Please describe your proposed solution.
I will implement an invoicing utility tool on the Cardano blockchain which can be integrated with other finance projects, or used standalone. It will be possible for parties to share a single hash-string in order to specify any invoice. I will be making use of onchain data structures I am developing in order to allow uniqueness guarantees (classes of invoices can only be satisfied once, or x times). You will be able to specify outputs & datums, making this compatible with scripts (an invoice could immediately place an order into a batching contract, allowing it to be paid in one currency and received in another).
This will be the first solution which allows zero-cost generation, and also prevents invoices being paid twice. It will become vastly cheaper to utilise this over traditional tools. The entire fee cost will be from one single transaction (may even be less, paying multiple in one tx).
The impact will be from two sources:
- projects using or referencing the SDK/contracts as part of their financial products
- individuals directly using the app for cheap p2p invoicing
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
This solution will be infrastructure for other projects to develop upon, and also for businesses to interoperate their requests by using the same smart contract.
This will enable low-cost financial innovation in the invoicing space. This would be directly useful to me as a developer-contractor and may potentially even be used in future catalyst rounds to receive funds.
How do you intend to measure the success of your project?
- releasing GitHub code of outputs
- Forks, stars, commits
- dApp launch
- number of transactions (trackable onchain)
- volume of transactions
- Adoption progress
- support for it as a CIP standard
- adoption by financial products
Please describe your plans to share the outputs and results of your project?
Outputs will be shared on GitHub. Releases will be version-tagged. Towards the end there will be an app I host which enables a simple use-case of the final solution.
Design & documentation will join the code on GitHub.
I will attempt to bring attention to the protocol (and standard) through a CIP. Then, introduce it to relevant development channels (Cardano stack exchange, reddit forum, discord).
I will make my twitter followers aware of the development and engage them with progress.