Please describe your proposed solution.

The problem is simple: multiple KYC/AML checks are inefficient, inconvenient, and downright invasive.

"Hey, I just proved my identity, why do I have to do it again?"

We're with you!

Our solution? Form an international standards-setting organization, the Cardano Privacy Alliance. We’ll bring together various Cardano-based companies to hammer out basic minimum requirements for AML/KYC standards, while keeping privacy at the forefront. This is important because we believe in both compliance and privacy - and we think they can coexist!

Our approach here isn't like assembling Ikea furniture, it's more like cooking a complex recipe. We'll engage Cardano projects and legal experts, and stir in a generous helping of community input.

The cherry on top will be our use of Atala PRISM - a blockchain-based self-sovereign ID standard. Once KYC is done on one project, it can be used on others. Easy-peasy!

The impact? Fewer KYC checks, saving time, preserving privacy, and avoiding that feeling of deja vu. "Wait, didn't I just upload my passport?" Yes, you did. And with our solution, that's the last time you'll have to!

In terms of proving our impact, we'll track reduced duplication of KYC checks and survey users on their experiences. If we have more smiles and fewer frowns, we know we're onto something.

Our solution is unique in its use of Cardano's Atala PRISM and its focus on building standards in collaboration with the Cardano community. Users benefit from streamlined processes and enhanced privacy. Cardano benefits from a stronger, more united ecosystem.

And we all enjoy a smoother user experience for Cardano.

How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

Our proposal specifically addresses the "Building on Atala PRISM" challenge by establishing the Cardano Privacy Alliance. This platform will gather key stakeholders, promoting efficient conversation and alignment in the ecosystem.

We focus on interoperability, developing KYC/AML standards that work across multiple projects. By using Atala PRISM, we're adopting user-friendly tech that enhances the ecosystem's adoption.

Streamlined Processes: Our project aims to reduce the redundancy of KYC checks, making it easier for users to interact with multiple projects on Cardano.

Privacy Preservation: Our model helps to minimize the collection and sharing of personally identifiable information.

Stronger Ecosystem: By establishing a standards-setting organization, we're nurturing interoperability among Cardano projects

Our project brings significant benefits to Cardano: increased user satisfaction, minimized repetition in KYC checks, and a potential for greater adoption of Cardano's technology.

Quantifying the impact is a bit like trying to count the stars, but we'll give it a shot. We anticipate that within a year, we could potentially influence the user experience of thousands, if not tens of thousands of users who interact with Cardano-based platforms requiring KYC. More importantly, we expect a significant decrease in the number of repeated KYC/AML checks.

And decentralized protocols on Cardano can passively utilize this "KYC Approved" credential, safeguarding their platforms from predatory regulation.

How do you intend to measure the success of your project?

We will measure success using three metrics:

1. The number of Cardano projects that participate and adopt a uniform KYC/AML standard. We're setting our sights on bagging at least twenty projects in the first year.
2. Reduction in duplicate KYC checks. Imagine not having to fill out your information for every single Cardano project. We aim to chop these duplicate checks by at least 50% within a year, freeing up more time for the fun stuff.
3. Smiles. User satisfaction is the key. We'll distribute surveys to measure this, aiming for a 30% improvement.

Over time, we expect this standard to not only improve user experience but also boost the adoption and security of Cardano.

Please describe your plans to share the outputs and results of your project?

Our "spread the love" strategy has a few key ingredients.

First, we'll cook up detailed reports after each milestone, garnished with facts, figures, and plenty of insights. We'll serve these up on our website, via social media, and through an email newsletter.

Secondly, we'll host webinars and live Q&A sessions, twitter spaces, etc. where we'll share our findings, progress, and next steps.

We'll be active on the Cardano forum, Twitter, Discord, and Reddit, where we can update everyone, answer questions, and gather valuable feedback.

Finally, the results of our project will fuel further research and development activities.

Our findings will help shape the future of Cardano's privacy standards and inform our next steps. So, we'll use these results to whip up even more impressive innovations for Cardano.

What is your capability to deliver your project with high levels of trust and accountability?

Our team is drawn from the Cardano community's finest minds, each bringing a unique flavor to the mix. We've got blockchain developers, legal eagles, AML/KYC specialists, and even a few philosophers for good measure (because, hey, who doesn't love a good debate about the nature of identity over coffee?).

But why are we the best crew for this mission?

Well, for starters, we've got more collective experience in the Cardano ecosystem than a well-aged bottle of wine has tannins. We've seen the ins and outs, ups and downs, twists and turns of the Cardano journey, and we're as committed to its vision as a sea captain is to his ship.

We're no strangers to handling funds, and for each of us, transparency is our watchword, and accountability is our game. We've got stringent processes in place to manage funds, with regular check-ins and transparency, because we believe in keeping everyone in the loop. No shenanigans here, just a group of dedicated professionals steering the ship towards our goal.

Finally, we're sticklers for communication. We believe in keeping everyone, from our team members to our community, as informed as a well-read encyclopedia. We'll regularly update on our progress, hurdles, triumphs, and funny anecdotes through various channels.

What are the main goals for the project and how will you validate if your approach is feasible?

Our mission is to create a gold-standard framework for privacy-preserving self-sovereign ID on the Cardano blockchain. Let's break it down, goal by goal:

Assemble the Avengers: Or in our case, a crack team of legal and blockchain experts. Our barometer of success? Having a functioning committee with representatives from major Cardano projects, all committed to the cause.

Establish Minimum Viable Compliance (MVC): This sounds fancy, but it's all about setting the basic requirements for legal compliance with AML/KYC in the context of Atala PRISM. We'll know we've hit the mark when we have a set of principles and guidelines that are agreed upon by the committee and pass a legal sniff test.

Create an Interoperability Roadmap: AML/KYC processes should be as seamless as making a perfect pancake flip. Our aim is to create a roadmap that facilitates the mutual recognition of each other's AML/KYC credentials. Success? When we have a roadmap with clear milestones, deliverables, and timelines.

Test, Refine, Repeat: We'll pilot the framework with willing Cardano projects. If it's smooth sailing, great! If not, we refine until it is. We'll measure success through the feedback we receive and the efficacy of the AML/KYC processes.

Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Here's our proposed 6-month project timeline with key milestones:

Formation & Engagement (Weeks 1-2): Our initial phase involves establishing the Cardano Privacy Alliance, identifying potential members, reaching out, and securing commitments. The main cost here is time and effort in organizing and coordinating these outreach efforts.

Inaugural Meeting (Week 3): With our members onboard, we hold our first formal meeting to establish our mission, ground rules, and expectations. The cost here primarily covers meeting organization and documentation.

Development of Minimum Viable Compliance (MVC) (Weeks 4-8): In this phase, we draft our MVC, laying down the basic legal and compliance guidelines. This requires significant legal consultation, research, and collaborative discussions. Most of our budget at this stage is directed towards legal and consulting fees.

Roadmap Creation (Weeks 9-10): With the MVC ready, we create a detailed interoperability roadmap. This sets the path for achieving our goals. Costs are primarily associated with meeting logistics and roadmap documentation.

Pilot Testing (Weeks 11-16): Next, we put our MVC to the test. By conducting pilot tests with alliance members, we can gather valuable feedback and refine our approach. The cost in this phase is dedicated to implementing, tracking, and reviewing the pilot tests.

Public Launch (Weeks 17-22): After rigorous testing and fine-tuning, we are ready for the public launch of the Alliance and the MVC. We'll start promoting the guidelines across the Cardano ecosystem. Costs include promotional activities, webinars, and meeting logistics.

Review and Next Steps (Weeks 23-24): In the final phase, we review our progress, gather feedback, identify areas of improvement, and plan for the future. The costs involve meeting logistics, further documentation, and a bit of celebration for our hard work.

By following this detailed plan, we aim to ensure the efficient use of our resources while making meaningful progress towards our objectives. We're ready to make a significant positive impact on the Cardano ecosystem.

Please describe the deliverables, outputs and intended outcomes of each milestone.

With each milestone, we are fostering a collaborative approach to tackling real-world challenges in the Cardano ecosystem. Here are the details of our milestones and their corresponding deliverables, outputs, and outcomes.

1. Formation & Engagement: Deliverable is a list of engaged founding members of the Cardano Privacy Alliance. The outcome will be the establishment of a group dedicated to fostering interoperability and KYC/AML compliance within the Cardano ecosystem. Progress can be tracked through the number of participating members and their active involvement.
2. Inaugural Meeting: Deliverable will be the minutes from the inaugural meeting, which will include mission statement, ground rules, and expectations. The intended outcome is a unified group working towards a common goal, with progress measured by the successful completion of the meeting and consensus on key items.
3. Development of Minimum Viable Compliance (MVC): Deliverable is the MVC document that outlines the legal and compliance standards for the Alliance. The outcome is a baseline standard that all members can adhere to, encouraging uniform compliance. We will measure progress by the completion of the MVC and its acceptance by the Alliance members.
4. Interoperability Roadmap: Deliverable will be the interoperability roadmap, a detailed plan outlining the steps to achieve KYC/AML compliance across the ecosystem. The intended outcome is a clear and unified path forward for all members. Progress will be measured by the completion of the roadmap and its adoption by the Alliance members.
5. Pilot Testing: The main deliverable is the results and analysis report from the pilot tests. The intended outcome is the practical implementation of the MVC and discovery of any areas for refinement. Progress will be tracked by the number of successful pilot tests and the feedback received.
6. Public Launch: Deliverables include launch event, press releases, and promotional materials. The intended outcome is wider adoption of the MVC within the Cardano ecosystem. We will measure progress by the number of non-Alliance members adopting the MVC, and the public awareness about the Alliance.
7. Review and Next Steps: Deliverables will be a comprehensive project review document, feedback report, and a future plan. The intended outcome is the continuous improvement and sustainability of the Alliance's initiatives. Progress will be measured by the feedback received and the establishment of future goals.

Please provide a detailed budget breakdown of the proposed work and resources.

Here is the budget for our exciting adventure into the world of privacy and compliance. Our plan consists of seven milestones, each with their own unique needs and costs.

1. Formation & Engagement: 0 ADA. This covers the coordination and administrative costs of gathering the founding members and launching the Alliance.
2. Inaugural Meeting: 0 ADA. This budget caters to meeting logistics, virtual platform subscription for secure and smooth communication, and documentation.
3. Development of Minimum Viable Compliance (MVC): 50,000 ADA. This includes the costs of legal consultations, document drafting, and reviews to ensure we're hitting the right notes when it comes to compliance.
4. Interoperability Roadmap: 15,000 ADA. This will be used to cover the time spent by experts to develop a comprehensive interoperability roadmap.
5. Pilot Testing: 25,000 ADA. This allocation is for testing our compliance standards in real-world scenarios and gathering feedback. It includes the cost of technological resources and data analysis.
6. Public Launch: 15,000 ADA. This budget goes to marketing and promotional efforts, including creating press releases, promotional materials, and organizing the launch event.
7. Review and Next Steps: 10,000 ADA. This is allocated for a comprehensive project review, gathering and analyzing feedback, and planning future steps.

Additionally, we have set aside a contingency budget of 20,000 ADA to handle any unexpected costs and changes that could arise.

So, the total budget would be 125,000 ADA.

We believe this budget will efficiently cover all our milestones and deliver the expected results without compromising the quality of work or results.

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

Let's introduce the dedicated team who will be helming this privacy compliance voyage.

• Organizers:
• Matthew Plomin: Matthew is a seasoned tradFi professional and blockchain enthusiast and is building the Mehen USDM fiat-backed stablecoin. Mehen will also be a Member Organization at founding.
• Organizer 2: We're seeking an experienced Project Manager with a strong background in blockchain technology and interoperability, who can efficiently coordinate the diverse tasks and ensure that the project's milestones are met in a timely and effective manner.
• Outside Counsel:
• Oberheiden P.C.: Oberheiden is a renowned law firm with expertise in digital law, blockchain, and compliance. Website
• Member Organizations:
• Allies: We're in discussion with several Cardano projects about joining the alliance. These organizations will contribute their unique perspectives and experiences to shape the compliance standards.

Additional Recruits:

We plan to recruit an Outreach Manager with strong networking skills to engage with the Cardano community and ensure the Alliance's activities align with the ecosystem's needs.

Project allies currently include:

Mehen

TVVIN

Andrew Westberg

Project NEWM

Session Cruz

DEMU

Others will be added in due course.

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

An ideal outcome of the project is to minimize individual costs for Cardano users. And it avoids having individual projects incur the up-front and ongoing costs of building and managing AML/KYC programs from scratch.

Our budget is a judicious allocation of resources for maximum impact. It is calculated based on industry-standard costs for each role and each action. The legal, technical, and organizational expertise we are bringing onboard isn't just impressive - it's essential for executing our vision, and such talent comes with an associated cost.

We believe this expenditure represents outstanding value for money for the Cardano ecosystem. The benefits we anticipate delivering - streamlined business coordination, stakeholder engagement, enhanced interoperability, and robust identity solutions - far outweigh the cost. This investment will be a catalyst for growth and inclusivity within Cardano, a step towards a more decentralized and equitable world.