Our objective is to:
- Enable the ProofSpace App to act as an ADA token wallet (as well as the existing credential wallet), with all required UI extensions. The PRISM SDK is being integrated into the ProofSpace App as part of an ongoing F7 proposal.
- Add configuration options to ProofSpace Dash for VC interactions that require ADA payments.
Our audience is members of the Cardano community who would like to utilise PRISM credentials and ADA payments in the same customer journey.
The outputs will be:
- Updated ProofSpace App with ADA wallet functionality that can be used in PRISM VC workflows.
- Updated ProofSpace Dash so that people can use no-code tooling to configure ADA payments into their VC workflows.
The impact will be:
- Increased use of PRISM credentials in high-value use cases (i.e. those where monetary transactions are needed)
- Increased value of ADA through opening up a new range of possible payment use cases.
The proposed solution addresses the challenge in the following ways:
The overall question to be addressed by the challenge is: “What solutions can we develop and implement with Atala PRISM to have the most positive impact and opportunities for rapid growth of Cardano”.
- The intended impact of the proposal is to increase use of PRISM credentials in high-value use cases (i.e. those where monetary transactions are needed); increase the value of ADA through opening up a new range of possible payment use cases.
One of the areas of focus of the challenge is: Interoperability between Cardano and Indy anchored DIDs/VCs.
- ProofSpace not only allows PRISM/Indy interoperability, but this proposal would enable both PRISM and Indy credential holders to utilize ADA in their transactions, thereby increasing the potential reach and utility of ADA.
The project is highly relevant to the key metrics for the challenge:
- The sum of realized production pilots or launches in 2022: the goal of the proposal would be to launch production implementations utilising PRISM VCs and ADA transactions in the same flow.
- Discovery of repeatable patterns in use-cases: Utilizing PRISM VCs and ADA payments together or in sequence is an enabling capability for new use cases, in particular for B2C business models.
- The number of issuers, holders, and verifiers: the expansion of the number and variety of successful use cases leveraging PRISM VCs and ADA payments necessarily increases the number of issuers, holders and verifiers.
- The number of verifications performed on credentials in production: coupling ADA payments with PRISM VC verification necessarily increases the number of credential verifications in production.
- Risk: Configuring payments from UI can be complex or restricted. There is a risk that the beta version lacks sophistication and utility to specific use cases.
- Mitigation: We will develop a set of virtual use-cases and analyse one during development.
- Risk: Technically, configuring transactions to be sent via proofspace wallet may be quite a large task, so estimations may be incorrect.
- Mitigation: Determine a “minimal viable feature set” as early as possible.
- Risk: If volume of usage grows faster than expected, we will need to implement a business model for paying server-side API provider (blockfrost)
- Mitigation: Determine possible monetization schemas for such a scenario.
- Risk: Ability to use payments in interaction opens many technical possibilities and value propositions, but only if partners join the platform to participate in these transactions i.e. there is a risk we will have an application and amazing feature, without services using it.
- Mitigation: We issued a proposal which open horizontal use-case (Token-based credentials)
- Mitigation: Form partnerships with partners specialized in verticals.