Madhavan MalolanPermissionless Hierarchy : A new way to look at DAOs.
DAOs are the biggest misnomer of web3. They don’t work, and no one seems to know how to make it work. Here, I present a view to challenge the way we look at DAOs to begin with. The take-away for me from 2 days of DAO discussions in Amsterdam is nobody has figured out how to manage the chaos to get anything useful done in a DAO. DAOs are today just a glorified Discord channel with no clear route to be either Decentralized (what does that even mean?) or Autonomous. “DAO” is a marketing gimmick....
Madhavan MalolanRequest to build - Decentralized NFT based lending protocol
A completely decentralized protocol that lets people borrow money from the treasury by producing an NFT. This is to be built on top of LooksRare, because LooksRare is decentralized and hence infinitely composable.Borrow at floor priceProduce an NFT from an NFT collection on LooksRare. The maximum amount you can borrow against the NFT is the minimum floor price of that collection over the last 30 days. You can only deposit verified collections’ NFTs - for securing the protocol. Open to any oth...
Madhavan MalolanRequest to build - A decentralized Audit Marketplace mechanism design
Auditing wait times on top audit firms are 9-12 months and expensive. We need something that is more participative and allows for new and yet-unproven security auditors. Here I propose a decentralized audit marketplace that turns the auditing process into a prediction marketplace.1. Select a juryA jury is usually reputed security engineers. This jury doesn’t do the audit itself, but only signs off a reported vulnerability as a real bug. There are 5 jury members selected for every audit. They ...
Founder [Questbook (YCw21)](https://questbook.xyz) Writing about things that need to be built in web3
Madhavan MalolanPermissionless Hierarchy : A new way to look at DAOs.
DAOs are the biggest misnomer of web3. They don’t work, and no one seems to know how to make it work. Here, I present a view to challenge the way we look at DAOs to begin with. The take-away for me from 2 days of DAO discussions in Amsterdam is nobody has figured out how to manage the chaos to get anything useful done in a DAO. DAOs are today just a glorified Discord channel with no clear route to be either Decentralized (what does that even mean?) or Autonomous. “DAO” is a marketing gimmick....
Madhavan MalolanRequest to build - Decentralized NFT based lending protocol
A completely decentralized protocol that lets people borrow money from the treasury by producing an NFT. This is to be built on top of LooksRare, because LooksRare is decentralized and hence infinitely composable.Borrow at floor priceProduce an NFT from an NFT collection on LooksRare. The maximum amount you can borrow against the NFT is the minimum floor price of that collection over the last 30 days. You can only deposit verified collections’ NFTs - for securing the protocol. Open to any oth...
Madhavan MalolanRequest to build - A decentralized Audit Marketplace mechanism design
Auditing wait times on top audit firms are 9-12 months and expensive. We need something that is more participative and allows for new and yet-unproven security auditors. Here I propose a decentralized audit marketplace that turns the auditing process into a prediction marketplace.1. Select a juryA jury is usually reputed security engineers. This jury doesn’t do the audit itself, but only signs off a reported vulnerability as a real bug. There are 5 jury members selected for every audit. They ...
Founder [Questbook (YCw21)](https://questbook.xyz) Writing about things that need to be built in web3
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This is in continuation to the previous post that lays out the technical specifications of decoupling a wallet - between a signing app and an asset management app.
https://mirror.xyz/madhavanmalolan.eth/34sHYY99p0DAUw4a8-syCmpNhaaaYzN98u-XCtaQrIc
This solves 4 basic problems to have an app that only signs messages & transactions.
Having one clear usecase will make the app design simple and help in user onboarding.
Users installing a wallet and seeing $0 on it is disheartening. What is more important is getting Private keys into the hands of more people.
Not having to mix up signing UX with seeing the current trading prices will result in manifold improvements user experience.
The biggest problem right now is if you want to make a transaction on Polygon, Harmony or any other EVM chain - you need to add the RPC to the wallet.
You need to know what it even means to set the chain.
Ideally, the chain should be transparent. Just like it doesn’t matter what technology - php, nodejs, .net - is the backend built on. Is this app built on Polygon? Harmony? Avalanche? Mainnet? Shouldn’t really matter.
When people are doing transactions for the first time, it doesn’t make any sense to have a requirement that the user should have some native tokens to pay gas. Howsoever little is a huge onboarding issue.
A wallet that doesn’t need you to know which chain you need to interact with, delegating that decision to the Dapp rather than the wallet, coupled with meta transactions where the Dapp pays the gas. (Think Biconomy)
Ideally the Dapp should pay the user onboarding fees. Probably the first 10 transactions or first month. Equivalent of SaaS’s trial period. Then ask the user to start paying gas on the transactions.
If users have access to the private keys that isn’t also an asset management platform, can unlock a lot of new usecases that will be built on top.
For example, signing a document. You don’t look to sign a document on docusign with your Paypal app - you sign it using the “Sign in with Google button”.
Instead of managing the assets from the wallet - the assets can be managed on different app or website. The website will show you the assets you own and if you want to move them around, you can just sign the transaction from this signing app.
We have the prototype ready. Looking for someone who’ll wireframe the product and launch the product in the industry. DM me if you’re interested in taking this up :)
Build the wireframes and onboarding flow
Create a launch plan
Get partnerships with DApps to use this product
Build a full-fledged product & company :)
This is in continuation to the previous post that lays out the technical specifications of decoupling a wallet - between a signing app and an asset management app.
https://mirror.xyz/madhavanmalolan.eth/34sHYY99p0DAUw4a8-syCmpNhaaaYzN98u-XCtaQrIc
This solves 4 basic problems to have an app that only signs messages & transactions.
Having one clear usecase will make the app design simple and help in user onboarding.
Users installing a wallet and seeing $0 on it is disheartening. What is more important is getting Private keys into the hands of more people.
Not having to mix up signing UX with seeing the current trading prices will result in manifold improvements user experience.
The biggest problem right now is if you want to make a transaction on Polygon, Harmony or any other EVM chain - you need to add the RPC to the wallet.
You need to know what it even means to set the chain.
Ideally, the chain should be transparent. Just like it doesn’t matter what technology - php, nodejs, .net - is the backend built on. Is this app built on Polygon? Harmony? Avalanche? Mainnet? Shouldn’t really matter.
When people are doing transactions for the first time, it doesn’t make any sense to have a requirement that the user should have some native tokens to pay gas. Howsoever little is a huge onboarding issue.
A wallet that doesn’t need you to know which chain you need to interact with, delegating that decision to the Dapp rather than the wallet, coupled with meta transactions where the Dapp pays the gas. (Think Biconomy)
Ideally the Dapp should pay the user onboarding fees. Probably the first 10 transactions or first month. Equivalent of SaaS’s trial period. Then ask the user to start paying gas on the transactions.
If users have access to the private keys that isn’t also an asset management platform, can unlock a lot of new usecases that will be built on top.
For example, signing a document. You don’t look to sign a document on docusign with your Paypal app - you sign it using the “Sign in with Google button”.
Instead of managing the assets from the wallet - the assets can be managed on different app or website. The website will show you the assets you own and if you want to move them around, you can just sign the transaction from this signing app.
We have the prototype ready. Looking for someone who’ll wireframe the product and launch the product in the industry. DM me if you’re interested in taking this up :)
Build the wireframes and onboarding flow
Create a launch plan
Get partnerships with DApps to use this product
Build a full-fledged product & company :)
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