The problem
There are hundreds of projects funded since Fund 1. No one knows how far these projects have progressed, even after being fully funded. There are allegations of many projects having been funded but not completed.
The Solution
Create a system by which I would contact, discuss with and audit projects that have been completed or are in stages of delivery. They would provide Proofs of Accomplishment which would enable them to rise in reputation and be eligible for future funding.
Create a system whereby any social service project can establish transparency, trackability and auditability using the Blockchain. The funded proposer submits Proofs of Accomplishment to prove himself
Relevant experience
I have been a Chartered Management Accountant since 1995. I have been a serial entrepreneur running several small businesses since 1997. As such I am familiar with auditing , having done it myself and having had it done for my businesses. I know what is expected and how one can prove one’s reputation through verifiable documentation and visual evidence.
More details
More on the problem
Two years and Seven funds into the Catalyst experiment there are still allegations that many projects remain incomplete or not even started for various reasons. There has been no way to audit these projects.
More on the solution
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I would contact each of the funded proposers. I would have to have discussions with them over time .. I would talk to each project, and have them submit auditable information to a blockchain based app which can compare what they promised to do with what they have done. And whether the information submitted by them corresponds to what they promised to do in the first place. It would ask for auditable and verifiable proofs as stated for their project by them. And then request/demand that they have provided them. Whatever they do provide would be compared with what they said they would do. If they have not provided sufficiently that also would be reflected on the report. Which is there for all to see.
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And they have the option of submitting more and more proofs, thereby increasing their proof of accomplishment.
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The more what they say can be proved , the higher the Proof Of Accomplishment ( POA) creeps up. Any areas where they have not done would stand out like a red flag to all who view it, and that would motivate them to solve that in order to remove the red flag.
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Thereby if they do not submit the info the entire project would stand out like a red flag. The proposers of the project would be highlighted in all cases. and the tool would link to other projects they have submitted for in later rounds.
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So if someone won a proposal in F1 but didn't fulfill it but fudged, and in F3 requested more money for a different proposal, it should show up as red flagged and demanding attention.
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One objective being to prevent such people from getting funds in a later round until they deliver on what they were already funded for.
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Also this should show whether the same people are getting funded over and over again due to voting trends being established that favor particular people or groups..
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Far as I can see this would not prevent them from submitting proposals without using their own name, but a remedy for this too is worth some thought.
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But at the same time if they are having genuine issues, as opposed to fraudulent excuses, those need to be evaluated on a case by case basis and see what additional help or input is needed to get them on track and fulfill without giving more funding because otherwise it will aggravate the problem further.
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so the tool can play not only an transparency, tracking, auditability and accountability factor but it can also help get ailing projects or stuck projects back online,
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Therefore the tool will not dwell only on the negative but also applaud the projects who have fulfilled their undertakings so far. and perhaps help the ailing ones.
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So Proof of Accomplishment becomes a model whereby it can be applied to any other similar ongoing funding systems, and adapted into a business model to be sold to similar funding institutions. which would have the benefit of introducing me directly to those institutions enabling me to be both a service provider to give this service for their own rounds of funding, but also to perhaps submit projects for funding based on that organization's unique and specific mandates.
Does this proposal fall within the scope of the challenge brief?
This proposal falls within the scope of the challenge brief because it sets up and lays out a system whereby multiple stakeholders are benefitted.
- Creates a real time verifiable system by which any project can be instantly understood and evaluated in terms of how its performed and what it has accomplished
- Get a real time snapshot on excellent, good, moderate and weak projects and intervene where appropriate
- Conserves resources and optimizes deliverables enabling best use of funds, and ensuring transparency of distribution and use by the project, KPIs being achieved
- Ensures safeguarding of community assets by the tool.
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How the solution relate to the challenge success (Impact)
Solution will enable Transparency, Trackability and Auditability for every stage of the project and see where projects have gone off track. Enable positive interventions to get things back on track.
Does this proposal show clearly how it will add value to the Cardano System?
This project will add value to the Cardano Ecosystem by providing Transparency, Trackability and Auditability to every funded project.
There are various Blockchain based components here. They include
Proof of Accomplishment NFTs created for each KPI which is listed on the proposal.
The tool which can store, and analyse submitted documents against the listed KPIs and metrics
Benefits to Stakeholders
The benefits to the community would be as follows
Ability to know where a particular project stands in terms of its effectiveness and functionality
Benefits to the Project Owner
Help him to see where he needs to improve or change track in order to get back on track with his project. Incentivizes him to work towards getting a high Proof of Accomplishment while making him aware of the negative outcomes if he does not deliver.
Our values:
- Every project that has been funded should prove its track record
- While one aim is to ensure transparency, we also want to help ailing projects to move forward
- Demonstrating professional excellence.
- Empowering team-members to do their best work and be the best versions of themselves as possible.
- Making sure that we the auditors are fully transparent and above reproach, and ready for audit at any time on any of our projects
We may need additional funding for this programme since we have defined certain budgets and number of hours spent on each company but this may not be enough, so would need additional funds. If we do, we will apply for it in F9.
<u>Challenges and risks relevant to a successful implementation might include ‘</u>
Inability to reach clarity regarding a project’s track record. Too much time taken to collect information.
<u>How to overcome these challenges. </u>
We will have to optimize our data gathering mechanisms. Identify bottlenecks and find ways to overcome them.