Bridging Blockchain Worlds: Bitcoin Ordinals on Cardano for Enhanced Liquidity

[GENERAL] Name and Surname of Main Applicant

Chadi Nassar (on behalf of Plutus.Art as co-founder)

[GENERAL] Email address of Main Applicant

support@plutus.art

Additional Applicants

Stale 

Fettuccine

Both are also co-founders

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

6

[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?

No

[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.” in this field.

No dependencies.

[GENERAL] Will your project outputs be fully Open Source?

Yes

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

Project will be fully open source once it is well developed. We plan to have the whole Plutus.art project be open sourced eventually also.

[METADATA] Category of Proposal

NFTs

[METADATA] SDG rating

SDG rating: 9 - Industry, Innovation and Infrastructure

By promoting blockchain interoperability, our project directly advances the UN's SDG 9 (Industry, Innovation, and Infrastructure). This innovation not only enhances the technological capabilities of the Cardano platform but also encourages sustainable and inclusive industrialization in the digital realm. 

Moreover, by creating a more unified and diverse digital asset marketplace, we are broadening access to financial and technological resources. This aligns with the ethos of SDG 9 by fostering inclusivity, and propelling forward the blockchain industry through innovative solutions. It is this combination of innovation and inclusivity that we believe will attract more users to the Cardano ecosystem.

[IMPACT] Please describe your proposed solution.

Our proposed solution is to integrate Bitcoin Ordinals into the Cardano marketplace ecosystem, allowing users to trade and transact digital collectibles across multiple blockchains in the same house. This will expand the reach of the Cardano platform and attract users from other blockchain communities, increasing liquidity and diversity into the marketplace and ecosystem.

By enabling cross-blockchain trading, we will also promote sustainability by reducing the need for users to create multiple accounts on different platforms. Our project will engage with developers, digital artists, and collectors in the blockchain community. We will demonstrate our impact by tracking the growth in cross-blockchain trading volume and user engagement on the Cardano platform.

Our solution is unique because it leverages the existing infrastructure of Bitcoin Ordinals and relationships we have with Ordinals marketplaces and integrate across both. This will benefit digital artists and collectors by providing them with a larger and more diverse marketplace for their work, while also benefiting the Cardano ecosystem by attracting new users and increasing liquidity. 

This integration is important to Cardano because it aligns with its goals of promoting innovation and inclusivity in the blockchain space. It allows for greater accessibility and collaboration between different blockchain networks, enhancing the overall functionality and value of the Cardano platform.

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

Currently, many blockchain communities operate in isolation, which can limit their reach and functionality. By integrating Bitcoin Ordinals into the Cardano marketplace ecosystem, your proposed solution aims to bridge this gap and enable seamless trading of digital collectibles regardless of blockchain.

This integration will expand the reach of the Cardano platform by allowing users to trade and transact digital collectibles not only within the Cardano ecosystem but also across multiple blockchains. This will attract users from other blockchain communities, increasing liquidity and diversity in the marketplace. For example, a digital artist who has created a unique collectible on the Bitcoin blockchain could now sell it to a collector on the Cardano blockchain, without either party having to create a new account on a different platform (with a wallet on each). We will integrate an API to spot convert. 

To further enhance the benefits of this integration, we will partner with other blockchain communities to promote cross-blockchain collaboration and increase awareness of the benefits of blockchain interoperability.

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

Milestone 1: Integration of Bitcoin Ordinals into the Cardano ecosystem

• Success metric: Successful integration and deployment of Bitcoin Ordinals marketplace on the Cardano platform.

Milestone 2: Increase in cross-blockchain trading volume

• Success metric: A measurable increase in the volume of cross-blockchain trading on the Cardano platform.

Milestone 3: Increase in user engagement on the Cardano platform

• Success metric: A measurable increase in the number of users participating in cross-blockchain trading on the Cardano platform.

Milestone 4: Collection of user feedback

• Success metric: Conduct surveys to gather feedback from users on their experience with cross-blockchain trading.

Milestone 5: Improvement of solution based on user feedback

• Success metric: Implementation of changes and improvements to the solution based on user feedback.

Milestone 6: Contribution to the growth and productivity of the Cardano ecosystem

• Success metric: In the long term, a measurable increase in the growth and productivity of the Cardano ecosystem, as evidenced by increased user engagement, trading volume, and other relevant KPIs

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

We will be sharing the outputs and results of our project with the wider blockchain community. We plan to do this through social media and presentations at relevant conferences and events. Our goal is to spread awareness of our solution and its benefits to a wide audience, while also using the results generated from our project to inform future research and development activities.

In addition to sharing our results through these channels, we will also engage with other developers and projects in the blockchain community to explore opportunities for collaboration and further development. This could include collaborating on joint research projects to further advance the field of blockchain interoperability.

We believe that by sharing our results and engaging with the wider blockchain community, we can help to promote innovation and collaboration in this rapidly evolving field. By working together with other developers and projects, we can leverage our collective expertise to create more powerful and effective solutions that benefit the entire ecosystem.

To ensure that our message reaches the widest possible audience, we will also develop a comprehensive marketing and outreach strategy. This will include targeted advertising on social media platforms, as well as outreach to relevant industry publications and media outlets. 

Overall, our goal is to share the outputs and results of our project as widely as possible, in order to promote awareness of our solution and its benefits, while also using the results generated from our project to inform future research and development activities. By doing so, we hope to contribute to the growth and success of the Cardano ecosystem, while also advancing the field of blockchain interoperability.

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

Our team has extensive experience in blockchain development with previous marketplace development under our belt and a proven track record of delivering successful projects. We have a deep understanding of the technical and operational challenges involved in developing and deploying blockchain solutions, and we are committed to using our expertise to deliver a high-quality solution that meets the needs of the Cardano community.

Comprised of Stale, Kieran, and Adawg on the technical abilities. Previous work on multiple marketplaces and projects. As well as Nic and Chadi, experienced in Sales, BD, and Marketing. We feel confident that together we will complete the integration well and bring in Bitcoin community. 

In addition to our financial management processes, we also have a strong focus on stakeholder engagement. We will work closely with the Cardano community to ensure that our solution meets their needs and addresses their concerns. This will include regular updates on our progress, as well as opportunities for community members to provide feedback and input into the development process.

Overall, our team has the experience, expertise, and commitment to deliver our project with high levels of trust and accountability. We are dedicated to working closely with the Cardano community to ensure that our solution meets their needs and contributes to the growth and success of the ecosystem.

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

Our plans to integrate Bitcoin Ordinals into the Cardano ecosystem have goals that will enable seamless trading of digital collectibles, attracting new users from other blockchain communities and promoting sustainability by reducing the need for multiple accounts on different platforms.

To ensure the success of our project, we will conduct extensive user testing, gather feedback, and analyze cross-blockchain trading volume and user engagement on the Cardano platform. This will allow us to validate the feasibility of our approach and make any necessary adjustments.

When, not if, the approach proves successful, we will continue to develop and improve our solution based on user feedback and market trends. We are confident that our project will have a significant impact on the blockchain community and we look forward to sharing our progress.

[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.

Our project has several key milestones, each with its own set of tasks, timeline, success metrics, and projected costs. Below is a detailed breakdown of these milestones:

Milestone 1: Integration of Bitcoin Ordinals into the Cardano ecosystem

• Our first milestone involves the development and testing of integration. 
• We expect to achieve this milestone within 1 month.
• The success metric for this milestone is the successful integration and deployment of Bitcoin Ordinals on the Cardano marketplace platform.
• The projected cost to achieve this milestone is $15,000.

Milestone 2: Increase in cross-blockchain trading volume

• Our second milestone involves promoting cross-blockchain trading, developing user-friendly interfaces and tools, and educating and reaching out to users.
• We expect to achieve this milestone within 2 months.
• The success metric for this milestone is a measurable increase in the volume of cross-blockchain trading on the Plutus.Art Cardano platform.
• The projected cost to achieve this milestone is $5,000.

Milestone 3: Increase in user engagement on the Cardano platform

• Our third milestone involves continued promotion and education, as well as the development of additional tools and resources to support cross-blockchain trading.
• We expect to achieve this milestone within 2 months.
• The success metric for this milestone is a measurable increase in the number of users participating in cross-blockchain trading on the Cardano platform.
• The projected cost to achieve this milestone is $5,000.

Milestone 4: Collection of user feedback

• Our fourth milestone involves conducting surveys and gathering feedback from users on their experience with cross-blockchain trading.
• We expect to achieve this milestone within 1 month.
• The success metric for this milestone is the collection of feedback from a representative sample of users.
• The projected cost to achieve this milestone is 0.

Milestone 5: Improvement of solution based on user feedback

• Our fifth milestone involves analyzing user feedback and developing and implementing changes and improvements to our solution based on that feedback.
• We expect to achieve this milestone within 1 month.
• The success metric for this milestone is the implementation of changes and improvements to our solution based on user feedback.
• The projected cost to achieve this milestone is $5,000.

Milestone 6: Contribution to the growth and productivity of the Cardano ecosystem

• Our sixth and final milestone involves continued promotion and education, as well as tracking relevant metrics to demonstrate our impact.
• This is an ongoing effort with no fixed timeline.
• The success metric for this milestone is a measurable increase in the growth and productivity of the Cardano ecosystem over the long term, as evidenced by increased user engagement, trading volume, and other relevant metrics.
• There is no projected cost associated with achieving this milestone.

Our project will be implemented using a phased approach, with each milestone building upon the previous one. Our overall project management approach will involve regular communication with stakeholders, tracking progress against milestones, and adjusting plans as needed based on feedback and changing circumstances.

As a funded proposal, we are happy to submit a Statement of Milestones confirming the milestones detailed in our proposal. This will provide us with a clear roadmap for our project and allow us to track our progress towards achieving our goals.

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

As the writer of the proposal, the deliverables, outputs, and intended outcomes for each milestone are as follows:

Milestone 1: Integration of Bitcoin Ordinals into the Cardano ecosystem

Deliverables:

• Integration code developed and tested
• Documentation outlining the integration process

Outputs:

• Technical documentation for future reference and troubleshooting

Intended outcomes:

• Enable cross-blockchain association between Bitcoin and Cardano
• Expand the functionality and interoperability of the Cardano ecosystem
• Lay the foundation for future milestones and developments

Measurement:

• Absence of critical issues or errors during integration
• Completion of all development and testing tasks within the allocated timeline and budget

Milestone 2: Increase in cross-blockchain trading volume

Deliverables:

• User-friendly interfaces and tools for cross-blockchain trading
• Educational materials and outreach campaigns
• Analytics and reporting systems for tracking trading volume

Outputs:

• Enhanced user experience for cross-blockchain trading
• Increased awareness and adoption of cross-blockchain trading on Cardano
• Data on cross-blockchain trading volume and patterns

Intended outcomes:

• Stimulate cross-blockchain trading activity on the Cardano platform
• Attract new users and traders to Cardano
• Establish Cardano as a prominent platform for cross-blockchain transactions

Measurement:

• Quantitative increase in cross-blockchain trading volume on Cardano
• Positive user feedback on the usability of the interfaces and tools
• Number of users engaged through educational materials and campaigns

Milestone 3: Increase in user engagement on the Cardano platform

Deliverables:

• Additional tools and resources supporting cross-blockchain trading
• Marketing and outreach strategies
• Community engagement initiatives

Outputs:

• Improved user engagement and participation in cross-blockchain trading
• Expanded community of active users and advocates for Cardano

Intended outcomes:

• Foster a vibrant and active user community on the Cardano platform
• Cultivate long-term loyalty and engagement among users
• Create a network effect that attracts more users and stakeholders to Cardano

Measurement:

• Increase in the number of users participating in cross-blockchain trading
• Growth in the Cardano community, including active participants and contributors
• Positive sentiment and feedback from users and community members

Milestone 4: Collection of user feedback

Deliverables:

• Survey instruments and data collection methods
• Analysis frameworks for user feedback
• Summary report of collected feedback

Outputs:

• Comprehensive understanding of user experiences and suggestions
• Identified areas for improvement and potential issues to address

Intended outcomes:

• Gather valuable insights to inform future enhancements and optimizations
• Demonstrate a commitment to user-centric development and continuous improvement

Measurement:

• Completion of user surveys and feedback collection within the allocated timeline
• Adequate sample size and representative user feedback
• Identification of common themes, issues, and improvement opportunities through analysis

Milestone 5: Improvement of solution based on user feedback

Deliverables:

• Updated solution based on user feedback and identified improvements
• Documentation outlining the implemented changes
• Testing and verification of the updated solution

Outputs:

• Implementation of changes and improvements to enhance user experience and address user feedback
• Clear documentation of the updated solution for future reference

Intended outcomes:

• Respond to user needs and concerns by incorporating their feedback into the solution
• Iterate and refine the solution based on real-world usage and user input

Measurement:

• Successful implementation of changes based on user feedback
• User satisfaction with the updated solution and improved user experience
• Completion of testing and verification to ensure the reliability and stability of the updates

Milestone 6: Contribution to the growth and productivity of the Cardano ecosystem

Deliverables:

• Ongoing promotion and educational materials
• Monitoring and tracking systems for relevant metrics
• Periodic progress reports and assessments

Outputs:

• Sustained growth in user engagement, trading volume, and ecosystem productivity
• Documentation and reports showcasing the impact of the project on the Cardano ecosystem

Intended outcomes:

• Contribute to the long-term success and development of the Cardano platform
• Demonstrate the value and benefits of cross-blockchain trading on Cardano

Measurement:

• Tracking and analysis of relevant metrics, including user engagement, trading volume, and ecosystem growth
• Positive trends and growth observed over time
• Periodic progress reports highlighting the project's impact on the Cardano ecosystem

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

Here is a detailed breakdown of the budget for our proposed project, including estimated costs for each milestone:

Milestone 1: Integration of Bitcoin Ordinals into the Cardano ecosystem

• Development and testing of integration code: $9,000
• UX/UI: $5,000
• Documentation: $1,000

Total Cost: $15,000

Milestone 2: Increase in cross-blockchain trading volume

• Promotion and marketing activities: $5,000

Total Cost: $5,000

Milestone 3: Increase in user engagement on the Cardano platform

• Continued promotion and marketing efforts: $4,000
• Development of additional tools and resources: $1,000

Total Cost: $5,000

Milestone 4: Collection of user feedback

• 0

Milestone 5: Improvement of solution based on user feedback

• Development and implementation of changes: $4,000
• Testing and verification of the updated solution: $1,000

Total Cost: $5,000

Milestone 6: Contribution to the growth and productivity of the Cardano ecosystem

• 0

Total Project Cost: $30,000 which is approx. = 100,000 ADA

The budget breakdown includes costs for development, testing, deployment, documentation, marketing, educational materials, community engagement, surveys, analysis, and implementation of changes based on user feedback. It is important to note that the costs provided are estimates and may be subject to change based on actual resource requirements and project dynamics.

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

We believe that the cost of our project represents value for money for the Cardano ecosystem because it will enable seamless cross-blockchain trading of digital collectibles, attracting new users from other blockchain communities and increasing liquidity and diversity in the marketplace. The integration of Bitcoin Ordinals into the Cardano ecosystem will also promote sustainability by reducing the need for users to create multiple accounts on different platforms. Our budget has been carefully planned to ensure that all necessary resources are allocated to achieve our project goals, while also keeping costs as low as possible. Our personnel costs are based on average wages and freelance rates in our industry and location, and we have also included costs for research materials, software development, user testing, marketing, and monitoring to ensure that our project is delivered successfully. Overall, we believe that our project represents a valuable investment for the Cardano ecosystem that will deliver significant benefits in terms of user growth, liquidity, and sustainability.

[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