Please describe your proposed solution.
MoneyKit is an innovative and robust platform and SDK that empowers developers to create financial applications for both mobile and web platforms with unparalleled ease and efficiency. This cutting-edge solution offers a host of advantages that make it an invaluable asset for the financial technology ecosystem, and it is positioned to make a significant positive impact in the field.
MoneyKit's core strengths lie in its ability to streamline the often complex and time-consuming process of developing financial applications. It provides developers with a comprehensive toolkit that simplifies and accelerates the integration of financial data and services into their applications. This results in reduced development time, improved user experiences, and ultimately, a more competitive and successful financial application.
Right now, dozens of top apps are powered by MoneyKit on both IOS and Android. This enhancement will have a ripple effect, benefiting all the top apps currently powered by MoneyKit on both iOS and Android, ultimately strengthening Cardano's presence and utility within the broader financial technology landscape.
Our solution involves three key components:
- Integrate Cardano as a data-source for MoneyKit: Currently, we allow users to connect to over 15K financial institutions and card accounts—over 7K more than any single aggregator. This will add Cardano as a data-source for MoneyKit, and thus also to all the financial applications that run on MoneyKit.
- Transaction Enrichment: Similar to the transaction manifest from the Radix ecosystem. Developing open-source code that consumes serialized transactions and classifies them and convert them into human-readable transaction manifests. This will enable users and financial systems to easily understand the nature of the transaction. Using this tool, wallets will be able to describe in human readable terms exactly what are agreeing to when you sign a transaction (ie you are initiating a token swap or minting stablecoins).
- Financial Auditing/Accounting Application powered by MoneyKit: An open-source application designed for auditing and accounting of addresses on the Cardano blockchain, leveraging the enriched transaction data from Cardano.
These elements will be integrated into MoneyKit, enhancing its capabilities to include and support Cardano transaction data, thereby facilitating broader adoption in web2 financial services.