Please describe your proposed solution.
We propose to create a searchable tool for dRep use and to save time. It contains the proposal summary’s content and review in 3 languages: English, Japanese, and Vietnamese. This searchable tool will be available in other languages after its trials and obtains the feedback from the above dRep communities.
We plan to implement this exciting tool in Fund 10 to assist English, Japanese, and Vietnamese dRep communities to test the functionalities, improve from the community feedback to create a workable tool for these languages and start to release it to other communities in the coming funds.
*Main items comprise in a searchable tool:
Challenge Name
Proposal Name
Proposal Link
Summary of proposal content (100-300 words)
Average PA score
A short summarization of all PA’s assessments for each proposal
Why do we implement this searchable tool in English, Japanese, and Vietnamese?
Not all dReps are sufficient in English to read, understand, and summarize the proposal’s main points of all challenge settings and each fund circle, where they need to carry out the delegation roles for the voters who have delegated the voting right to them.
dReps would have high expertise and knowledge in the areas of the submitted proposals, but the English efficiency is a significant barrier and affects the speed and quality of the voting decision.
Moreover, dRep are highly respected members and usually are very busy supporting the Cardano community overall. Thus, dReps may not have enough time to review all the proposals thoroughly.
Therefore, we want to create a searchable tool to assist dReps who are not excelling in English. Especially in Japan and Vietnam, two countries with low English-speaking populations but with a high global crypto-acceptance index, are enthusiastic about Project Catalyst activities and building the Cardano ecosystem. Please see below for further stat (1) to support this data.
<u>(1)</u>
Japan
Japanese English proficiency index is 78th out of 112 countries (EF EPI score: 468, ranking in Asia 13/24)- it is lower than the others.
Cardano originated in Japan and has had a lot of ADA holders since its infancy.
Due to language barriers in English, Japanese and other languages, despite the presence of active community members and SPOs, participation in Catalyst is still small compared to the number of holders. Therefore, Japanese language tools and documents are required to support dRep Japan.
Vietnam
Vietnamese English proficiency index is 66th out of 112 countries (EF EPI score: 486, ranking in Asia 12/24)- it is lower than the others.
In addition to the above data, Vietnam is fourth of the Top countries with the highest Global Cryptocurrency Adoption Index（GCAI）in the world [1]. It is 2nd for Index scores and Top 3 of 20 countries with the highest interaction with DeFi platforms worldwide between April 2019 and June 2021 [2]. In Japan where 95% of pre-launch sales volume between September 2015 to January 2017 has sold to Japanese holders [3].
[1] "Cryptocurrency across the world." TripleA. <https://triple-a.io/crypto-ownership/> (accessed 25 June 2022).
[2] "Index of the 20 countries with the highest interaction with DeFi platforms worldwide between April 2019 and June 2021 " Statista. <https://www.statista.com/statistics/1263257/global-defi-adoption-by-country/> (accessed 25 June 2022).
[3] "Ada Distribution Audit." Cardano. <https://cardano.org/genesis/#audit> (accessed 25 June 2022).
Please describe how your proposed solution will address the Challenge that you have submitted it in.
- The proposal creates a searchable tool to assist dReps for international communities. In our case, Japan and Vietnam as the targeted communities to carry out the convenient, efficient, and time saving approaches in coming fund voting.
- Proposal contribution is to attract more the number of dRep from the Japanese and Vietnamese communities by solving the problem of the English language barrier.
- Proposal to help diversify voting delegation by making it easier for dRep around the world to maximize their voting capacity in a short time space.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Risk 1:
The number of proposals entering each voting round varies and increases per fund as current, making it challenging to manage translation costs corresponding to the proposal quantity.
<u>Risk mitigation</u>
We take the average number of funded proposals from Fund1 to 8 as a base value for budgeting.
In a scenario where the number of proposals entering the voting round is more than the expected number of proposals to translate, we will take the top descending order of PA scores until matching the expected numbers to be translated into Japanese and Vietnamese. In addition, we include a contingency cost of up to 30% of the total submitted proposal to be translated. For instance, in Fund10, Project Catalyst has 1300 submitted proposals, but we plan for 1000 proposals to be translated into Japanese and Vietnamese.
Risk 2:
With the greatly ADA fluctuation, the stable value of ADA may be subject to sharp slippage due to market volatility that could lead to a lack of funding when carrying out the actual incentive calculation.
<u>Risk mitigation</u>
Create a reserve fund for ADA value fluctuation. At the same time, convert ADA at the time of receiving into stablecoin or USD to mitigate the risk of value fluctuations.