Token Verification Alliance

[GENERAL] Name and Surname of Main Applicant

Catalyst Rider

[GENERAL] Email address of Main Applicant

Catalyst@wingriders.com

Additional Applicants

N/A

[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

Dev Tools, API or Library

[IMPACT] Please describe your proposed solution.

We aim to address the problem of a lack of a community-driven and transparent system for distinguishing legitimate project tokens from fake ones on the Cardano blockchain. Whenever a protocol launches a new token, at least 3-10 different fake tokens appear. We perceive this as a critical issue within the Cardano ecosystem as it poses risks to users who may unknowingly interact with fraudulent tokens and scams even in trusted places like DEXes.

Our approach to solving this problem is by establishing a comprehensive verification system that verifies the link between tokens and projects using various methods, such as checking the project website or official social media accounts. By providing a unified verification experience, we aim to streamline the token verification process for projects and ensure transparency and trust within the Cardano community.

The project will engage Cardano projects, decentralized exchanges (DEXes), and the broader Cardano community. We plan to collaborate with DEXes to set up the verification process, allowing them to have access to the system and participate in voting for token verification or blocking. This collaborative approach fosters community engagement and ensures that the verification system represents the collective consensus of trusted entities within the Cardano ecosystem and avoids a single point of failure.

What sets our solution apart is its community-driven nature, allowing multiple stakeholders to participate in the verification process. By unifying the token verification experience and providing a centralized repository of verified tokens, we create a reliable and transparent framework that benefits both projects and users. Cardano projects will gain increased visibility and trust by having their tokens verified, leading to improved market adoption. Users, on the other hand, will benefit from a safer and more secure environment by easily identifying legitimate tokens and avoiding potential fakes and scams.

The importance of our solution to Cardano lies in its ability to enhance the overall integrity of the ecosystem. By establishing a reliable and community-driven verification system, we contribute to Cardano's reputation as a trusted blockchain platform. This solution aligns with Cardano's principles of transparency, security, and community collaboration, strengthening its position as a leading blockchain ecosystem.

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

By establishing an alliance dedicated to token verification and validation, the project ensures the integrity and trustworthiness of tokens built on the Cardano blockchain. This brings numerous benefits, including enhanced security for users, increased confidence in token transactions, and improved overall ecosystem reliability. Additionally, the project contributes to the long-term sustainability and growth of the Cardano network by fostering a robust and trusted token economy. The investment in the project demonstrates a commitment to maintaining high standards and promoting a healthy and secure environment for token-based activities on Cardano.

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

1. Number of Verified Tokens and Blacklisted Tokens: One measurable metric is the number of tokens that successfully pass the verification process and are deemed legitimate. This metric reflects the adoption and trust in the verification system within the Cardano ecosystem. Additionally, we will track the number of blacklisted tokens, indicating the system's effectiveness in identifying and preventing fake tokens from being published.
2. User Feedback and Satisfaction: We will gather qualitative feedback from Cardano projects, DEXes, and users regarding their experience with the verification system. This feedback will provide insights into the system's usability, effectiveness, and overall satisfaction of stakeholders.
3. API Adoption: The adoption rate of the API provided by the verification system will serve as an important metric. This includes the number of Cardano projects and DEXes that integrate the verification API into their platforms. Higher adoption rates indicate the value and usefulness of the system, as it becomes a trusted source for token verification across the ecosystem.

The benefits of the project to the Cardano ecosystem are realistic and can be measured based on the following perspectives:

1. Enhanced Security: The verification system will contribute to a more secure ecosystem by reducing the risks associated with fraudulent token listings. This will increase user confidence in engaging with projects, especially in their most vulnerable stage token generation and listing period tokens within the Cardano network.
2. Trust and Reputation: The project will improve the reputation of Cardano by establishing a reliable and transparent framework for token verification. This will attract more legitimate projects to the platform, further enhancing the ecosystem's credibility and reputation.
3. Community Collaboration: The collaborative nature of the verification system encourages participation and engagement from various stakeholders, fostering a sense of community ownership and responsibility. This collaboration will strengthen the Cardano ecosystem's social fabric and promote collective decision-making.

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

1. Documentation and Reports: We will create comprehensive documentation detailing the verification system's design, implementation, and operational guidelines. This documentation will be made publicly available for the Cardano community, including projects, DEXes, and users.
2. Communication Channels: We will utilize various communication channels to disseminate information about the project's outputs, impact, and opportunities. These channels may include Cardano forums, social media platforms, developer communities, and relevant Cardano-focused events.
3. Collaborative Engagement: We will actively engage with Cardano projects, DEXes, and the broader Cardano community to share the outputs, impact, and opportunities resulting from the completed project.
4. Feedback and Iteration: We value continuous improvement and will seek feedback from the community regarding the project's outputs and results. This feedback will help refine and enhance the verification system, ensuring its effectiveness and addressing any identified areas for improvement.

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

As WingRiders, we have a strong capability to deliver the "Token Verification Alliance" project with high levels of trust and accountability. Our existing capabilities demonstrate why we are well-suited to undertake this project:

1. Track Record of Success: As a successful team behind one of the top DEXes on Cardano, we have a proven track record in the blockchain space. Our experience in developing and managing decentralized platforms showcases our ability to deliver products with a high level of professionalism and effectiveness. We ourselves as a DEX have identified around 50 fake tokens in the past year.
2. Technical Expertise: Our team possesses extensive technical expertise in blockchain technology, smart contract development, and decentralized systems. We have a deep understanding of Cardano's infrastructure, protocols, and best practices, enabling us to implement the proposed verification system effectively.
3. Community Trust: Our reputation within the Cardano community further demonstrates our capability to deliver this project with trust and accountability. Our involvement in the Cardano ecosystem and our commitment to transparency and community-driven initiatives have garnered trust and support from community members.
4. Governance and Financial Management: As a successful team operating in the blockchain space, we have established governance and financial management processes to ensure the responsible handling of funds. We adhere to best practices in financial management, budgeting, and accounting to maintain transparency and accountability.

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

1. Establish a Community-Driven Verification System: The primary objective is to create a community-driven verification system that ensures the authenticity of project tokens on Cardano. This goal will be achieved by implementing a robust and transparent verification process involving multiple stakeholders.
2. Validation: Setting up the verification system, establishing collaboration with Cardano projects and DEXes, and garnering community participation in the verification process.
3. Increase Trust and Transparency: Another goal is to enhance trust and transparency within the Cardano ecosystem by providing users with a reliable means to verify the authenticity of tokens. This will create a safer environment for users to interact with projects and mitigate the risks associated with fraudulent tokens.
4. Validation: Feedback from users indicating increased trust in the token verification system and improved confidence in engaging with verified tokens will validate the goal.
5. Streamline Token Verification Process: The project aims to simplify the token verification process for Cardano projects by providing a unified experience and eliminating the need for individual verifications on multiple DEXes. This goal will reduce the time, effort, and costs associated with token verification.
6. Validation: The successful adoption and utilization of the verification system by Cardano projects, as well as feedback on the ease and efficiency of the process.
7. Collaborative Community Engagement: The project intends to foster collaboration and engagement among Cardano projects, DEXes, and the broader community. This goal will be achieved by establishing a collaborative governance model where stakeholders can participate in the verification process and decision-making.
8. Validation: The level of community engagement and participation, as indicated by active involvement in the verification system and collaborative contributions, will validate the goal of fostering collaborative community engagement.

[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.

Milestone 1: System Design and Planning Tasks:

• Conduct a comprehensive analysis of existing verification systems
• Define the architecture and specifications for the community-driven verification system
• Gather feedback from DEXes and other potential users on the easiest architecture to integrate
• Develop a detailed project plan and timeline

Timeline: 4 weeks

Success Criteria: Completion of the system design document and project plan

Projected Cost: ₳44,650

Milestone 2: Development of Verification Platform Tasks:

• Implement the backend infrastructure for the verification platform
• Develop the user interface for token submission and verification status
• Integrate necessary APIs for accessing verified token information

Timeline: 8 weeks

Success Criteria: Completion of the development of the verification platform with all intended functionalities implemented

Projected Cost: ₳237,800

Milestone 3: Community Engagement and Collaboration Tasks:

• Reach out to Cardano projects, DEXes, and the broader community to promote the verification system
• Establish collaborative governance mechanisms for token verification and decision-making
• Encourage community participation through feedback channels and forums

Timeline: Ongoing throughout the project

Success Criteria: Active engagement and collaboration with Cardano projects, DEXes, and the community

Projected Cost: ₳43,900 (ongoing through the project for community engagement activities)

Milestone 4: Testing and Refinement Tasks:

• Conduct comprehensive testing of the verification platform
• Identify and address any bugs or issues
• Collect user feedback for iterative improvements

Timeline: 4 weeks

Success Criteria: Successful testing and refinement of the verification platform

Projected Cost: ₳88,800

Milestone 5: Deployment and Launch Tasks:

• Prepare the verification platform for deployment
• Ensure the platform's scalability and stability
• Launch the verification system to the Cardano community

Timeline: 2 week

Success Criteria: Successful deployment and launch of the verification system

Projected Cost: ₳48,800

Milestone 6: Documentation

• Tasks: Create comprehensive documentation, including technical specifications, guides, and code samples/examples.
• Expected Timeline: 2 weeks.
• Success Criteria: Complete and user-friendly documentation available for developers.
• Projected Cost: ₳20,000

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

Milestone 1: System Design and Planning

• Deliverables:
• System design document outlining the architecture and specifications of the verification system
• Outputs:
• Clear understanding of the verification system's requirements and design
• Well-defined project plan to guide the implementation process
• Measurement:
• Successful completion of the System design document and project plan

Milestone 2: Development of Verification Platform

Deliverables:

• Backend infrastructure for the verification platform
• User interface for token submission and verification status
• Integration of necessary APIs for accessing verified token information

Outputs:

• Fully functional verification platform
• User-friendly interface for token submission and verification status

Measurement: Completion of the development tasks and integration of required features compared to the System design document

Milestone 3: Community Engagement and Collaboration

Deliverables:

• Engagement with Cardano projects, DEXes, and the community reports
• Community feedback reports

Outputs:

• Increased awareness and participation from Cardano projects, DEXes, and the community

Measurement:

• Number of Cardano projects, DEXes, and community members actively engaged in the verification system
• Feedback and participation levels from the community through communication channels

Milestone 4: Testing and Refinement

Deliverables:

• Comprehensive testing of the verification platform
• Bug fixes and improvements based on user feedback
• The refined verification process for enhanced accuracy and reliability

Outputs:

• Stable and reliable verification platform
• Addressed issues and improved functionalities based on user feedback

Measurement: Number of unit and integration tests and resolution of identified bugs and issues

Milestone 5: Deployment and Launch

Deliverables:

• The deployed and operational verification system
• Launch announcement and promotional materials
• User documentation and support resources

Outputs:

• Fully deployed verification system accessible to the Cardano community
• Publicly available documentation and resources for users

Measurement: Successful deployment and launch of the verification system

Milestone 6: Documentation

Deliverables:

• Comprehensive documentation, technical specifications, guides, code samples/examples.

Outputs:

• Complete and user-friendly documentation is available for developers.

Measurement: Documentation is complete, well-organized, and provides valuable guidance for developers.

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

The proposal budget will be used to cover the cost of engineering and community marketing activities.

Project duration is estimated at 5 months, considering that not all FTEs will be working full-time and marketing/community management activities that will be done in parallel to engineering.

Resource MDs:

Solution Architect: 12

Frontend Dev Senior: 62

Backend Dev Senior: 52

Marketing/Community Mgt: 20

Project Management: 13

Total Budget: A 483,900

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

The cost of the "Token Verification Alliance" project represents value for money for the Cardano ecosystem due to its potential to safeguard funds that are lost due to fake token purchases. By providing a community-driven verification system, we aim to ensure that only tokens with a proven link to the project are published, reducing the risk of fraudulent tokens. This can prevent users from falling victim to scams and protect their investments.

In determining the costs of the project, we have considered various factors such as the resources required for development, maintenance, and ongoing support. While the costs may be influenced by factors like average wages or typical freelance rates, our primary focus is on delivering a robust and effective solution that provides long-term value to the Cardano ecosystem.

The value for money is evident in the potential savings and protection it offers to users and projects within the ecosystem. By preventing losses resulting from fake token purchases, the project contributes to the overall security and trustworthiness of the Cardano network. The cost of implementing the solution is justified by the potential impact it can have in mitigating financial risks and fostering a safer environment for token transactions.

[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