DripDropz Mainstreet Suite Licensing

[GENERAL] Name and surname of main applicant

Drip Dropz

[GENERAL] Email address of main applicant

contact@dripdropz.io

Additional applicants

The DripDropz Team

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

2

[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.” .

To deliver this project we will have to coordinate with bureaucracies in all 50 US States and 4 territories. 

[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.”

The outputs of this project will have to be reviewed by IOG and select community members, due to the sensitive nature of financial disclosures in the documents.

[METADATA] Category of Proposal

RealFi

[IMPACT] Please describe your proposed solution.

The purpose of this proposal is to cover the cost of obtaining Money Transmitter Licenses (MTLs) and other necessary licensing in the United States. MTLs are required for businesses that transmit money across state lines, and they can be a significant financial burden for a small business, such as DripDropz. This grant would allow Mainstreet to obtain the necessary MTLs and expand our business into US markets.

Our progress so far is visible to the community through our milestone reporting for our successful fund 9 proposal. We have built a prototype of the front end, and are currently building out the back end tooling utilizing the Fire Blocks test net. We have already executed the contract, and achieved premier partner status with Fire Blocks. We have retained the legal counsel necessary to interface with all of the states and territories. We have also established a relationship with Google to implement an AI based AML/Fraud prevention tool. 

Mainstreet is a peer to peer commerce solution that utilizes the power of Cardano Native Assets and fuses them with the technology behind Fire Blocks to create a mobile experience that is unrivaled in the market today. In order to allow US users to participate in the use of the Mainstreet app, we are required to acquire Money Transmitter Licensing in all 50 US states and 4 territories, as well as establish relationships with a Know Your Transactions provider (Chainalysis), and a Banking servicer (Plaid). 

The original goal for Mainstreet was to build the prototype application and reach out to investors to fund the above requests. While that is still a possibility, the very recent shift in regulatory sentiment in the United States has limited the number of investors still interested in funding U.S. based operations. As such, we are reaching out to the Cardano Community to continue to move the ball forward on this plan.

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

This proposal addresses the challenge setting through Business solutions - Software products, data management, process management, data management solutions (CRM, ERP etc), privacy products.

The benefits to the Cardano ecosystem are easier onboarding processes and access to a peer-to-peer commerce platform that will drive higher adoption of Cardano Native Assets into the small business community.

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

This project will be successful when the 54 Money Transmitter Licenses are issued and the agreements are signed with Plaid and Chainalysis.

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

We will share proof of issuance of the MTLs as well as proof that the contracts are signed with the other two entities.

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

DripDropz has a proven track record of delivering high quality products to the Cardano Community. Our core product services nearly 10,000 wallets every 5 days. Team members have provided a wealth of open source software, as well as powerful tools such as Phyrhose and BuffyBot. We are active in the community and are present at all of the major Cardano events, such as NFTxLV, Rare Evo, Cardano Summit, and the Governance workshops.

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

The main goals for this project are to acquire money transmitter licensing and establish the necessary contracts for banking and KYT. We know the approach is feasible because we hired an attorney team that specializes in this area of work.

[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: Surety Bond Purchase

Milestone 2: Pay Fees to State agencies.

Milestone 3: Execute Contract with Plaid

Milestone 4: Execute Contract with Chainalysis.

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

The deliverables will be signed applications submitted to each state and signed contracts with the service providers. Due to the sensitive nature of the information, these deliverables will be shown to IOG/Catalyst Staff and the community representative.

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

This proposal will require up front funding in order to complete the work. As such, we are asking the community to provide 937,064 ADA ($234,266 @ $0.25 ADA) which we will immediately use to pay the fees, first year license costs, bonds, and contract costs.

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

Completing this project will allow the Mainstreet Suite to take the next major step forward in providing a peer to peer commerce solution for the masses, while introducing them to the power of Cardano native assets.

[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