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Web3 Company House

Web3CH is a power delegation solution for DAOs that uses the ERC-6551 standard. It offers a tokenized Proxy for delegating powers to members, including the ability to allocate funds and revoke Proxies. This enhances fund management flexibility within a DAO.

Web3 Company House

Created At

ETHGlobal Lisbon

Project Description

The goal of this project is to develop an on-chain delegation solution for the Mantle chain based on existing contract standards. The recent ERC-6551 standard was chosen for its suitability in DAO management, company governance, and real-life use cases.

The solution includes several use cases:

  1. Delegating powers through an NFT proxy from an authorized manager to an executive agent (trustee).
  2. Targeted funds allocation that can be managed by the trustee.
  3. Revoking trustee powers by the authorized manager.
  4. (Future improvements) Collective delegation via multi-sig (such as Gnosis Safe).

The user flow for delegating powers is as follows:

  1. An authorized manager, such as a core team member of a DAO, creates a collection and mints an NFT for the trustee. This includes filling in all necessary details about the trustee's role and powers.
  2. Once the NFT is minted, the delegator creates an account for the NFT. This enables control over the management of funds and provides an on-chain transaction history for the proxy.
  3. The authorized manager sets the trustee's address for the proxy, which allows the trustee to manage the NFT account along with its owner.

The user flow for powers verification is as follows: Once any transaction is performed from the NFT account, anyone can check the relation between the trustee's transaction and the proxy NFT. This ensures that the transaction was formally authorized and that the trustee represents the organization. If the proxy has been revoked, it means that the person is not authorized to perform deals on behalf of the organization.

How it's Made

The solution is built on Tokenbound contracts (available at https://tokenbound.org/), which enabled the creation of a separate on-chain history for a proxy account with targeted funds allocation, distinct from the delegator's and trustee's accounts.

The contract portion involved taking and modifying smart contracts from the ERC-6551 standard and deploying them to the Mantle Testnet. Additionally, an Account Proxy was added to enable the revocation feature, which required the following modifications:

  1. Adding the revocation function revokeExecutorAccess to the default Account implementation.
  2. Changing the setExecutor function modifier from external to public for internal use.

The deployed set of contracts includes: Default Account Implementation - 0xd40F171458755FC295fc1Df98CfD8D783858690f AccountProxy - 0xC9d87e245c96aC46E72D10A2E197007b9Db6c68D AccountRegistry - 0xFeDE1f80D8158170593E137beC447e749F2602e2

The Web App The frontend is built using NextJS, wagmi, and web3.js. The design was created in Figma. https://www.figma.com/file/tsrvWTzkdN6rQSq9LHLI4F/web3ch?type=design&node-id=0%3A1&t=fTMN1kaRzMNuuXbs-1

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