budget allocation:
The above budget (110k fUSDT) will be sent from DAO VAULT to: 0xf56564E5D5EEFDD634D94bcf0DAE085F5D0Aa10c