A Decentralized Crowdfunding Platform for DRep and Governance Actions

[GENERAL] Name and surname of main applicant

Eric Tsai

[GENERAL] Email address of main applicant

eric248550@gmail.com

Additional applicants

Will Huang

[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.”

No dependencies

[GENERAL] Will your project’s output/s 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.”

The project will be fully open source.

[METADATA] Category of proposal

dApp

[IMPACT] Please describe your proposed solution.

The proposed solution is to provide a secure, transparent, and decentralized mechanism for DRep to raise funds, and for individuals to initiate government actions. The platform will enable user to leverage the power of community participation in a decentralized manner.

The DRep candidates not only utilize this platform to deliver their thoughts and messages but also to effectively mobilize their supporters and raise the necessary deposit for DRep participation. By leveraging the crowdfunding platform, candidates can present their visions, policy proposals, and campaign promises to a wider audience, rallying support from individuals who share their beliefs in decentralized governance. 

The individuals are able to initiate a governance action through this platform even if they lack the necessary funds. By leveraging the crowdfunding capabilities of the platform, individuals can share their vision and are passionate about the proposed governance action. This means that individuals who may not have the financial resources to independently fund their governance actions can still make their voices heard and initiate meaningful change within the decentralized governance system.

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

Our proposed solution directly addresses the challenge of balancing the deposit threshold and decentralization by leveraging the power of the community. This approach ensures that accessibility and decentralization can coexist harmoniously, enabling a sustainable decentralized governance system.

The participation rate holds significant importance in any governance system. It refers to the level of engagement and involvement of individuals in the decision-making processes and activities of a government or any governing body. A high participation rate indicates a healthy democracy and an inclusive governance structure that values and respects the voices and opinions of its constituents. The proposed platform furthers the participation rate in the Cardano governance system.

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

• User Feedback: Gathering feedback from users through surveys, interviews, or user experience testing can provide insights into how well this system meets their needs and expectations.
• Impact on Cardano: Evaluating the impact of this project on key performance indicators (KPIs) such as participation rate on DRep and Governance Actions.
• Platform using rate: One of the primary metrics for this project is the total amount of action(DRep & Governance Actions) being done. Monitoring the number of actions can indicate the platform's ability to facilitate decentralized governance on Cardano.
• Social Media Impact: Evaluating the social media impact of this platform is crucial as it can determine the success and visibility of great projects. In the past, many worthy projects may have gone unnoticed or underutilized in previous project catalysts.

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

We plan to share the outputs and results of our project through documentation. It will provide comprehensive information and guidance, including:

User Guides: Create user guides that explain how to navigate and use the platform. Provide step-by-step instructions on creating DRep or Governance Action raise, and leveraging platform features.

FAQs and Knowledge Base: Develop a comprehensive FAQ section or knowledge base that addresses common questions, concerns, and troubleshooting tips. Organize information in a user-friendly format to help users quickly find the answers they need.

Developer Documentation: Offers a document for integration with external systems. This documentation should include basic knowledge about the system, data formats, and examples to help developers to integrate smoothly.

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

Development:

We have already successfully deployed some apps on Cardano mainnet such as NFT staking, NFT minting, and other apps. Here are some examples:

https://www.cardanocoinflip.io/

https://stake.ddos.design/

These apps are popular and currently have thousands of users using them and over a million ADA transaction volumes on these projects.

Enthusiastic and Community:

• Hosting official CIP1694 workshop: Hosting an official CIP1694 workshop demonstrates our passion for extending the capabilities and possibilities within the Cardano governance. By organizing this workshop, we aim to contribute to the growth and development of Cardano by exploring new ideas, proposing improvements, and engaging with the community.

• Hosting monthly meetups: Meetups offer an ideal environment to showcase our projects or features in development. We can invite attendees to participate in testing and provide feedback on this project.

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

The main goal of this project is to increase participation in a convenient and user-friendly manner. We validate the feasibility of the approach by:

Market Research: Conducting effective discussions with the community helps assess the viability and demand for the platform.

Technical Feasibility: Evaluating the technical feasibility involves assessing the platform's infrastructure, scalability, security, and compatibility with different devices and operating systems. It ensures that the platform can handle the expected traffic and functionality requirements.

[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.

• Month 1 – Milestone 1: Project Initiation and Planning
• Define project goals, objectives, and success criteria.
• Identify target audience and user personas.
• Develop a project plan, including resource allocation and timeline.
• Month 2 – Milestone 2: Platform Design and Development Initiation
• Create design prototypes for the user interface (UI) and user experience (UX).
• Set up the development environment and infrastructure.
• Month 3 and 4 – Milestone 3: Core Functionality Development
• Develop DRep and Governance Action creation features.
• Develop smart contract to conduct action automatically
• Develop refund contract
• Month 5 – Milestone 4: User Engagement and Community Building
• Implement community features such as discussion forums or social sharing.
• Create user profiles and presentation pages.
• Month 6 – Milestone 5: Testing and Refinement
• Conduct comprehensive testing of platform features, security, and performance.
• Gather user feedback through user testing, surveys, and feedback channels.
• Refine UI/UX design based on user feedback.

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

• Milestone 1: Project Initiation and Planning
• Deliverables: Clearly defined goals and objectives for the project, outlining the desired outcomes and impact. A detailed project plan that outlines the tasks, activities, milestones, timelines, and resource allocation for the entire project duration.
• Outputs: A well-defined direction and focus for the Crowdfunding Platform project, ensuring alignment with the overarching goals and objectives.
• Intended Outcomes: Establishing a clear project vision that guides the development of the project, ensuring that it meets the desired goals and objectives.
• Milestone 2: Platform Design and Development Initiation
• Deliverables: Visual representations of the platform's user interface (UI) and user experience (UX), showcasing the layout, navigation, and key features. Set up the necessary technical infrastructure, including servers, databases, and development tools, to support the platform's development.
• Outputs: The design prototypes provide a visual direction for the platform's UI/UX design. The development environment and infrastructure are established, ensuring that the platform development can proceed smoothly and efficiently.
• Intended Outcomes: The establishment of the development environment and infrastructure ensures a solid foundation for the development team to proceed with subsequent tasks and activities.
• Milestone 3: Core Functionality Development
• Deliverables: Develop a feature that enables users to create governance actions or DRep deposits. Develop smart contract code that automates the execution of governance actions
• Outputs: The DRep and governance actions creation feature provides a user-friendly system. The smart contract enables the automatic execution of governance actions, reducing manual intervention and ensuring efficient and accurate decision-making processes.
• Intended Outcomes: The DRep and governance action creation features encourage users to actively engage with the platform, contributing their ideas and opinions, and participating in decision-making processes. The automation of governance actions simplifies and expedites decision-making processes, ensuring timely execution and reducing the need for manual intervention.
• Milestone 4: User Engagement and Community Building
• Deliverables: Develop features that facilitate user interactions, discussions, and collaboration within the Platform. This can include discussion forums, chat functionality, social sharing, and project commenting features.
• Outputs: The implementation of community engagement features creates an interactive platform where users can connect, share ideas, and participate in discussions.
• Intended Outcomes: The community engagement features and networking tools encourage users to actively participate, and contribute their ideas.
• Milestone 5: Testing and Refinement
• Deliverables: Perform systematic testing of the platform, executing test cases, identifying issues, and documenting bug reports for further investigation and resolution.
• Outputs: Detailed bug reports provide a record of identified issues, helping developers understand and address the problems effectively.
• Intended Outcomes: The testing phase aims to uncover potential bugs, errors, or usability issues within the platform, allowing for their timely identification and resolution.

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

Designer 1 x 1 month = 7,000ADA

UI / UX Developer x 1 month = 8,000 ADA

Full Stack Developer 2 x 2 months = 40,000 ADA

Plutus Developer 1 x 2 months = 20,000 ADA

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

1. Increased Participation: By reducing the financial barrier to entry, a decentralized crowdfunding platform allows a wider range of individuals to participate in the governance of the Cardano system. This leads to increased engagement, diversity of perspectives, and representation of different stakeholders within the ecosystem.
2. Enhanced Decentralization: A more inclusive crowdfunding platform promotes decentralization by enabling a larger number of individuals to actively participate in the governance process. With a broader base of participants, decision-making becomes more distributed and less concentrated in the hands of a few entities or stakeholders. This strengthens the overall resilience and stability of the Cardano network.
3. Community Empowerment: By making governance participation accessible to a broader community, a decentralized crowdfunding platform empowers individuals to have a direct impact on the direction and development of the Cardano system. It encourages grassroots involvement and fosters a sense of ownership and responsibility within the community.
4. Diverse Funding Sources: A crowdfunding platform can bring in a wider pool of funding sources for the development of the Cardano ecosystem. By allowing individuals with varying financial capacities to contribute, the platform can tap into the collective resources and expertise of the community, enabling projects and initiatives to receive funding that may not have been accessible through traditional investment channels.
5. Accelerated Innovation: The affordability of deposits through a decentralized crowdfunding platform can spur innovation and experimentation within the Cardano system. By providing easier access to funding, it encourages entrepreneurs, developers, and projects to propose novel ideas and implement them on the blockchain. This leads to a faster pace of innovation and the overall growth of the Cardano ecosystem.

[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