DMM: Your Web3 Outlet Marketplace for Everyday Needs

Funds Fund 12 Proposals Cardano Use Cases: MVP DMM: Your Web3 Outlet Marketplace for Everyday Needs

not approved

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Current Project Status

Unfunded

Amount
Received

₳0

Amount
Requested

₳49,000

Percentage
Received

0.00%

Solution

Create a Web3 outlet marketplace where crypto users can discover exclusive deals on real-world products and services, enticing new users with highly competitive prices and an incentive program.

Problem

Over 20% of Vietnamese own crypto, but nearly half of those who invested are leaving due to losses. This suggests a lack of compelling real-world use cases to attract and retain new crypto users.

Image file

Impact Alignment

Feasibility

Value for Money

DMM: Your Web3 Outlet Marketplace for Everyday Needs

Solution

Please describe your proposed solution

In recent research, over 20% of Vietnam’s total population ( 100+ million), currently own cryptocurrency, more than half of Vietnamese (59%) expressed interest in investing in cryptocurrencies in the future while 31% said that they would use crypto for online payments. This suggests a lack of compelling real-world use cases to attract and retain new crypto users.

We aim to build a Web3 Outlet Marketplace leveraging Cardano blockchain technologies, Web3, AI, and Big Data. By integrating partners' online and offline outlets, facilitating them to clear stocks, and allowing consumers to buy items and services at super low prices, we will create the first "Buy Cheap to Earn More" model to encourage non-crypto users to become crypto users.

DMM brings new users to the crypto space (Cardano ecosystem) by automatically creating a crypto wallet upon account opening or if a user wants to get a super deal discount voucher. A rewarding crypto will be added to the created wallet when they redeem the received voucher and complete a transaction by spending at partners' outlets.

DMM will accept ADA and C2E (a cryptocurrency released by DMM) tokens for payment of tangible items, including televisions, smartphones, and washing machines, and everyday services such as phone bills, utility costs, and visa application fees.

1) How does the DMM work?

Buy Cheap to Earn More model

DMM operates as a platform that facilitates the sales of products and services. It leverages a set of smart contracts to create a network that directly connects users and merchants (e.g., Amazon, Lazada, Shopee, Samsung Vietnam e-shop) with online payment service providers (e.g., Momo wallet, Payoo). When DMM encourages users to spend at outlets ( online or physical stores), the merchants pay DMM a sales commission. DMM then shares a portion of this commission with buyers in the form of cashback. This cashback can be issued in advance as vouchers or converted into ADA or C2E tokens. The converted tokens can be transferred to any crypto wallets on centralized (CEX) or decentralized (DEX) exchanges for further earning potential. Additionally, DMM provides an incentive for users to explore the crypto space by adding a predetermined amount of C2E tokens to their wallets.

We are currently collaborating with Samsung Vietnam and KOET Co., Ltd., an official distributor of Samsung, to obtain weekly discounts and favorable sales commissions.

We are also partnering with the Visa Re, a fast, convenient, secure, and affordable visa service (<http://www.visare.com.vn> ). You can apply for visas to any country (Schengen Area, USA, Korea, China, Taiwan, Japan, Australia, Canada…) from Vietnam through Visa Re at low prices and earn C2E tokens as rewards.

To encourage users to stake, we've partnered with VILAI, a Cardano stake pool operator, who offers discounted vouchers with a value ranging from 100,000 VND to 1,000,000 VND (approximately 5 to 50 USD). To obtain these vouchers, simply create a new Cardano wallet and stake ADA to VILAI. These vouchers can be redeemed within DMM ecosystem, including KOET and Visa Re.

Mass adoption of cryptocurrencies ( using ADA and C2E tokens to buy tangible items, pay for daily use services, or pay for visa application services at Visa Re)

In general, the laws of Vietnam do not recognize cryptocurrencies as legal means of payment. So there is no official crypto payment processor. However, there are 21.2% of Vietnam’s total population currently own cryptocurrency ( 21.2 million) and they need a place to spend. A legal entity called DMM Co., Ltd, that owns DMM will be set up in Singapore to issue utility tokens as C2E and receive the payment. At this time, DMMC has been collaborating and will be signed with limited partners ( the Visa Re visa application services and the drop-shipping consumer electronics KOET Co., Ltd) to accept cryptocurrency ( ADA and C2E) as payment.

2) The business model for the proposed Decentralized Outlet Marketplace:

Image file

Please see the link for detail at high resolution:

<https://lucid.app/documents/view/bee4472f-5b3c-4808-bc68-363631b5c428>

The Cardano ecosystem has few dApp, lacks active users, does not keep up the trend, and may lose its competitiveness with other crypto ecosystems.

We want to create a place to attract more users to Cardano by focusing on converting non-crypto users to crypto users. Non-crypto users will be given incentives in both token and cashback. We encourage them to use/hold tokens to earn more incentives on the next spending.

To retain them, we help them to use tokens (ADA and C2E) to buy tangible products by partnering with Samsung Vietnam's vendor and an auction house.

Answer

The journey to bring non-crypto users to the Cardano ecosystem and make it mass adoption is not easy and quick.

We will start it by bringing 10.000+ existing consumers of the strategic partners as Công ty TNHH Công nghệ và Điện máy Korea (Korea Electronics & Technologies Company) who bought Samsung consumer electronics and the auction house ( Lac Viet Online JSC) onboard Cardano ecosystem via the DMM mobile app and web.

Then, will be expanded to the entire non-crypto online users in Vietnam by partnering with e-Commerce sites, payment services providers, game and app publishers,…

Impact

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

• Successfully building an Web3 Outlet Marketplace for Everyday Needs

Onboard at least 10,000 non-crypto users from our strategic partners to the Cardano ecosystem through the mobile apps and website.
The number of active crypto users over the past 30 days has reached 5,000+.
250+ crypto consumers buy tangible items and services per month ( 3 months after go live).
At least 1,000,000 ADA will be staked to the VILAI pool. This will help the Cardano network to be more secure and have a higher TVL.

Capability & Feasibility

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?

1). The Core team: The strong team possesses expertise and experience, along with the necessary skills, in both Cardano blockchain and the sales/marketing industry. Proven experience with Cardano projects.

Project Leader: Project Leader: Tuan Le (Ph.D.) brings 20+ years of experience in Digital Transformation, leading projects at Microsoft, Nokia, Vincom Retail, and TMS Group. He was CIO of Vincom Retail, the largest shopping mall chain in Vietnam with 80 brick-and-mortar malls.
CTO: Tien Nguyen, who is Cardano Blockchain Support Engineer from Cardano Foundation.
Head of Business Development and Partnership: Dan Nguyen, brings 20+ years of experience in Business Development and Partnership from P&G and Nokia

2). Partnership

To overcome the 'bootstrap' problem, we are partnering with well-known local brands. These partnerships will help us attract a wider user base, starting locally and expanding globally, by incentivizing early participation.

Partners:
KOET Co., Ltd (http://dienmaykorea.com): Samsung Vietnam official selling partner, they act as an online outlet store, sell exclusive selected heavily discounted Samsung models.
Visa Rẻ (http://www.visare.com.vn): A fast, convenient, secure, and affordable visa application service specifically designed for Vietnamese citizens.
Cardano Stake Pool: VILAI pool

3). Functional prototype running on Cardano mainnet

Project Homepage: <https://dmm.io.vn/>
Demo video:

<https://youtu.be/hPjiV5vIU-0>

Project Milestones

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

Milestone 1: Define Functionality and Tokenomics - 1 month

Milestone outputs

DMM Network Purpose Statement: Clearly articulates the network’s mission and value proposition.
Functionalities Document: Describes key features and services provided by DMM in detail.
Detailed Project Scope Document: Clearly outlines the project’s objectives, deliverables, and constraints.
Tokenomics Whitepaper: Details the C2E tokens supply, distribution, staking mechanisms, and governance.
Token Metrics Spreadsheet: Quantifies token issuance, vesting schedules, and initial distribution.

Acceptance criteria

Purpose statement aligns with the project’s goals and user needs.
Functionalities covers essential aspects (e.g., commission tracking).
The scope document is reviewed and approved by Cardano community.
Tokenomics aligns with the network’s economic model and incentives.
Token metrics are well-defined and transparent.

Evidence of milestone completion

Approved purpose statement accessible to to Cardano community.
Published functionalities document accessible to Cardano community.
Published signed-off scope document accessible to Cardano community.
Published Whitepaper accessible to Cardano community.
Completed token metrics spreadsheet.

Milestone 2: App, Web Design and Build Co-Marketing plan - 1 month

Getting the look and feel right ensures the most important information is where we need it and requirements sign-off with software vendors.

Milestone outputs

User Interface (UI) Mockups and Wireframes:
Visual representations of how the application will look.
Includes layout, navigation, and key elements.
Helps stakeholders visualize the end product.
Style Guide or Design System:
Defines fonts, colors, icons, and other design elements.
Ensures consistency across screens and components.
Guides developers during implementation.
Co-marketing plan with 2 strategic partners.

Acceptance criteria

UI mockups align with project objectives and stakeholder expectations.
Style guide adheres to branding guidelines and usability principles.
Co-marketing document.

Evidence of milestone completion

Published the Approved UI mockups and wireframes for upgraded website and the 02 mobile apps.
Published the finalized style guide and system design.
Published co-marketing plan document.

Milestone 3: MVP and Smart Contract Development (Built) - 2 months

This is the largest part of the project. Develop smart contracts for core functionalities and integrate into the MVP.

Milestone outputs

Smart Contract Code: The core functionality of the DMM network will be written in a secure and well-documented smart contract codebase. This code should be written in a language compatible with Cardano blockchain platform (e.g., Haskell, Plutus or Marlowe).
Unit Tests: A suite of automated unit tests should be developed to ensure the individual functionalities of the smart contracts work as intended.
Smart Contract Documentation: Comprehensive documentation explaining the purpose, functionality, and logic behind each smart contract. This documentation should be clear and understandable for developers unfamiliar with the codebase.
User Interface (UI) Implementation:
A user-friendly interface based on the approved designs from the Design milestone. This should provide a smooth user experience for all platform functionalities.

Acceptance criteria

The smart contract code successfully compiles and deploys on a Cardano testnet.
All unit tests pass, demonstrating the correct functionality of individual smart contract components.
The smart contract documentation clearly explains the purpose, logic, and expected behavior of each contract.
The MVP platform is fully functional and allows users and sellers to perform core actions like signup, offer management, commission tracking, and secure wallet transactions.
The UI is implemented based on the approved designs, ensuring a user-friendly and intuitive experience.

Evidence of milestone completion

Access to the deployed smart contract code on Cardano test network (on GitHub).
Documentation of successful unit test execution with test results.
Finalized and reviewed smart contract documentation readily available for reference.
A fully functional MVP platform deployed to a staging environment for testing purposes ( Cardano testnet).
User acceptance testing results demonstrating successful completion of core functionalities by users ( video on Youtube).

Final Milestone: Testing and Deployment - 1 Month

This phase focuses on thoroughly testing the developed MVP and deploying it on the Cardano mainnet.

1) Smart Contract Audit and Security Testing

Milestone Outputs:

Smart Contract Audit Report**:** A comprehensive report from a reputable security firm assessing the smart contracts for vulnerabilities and potential security risks.
Internal Security Test Report: Documentation outlining the results of internal penetration testing or security checks conducted on the platform to identify and address any security weaknesses.

Acceptance Criteria:

The smart contract audit report identifies no critical or high-risk vulnerabilities. Any medium or low-risk vulnerabilities should have a documented mitigation plan.
Internal security testing uncovers no critical security issues that could compromise user funds or platform functionality.

Evidence of Completion:

A final report from the security firm outlining the audit methodology, identified vulnerabilities (if any), and severity ratings.
Detailed records of internal security testing procedures and results, along with any implemented mitigation strategies.

2) Beta Testing, User Feedbacks and Deployment

Milestone Outputs:

Beta Testing Report: A report summarizing the beta testing process, including the number of participants, identified bugs or issues, and overall user feedback on platform functionality and user experience.
Updated Platform Version: Based on beta testing results, the MVP platform should be updated to address critical bugs and incorporate valuable user feedback for improvement.
Live Deployed Platform: The DMM network platform successfully deployed on the Cardano blockchain network (mainnet).

Acceptance Criteria:

Beta testing identifies no critical bugs that significantly hinder core functionalities.
User feedback from beta testing is positive, indicating a generally smooth user experience and satisfaction with core functionalities.
The DMM network platform is successfully deployed on the Cardano mainnet and functions as intended.

Evidence of Completion:

A comprehensive beta testing report detailing the process, findings, and user feedback.
The updated and improved version of the DMM network platform MVP.
Access to the live deployed DMM network platform on the mainnet ( through a public URL).

Resources

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

1) CEO

Minh Tuan Le: (Email: [email protected]) <https://www.linkedin.com/in/minh-tuan-le-9210448>

Tuan completed his PhD with many publications and led a technical team with 10+ years of experience in software development. Building successfully the first authorized auction platform and Online to Offline ticketing system for Landmark 81, the tallest building in Vietnam.
Led the mobile app ecosystem for Nokia and Microsoft, with smartphone market share reaching 24% in 2014 (Vietnam ranked number one in the world).
Former CIO of Vincom Retail, the largest shopping mall chain in Vietnam with 80 brick-and-mortar malls.
8 years of experience in blockchain.

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