Please describe your proposed solution

A generative AI chatbot on Cardano which aims to democratize access to DeFi by providing automated, intelligent, and personalized cryptocurrency related guidance. This chatbot will provide education resources, personalized guidance and real-time decision support to both new and experienced users, enhancing accessibility, user engagement, and financial literacy. The chatbot operates by leveraging advanced AI for tailored advice, adapting to user behavior, integrating with DeFi protocols, and refining through community feedback. It fosters collaboration and innovation as an open-source initiative, ultimately making the DeFi environment more accessible and inclusive.

Perception of the Problem

We perceive the problem as the lack of accessible and personalized guidance in navigating the complex world of decentralized finance (DeFi) within the Cardano ecosystem. Many individuals interested in cryptocurrency may feel overwhelmed by the technicalities and risks involved, leading to hesitation or uninformed decisions. Our solution aims to address this by providing an intuitive and intelligent chatbot that offers tailored guidance and educational resources, thus democratizing access to DeFi and empowering users to make informed decisions.

Approach Rationale

We have chosen to approach the problem by leveraging generative AI technology to develop an interactive chatbot for the Cardano ecosystem. This approach allows us to harness cutting-edge AI capabilities, such as real-time data processing, adaptive responses, and learning algorithms, to deliver personalized guidance and educational content to users. By integrating these features, we can optimize user interactions, enhance user engagement, and provide valuable insights into the Cardano DeFi landscape.

Engagement Target

Our project aims to engage a broad audience within the Cardano community, including cryptocurrency enthusiasts, investors, developers, and newcomers interested in exploring the DeFi ecosystem. Additionally, we seek to attract individuals from diverse backgrounds who may benefit from personalized guidance and education in navigating the complexities of DeFi on the Cardano blockchain.

Impact Demonstration

We will demonstrate our impact by measuring several key metrics, including user engagement, satisfaction levels, and adoption rates of DeFi services within the Cardano ecosystem. Additionally, we will gather feedback from users to assess the effectiveness of the chatbot in providing personalized guidance and educational resources. Through continuous monitoring and evaluation, we aim to prove the tangible benefits of our solution in democratizing access to DeFi and empowering users to make informed decisions in the cryptocurrency space.

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

The chatbot will make DeFi on Cardano more accessible and understandable, enhancing new user onboarding, existing user engagement and trust in DeFi products on Cardano, ultimately fostering broader adoption and financial inclusivity.

Value to the Cardano Community

The success of our project will bring significant value to the Cardano community by making decentralized finance (DeFi) more accessible and understandable. This will facilitate smoother onboarding for new users, increase engagement among existing users, and build trust in DeFi products on the Cardano blockchain. By enhancing accessibility, understanding, and trust in DeFi, our project will ultimately foster broader adoption of DeFi solutions and contribute to greater financial inclusivity within the Cardano ecosystem.

Measuring Impact

We will measure the impact of our project through various quantitative and qualitative metrics, including:

• User Engagement: Tracking the number of users interacting with the chatbot, frequency of interactions, and time spent using the platform.
• User Feedback: Gathering feedback from users regarding their experience with the chatbot, satisfaction levels, and perceived improvements in understanding DeFi concepts on Cardano.
• Adoption Rates: Monitoring the adoption of DeFi products and services on Cardano following the implementation of our chatbot, such as the number of new wallet addresses created, transactions made, and funds deposited into DeFi protocols.
• Trust Metrics: Assessing changes in user trust levels towards DeFi products on Cardano through surveys, sentiment analysis of user feedback, and reputation scores of DeFi protocols.

Sharing Outputs and Opportunities

We will share the outputs and opportunities resulting from our project through various channels, including:

• Community Engagement: Hosting webinars, workshops, and AMA (Ask Me Anything) sessions to showcase the capabilities of the chatbot and educate the community about DeFi on Cardano.
• Documentation and Tutorials: Creating comprehensive documentation, tutorials, and user guides to help users maximize the benefits of the chatbot and navigate the DeFi landscape on Cardano.
• Social Media and Forums: Leveraging social media platforms, forums, and community channels to share success stories, testimonials, and case studies highlighting the impact of the chatbot on improving accessibility and understanding of DeFi on Cardano.
• Collaboration with Projects: Collaborating with other projects and initiatives within the Cardano ecosystem to integrate the chatbot into their platforms and amplify its reach and impact across different user segments.

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?

The Research Guild is part of the Project Catalyst F8 funded cohort, having two research projects funded and delivered in the areas of Cross-Chain Collaboration and Blockchain Scalability solutions. These projects were completed by adhering to internal systems of documentation and accountability, as well as being guided by Project Catalyst’s emergent reporting processes.

Our team comprises highly skilled PhD researchers, Cardano early investors (since fund 3), experts in AI, blockchain, and DeFi, with prior successful projects in the Cardano ecosystem. Feasibility will be validated through a design science research method involving literature review, testing, deployment, community and expert feedback, as well as continuous refinement of the chatbot.

FINANCIAL MANAGEMENT

In terms of fund management, the total funds distributed to the Research Guild to date for project salaries, administration and completion equates to US$168,738 or ₳410,000. The processes we use to manage these funds are visible in the RG Payment Pathway document.

PRIOR WORK

Research Guild: Final Reports

RG001 (Blockchain Scalability) Close-Out Report

RG002 (Cross-Chain Collaboration) Close-Out Report

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

Milestone 1: The following outline includes four Catalyst Milestones, and two internal RG Team Milestones.

CATALYST MILESTONE. Initialization and Team Formation (Project Stage 1)

• Milestone outputs: Established project team and defined roles.
• Acceptance criteria: All team members identified and committed. Roles and responsibilities clearly defined.
• Evidence of milestone completion: Team roster finalized, roles distributed, and documented team agreement signed.
• Milestone Allocation: 30%

Milestone 2: CATALYST MILESTONE. Development of AI Prototypes (Project Stage 2)

• Milestone outputs: Functional AI prototypes developed for the chatbot.
• Acceptance criteria: Prototypes demonstrate basic functionality, including personalized guidance and adaptive learning.
• Evidence of milestone completion: AI prototypes completed and tested internally for basic functionality.
• Milestone Allocation: 30%

Milestone 3: CATALYST MILESTONE. Integration with Cardano DeFi Protocols (Project Stage 3)

• Milestone outputs: Successful integration of the chatbot with Cardano DeFi protocols.
• Acceptance criteria: Chatbot capable of interacting with key DeFi protocols on the Cardano network.
• Evidence of milestone completion: Integration testing completed, and chatbot demonstrates seamless interaction with Cardano DeFi protocols.
• Milestone Allocation: 25%

Milestone 4: RG TEAM MILESTONE. Community Testing and Feedback (Project Stage 4)

• Milestone outputs: Collected feedback from community testing sessions.
• Acceptance criteria: Positive feedback from users on usability, effectiveness, and reliability.
• Evidence of milestone completion: Comprehensive report documenting user feedback and proposed improvements.
• Milestone Allocation: 0%

Milestone 5: RG TEAM MILESTONE. Iteration Based on User Adoption (Project Stage 5)

• Milestone outputs: Implemented iterative improvements based on user feedback.
• Acceptance criteria: User adoption metrics show increased engagement and satisfaction.
• Evidence of milestone completion: Updated prototypes reflecting user-driven improvements.
• Milestone Allocation: 0%

Final Milestone: CATALYST MILESTONE. Project Close-Out/Launch of the MVP (Project Stage 6)

• Milestone outputs: Final project report and documentation.
• Acceptance criteria: MVP launched and accessible to the target audience.
• Evidence of milestone completion: Project close-out report compiled, MVP launched, and public access granted.
• Milestone Allocation: 15%

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

Sév Bonnet | Project Lead, Research Lead, Compliance / IP Auditing, PhD Candidate (2021-Current)

Sév has a professional background in license compliance and intellectual property auditing in the software industry, both open source and proprietary. He started his PhD with The University of Osnabrück in Germany, focusing on the impact of distributed ledger technology for the management of the intellectual property life cycle. Sév has research interests in NFT’s, DAO’s and has contributed to governance building within several Catalyst projects.

Troy Egan | RG Project Manager, Research Lead, PhD Candidate (2019-Current)

Troy is a PhD candidate at Auckland University, studying peer-production strategies within the creative sector. He has 20 years’ experience in the creative, health and community development sectors in New Zealand and Australia. He is also a previous Co-Proposer and Catalyst Fund3 Co-Recipient with NFT-DAO. Troy will be supporting the Research Guild’s project management and research contributions.

Zubeka Dang | Machine Learning Researcher, Bachelor of International Economics and Trade, Data Science Student (2021 – Current)

Zubeka is a machine learning researcher with a diverse background spanning trading, technology, and linguistics. Her multifaceted experience has cultivated a strong passion for machine learning, deep learning, and data analysis. Zubeka holds a Bachelor of International Economics and Trade from Renmin University of China and is currently pursuing a Bachelor of Data Science and Analytics at Seneca College in Toronto, Canada.

Ran Arino | Developer, Data Scientist and Analyst, Honours Bachelor of Data Science and Analytics (2022-Current)

Ran is a data scientist and analyst with a strong foundation in Python programming, machine learning, and data analytics. Leveraging a deep understanding of technological tools, he has demonstrated remarkable adaptability in integrating emerging technologies to enhance decision-making processes and task optimization. He holds an ongoing Honours Bachelor of Data Science and Analytics degree from Seneca Polytechnic in Toronto, Canada.

IdeaHub

IdeaHub is an emergent project within the Research Guild that will explore research and development in the areas of tech enterprise, collaboration and platform building. We are open to working with like-minds in this domain.

Please provide a cost breakdown of the proposed work and resources

Total Requested Funds: 100,000 ADA

Project Costs - Project Team Salary

Project/Research Lead (x1 @ 10 hours per week)

• @ US$35.50 per hour
• @ 10 hours per week = $355
• @ 48 weeks = $17,040
• Subtotal = US$17,040 (₳37,075)

Developer (x1 @ 10 hours per week)

• @ US$30.00 per hour
• @ 10 hours per week = $300
• @ 48 weeks = $14,400
• Subtotal = US$14,400 (₳31,388)

Project Management (x1 @ 5 hours per week)

• @ US$42.64 per hour (project manager rate)
• @ 5 hours per week = $213.20
• @ 48 weeks = $10,233.60
• Subtotal = US$10,233.60 (₳22,280)

Project Costs: Administration

• Integration and Testing: $1,275.60
• Community Engagement and Feedback: $1,275.60
• Administration and Overheads: $1,275.60
• Contingency and Unexpected Costs: $425.20
• Subtotal = US$4,252 (₳9,257)

Total = US$45,925 (₳100,000)

• Note: The USD to ADA rate is $0.46 at the time of writing. In the event that ADA prices should rise considerably, surplus funds will be employed on extra developer hours or roles.

Dependency on collaborations with generative AI experts involved with Catalyst / Cardano for integration and deployment of the chatbot to ensure it aligns with the current and future DeFi landscape on Cardano.

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

This project leverages minimal resources for maximum impact, focusing on scalable AI solutions that enhance DeFi usability and trust, directly contributing to the growth and stability of the Cardano ecosystem. With experience in blockchain research and Catalyst-funded projects, our team will conduct in-depth analysis and documentation, achieving campaign goals efficiently and cost-effectively. And, by drawing on our extensive experience in Catalyst-funded research, our team specializes in open-sourcing and community collaboration, aligning with the community's values.

See our project salary base rates here.