An NFT-centric protocol improving how we transfer data and value.
Denota is an asset wrapping protocol that turns tokens into programmable NFTs. These ‘Notas’, as we call them, can store arbitrary data (like images, invoice amounts, etc) and logic (like time-locks, reversibility, token-gating, etc). Notas are functionally payment agreements, where payment terms for who can transfer, escrow, reverse, un-escrow, and etc, is encoded and ownable!
Currently there are three supported Payment Agreements:
➡️ "Direct”- the simplest agreement: transfers a ERC20 tokens along with a Nota as the receipt. For invoicing, the requester first mints the Nota that specifies how much the funder should pay.
🔄 "Reversible" - send a Nota that can be returned to sender: assign a party that can reverse the Nota’s escrowed value back to the account that funded the escrow. This party can be the funder and functionally acts as a reversible ERC20 transfer!
⛳️ “Milestones”- send a Nota with unlock-able chunks: configure the number of milestones and the amount for each. Each milestone unlocks when the next one is escrowed, so there is always funds set aside for your next task!
These payment agreements are referenced within each Nota so the terms are crystal clear for everyone involved. Whether you’re a client, freelancer, or someone else, you can agree on what payment terms make the most sense for you!
ERC721 (NFT) tokens are composable Web3 primitive - you can borrow against them, exchange them, stake them, the list is endless. Since all Notas boil down to is an NFT, its composability is limitless as well.
You can do all those basic ERC721 things in addition to the many possibilities introduced by payment agreements. Imagine a contract where you can pay a contractor where they know you have the funds escrowed and you have a trusted third-party, you both agreed on, to turn to in case something goes wrong. And doing so while preserving privacy and KYC at the same time. Or imagine being able to unlock the value of your work up front without needing to sign up for any services or needing tediously long credit assessments. Everything is on-chain ready to be integrated.
Unprecendented mechanisms like this are made possible by the composability of Denota’s Nota NFTs.