Please describe your proposed solution
📌<u>Core Problems</u>
Our team's objective is to expand accessibility to Web3 in Vietnam and South Korea by building on-chain applications that are more intuitive and user-friendly for the broader public. While we aim to enhance the overall experience for everyday users, our broader mission is to catalyze the widespread adoption of blockchain technology and ignite innovation across various industries, focusing on Cardano and the retail industry. Some of the core problems we aim to address include:
🍀Mass adoption and real-world usage
For Cardano blockchain technology to gain mass adoption and real-world usage on a global scale, two key factors are essential:
- First, there must be on-chain applications that provide genuine value to people's everyday lives. These applications should solve real-world problems.
- Second, accessibility is crucial. People need to easily understand and use these applications, without the complexities typically associated with blockchain. The user experience must be seamless, intuitive, and integrated into the tools and devices they already use, ensuring that blockchain's potential is accessible to everyone, not just tech enthusiasts.
While the motivation to own tokens is often visible, it's usually not strong enough to overcome the existing barriers. A platform that actively moves closer to users and is driven by something useful for participants is needed to encourage mass onboarding to Web3 in a simple and secure way.
In recent research, over 20% of Vietnam’s total population ( 100+ million), currently own cryptocurrency, more than half of Vietnamese <u>(59%) expressed interest in investing in cryptocurrencies</u> in the future while <u>31% said that they would use crypto for online payments</u>. This suggests a lack of compelling real-world use cases to attract and retain new crypto users in the country. In our proposal for Fund 13, we requested funds to build and upgrade DMM on Cardano, utilizing Atala Prism for issuing DIDs (decentralized identifiers) and verifiable credentials. The first step toward mass adoption on a global scale is to establish a real-world use case in Vietnam and South Korea through partnerships with merchants such as Samsung, K+ (Vietnam Pay TV provider), Visare (tourist company), and Visa, the world leader in digital payments, leveraging unique features only possible on Cardano.
📌<u>Proposed Solution</u>
DMM is the first decentralized platform to use the Affiliate Virtual Stores + Cashback + Token incentive model to reach new users.
We aim to create a functional connection platform called Decentralized Metaverse Mall 2.0 (DMM) on the Cardano blockchain. DMM will integrate Metaverse, Web3, and partners' existing Web 2.0 online stores, along with payment gateways, to introduce a novel Consume-to-Earn (C2E) model.
To expedite mass adoption, we propose a new approach that bridges the gap between real-world shoppers and Web3 users. This approach will also empower owners of high-traffic locations or physical spaces (called Publishers), such as brick-and-mortal shopping mall, airport, cinema, coffee shops, restaurants, billboards, and more, to generate additional revenue through virtual stores.
DMM brings real-world shoppers (new users) to the crypto space (Cardano ecosystem) by letting DMM come to people. Publishers can create virtual stores to blend into people's everyday life.
DMM will use ADA, VND ( Vietnamese FIAT) as discounted cashback and C2E (a cryptocurrency released by DMM) token as loyalty point when shopper purchase anything from DMM's partners websites as tangible items, including televisions, smartphones, and washing machines, and everyday or digital services such as Pay TV subcribstion, phone bills, utility costs, and visa application fees.
🍀How does the DMM work?
DMM operates as a platform that facilitates the sale of products and digital services. It leverages a set of smart contracts to create a network that directly connects users with merchants (e.g., Amazon, Lazada, Shopee, Samsung Vietnam e-shop) and online payment service providers (e.g., Visa, MasterCard, Momo wallet, Payoo). When DMM encourages users to spend via the application on their smartphone by scanning a QR code at physical virtual stores, merchants pay DMM a sales commission (SC). DMM then shares a portion of this commission with publishers (PC) and shoppers in the form of cashback (CB: in ADA or FIAT) and loyalty tokens (LY: C2E token).
🍀Partners
We are currently collaborating with Samsung, Shopee and Kplus ( Pay TV service) to obtain weekly discounts and secure great sales commissions.
We are also partnering with Visa Re, a fast, convenient, secure, and affordable visa application service (https://visare.io). Vietnamese citizens can apply for visas to any country (Schengen Area, USA, Korea, China, Taiwan, Japan, Australia, Canada, etc.) from Vietnam through Visa Re at very low prices, earning C2E tokens as rewards and receiving cashback in the form of FIAT, vouchers, or ADA.
To crypto users, we encourage staking ADA to earn vouchers. Currently, we've partnered with VILAI, a Cardano stake pool operator, to offer discounted vouchers with values 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 the DMM ecosystem, including Samsung, Shopee, Kplus, and Visa Re.