Please describe your proposed solution.
94% of young people want to use their skills for good (Achieve Achieve Consulting Inc., “Millennial Impact Report”, 2014), but only 10% are able to do so (Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, in 2016). This is because it’s difficult to visualize their impact and get rewarded for their contributions. Socious leverages Atala PRISM to attribute social & environmental impact to individuals/organizations and provides rewards in crypto tokens based on their impact score.
Socious is built on Milkomeda which is an EVM (Ethereum Virtual Machine) compatible sidechain of Cardano. While you are able to use ERC-20 compatible wallets (e.g. Metamask) on Milkomeda, Atala PRISM is currently not integrated with Mikomeda. As a result, we are not able to link Atala PRISM’s self-sovereign identity with ERC-20 compatible wallets.
ProofSpace and Socious will work together to integrate ProofSpace’s Atala PRISM implementation to Milkomeda so that users can connect their ProofSpace identity wallets with ERC-20 compatible wallets.
The proposed integration assumes that an Atala PRISM credential can have an ERC-20 token binded to it and vice versa. The Socious users will be able to use the ERC-20 token and/or the PRISM credential to interact with the parties (smart contracts and issuers/verifiers) in the Socious ecosystem. Socious App will handle token flows and ProofSpace App will handle verifiable credential flows and enable parties to issue both tokens and creds to the corresponding apps(wallets). In addition to SSI verification, the token ownership verification will take place. Two apps may call each other through the deep linking to build a complex flow consisting of token transactions and VCs interactions, that is experienced as a seamless flow by the end user. To perform payments and ERC-20 token transactions with Milkomeda smart contracts users will call Metamask mobile app from Socious web/mobile app and Proofspace mobile app through the WalletConnect standard. To pay for Milkomeda transactions, users will have to convert ADA to MilkADA and transfer it to Metamask Milkomeda address. This is a complex setup process, which we are planning to simplify by distributing MilkADA to users/organizations so that they don't need to convert ADA to MilkADA (i.e., they only need Metamask. Flint Wallet is not necessary).
The prototype workflow has been researched and drafted:
Please describe how your proposed solution will address the Challenge that you have submitted it in.
The proposed solution addresses the challenge in the following ways:
The overall question to be addressed by the challenge is “What dapps, products and integrations can be implemented to bring impactful use cases to Cardano ecosystem that help drive more adoption?”
Socious is a decentralized application (dapp) and its unique Impact Score has many use cases to Cardano Ecosysm. This project will significantly increase the utility & adoption of Atala PRISM/Cardano. Users will be incentivized to build their Impact Score with tangible rewards, such as access to impact-focused grants/investments, rewards in THANK tokens (Socious’ native tokens), and access to exclusive economic opportunities such as financial products and discounted ethical goods.
Types of proposals include “Marketplaces”, “Social Media”, “Environment” and DeFi.
Socious is squarely in these areas. Socious is an “impact job marketplace” that matches impact organizations/projects with impact talent. The impact score system, an impact-based reputation management system, will facilitate users to progress in their impact careers. Socious is also a “Social Media for Social Good” where socially conscious individuals can share content and connect with like-minded people.
In the future, Socious is planning to launch an “ethical product marketplace” where users can buy a variety of sustainable/ethical products that contribute to social and environmental impact. Similarly, Socious will launch an “impact lending” feature. Socious Impact Lending is a decentralized finance (DeFi) protocol that allows people to lend and borrow THANKs without having to go through a centralized intermediary. Lending users earn interest and borrowing users pay it. Rather than relying on collateral, smart contracts calculate individual risk based on users Impact Score, interest rates will be allocated on the basis of this. By removing the middlemen, this peer-to-peer system offers not only greater value and efficiency in the lending process but also provides the unbanked population with access to capital without any assets or credit.
Using the guarantor system, users can leverage the trust of other people to borrow THANKs without having a high Impact Score. This system also allows users to improve their impact score by being a guarantor and earn a percentage of the interest repayment. On the other hand, the guarantors’ impact score will decrease if the borrower fails to repay their debt. This balanced approach will increase access to financial services for the unbanked.
The project is highly relevant to the key metrics for the challenge:
- Increasing the number of dapps and products available for the community to use that help to enrich the ecosystem with new use cases: If the project is successful, it will lead to many more use-cases of the Impact Score system and DID, including peer-to-peer lending system for financial inclusion of the unbanked and an ethical marketplace of products and services.
- Increase the number of integrations that bring existing solutions together for a more seamless and connected experience between different products: We bring Cardano, Atala PRISM, Milkomeda, Proofspace, and ERC-20 compatible wallets together to provide a more seamless and connected experience between different products.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Possible challenges or risks to delivering this project successfully include:
Risk: Integration of ProofSpace/Atala PRISM to Milkomeda
Strategy to mitigate: We will mitigate this challenge by working with ProofSpace and learning and getting support from the Atala PRISM Pioneer Program.
Risk: Collaboration between Socious and ProofSpace with the time difference between Europe and East Asia.
Strategy to mitigate: We will leverage various tools such as Slack, Trello, GitHub, etc. to work asynchronously with occasional video conferences.
Risk: the UX for performing payments and ERC-20 token transactions with Milkomeda smart contracts can be complex.
Strategy to mitigate: this is partly a UX issue that is common to all dapps built on Milkomeda and the solution ultimately needs to come from Milkomeda. However we will mitigating the risk and improving the UX directly by distributing MilkADA to users/organizations so that they don't need to convert ADA to MilkADA (i.e., they only need Metamask. Flint Wallet is not necessary).