WHITEPAPER

INTRODUCTION

 

Over 3 million cats in the United States will spend the majority of their lives in a cat shelter or foster home. Only one hundred thousand will be adopted. Those shelters homes, and in extension, the cats within them are often forgotten. That doesn't exactly sit well with us here at Foster. Foster is a service platform that gives crypto savvy donors the ability to sponsor cats through Foster Cat NFTs. Each NFT minted will represent a specific cat, and carry with it its name, description, and image. In essence, the cat itself will be digitized. The Foster platform aims to digitize pet ownership - the vision - by creating a cat-sponsorship solution. Due to logistics, the Foster Cat NFT program will be rolled out in several phases. Initially, the sponsorship will take place through the transaction of real cats as art-based NFTs detailed in phase 1. Importantly, as per our digitization efforts in phase 3, Foster aims to create security-based NFTs that are registered with legal organizations. These phase 3 NFTs will serve as a binding contract, or a title of ownership for the specific cat it represents. Should the owner of the NFT like to pick up the cat from the NFT seller at a later date, they will have that option. After accomplishing an art-based proof of concept in phases 1 and 2, as well as a security-based marketplace in phase 3, Foster aims to digitize ownership for various pets including but not limited to dogs, reptiles, and birds.

THE VISION

 

By utilizing the low cost and security of Cardano NFTs (CNFT), we plan to digitize pet ownership. While we own titles for our cars and deeds for our houses, we have no proof of ownership for pets other than pictures and food receipts. That has led to complicated disputes that often end in legal battles. 

  • Your pet was lost, then picked up by someone who won't return them

  • You and a roommate, partner, or family member must move apart and can't agree on who gets to keep the pet

  • A liability dispute occurs after a pet incident, and no one claims ownership of that pet

 

The fact of the matter is, pet ownership isn't clearly defined through a standardized system. Clearly, a void needs to be filled - but that certainly won't happen overnight. Through the Foster Cat NFT platform, we plan to legitimize NFTs as a "title of ownership." Initially, the NFTs we mint will be only a proof of concept and sold as artwork. After public interest grows, and some successful operation, we will begin integrating our system into that of governing bodies around the world. Pet owners will eventually be able to prove legal ownership through the use of our Foster NFTs.

 

In the beginning, the platform will only host cats. We plan to integrate dogs into the platform in phase 4, and eventually other pets in phase 5. We will progress through the different phases as funding becomes available, and as our team/community grows. The initial steps of this platform will be purely focused on connecting sponsors with cat shelters/foster homes.

PHASES

 

Phase 1

Curated Listings

The first phase will work as a proving grounds for the Foster NFT idea. In a nutshell, phase 1 will involve Foster Cat NFT listings that are curated by the Foster team. This phase will require the cooperation of cat shelters and foster organizations. We will reach out to a variety of cat shelters and foster homes around the world for consent in posting their cats on our platform. They will have to provide a public Cardano wallet address that the proceeds will be sent to. The wallet address will have to be publicly displayed on their website. Furthermore, this phase will be art-based, so as to avoid a security designation until the legal groundwork is complete. The shelter is NOT expected to grant cat adoption to the NFT owner. Adoption should not be expected during the early phases of this platform. All proceeds, less a small developer fee, will be donated to the cat listing's specific shelter.

Phase 2

Listing Marketplace

For this phase we will introduce a fully fledged listing marketplace where users can list their cats as they please. Until phase 3, the listing marketplace will involve only art-based NFTs; meaning the NFT will not be a title of ownership. There will be a ranking system powered by the Foster Token that will track users based on their staking addresses. This will replace the need for curated listings because the community itself will become the curator. In addition, the ranking system will add a layer of protection for any Fosters, or donors in our community. As the community grows more trusting of a user's cat listings, they will rank them so that they may appear more easily in marketplace. For this phase, we will take advantage of different social media platforms to add dialogue - users will be able to share their listings on our platform's Reddit page (subreddit), our Discord, as well as their own personal platforms. Our marketplace will use some of the different platforms' metrics to help rank users.

Phase 3

Binding Contracts

This phase will introduce security-based NFTs that represent a title of ownership. It will heavily depend on regulations that will mostly be out of our control. Regardless, we aim to accomplish the necessary legal work to ensure that the Foster Cat NFT becomes a binding contract and a legal proof of ownership - or in other words a security NFT. That way, should a seller refuse to honor the adoption agreement they may face legal consequences. Completion of this phase will add a layer of legal protection to the Foster's investment, and add great value to our platform. However, it will also add a layer of complexity and regulations. As such, phase 3 NFTs will be entirely different from phases 1 and 2's art-based NFTs. During the roll-out of phase 3, the Foster platform will stop minting (but continue listing) the art-based NFTs of the prior phases. They will be categorized as a collectors edition, and have their own listing category.

Phase 4

Foster Dogs

We plan to integrate Foster Dogs to our platform after we've proven this concept. Rest assured dog lovers!

Phase 5

Foster Pets

Eventually, we will add support for other pets such as birds and reptiles, just to name a few.

THE TECHNOLOGY

 

We live in a new era; that of globalization, decentralization, and metaverse products. It is clear that the future will rely heavily on digital assets - but more importantly digitized assets. As you probably know, the process of selling a car involves the transfer of title. It takes, at the very least, half a days work and planning to transfer ownership. In most cases, notarization is required, which adds yet another layer of arguably unnecessary difficulty. Why shouldn't your car's title become a digitized asset that can be transacted online after a car sale? The blockchain would offer security and traceable transactions that are forever stored in the blockchain's public ledger. Car titles are considered a security, so we must assume that the future Foster Cat NFTs (post phase 3) will be considered security-based NFTs. 

Cars and cats are just two examples of how security-based NFTs could potentially shape the next few decades. The possibilities don't end there: we will see NFT videogame keys in the near future. That could mean transferable NFTs that work as keys for triple-A title videogames. The NFT solution opens up the door for software resale that doesn't involve suspicious websites offering access key transactions. Despite relying heavily on art-based NFTs for Foster's early phases, NFTs are very clearly not limited to art and entertainment.

 

Cardano Foundation, IOHK, and EMURGO have, through a rigorous peer-review process, brought to life an arguably bullet proof network that supports NFTs at record low transaction fees. However, as some will say, Ethereum is much further ahead in the development process and has widespread integration as well as flourishing dApps in their ecosystem. Choosing between the two networks (Cardano and Ethereum) to host the Foster platform was difficult, but the decision ultimately came down to network costs. Even at a peak load of 95%, Cardano offered transaction times as little as 5 minutes (through unpopulated nodes) for an average $0.25 in transaction fees. For a truly decentralized blockchain network with hard-coded limiters, these results are impressive.

4373172_ethereum_logo_logos_icon.png

$9.38

Ethereum's average gas price as of January 17th, 2022

2844382_ada_cardano_icon.png

$0.25

Cardano's average gas price with a higher transaction count on the same day.

MARKETPLACE

 

This platform revolves around an NFT marketplace where users can list their cats to be Fostered by a third party. During the initial phase of the Foster platform, we will curate listings. The NFTs listed in the initial phase should be considered art, where all proceeds minus a small developer fee will be donated to various animal shelters and foster homes. This phase will prevent Foster Cat NFTs from being designated as security NFTs. In a later phase, users will be able to upload photos of their cats, a name, a description, and a Cardano public wallet address - the platform will hold this data securely until a Foster chooses to purchase the NFT. There will be a listings page, which is what makes this platform a marketplace. After a Foster deposits the necessary ADA by signing a transaction using any of the supported wallets (unannounced), the NFT will be minted through the Blockfrost node. In later stages, Foster will run its own Cardano node, and route all transactions through it. In one smart contract, the NFT will be minted using the listing metadata and a Foster provided overlay. The NFT will then be sent to the Foster, and the listing wallet will be paid the deposit - less a small transaction and developer fee. Initially, we will provide the listing metadata and wallet based. The listing wallet addresses will be taken from various shelters, and will be publicly displayed on the given shelter's website.

The overlay used for Foster Cat NFTs may change over time, but should follow these general rules:

  • The overlay should have a border that covers no more than 10% of the square cropped image

  • The overlay should have an identifying Foster logo or icon

  • Any tints used should not have an opacity of more than 30%

  • The overlay should be square: 1000 by 1000 pixels

OVERLAY EXAMPLE

Overlay.png
CatExample.png
OverlayExample1.png

OVERLAY

ARBITRARY CAT

FOSTER CAT NFT

NFTs on the Cardano blockchain typically source their image files from IPFS.io; Foster Cat NFTs should follow this standard. As a peer-to-peer media hosting protocol, IPFS brings the Foster platform a step closer to true decentralization. As such, all NFT related images will be stored using IPFS, including the Foster overlay and user submitted images.

One of the problems facing the Foster platform in phase 2 is image upload authenticity. Users might attempt to list cats that are simply not theirs. Whether that means using a cat photo from the web, or the image of a cat they found in the neighborhood, Foster plans to employ multiple verification steps. This includes performing a reverse image search using API's like Google Reverse Image and DeepAI, as well as user reputation statistics powered by Foster Token.

The dApp-wallet bridge that will be implemented on the marketplace is the Cardano Improvement Proposal: CIP 30. Wallets like Nami have already started to shift towards this new dApp-wallet bridge standard. For that reason, we will be using this communication protocol to ensure better scalability of the Foster platform. Newer standards will be implemented as they come, at a time deemed appropriate by the developers.

 

SMART CONTRACT

All transactions occurring on the Foster Cat NFT marketplace will use smart contracts that will be open source. This is to ensure decentralization, and security. Smart contracts on the Cardano blockchain are a powerful tool; they can be used to exchange ADA between third parties, as well as mint NFTs during the transaction process. As a result, the NFT minting transaction will occur during the sale, in one overarching smart contract. In other words, the NFT listing process will only create the metadata for the NFT. The NFT itself is minted during a sale, or Foster transaction. The transaction will be a smart contract with the following architecture:​

When ADA is deposited by the Foster

Mint NFT using metadata from the listing

Send NFT to the new Foster

Subtract the developer fee from the deposit

Send the remaining ADA to the listing wallet

FOSTER TOKEN

 

Foster Token, or $FOSTA, is a utility token that will be usable across the Foster platform. The Foster Token will be integrated into the marketplace, as well as some of the social media platforms in order to power a vibrant community. As such, the token will have utility. Foster Token also creates a funding opportunity that is essential for the platform development process. Funding will likely take place through an IDO.

DISTRIBUTION

1 BILLION TOKENS MINTED THROUGH CARDANO

 

UTILITY

A utility token requires, well, utility! Here are some of the use cases of the Foster Token $FOSTA. Please note that the token is NOT limited to these use cases; more will be added as time goes on.

Governance

The token itself will have uses in governance. More specifically, it will be a method by which our community can vote on important decisions that determine the direction of the platform.

Listings

The token will also be used to curate NFT listings in the early stages of Foster. Before the phase 2, all Foster Cat NFT listings will be curated by our team. That doesn't mean users can't apply to be listed - FOSTA can be used to vote on these early listings. In phase 2, the token will also be used to rank user listings.

Contests

We love cats. It goes without saying that we will be hosting cat beauty contests! The token will be used to vote on the cutest, strangest, and most entertaining cats in our community.

Tips

We are called Foster Cat for a reason! One of our main objectives is to help homeless cats live comfortably, or even find a home. That is only possible through the work of dedicated foster homes, shelters, and individuals who are willing to scoop the poop. FOSTA can be used to tip standout individuals and organizations within our community.

Social

We plan on integrating the Foster token directly into our social media platforms, including but not limited to Discord and Reddit!

 

Author

RustyCamel

Date

January 17th, 2022

Project

Foster Cat NFT

Network

  • Twitter Link Foster Cat
  • Reddit Link Foster Cat
  • Discord Invite