Please describe your proposed solution

Understanding the Problem: The Cardano ecosystem currently lacks a mechanism for recurring payments, a critical functionality for businesses and services looking to offer subscription-based models. This limitation restricts the potential for diverse business models and hinders the broader use of ADA for continuous transactions.

Our Unique Approach - AMPDsub: AMPDsub is designed as a Smart Escrow Wallet (SEW) system, akin to a prepaid credit card, which integrates with Cardano's blockchain. This approach uniquely combines security, flexibility, and user control, addressing the existing gap in the ecosystem.

Key Features of AMPDsub:

• Smart Contract Subscription System: Utilizes AIKEN’s capabilities to create a secure and straightforward subscription mechanism.
• Security and User Control: The SEW doesn’t directly access user wallets, instead, it securely stores subscription details as metadata, ensuring funds are only used as per the user's subscription choices.
• Flexibility in Subscription Management: Users have complete control over their subscriptions, with the ability to initiate, modify, or cancel at any time.
• Frankenaddress Feature: Maintains the staking benefits associated with a user's wallet while using the escrow service, ensuring users don't miss out on staking rewards.

Engagement and Impact:

• Target Audience: Both businesses seeking to offer subscription services and users desiring a more flexible payment option on the Cardano blockchain.
• Demonstrating Impact: By enabling a new stream of revenue models through ADA-based subscriptions, AMPDsub will demonstrate its impact through increased business adoption and user engagement within the Cardano ecosystem.

Why It's Important to Cardano: AMPDsub's introduction of a recurring payment system is pivotal for expanding Cardano’s utility in the digital economy. It opens up opportunities for a variety of subscription-based services and businesses, encouraging innovation and fostering a more dynamic and inclusive financial ecosystem on Cardano.

This solution addresses both the technical challenge and the practical needs of the Cardano community, making it a significant step towards enhancing the blockchain's usability and appeal.

Read more about it on MEDIUM Post here

Please define the positive impact your project will have on the wider Cardano community

Answer:

AMPDsub is set to enhance financial operations within the Cardano ecosystem, introducing a prepaid-like model for streamlined and secure fund management. Its application extends beyond our AMPD platform, to empowering SaaS providers who are keen on offering ADA-based recurring subscription services. Allowing businesses of all sizes to benefit from alternative & recurring revenue streams.

Measuring Impact:

• User Adoption Metrics: We will track new user sign-ups and service providers utilizing AMPDsub, providing a clear indicator of its acceptance and usage within the community.
• Engagement Analytics: Monitoring the frequency and types of subscriptions managed through AMPDsub.

Communication Plan:

Our approach emphasizes transparency and community engagement. We'll share progress updates through Medium posts and actively interact with the community on platforms like Discord & X. By gathering feedback and testimonials from developers who use AMPDid, we'll focus on enhancing usability and addressing any challenges, continuously refining our solutions based on real-world insights and user needs.

What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Our team's diverse experience—over 10 years in business management and brand development, 15+ years in tech startup infrastructure, 10+ years in creative direction, UI/UX, and 3+ years in the Cardano ecosystem— ensures a comprehensive approach to project execution. We're prepared for scalability challenges, with strong development networks ensuring growth readiness. Our strategic development focuses on versatile components beneficial to both our projects and the broader community. We validate our work through rigorous testing and community feedback, prioritizing transparency to build trust and accountability. Committed to the Cardano community, we aim to create impactful, user-friendly solutions that foster growth and engagement.

What are the key milestones you need to achieve in order to complete your project successfully?

Milestone 1: Smart Contract Development and Deployment

This milestone focuses solely on the core of project revolving around the contract development, auditing and deployment with supported APIs.

Marked done once the following items are completed:

1. Contract finalized with all necessary requirements
2. Contract audited and deployed on test net
3. APIs for interacting with contract and returning relevant contract data deployed

Milestone 2: UI/UX Development and Pre-Production Deployment

This milestone focuses on the overall user portal and the UI/UX for the project.

Marked done once the following items are completed:

1. Design and implement the UI/UX for a proof of concept to demonstrate the smart contract's features with the developed apis from milesonte 1 (this is a ui/ux update)
2. Setup backend infrastructure for contract management for fast retrieval and storing relevant subscription information to limit requests needed from a user perspective.
3. Simple user creation and recurring payment creation with testnet contract

Milestone 3: Final Audit and Pre Launch Security Testing

A focus on ensuring the contract is solid and making any more improvements for optimization as well as site management to handle load requirements before pushing to public. (Upgrading servers if need be as well as hosting)

Marked done once the following items are completed:

1. Second audit is approved with a focus not just on the contract but on the site itself for vulnerabilities in APIs or other ways to hack it
2. Site and backend migrated if need be to more robust systems
3. Platform approved for mainnet migration
4. Open source code for contracts and dapp itself. (this will also allow for a better management of bug reporting in the alpha)

Milestone 4: Integration into AMPD Ecosystem and Launch

This is the actual soft launch with wallet gated access on mainnet before pushing to public launch.

Marked done once the following items are completed:

1. Migrate users to AMPD wallet for an easier wallet solution management
2. Open an alpha to select wallets and allow access for atleast 1 week - 2 weeks of alpha use and updates as needed.
3. Overall results are as expected, major bugs fixed, and can at best guarantee a stable, secure and smooth user platform.

Next is whatever the future holds, but with these milestones this will guarantee a focus on contract first, then ui/ux, then scalability and robustness and internal testing, then testing on an external solution with valuable feedback, and will ensure a successful and much needed product for the Cardano ecosystem.

Milestone 5: NA

Final Milestone: NA

Who is in the project team and what are their roles?

Max Zurlino - CEO: Manages operations and strategic direction.

David Borgenvik - CTO: Leads front-end and back-end development.

Jeremie Miller - Lead Cardano Developer | WEB3 Lead: Focuses on smart contract development.

Bruno Aveiro - Product Manager: Oversees product strategy and development.

Flavio Duarte - Creative Director: Heads aesthetic design and visual storytelling.

Matthew Schaefer - Communications Manager: Manages social media and community engagement.

Please provide a cost breakdown of the proposed work and resources

Development: 80h

• Backend Development: 40h
• Front-End Development: 40h

Design and User Experience: 40h

• UI/UX Design: 40h

Smart Contract and Deployment: 50h

• Smart Contract Development (using AIKEN): 40h
• Smart Contract Deployment on Pre-prod: 10h

Testing and Quality Assurance: 32h

• Backend Testing: 16h
• Final Testing and Validation: 16h

Infrastructure and Server Setup: 48h

• Infrastructure Setup: 24h
• Server Infrastructure Setup: 24h

Auditing and Security: 40h

• Independent Audits: 40h

Documentation

• Developer Documentation: 10h

Hourly Rate for Development Work: ~ $80/hour*

*Based on average developer costs in Sweden, USA, and Switzerland.

Total Hours for Development and Auditing: 300 hours

Total Cost Estimate: approx **56,000ADA(**300 hours x $80/hour)

1ADA ~ 0.43USD

Third party smart contract audit

How does the cost of the project represent value for money for the Cardano ecosystem?

Cost Efficiency and Allocation for AMPDsub: The total cost of ₳56,000 for AMPDsub represents a strategic and prudent investment in enhancing Cardano's financial transaction capabilities. This budget is carefully divided among essential development stages, focusing on creating a secure, efficient, and user-friendly subscription service.

Development Breakdown:

• Smart Contract and Backend Development (220h): Critical for establishing a secure and functional Smart Escrow Contract and its backend integration.
• UI/UX Design and Proof of Concept (40h): Ensures the system is intuitive and visually appealing, facilitating user adoption.
• Independent Audits (40h): Two thorough audits to verify the security and reliability of the smart contract, a crucial step for safeguarding user assets.
• Infrastructure and Server Setup (50h): Establishes a robust foundation for system reliability and scalability.
• Frontend Development and Testing (60h): Focuses on creating an engaging user interface and thorough testing for seamless user experience.

Impact and Returns:

• Secure Subscription Model: Introduces a novel prepaid-like subscription system on Cardano, enhancing business opportunities.
• User Empowerment: Offers users full control over their subscriptions, aligning with Cardano's ethos of user-centricity.
• Expansion of Cardano's Use Cases: Enables a broader range of business models, including SaaS and content platforms, to operate on Cardano.

Intangible Benefits:

• Trust and Security: By prioritizing secure contract development and thorough audits, AMPDsub strengthens trust in Cardano’s ecosystem.
• Innovation in Financial Transactions: Paves the way for new financial services on Cardano, showcasing the blockchain's versatility.
• Community Engagement: Invites a diverse group of users and businesses to the Cardano community, promoting growth and inclusivity.

In conclusion, the investment in AMPDsub is aligned with Cardano’s objectives of expanding its blockchain utility and support dAPP developers on cardano wanting to provide SaSS. The project promises significant long-term benefits by enabling new financial models and enhancing the blockchain's appeal to not only creators of shape or form but also .