Please describe your proposed solution

How We Perceive the Problem

The lack of native support for recurring payments on the Cardano blockchain restricts the practical adoption of subscription-based services across various industries. Additionally, current projects that rely on NFTs to mimic subscription models face significant technical and financial barriers, particularly smaller projects. Furthermore, ADA locked in subscription contracts is not utilized to its full potential for generating staking rewards.

Our Approach

1. Smart Contracts with Integrated Staking:

• Develop subscription smart contracts that securely manage recurring payments and simultaneously stake ADA, earning rewards.

1. Revenue Sharing:

• Automatically distribute a portion of staking rewards back to subscribers and service providers, incentivizing participation.

1. Wallet Integration:

• Seamless integration into Cardano wallets provides users with a comprehensive view of their subscriptions and rewards.

1. Open Source Development:

• Make the solution open-source to foster community collaboration, transparency, and continuous improvement.

Who Will Our Project Engage?

• Service Providers:
• Content creators, SaaS developers, educational platforms, healthcare providers, and gaming platforms.
• Subscribers and End Users:
• Individuals seeking quality content and services with automated, recurring payments.
• Cardano Community:
• Developers and enthusiasts who will collaborate to improve the solution and expand its applications.

Proving Our Impact

• Widespread Adoption Metrics:
• Track the number of service providers and users adopting the subscription model.
• Stake Rewards Distribution:
• Measure the value of staking rewards distributed back to the community.
• Community Contributions:
• Monitor open-source contributions, indicating active community involvement.

Unique Aspects of Our Solution

1. Staking Rewards Integration:

• The smart contracts will stake ADA locked into subscription payments, generating rewards that will be shared back with the community.

1. Revenue Sharing Model:

• Unique incentive structure that rewards both service providers and subscribers.

1. Open Source and Transparent:

• Full transparency through open-source development, encouraging trust and collaboration.

Beneficiaries and Importance to Cardano

• Service Providers and Projects:
• Earn recurring revenue and staking rewards without the complexities of managing NFTs.
• Subscribers:
• Access quality services while benefiting from additional staking rewards.
• Cardano Ecosystem:
• Boosts the utility and value of ADA, increases network security through staking, and fosters a vibrant ecosystem of subscription-based services.

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

Positive Impact on the Wider Cardano Community

1. Enhancing Cardano's Economic Activity:

• Increased Adoption of Subscriptions: By enabling a seamless subscription model on Cardano, service providers can expand their customer base, driving economic activity across sectors such as digital media, education, SaaS, healthcare, and gaming.
• Staking Rewards Distribution: ADA staked within the subscription contracts will generate additional rewards, promoting the use of ADA and supporting network security.

2. Revenue Sharing and Incentivization:

• For Subscribers: Provides them with quality services while rewarding them through shared staking rewards.
• For Service Providers: Offers a recurring revenue stream and additional staking incentives, reducing reliance on traditional payment models.

3. Open-Source Ecosystem Growth:

• Developer Collaboration: The open-source nature of the project invites developers to improve and expand the platform, fostering innovation and community engagement.
• Accessible Alternative to NFTs: Lowers barriers for smaller projects to implement subscription models without needing to create and manage NFTs.

Measuring the Impact

1. Quantitative Measures:

• Number of Service Providers and Subscribers: Track the growth in providers and users utilizing the subscription platform.
• Staking Rewards Distributed: Measure the total amount of staking rewards distributed to service providers and subscribers.
• Total Subscription Revenue: Aggregate value of recurring payments processed through the platform.

2. Qualitative Measures:

• User Satisfaction and Feedback: Collect feedback from both service providers and subscribers to refine and improve the platform.
• Developer Contributions and Community Involvement: Monitor open-source contributions and community engagement to gauge collaboration levels.

Sharing Outputs and Opportunities

1. Community Reports and Dashboards:

• Provide regular reports and visual dashboards summarizing the platform's usage metrics, staking rewards distribution, and revenue sharing.

2. Open-Source Collaboration Platform:

• Host the project on GitHub with comprehensive documentation, fostering continuous collaboration and improvement.
• Organize webinars and workshops to engage the developer community in enhancing the platform.

3. Marketing and Educational Campaigns:

• Develop tutorials, blog posts, and social media campaigns to raise awareness of the platform's benefits.
• Engage with educational platforms, media outlets, and developer networks to encourage adoption and integration.

4. Feedback Loops:

• Implement feedback loops via community forums, surveys, and workshops to continually refine the platform based on user needs.

Value to the Cardano Community

The success of this project will:

• Increase Cardano's Utility and Value: By driving recurring payments and staking rewards distribution, ADA's utility will grow, increasing its value.
• Enhance Network Security: More ADA staked through subscriptions will contribute to the decentralization and security of the Cardano network.
• Foster Innovation and Collaboration: The open-source nature of the project will inspire further innovation and collaboration within the Cardano ecosystem.

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?

Capability to Deliver with High Levels of Trust and Accountability

Team Expertise and Experience:

• Blockchain Development Experts: Our team includes experienced developers proficient in Plutus (Cardano's smart contract language) and Haskell, ensuring the secure and efficient implementation of subscription smart contracts.
• Frontend and Wallet Integration Specialists: Skilled in designing user-friendly wallet interfaces and integrating with existing Cardano wallets, ensuring seamless subscription management for users.
• Project Management and Governance: Our project manager has extensive experience in leading blockchain projects, ensuring timely delivery and adherence to project goals.
• Community Engagement and Open-Source Development: Our team has successfully contributed to multiple open-source projects, fostering collaboration and transparent development.

Previous Successful Projects:

• Example Project 1: GeroWallet - One of the early wallets on Cardano, with thousands of weekly active users and known for its highly secure and user-friendly interface.
• Example Project 2: Cardano Shield - The team's recent open-source project, introducing the Cardano blockchain with a security layer to Cardano Wallets that helps identify potential scammers, scam tokens, wallet drain activities and more
• Example Project 3: adabox.io - Heavily contributing to the Cardano ecosystem with open-source projects like Koios, Ogmios, and the Cardano Java Lib as well as older projects such as Forge, the self serve minting service and the NFT project MusicBox

Trusted and Transparent Fund Management:

• Budget Management: Clear budget breakdowns and transparent reporting of fund usage to ensure accountability.
• Financial Audits: Regular internal audits and third-party reviews to ensure proper fund management and compliance.
• Former Projects on Catalyst: With Cardano Shield reaching Milestone 4 ahead of time, we are well adverse with handling project milestones

Why We're Best Suited to Deliver This Project

Relevant Experience and Expertise:

• Proven track record in blockchain development and staking mechanisms.
• Extensive experience in managing open-source projects and engaging with the Cardano community.

Established Network and Partnerships:

• Strong connections within the Cardano community to drive adoption and collaboration.

Transparent and Accountable Management:

• Commitment to transparency through open-source development and comprehensive fund management practices.
• Clear milestones and deliverables to ensure project success.

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

Milestone 1: Milestone 1: Design and Architecture Planning

Duration: 2 Months

Acceptance Criteria:

• Detailed requirements gathering through community workshops and stakeholder engagement.
• High-level architecture design of the subscription smart contract system.
• Planning of wallet integration features and staking mechanism.
• Draft of the technical specification document outlining system components and interaction flows.

Milestone 2: Milestone 2: Development and Integration

Duration: 4 Months

Acceptance Criteria:

• Smart Contract Development:
• Subscription smart contracts implemented and tested on Cardano's testnet.
• Staking mechanism integrated to stake ADA locked in subscription contracts.
• Wallet Integration:
• Subscription management interface integrated into existing Cardano wallets.
• Comprehensive user interface for setting up, managing, and canceling subscriptions.
• Initial Testing and Refinements:
• Testing with a small group of service providers and subscribers.
• Incorporation of feedback to improve functionality and user experience.
• Budget: 150,000 ADA

Milestone 3: Milestone 3: Testing and Quality Assurance

Duration: 2 Months

Acceptance Criteria:

• Extensive beta testing of subscription and staking smart contracts on the mainnet.
• Bug fixes, security audits, and optimizations based on beta testing feedback.
• Completion of comprehensive documentation, including developer guides, user manuals, and technical specifications.
• Community feedback loops via workshops, surveys, and forums to refine the platform.
• Budget: 70,000 ADA

Final Milestone: Final Milestone: Launch and Community Engagement

Duration: 1 Month

Acceptance Criteria:

• Official launch of the subscription platform, enabling live subscription management with staking rewards on Cardano.
• Publishing of comprehensive reports and dashboards demonstrating usage metrics, staking rewards, and revenue sharing.
• Marketing campaigns, webinars, and educational resources to promote adoption.
• Open-source code release on GitHub, inviting community collaboration and contributions.
• Budget: 30,000 ADA

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

Answer:

• Project Team:
• Adam Cazes – Project Lead, UX Designer
• Yovel Ovadia - Software Developer
• Dudi Edri – Senior Developer
• GeroWallet team members as the project progresses
• Advisors to be recruited
• Smart Contract expert
• Smart Contract Auditor

Please provide a cost breakdown of the proposed work and resources

Requested Funding: 300,000 ADA

Cost Breakdown by Milestones

Milestone 1: Design and Architecture Planning (2 Months) - 50,000 ADA

• Project Management and Planning: 20,000 ADA
• Requirements gathering, stakeholder engagement, and high-level system design.
• Involves project manager, lead developer, and UX designer.
• Technical Specification Document: 10,000 ADA
• Drafting comprehensive technical specifications, system components, and interaction flows.
• Community Workshops: 10,000 ADA
• Organizing workshops to gather feedback and refine the requirements.
• Legal Consultation: 10,000 ADA
• Seeking advice to ensure compliance with relevant regulations.

Milestone 2: Development and Integration (4 Months) - 150,000 ADA

• Smart Contract Development: 60,000 ADA
• Subscription smart contract implementation on Cardano testnet.
• Integration of staking mechanism within the subscription contracts.
• Involves smart contract developers and QA engineers.
• Wallet Integration: 40,000 ADA
• Integrating subscription management features into existing Cardano wallets.
• Comprehensive user interface for setting up and managing subscriptions.
• Testing and Refinements: 30,000 ADA
• Initial testing with service providers and subscribers, refining the system based on feedback.
• Documentation and Guides: 10,000 ADA
• Developing user manuals, developer guides, and technical documentation.
• Security Audits: 10,000 ADA
• Third-party code audits and security assessments.

Milestone 3: Testing and Quality Assurance (2 Months) - 70,000 ADA

• Beta Testing on Mainnet: 20,000 ADA
• Extensive beta testing of subscription and staking smart contracts on Cardano mainnet.
• Bug Fixes and Optimizations: 20,000 ADA
• Fixing bugs and optimizing the system based on testing feedback.
• Quality Assurance and Security Audits: 20,000 ADA
• Comprehensive QA process, including security audits and penetration testing.
• Community Feedback Loops: 10,000 ADA
• Workshops, surveys, and forums to refine the platform based on community input.

Milestone 4: Launch and Community Engagement (1 Month) - 30,000 ADA

• Official Platform Launch: 10,000 ADA
• Launch event, including webinars and marketing campaigns.
• Marketing and Promotion: 10,000 ADA
• Campaigns across social media, blogs, and relevant forums to promote the platform.
• Open-Source Code Release and Documentation: 5,000 ADA
• Releasing the codebase on GitHub with comprehensive documentation.
• Reporting and Community Engagement: 5,000 ADA
• Regular progress reports, visual dashboards, and community engagement activities.

Third-Party Products and Services

• Security Audits:
• Third-party audit firms will conduct comprehensive security assessments of smart contracts and the overall platform.
• Legal Services:
• Consulting legal firms specializing in blockchain compliance to ensure regulatory adherence.
• Workshops and Webinars:
• Organizing educational events and workshops to raise awareness of the platform’s benefits.
• Developer Outreach:
• Engaging the developer community to foster collaboration and innovation through open-source contributions.
• Comprehensive Documentation:
• Developing user guides, technical documentation, and dashboards to visualize platform usage metrics.

Summary of Budget Allocation

1. Milestone 1: Design and Architecture Planning (2 Months) - 50,000 ADA
2. Milestone 2: Development and Integration (4 Months) - 150,000 ADA
3. Milestone 3: Testing and Quality Assurance (2 Months) - 70,000 ADA
4. Milestone 4: Launch and Community Engagement (1 Month) - 30,000 ADA

Total Budget: 300,000 ADA

No dependencies

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

Value Proposition for the Cardano Ecosystem

Unlocking New Revenue Streams and Adoption:

• Recurring Revenue Model: The subscription platform opens new recurring revenue opportunities for service providers, directly enhancing economic activity.
• Incentivized Staking: Staking rewards distribution incentivizes service providers and subscribers, boosting ADA utility and adoption.

Fostering Innovation and Collaboration:

• Open-Source Development: By making the project open-source, we encourage continuous collaboration and innovation from the Cardano community.
• Lowering Barriers for Projects: Provides a practical alternative to NFTs, lowering technical and financial barriers for smaller projects.

Increasing Network Security and Trust:

• Staking Mechanism: Staking ADA locked into subscription contracts contributes to the decentralization and security of the Cardano network.
• Transparent and Accountable Fund Management: Milestone-based funding release ensures efficient resource utilization.

Context for Project Costs

1. Benchmarking Against Industry Standards:

• Smart Contract Development and Security Audits:
• Industry rates for blockchain developers proficient in Plutus and Haskell average $60 - $120 per hour.
• Code security audits typically range from $5,000 to $30,000 per audit.
• Project Management and Planning:
• Market rates for project managers with blockchain experience range from $70 - $150 per hour.
• Frontend and Backend Development:
• Rates for frontend and backend developers specializing in blockchain range from $50 - $100 per hour.

2. Adjusting to Regional Standards:

• Competitive Salaries: Our budget estimates are aligned with competitive salaries in the regions where the team is based, ensuring fair compensation while controlling costs.

3. Marketing and Community Engagement:

• Publicity and Marketing Costs:
• Estimated costs for marketing and community engagement are based on standard rates for blockchain campaigns across various platforms.

Ensuring Proportional Costs

1. Transparent Budget Allocation:

• Each milestone is clearly outlined with specific deliverables and acceptance criteria, ensuring accountability at each stage.

2. Regular Reporting and Audits:

• Regular internal audits and third-party reviews will ensure proper fund management and compliance.

3. Feedback Loops and Refinement:

• Community feedback loops via surveys, forums, and workshops will help refine the platform, ensuring efficient use of resources.

Summary

The proposed budget of 300,000 ADA offers exceptional value for the Cardano ecosystem:

• Unlocks New Economic Opportunities: Subscription services create new recurring revenue streams for service providers.
• Promotes ADA Utility and Adoption: Staking rewards incentivize the use of ADA.
• Enhances Network Security: ADA staking contributes to network security and decentralization.
• Open-Source Collaboration: An open-source platform ensures continuous improvement and innovation.

This project represents a cost-effective and impactful solution that aligns with the strategic goals of the Cardano community, driving both adoption and innovation.