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onflow
Cryptosharing
<Project name>
Cryptosharing
Grant category
Please select one:
- [x] Open source maintenance
- [x] Developer tools / services
- Educational material
Description
We propose a new protocol to implement Collateral-free Rental NFT
Problem statement
After each NFT project matures, it is difficult for new players to access, especially some high-value NFTs. For NFTs of users, who hold high-value NFTs, are not well utilized. Compared with real life, we can lease out the assets and get a profit. So Rental NFT is so important in Metaverse or NFT-Game projects.
Existing technical solutions can only support collateral-rent on flow. This means that renting an NFT needs a large amount of collateral. But the flow is not a good way to implement collateral-free rent. The cadence is a strong resource-type language. The resources held are difficult to enforce transfer or destroy.
Proposed solution
On Ethereum, we find that the leasing business is now slowly starting to grow. the adoption of EIP 4907 makes unsecured leasing possible. So we propose a new protocol to accomplish the goal. we provide a new user-NFT contract that the NFT owner can invoke user-NFT contract to create user-NFT. Through this protocol, you can create a rental marketplace to help rent NFT.
For a detailed introduction, please visit:
https://forum.onflow.org/t/collateral-free-rental-nft-promotes-the-development-of-metaverses-sharing-economy/3043
Impact
This protocol adds a new right of Non-Fungible Token that the right to use. Through this protocol, you can achieve :
- Separation of the right to use and ownership of Non-Fungible Token
- Non-secured lease Non-Fungible Token
- You can continue to use it after you mortgage the Non-Fungible Token
- Metaverse sharing economy
Milestones and funding
Note: You can leave the USD proposal empty / "TBD". Please consider adoption and/or maintenance milestones at the end of your project.
| Milestone | Deliverables | Timeline | Risks | USD proposal |
|---|---|---|---|---|
| 1 - MVP | Smart Contract for protocol, and Minimum MVP | 2 weeks | Time | 3000 |
| 2 - propose Flips | Separate ownership protocol submission flips | 1 weeks | Time | 1000 |
| 3 - Audit | Smart contract audit and github stars reach 20 | 6 weeks | probably delay | 6000 |
| 4 - Documentation | Developer document | 2 weeks | Based on audit result | 2000 |
| 5 - Rent marketplace and open source | A fully available rental marketplace and open source, GitHub stars reach 50 and at least one project party uses it. | 8 weeks | Time | 10000 |
| 6 - Maintenance | web, documentation, maintenance | 3 months | No | 3000 |
Team
| Name | Role | Bio | Contact |
|---|---|---|---|
| Kimos | Full-Stack Engineer | Kimos is Ph.D. in computer science and technology. Proficient in the blockchain development framework, a blockchain enthusiast, with a unique understanding of blockchain, defi, and NFT. Continuous entrepreneur, flow technology Ambassador, and Dev engine cofounder. | [email protected] |
| Wesley | Full-Stack Engineer | Master of Data Science, Deeply cultivate the intersection of mathematics and computer, Blockchain Developers. |
Hi @KKimos, thanks so much for the proposal!
We've reviewed and have a few follow-up questions/suggestions:
- Can you please reduce the maintenance to 3 months?
- How confident are you on the proposed timelines (and please fill out the missing ones)? They seem like they could be a bit aggressive, so wanted to confirm.
- Can you please incorporate an adoption milestone for the solution (i.e. developers using the new contract)?
- Related to 3. above, how are you thinking about finding other stakeholders to support the FLIP and developers to use the contract as well?
Hi @KKimos - Just wanted to follow up on these open questions, thanks!
Sorry, something has happened these days. I didn't follow this。
- ok, if necessary
- Because we have implemented a version on Ethereum, and our team is familiar with cadence development
- We can set a star count milestone on github
- We hope that the official can provide the opportunity to cooperate with the chain game project, because this agreement can help the chain game to have a more reasonable economic model
Hi @KKimos - no worries! Thanks so much for getting back on these open questions.
- Can you please update this in the original proposal above?
- Thanks for confirming!
- Sounds great, can you please define a milestone that denotes this and the proposed payout associated with achieving that adoption milestone?
- I'd suggest discussions in the Flow forum to help facilitate support/garner community interest and support: https://forum.onflow.org/
Re: 4 - Apologies, I forgot that you had already initiated discussion in the forum on this!
Additionally, can you please share more details on how the leasing of the NFT would work and how the lendor-lendee relationship will work in terms of rent funds?
Hi @KKimos - just wanted to follow up on the open questions. Can you please get back to us when you get a chance?
Re: 4 - Apologies, I forgot that you had already initiated discussion in the forum on this!
Additionally, can you please share more details on how the leasing of the NFT would work and how the lendor-lendee relationship will work in terms of rent funds?
I think this picture expresses our thoughts
Hi @KKimos, thanks for this diagram! In addition to the NFT, how will funds flow between the lendor and lendee?
Hi @chrisackermann , all processes are paid with flow. Lendor pricing in FLOW/day and lendee lending the NFT in FLOW with time(days)
@KKimos Would you mind clearly documenting the process in more detail on the flow chat that you've shared? It's still quite high-level and it would be helpful to see more definition about how the funds are exchanged, etc.
Also have you thought about any potential legal challenges with this model? If so, could you please also articulate those as well? Thanks!
The exchange of funds is realized through the contract as the other dapps. When B wants to lease A's item, it costs B a pre-specified value from A. Since we are a new NFT with time generated through smart contracts, there will be no legal issues such as theft.
Hi @KKimos! Thanks for your patience - would you be open to tightening the scope specifically to the protocol and removing the rental marketplace so we can keep the scope tighter on the initial deliverable? Then could look at the open source rental marketplace as a follow-up proposal.
Hi @chrisackermann , your suggestion is to cancel proposal 5, right? If so, we accept your propose.