SYNTH PE - Unlocking Access To A Massive Crypto Market with NMKR-UPI Payments Integration

[GENERAL] Name and surname of main applicant

Sricharan Ganta (nucast)

[GENERAL] Email address of main applicant

charan@nucast.io

Additional applicants

Sam Jeffery // sam@nucast.io

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

4

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

We will rely on NMKR's infrastructure to implement a seamless Cardano UPI payment gateway. This integration should be smooth as we are in discussions with the NMKR team for SynthPe and have been collaborating with NMKR at Nucast Labs (SynthPe Proposers) for over six months.

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

Fintech projects deal with sensitive financial data and maintaining the security and privacy of this data is of utmost importance. While open sourcing a project can offer several benefits, such as community collaboration and transparency, it can also raise concerns regarding security. Keeping the project closed-source initially allows for greater control over security measures.

[METADATA] Category of proposal

Other

[METADATA] SDG rating

SDG Goals

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

17 - Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development

SDG Subgoals

17.19 - By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement gross domestic product, and support statistical capacity-building in developing countries

17.3 - Mobilize additional financial resources for developing countries from multiple sources

9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all

9.3 - Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets

9.b - Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities

Key Performance Indicator (KPI)

9.1.1 - Proportion of the rural population who live within 2 km of an all-season road

9.1.2 - Passenger and freight volumes, by mode of transport

9.3.1 - Proportion of small-scale industries in total industry value added

9.3.2 - Proportion of small-scale industries with a loan or line of credit

9.b.1 - Proportion of medium and high-tech industry value added in total value added

17.3.1 - Foreign direct investment, official development assistance and South-South cooperation as a proportion of gross national income

17.3.2 - Volume of remittances (in United States dollars) as a proportion of total GDP

17.19.1 - Dollar value of all resources made available to strengthen statistical capacity in developing countries

17.19.2 - Proportion of countries that (a) have conducted at least one population and housing census in the last 10 years; and (b) have achieved 100 per cent birth registration and 80 per cent death registration

[IMPACT] Please describe your proposed solution.

SynthPe recognizes the importance of providing a seamless user experience to drive adoption, especially considering the availability of similar solutions on other popular blockchain networks such as Polygon and Ethereum. By integrating with the Unified Payments Interface (UPI), SynthPe aims to bridge this gap and remove the barriers hindering the adoption of Cardano in India.

The lack of a user-friendly payment solution has been a challenge for Cardano in India. SynthPe's integration with UPI addresses this issue directly, offering a familiar and widely accepted payment method. This allows users to easily manage their Cardano payments and participate in the NFT and DeFi ecosystem without the need for in-depth knowledge of blockchain technology.

By leveraging the popularity of UPI, which processed over 590 billion transactions worth ₹39 trillion in 2022, SynthPe can tap into the existing user base and payment infrastructure to promote widespread adoption of Cardano. This integration not only benefits the Indian market but also presents opportunities for expansion into other countries where UPI is gaining popularity, such as Singapore, Bangladesh, Nepal, Bhutan, France and Sri Lanka.

This initiative aims to position Cardano as a viable and accessible option for crypto investors in India and beyond, which would result in greater adoption and growth of the ecosystem.

How does UPI work?

1. The VPA of the Payee (For ex. UberEats), the payer’s account information and transaction details are securely sent from your phone to your PSP’s server.
2. They are forwarded to the UPI interface (at NPCI).
3. [a] UPI forwards this to the Payee PSP. [b] The PSP responds with the account details of the Payee (merchant), using its in-house mapping of VPA to account number.
4. [a] UPI forwards the account details of the payer (you), obtained in step 2, to your bank and asks them to debit your account. [b] The bank responds to UPI after debiting your account.
5. [a] UPI then instructs the merchant’s bank, aka the beneficiary bank, to credit the payee’s account (obtained in step 4). [b] The beneficiary bank responds with a success to UPI after having credited the payee’s account.
6. UPI responds to the payer’s PSP with a success confirmation.
7. You get a notification on your phone saying the payment is successful!

Technical Architecture:

Note: We will be closely working with the NMKR team to integrate the tech seamlessly into NMKR's Payment Gateway through SynthPe APIs.

1. User Registration and Wallet Assignment:

• Upon signing up and successful KYC registration on SynthPe, a custodial Cardano wallet is automatically created in the backend for each user linked to their email.
• This ensures a smooth onboarding process, and users can access their wallets immediately.

2. UPI Integration on "Buy NFT" NMKR Page:

• SynthPe integrates the UPI library on the "Buy NFT" NMKR page.
• A UPI widget is added on NMKR Payment Gateway, enabling users to initiate UPI transactions and complete NFT purchases.
• The widget captures transaction details like the amount and transaction note for that particular user to facilitate seamless payments.

3. Transaction Detection and NFT Minting:

• We will setup a backend listener to detect successful UPI transactions made through the SynthPe UPI widget on NMKR payment Gateway.
• Once a successful transaction is detected, SynthPe utilizes the NMKR API to initiate the minting process of the NFT into the user's assigned wallet address on SynthPe.
• The NMKR API receives necessary data from SynthPe, such as the user's wallet address and any additional information required for minting the NFT.

User Flow:

1. User Registration:

• While selecting UPI as a payment method on NMKR Payment Gateway, user will be prompted to do a one-time registration on SynthPe widget.
• Users registers and complete KYC on the SynthPe platform by providing necessary details.
• A Cardano wallet is automatically created for each user linked to their email.

2. Completing UPI Transaction:

• Users enter transaction details, such as the amount and transaction note, within the UPI widget.
• Upon successful completion of the UPI transaction, the backend listener detects the transaction.

3. NFT Minting:

• SynthPe utilizes the NMKR API to initiate the minting process of an NFT into the user's created SynthPe's wallet address.
• The NFT is minted and sent to the user's wallet, completing the purchase process.

Features:

1. User-Friendly Experience:

• SynthPe simplifies the complexities of Cardano blockchain, making it accessible to users unfamiliar with Web3 and blockchain technology.

2. Automatic Wallet Creation:

• Upon registration, Cardano wallets are created automatically for each user, streamlining the onboarding process.

3. NFT Minting:

• Successful UPI transactions trigger the minting of NFTs into the user's SynthPe wallet address.

Revenue Streams:

Transaction Fees: SynthPe will generate revenue by charging a 1% fee on each UPI transaction made through the platform.

Regulatory Scene:

The Indian government has taken a relatively progressive stance on cryptocurrency, with the Finance Act of 2022 clarifying that crypto assets are legal in India. However, there are still some regulatory uncertainties surrounding the space, and it is important for SynthPe to stay compliant with all applicable laws and regulations.

SynthPe will carefully consider the regulatory requirements and ensure that its platform is compliant with all applicable laws and regulations. This will help to protect the platform and its users from legal risks, and it will also help to build trust and confidence in the platform.

More details on UPI:

https://www.forbes.com/sites/zennonkapron/2023/04/10/is-indias-upi-real-time-payments-system-ready-to-go-global/

https://www.firstpost.com/explainers/india-upi-going-global-gulf-countries-digital-payments-nris-12734672.html

https://government.economictimes.indiatimes.com/news/digital-payments/upi-global-run-indian-digital-payment-interface-now-available-for-money-transfer-in-singapore/98097501

https://inc42.com/buzz/upi-is-processing-40-of-the-global-real-time-payments/

https://www.india-briefing.com/news/global-acceptance-of-indias-digital-payment-systems-europe-latest-to-join-26183.html/

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

SynthPe addresses the challenge of low adoption of Cardano in India by providing a user-friendly experience and integrating NMKR API with the Unified Payments Interface (UPI). This approach brings several benefits to the Cardano ecosystem:

• Addressing the Lack of User-Friendly Solutions: SynthPe simplifies the complexities of blockchain, making it accessible to the masses in India who may be unfamiliar with Cardano. By offering a user-friendly platform with automatic wallet creation and UPI integration, SynthPe removes barriers and encourages wider adoption of Cardano.

• Integration with UPI Payment System: The integration with UPI, a popular and widely accepted payment method in India, allows users to seamlessly manage their Cardano payments. By leveraging the existing infrastructure and user base of UPI, SynthPe taps into a large market and facilitates easy transactions for crypto investors.

• Driving Mass Adoption: With approximately 115 million crypto investors in India, SynthPe has the potential to bring a significant number of new users into the Cardano ecosystem. By providing a simplified onboarding process and familiar payment options, SynthPe aims to attract and engage a broader audience, contributing to the overall growth and adoption of Cardano.

• Expanding Market Reach: The integration with UPI not only benefits the Indian market but also opens opportunities for expansion into other countries where UPI is gaining popularity, such as Singapore, Bangladesh, Nepal, Bhutan, France and Sri Lanka. This expansion potential allows Cardano to reach new markets and increase its global presence.

• Enhancing Cardano's NFT Ecosystem: Synthpe's integration with UPI and the seamless payment experience it provides encourages users to participate in the NFT ecosystem on the Cardano blockchain through NMKR's payment gateway.

Impact:

The impact of SynthPe's solution on the Cardano ecosystem is substantial. By creating a user-friendly platform and integrating with UPI, SynthPe significantly improves Cardano's accessibility to the masses. This results in increased user adoption, higher transaction volumes, and a thriving NFT landscape.

SynthPe's solution has the potential to bridge the gap in user adoption between Ethereum and Cardano by targeting the Indian market, which is estimated to have approximately 115 million crypto investors. Considering that Ethereum currently has a total of 238 million wallets while Cardano has only 4 million wallets, there is undoubtedly a significant disparity between the two in terms of user adoption.

The integration with UPI opens up possibilities for expansion into other countries where UPI is gaining popularity. Overall, SynthPe's solution drives mass adoption, extends Cardano ecosystem's reach, and solidifies Cardano's position as a leading blockchain platform.

[IMPACT] How do you intend to measure the success of your project?

SynthPe intends to measure the success of its project through various key performance indicators (KPIs) and metrics that reflect the impact and growth of the platform. Here are some ways in which the success of the project can be measured:

• User Adoption: The number of registered users on SynthPe is a crucial metric to gauge the adoption and popularity of the service. Tracking the growth in user registrations over time provides insights into the platform's reach and appeal.

• Number of New Wallets Created: Tracking the number of new Cardano wallets created on SynthPe is a key indicator of user adoption and interest in the Cardano ecosystem.

• Transaction Volume: Monitoring the transaction volume within the platform helps measure the level of user engagement and activity. Increasing transaction volumes indicate growing usage and interest in NFT purchases and Cardano payments through the integrated UPI system.

• NFT Sales and Minting: Tracking the number of NFT sales and the minting of NFTs on NMKR payment gateway through SynthPe.

• User Feedback and Satisfaction: Gathering user feedback through surveys, reviews, and customer support interactions helps assess the satisfaction levels of SynthPe users. Positive feedback, high user ratings, and testimonials indicate a positive user experience and successful execution of the user-friendly approach.

These metrics and indicators provide a comprehensive view of SynthPe's impact and success in driving mass adoption, user engagement, and growth within the Cardano ecosystem. Regular tracking and analysis of these metrics allow for strategic decision-making, continuous improvement, and further optimization of the platform.

[IMPACT] Please describe your plans to share the outputs and results of your project?

We plan to share the outputs by implementing the following action items:

• Regular Updates: SynthPe will regularly publish project updates and key performance indicators (KPIs) on our Medium blog. These updates will provide detailed information about our progress, milestones achieved, user adoption, and other relevant metrics.

• Community Engagement: SynthPe will actively engage with the Cardano community through various channels such as Twitter spaces, town halls, and AMAs (Ask Me Anything) sessions. These interactions will allow our team to present the project's outputs, discuss the impact, and address any questions or concerns from the community.

• Partnerships and Collaborations: SynthPe will seek partnerships and collaborations with relevant influencers, content creators, and industry leaders. These partnerships can include interviews, joint content creation, or promotional activities. By leveraging the reach and influence of these partners, SynthPe can ensure that the outputs and opportunities are shared with a wider audience.

• Social Media Presence: SynthPe will maintain an active presence on social media platforms, including Twitter, Telegram, and Discord. They will share updates, project highlights, and success stories to keep the community informed and engaged.

By implementing these pointers, the SynthPe team aims to effectively communicate the outputs and results of the project, reach a wider audience, and foster transparency and engagement within the Cardano community.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

SynthPe is being developed by Nucast Labs and has the capability to deliver the project with high levels of trust and accountability based on the following factors:

• Popularity and Community Engagement: Nucast has already gained popularity as a streaming platform on Cardano, attracting a substantial community of over 8000+ members across social media channels and Discord during the beta phase. This engaged community has been instrumental in providing valuable feedback and contributing to the platform's growth.

• Revenue Generation : Nucast has generated 150,000+ ADA in revenue, showcasing the platform's ability to monetize and sustain itself. These funds have been reinvested wisely into building the web app and assembling a talented team proficient in various domains.

• Experienced Team: Nucast Labs is proud to host a highly skilled and experienced development team with over 30+ years of combined industry experience. The team's expertise in blockchain technology, finance, and the movie industry enables them to comprehend the intricacies of a payment solution like SynthPe and deliver a robust and innovative platform.

• Industry Partnerships: Nucast's ability to secure MOUs with seven leading production houses in India for other Nucast built products showcases its strong business development capabilities in the Indian landscape. Additionally, we are thrilled to announce that the Nucast Team has been selected as the official community partner for conducting the Cardano Summit in India. This initiative demonstrates our reputation and standing within the Indian blockchain community.

• Track Record of Successful Projects: Nucast's team has a history of successfully delivering projects in the web3 and entertainment domains. Our past successes demonstrate our ability to design, develop, and deploy secure and scalable solutions.

In terms of accountability, we are committed to:

Regular Updates: SynthPe team will provide regular project updates and key performance indicators (KPIs) through our Medium blog. This transparent approach keeps stakeholders informed about the project's progress, achievements, and metrics.

Community Engagement: SynthPe will actively engage with the Cardano community through channels such as Twitter spaces, town halls, and AMAs. By interacting with the community, SynthPe can address questions, gather feedback, and ensure open communication with stakeholders.

Through these measures, SynthPe showcases our commitment to delivering the project with trust and accountability. Our experienced team, industry partnerships, and transparent communication channels contribute to building confidence and establishing Nucast Labs as a reliable and responsible participant within the Cardano ecosystem.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

Main Goals for the Project:

• Develop the Platform: The primary goal of the project is to develop the SynthPe platform, which offers a user-friendly experience for accessing and utilizing the Cardano blockchain. This includes creating a seamless user registration process, integrating UPI for payment transactions, and providing a smooth NFT purchasing and minting experience.

• Backend UPI Integration: A crucial aspect of the project is integrating the UPI payment system into the SynthPe platform. The goal is to ensure that users can easily initiate and complete UPI transactions for purchasing NFTs. This integration requires establishing a secure and reliable connection between the platform and the UPI infrastructure.

• Onboard Users: Another key goal is to onboard a significant number of users onto the SynthPe platform. By simplifying the complexities of Cardano blockchain and offering a user-friendly experience, the project aims to attract and engage users who may be unfamiliar with blockchain technology. The successful onboarding of users validates the feasibility of the approach.

Validation of Feasibility:

• Technical Feasibility: To validate the technical feasibility of the project, the development team will conduct thorough testing and quality assurance processes. This includes ensuring seamless integration with UPI, testing the functionality and security of the platform, and addressing any technical challenges that may arise during the development process.

• User Testing and Feedback: Conducting user testing and gathering user feedback is crucial to validate the feasibility of the user-friendly approach. Feedback from early adopters and potential users will help identify any usability issues, pain points, or improvements required to enhance the user experience. This feedback loop ensures that the platform meets user expectations and requirements.

• Pilot Programs: Implementing pilot programs with a select group of users can provide valuable insights into the feasibility and effectiveness of the platform. This allows for real-world testing, observation of user behavior, and identification of any potential operational or technical challenges that need to be addressed before scaling up.

By thoroughly validating the technical feasibility, gathering user feedback, conducting pilot programs, and analyzing the market landscape, SynthPe can ensure that its approach is feasible and well-positioned to achieve its goals of developing a user-friendly platform, integrating UPI, and successfully onboarding users onto the Cardano ecosystem.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Phase 1: Planning and Design

Duration: 2 weeks

UX/UI Design:

Create wireframes and prototypes of the payment management platform.

Design user-friendly and intuitive interfaces.

Ensure a consistent visual identity and branding.

Architecture and Technology Stack:

Select appropriate technologies and frameworks.

Design the overall application architecture.

Plan for scalable payment handling infrastructure.

Project Setup:

Set up the development environment.

Configure version control and collaboration tools.

Create the initial project structure.

Projected cost: 13250

Phase 2: Development and Testing

Duration: 10 weeks

Backend Development:

Developing a scalable backend infrastructure for seamless UPI and NMKR Integration.

Develop APIs for onramp high volume transactions.

Frontend Development:

Develop the user interface for creating accounts, managing payments and KYC.

Integrate with backend APIs.

Testing and Quality Assurance:

Conduct thorough testing of the backend APIs that handle transactions.

Perform functional testing, usability testing, and compatibility testing.

Identify and fix bugs and performance issues.

Security and Privacy:

Implement necessary security measures to protect user data.

Address privacy concerns and comply with relevant regulations.

Projected cost: 29260

Phase 3: Deployment and Support

Duration: 2 weeks and ongoing

Launch and User Engagement:

Engage with users and gather feedback for continuous improvement.

Bring user acquisition by partnering for implementations across various industries in India that would bring mass adoption and reach.

Continuous Improvement:

Analyze user feedback and identify areas for enhancement.

Regularly release updates and new features to address user needs.

Ongoing Maintenance and Support:

Provide technical support to users and address their queries or issues.

Monitor server infrastructure and ensure high availability.

Maintain compatibility with new iOS and Android versions.

Projected cost: 6650

Timeline:

Weeks 1-2: Planning and Design

Weeks 3-10: Development and Testing

Weeks 11-13: Deployment and Support

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

Phase 1: Planning and Design

Deliverables:

• Wireframes and prototypes of the payment management platform: This includes visual representations of the user interface and interaction flow.
• User-friendly and intuitive interface designs: Design assets such as UI screens, style guides, and branding elements.
• Application architecture design: A comprehensive plan outlining the technology stack, system components, and data flow.
• Scalable payment handling infrastructure: A documented plan for implementing a robust and scalable infrastructure to handle UPI and NMKR transactions.
• Initial project structure: The setup of the development environment, version control, and collaboration tools.

Intended outcomes:

• A well-defined and visually appealing user interface design that ensures a smooth user experience.
• A clear understanding of the technology stack and infrastructure required for seamless payment integration.
• A solid foundation for the development phase with a well-organized project structure and collaboration tools in place.

Measurement of progress:

• Completion of wireframes and prototypes.
• Approval of the UI designs by stakeholders.
• Documentation of the application architecture.
• Successful setup of the development environment and version control.

Phase 2: Development and Testing

Deliverables:

• Backend infrastructure for seamless UPI and NMKR integration: Developed backend components and APIs to handle payment transactions.
• User interface for account creation and payment management: Frontend components and screens for user interactions.
• Testing and bug fixes: Conducted functional testing, usability testing, and resolved identified issues.
• Implemented security measures: Integration of necessary security protocols to protect user data and address privacy concerns.

Intended outcomes:

• Fully functional backend infrastructure and APIs for UPI and NMKR integration.
• User interface implemented according to the design specifications, allowing users to create accounts and manage payments.
• Thoroughly tested and bug-free application, ensuring a smooth user experience.
• Security measures in place to protect user data and comply with regulations.

Measurement of progress:

• Successful development and integration of backend infrastructure and APIs.
• Completion of frontend implementation according to the design.
• Successful completion of testing phases and bug fixing.
• Implementation of security measures.

Phase 3: Deployment and Support

Deliverables:

• Launched payment management platform: The platform will be deployed and made accessible to users.
• User engagement and feedback: Continuous interaction with users to gather feedback and identify areas for improvement.
• Partnerships for mass adoption: Collaborations with industries in India to drive user acquisition and widespread adoption.
• Continuous improvement updates: Regular releases of updates and new features based on user feedback and needs.
• Ongoing maintenance and support: Technical support provided to users, server infrastructure monitored for availability, and compatibility maintained with new operating system versions.

Intended outcomes:

• Successful launch and availability of the payment management platform to users.
• User engagement and positive feedback indicating a smooth user experience.
• Partnerships leading to increased user acquisition and mass adoption.
• Continuous improvement based on user feedback, resulting in enhanced features and usability.
• Ongoing maintenance and support ensuring the platform's stability and availability.

Measurement of progress:

• Successful deployment of the platform.
• User feedback and engagement metrics, including user satisfaction surveys and user retention rates.
• Number of partnerships and collaborations established.
• Release frequency of updates and new features.
• User support metrics, such as response time and issue resolution.

By tracking the completion of deliverables, gathering user feedback, and monitoring key metrics such as user acquisition, engagement, and satisfaction, the project's progress can be measured. Additionally, regular stakeholder meetings, progress reports, and milestone evaluations can provide insights into the project's overall advancement.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Phase 1

Senior Solution Architect (167 ADA/hour) x 50 Hours = 8350 ADA

UI UX Designer (100 ADA/hour) x 15 Hours = 1500 ADA

Tech Infrastructure: 3400 ADA

Phase 2

Full stack developer (133 ADA/hour) x 70 Hours = 9310 ADA

Senior Backend Developer (133 ADA/hour) x 150 Hours = 19950 ADA

Phase 3 

Full stack developer (133 ADA/hour) x 50 Hours = 6650 ADA

So, the total cost in ADA is:

Phase 1: 8350 ADA + 1500 ADA = 9850 ADA

Phase 2: 9310 ADA + 19950 ADA = 29260 ADA

Phase 3: 6650 ADA

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

In terms of value for money for the Cardano ecosystem, the project aims to deliver a UPI payment layer on Cardano that enhances the user experience and contributes to the growth and adoption of Cardano. The successful development and launch of such an application can attract a substantial user base, which can have a positive impact on the ecosystem as a whole.

The costs associated with the project represent an investment in creating a UPI payments layer integrated with NMKR's architecture. The skilled development team, including full-stack developers, solution architects, UI/UX designers, and specialized Android and iOS developers, ensure that the application is built to meet the technical requirements and user expectations.

The project cost, based on US, Singaore and Indian market rates, allows for the efficient allocation of resources to ensure the successful development and deployment of the platform.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept