SubDAO LAUNCHED POLKASIGN BETA WHICH WILL BE EMBEDDED IN VENTURES DAO
The third Grant product, PolkaSign developed by SubDAO Labs, is on official submission to the Web3 Foundation, which is a remark that it has nearly completed the development of an earlier version of the product.
The PolkaSign is developed with Substrate Framework based on the SubDAO Network, which can be replaced with any Substrate Based Chains, and serves any kind of orgs with electronic agreements. The goal of PolkaSign is to provide electronic agreements in a web 3.0 way to replace the systems in web 2.0.
PolkaSign is an important component in the exploration of the DAO field for SubDAO. SubDAO plans to officially launch the Ventures DAO feature embedded in the PolkaSign in the first quarter of 2022. It will allow DAO funds to sign investment agreements directly through PolkaSign. Ventures DAO, a very powerful DAO template, is a Financial Oriented DAO within SubDAO, which allows multiple initiators to launch a DAO fund together. More specific details about Ventures DAO will be shortly disclosed.
The PolkaSign is a web3.0 app for electronic agreements built on top of the Polkadot Ecosystem. The electronic agreement is well-known in web2.0 instead of paper agreements used thousands of years in historical time. With electronic agreements, commercial activities become much more efficient and have a lower cost than ever. The whole human world has benefited from electronic agreements in the past 30 years. While we have more and more electronic agreements signed, an increasing number of issues are exposed. Such as electronic agreements being stored in a centralized system, fraud in electronic agreements, and others. With PolkaSign, anyone can sign an electronic agreement with whoever he/she wants. To sign an electronic agreement, you simply need to upload your agreement document, and sign it in PolkaSign, then share the link to the co-signer.
PolkaSign combines blockchain and decentralized storage to provide a reliable electronic agreements platform. The decentralized storage system, such as IPFS, Swarm, or Crust in the Polkadot ecosystem, provides the storage for the agreement files. At the current state, only PDF is supported. The information of agreement, including signature, signer, agreement files list, etc., is written with a smart contract on the blockchain. The PolkaSign provides a dapp to handle agreement files, co-signer, and links, to interact with decentralized storage and smart contracts on the blockchain. The smart contracts of PolkaSign are based on ink!, any substrate-based chain can adopt these smart contracts easily.
Below is the workflow of how to use PolkaSign. Alice wants to sign an agreement with Bob, so she creates an electronic agreement with PolkaSign, and the electronic agreement files are stored in the decentralized storage system. Then Alice adds Bob’s wallet address as co-signer, and signs the contract with her private key. After that, Alice shares the information of agreement with Bob. When Bob launches PolkaSign with his wallet, he will find the very agreement to be signed by him. Everything is done when Bob approves and signs the agreement sent from Alice in PolkaSign.