Revolutionary pro-community NFT Smart Contract. Splitting service fee between multiple parties, on-chain affiliate, precision in lovelaces without any rounding up to the detriment of creators or users.

[GENERAL] Name and Surname of Main Applicant

Michal Urbanek

[GENERAL] Email address of Main Applicant

michal@jamonbread.io

Additional Applicants

No additional applicants.

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

5

[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

[METADATA] Category of Proposal

NFTs

[IMPACT] Please describe your proposed solution.

We recognized a significant challenge in the NFT space on the most decentralized blockchain. Despite its decentralized nature, the majority of NFT transactions are concentrated on just one private and profiting platform. In response, we set ourselves on a mission to level the playing field and foster more competition by building a solution that has the potential to empower other and/or specialized marketplaces and contributors in the ecosystem.

Our proposed smart contract incorporates multiple on-chain affiliate levels and dynamically splits transaction fees based on various factors. These factors include the marketplace where the NFT was listed, the marketplace where the sale occurred, and the contributors involved in the NFT sale (link affiliate). Unlike traditional smart contracts, where transaction fees are exclusively received by the contract owner, our approach is different and serves not one business but the whole community.

Check out in greater detail on: https://jamonbread-io.gitbook.io/jamonbread/marketplace/smart-contract/incentive-structure-and-rewards

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

New businesses can build their products and integrate Cardano blockchain more easily and without the high initial costs and expertise and traffic/liquidity hoarding before such projects can become competitive. 

Our ultimate goal is to establish this smart contract solution as the industry standard. By adopting our smart contract, marketplaces can rather focus on new features or become a niche marketplace fostering healthy competition beyond the realm of smart contracts. 

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

Quantitative measures:

Number of listings and trading volume on this Smart Contract. Eventually those listings can get immensely greater exposure outside just the Cardano community once businesses from other blockchains simply connect to it. The effect is mutual so Cardano will get exposure to users of other blockchains too.

Qualitative measures:

Simplicity of onboarding businesses into Cardano ecosystem. Lowering down the barriers of entry will help onboard more businesses and new capital. 

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

Solution will be open source with full documentation and finalized security audit. By the end of funding, any project will be able to utilize the NFT listings on this Smart Contract to build their business on or integrate into their current business model. Both Cardano and non-cardano businesses and users will share the benefits of exposure to all listings and shared traffic and liquidity. 

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

We are fully transparent with our business entity based in Prague, Czech Republic and we are building with guidance and cooperation with strong entities in Cardano such as Vacuum Labs (Nufi, Wingriders) and Cardanians. Knowledge and expertise sharing with companies who already launched and run successful projects gives us the necessary perspective to see how and what to build in a specific time-frame.

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

Main goal is to build the functional prototype and run tests with the auditing firm to make sure it complies with industry safety standards and thoroughly test it on a private testnet. This phase is the most important and costly and requires expertise from Plutus engineers and auditing service together with blockchain developers. 

Second goal requires strategic partnerships and marketing exposure so that users migrate their listings, creators and businesses get onboarded. This requires good guidance through our documentation for onboarding partners and readme files for developers being able to not only link their front-end and back-end to this smart contract but also ability to manage UTXO logic. Good experience from partners is a foundation to good promotion in the space.

[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: Design

• Design the solution for the proposed Smart Contract with the auditing firm.
• 1 month

Phase 2: Development

• Develop such a solution.
• 1 month

Phase 3: Audit

• Run safety audit tests.
• 1 month

Phase 4: Code adjustment and Internal Audit report

• Adjust the code and order Internal Audit report.
• 1 month

Phase 5: Testnet

• Run the Smart Contract on private testnet and test it in a simulated environment.
• 1 month

Phase 6: Mainnet

• Launch beta: Run on mainnet with first batch of partners.
• Instant event

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

Phase 1: Design

• Document with clear product specifications (both Smart Contract and UTXO management) that take into account potential limitations and safety issues.

Phase 2: Development

• Script written in Plutus V2

Phase 3: Audit

• Finished security audit by an auditing firm (internal document).

Phase 4: Code adjustment and Internal Audit report

• Written Internal Audit report (public document)
• Code adjustments based on the report (internal document)

Phase 5: Testnet

• Demonstration of functionality (written manual).

Phase 6: Mainnet

• Deployed and running Smart Contract on mainnet.

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

Phase 1 (Design): 23.000 ADA (~12%)

• Plutus developer 40 hours
• Auditing firm’s fee

Phase 2 (Development): 52.000 ADA (~26,5%)

• Plutus developer 160 hours
• Code review fee

Phase 3 (Audit): 58.000 ADA (~29,5%)

• Complete security audit

Phase 4 (Code adjustment and internal audit report): 17.000 ADA (~8%)

• Document: Internal Audit report
• Code adjustments: 40h

Phase 5 (Testnet): 46.000 ADA (~23,5%)

• Deploy and run in a simulated environment: 120h
• Prepare technical manuals for onboarding partners: 60h

Phase 6 (Mainnet)

Development efforts including: Plutus script development, deployment, back-end and front-end integration, testing and documentation are estimated to be 420 hours at an average market rate of 80 EUR/hours. Total costs are ~33.600 EUR which makes the largest portion of the requested funds.

Auditing firms rate including: Plutus script security audit, code review, script structure design consulting all amount at total of ~27.200 EUR 

Overhead, Project management and Marketing: At own costs

Funding required is 60.800 EUR, with current rates (~0.3 ADA/EUR) we round up the number to 196.000 ADA

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

Since we are proposing this Smart Contract to be an Industry standard model for Cardano NFTs trading, we decided to employ Senior developers and professional partners for Internal Audit, Code design and Review. Despite a professional team, rates still represent industry average for their respective seniority level. Smart Contract can easily become a single point of failure and high risks of funds locked or lost is present if code is not built with a high precision. 

[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