Ekival: Empowering Decentralized Non-Custodial Peer-to-Peer (P2P) Crypto-Fiat Exchange for Financial Inclusion

[GENERAL] Name and surname of main applicant

M. Ali Modiri

[GENERAL] Email address of main applicant

shineinstars313@gmail.com

Additional applicants

Frédéric Samvura

[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 six months after the main launch.

[METADATA] Category of Proposal

Exchange

[METADATA] SDG rating

SDG Goals

8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

SDG Subgoals

8.10 - Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all

8.a - Increase Aid for Trade support for developing countries, in particular least developed countries, including through the Enhanced Integrated Framework for Trade-related Technical Assistance to Least Developed Countries

9.3 - Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets

9.a - Facilitate sustainable and resilient infrastructure development in developing countries through enhanced financial, technological and technical support to African countries, least developed countries, landlocked developing countries and small island developing States

Key Performance Indicator (KPI)

8.a.1 - Aid for Trade commitments and disbursements

8.10.2 - Proportion of adults (15 years and older) with an account at a bank or other financial institution or with a mobile-money-service provider

9.3.1 - Proportion of small-scale industries in total industry value added

9.a.1 - Total official international support (official development assistance plus other official flows) to infrastructure

Universal Human Rights Index (UHRI)

No UHRI indexes selected

[IMPACT] Please describe your proposed solution.

Breaking Barriers: Ekival's P2P Marketplace Overcomes Limited Availability of Local Currency Exchanges

• The limited availability of local currency exchanges poses a significant challenge for individuals looking to convert cryptocurrencies into fiat currencies and vice versa. Many regions lack accessible and reliable platforms for such exchanges, hindering the adoption and usability of cryptocurrencies. Ekival addresses this issue by providing a robust P2P marketplace that connects users across different locations, effectively expanding access to local currency exchanges. By connecting buyers and sellers directly, Ekival offers a decentralized solution that bypasses geographical limitations, empowering individuals to conveniently exchange cryptocurrencies for local currencies and vice versa.

Decentralized Trust: Ekival's Smart Contracts Ensure Transparent and Trustworthy Crypto-Fiat Transactions

• Ekival incorporates smart contract technology to guarantee transparency and trust in every crypto-fiat transaction. By automating the exchange process, smart contracts eliminate the need for intermediaries and ensure that the agreed-upon terms are securely executed without any possibility of manipulation or dispute. This decentralized approach enables users to engage in direct peer-to-peer exchanges, fostering a community-driven ecosystem where trust is established through code, rather than through traditional third-party institutions. With smart contract implementation, Ekival ensures that users can confidently participate in crypto-fiat exchanges, knowing that the transactions are transparent, secure, and executed as per the predetermined conditions.

Borderless Financial Freedom: Ekival Enables Cross-Border Accessibility for Crypto-Fiat Exchanges

• Through its peer-to-peer marketplace, Ekival allows users from different countries to directly connect and transact with each other, promoting global financial connectivity. By eliminating the need for traditional intermediaries, Ekival streamlines cross-border transactions, making it easier and more cost-effective for individuals to convert cryptocurrencies into local currencies or vice versa across international borders. This borderless accessibility empowers users worldwide to participate in the crypto economy, regardless of their geographic location, fostering a more inclusive and connected global financial landscape.

Seamless Integration: Ekival Empowers Users to Easily Use Cryptocurrencies via Mobile Money

• Ekival addresses the challenge of using cryptocurrencies with existing mobile money and payment systems by providing seamless integration. Traditional methods often lack convenience and hinder widespread adoption. Ekival simplifies the process by integrating with popular mobile money platforms, enabling users to easily convert cryptocurrencies into local currencies and vice versa. This seamless integration enhances accessibility, encourages broader adoption, and empowers users to transact with ease, bridging the gap between cryptocurrencies and mobile money systems.

Unleashing Liquidity: Ekival's P2P Marketplace Facilitates Efficient Crypto-Fiat Transactions

• Ekival's P2P marketplace brings enhanced liquidity to the crypto-fiat exchange ecosystem. By connecting buyers and sellers directly, Ekival eliminates intermediaries and facilitates efficient and fast transactions. This direct peer-to-peer interaction ensures a constant flow of liquidity, allowing users to readily buy or sell cryptocurrencies at competitive prices. With increased liquidity, Ekival empowers users with greater flexibility, ensuring a seamless and vibrant marketplace for crypto-fiat exchanges.

Efficiency Unleashed: Ekival's Low Transaction Fees and Time Savings Revolutionize Crypto-Fiat Exchanges

• Traditional crypto-fiat exchanges often impose high fees, inhibiting widespread adoption and limiting the financial benefits for users. In contrast, Ekival prioritizes affordability by offering competitive transaction fees, enabling users to maximize their crypto-fiat exchanges without excessive costs. Moreover, Ekival streamlines the exchange process, reducing transaction times and providing users with swift and efficient conversions. This commitment to low fees and time savings enhances the overall user experience, making Ekival an attractive choice for individuals seeking cost-effective and time-efficient crypto-fiat exchanges.

Empowering the African Continent: Ekival's Solution for African Users

• Ekival's proposed solution specifically targets and empowers African users, recognizing the unique challenges and opportunities present in the African market. By providing a user-friendly platform that seamlessly integrates with local mobile money systems and addresses the limited availability of local currency exchanges, Ekival enables African users to overcome barriers and actively participate in the crypto-fiat exchange ecosystem. Through Ekival, African users gain access to a secure, efficient, and cost-effective means of converting cryptocurrencies into local currencies, unlocking new possibilities for financial inclusion, economic empowerment, and the adoption of digital assets across the African continent.

Financial Empowerment: Ekival's Solution Facilitates Crypto-Fiat Exchanges for Income-Seeking Individuals

• Income-seeking individuals, such as freelancers, entrepreneurs, and gig economy workers, can greatly benefit from Ekival's P2P crypto-fiat marketplace. By providing a user-friendly and accessible platform, Ekival offers income-seekers a convenient and efficient way to convert their cryptocurrencies into local currencies. This enables them to easily access and utilize their earnings in their local economies, eliminating the need for complex and costly conversion processes. With Ekival, income-seekers gain greater financial flexibility, maximizing the value of their digital assets and unlocking new opportunities for growth and financial well-being.

User Control and Security: Ekival's Non-Custodial Approach Redefines Crypto-Fiat Exchanges

• The non-custodial nature of Ekival's platform ensures user control and enhances security in crypto-fiat exchanges. Unlike traditional custodial platforms such as Binance, Ekival does not hold users' funds, eliminating the risk of centralized security breaches or loss of assets. Instead, Ekival enables users to retain full control over their cryptocurrencies throughout the exchange process, facilitating direct peer-to-peer transactions. This non-custodial approach empowers users with ownership and autonomy, fostering a sense of trust and reducing the dependency on third-party intermediaries. By prioritizing user control and security, Ekival offers a reliable and resilient platform for individuals seeking secure and self-directed crypto-fiat exchanges.

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

Empowering Cardano: Seamless Integration for Enhanced Crypto-Fiat Experiences

• Ekival's integration with Mobile Money and other payment systems directly addresses the challenges faced by users in utilizing cryptocurrencies within the Cardano ecosystem, unlocking a multitude of financial possibilities. With over one billion mobile money accounts worldwide, as reported by the World Bank, the potential for seamless integration with Ekival becomes evident. This strategic partnership with Cardano harnesses the power of mobile money, leveraging its widespread adoption and accessibility to enable smooth and user-friendly crypto-fiat experiences. By seamlessly integrating with Cardano's blockchain, Ekival expands the reach and impact of the ecosystem, propelling it towards a more inclusive, interconnected, and sustainable future of finance.

Fostering Cardano's Global Connectivity: Enhanced Availability for Diverse Crypto-Fiat Exchanges

• Ekival takes a proactive stance in addressing the limited availability of local currency exchanges within the Cardano ecosystem, bolstering access to a wide range of currencies for users worldwide. This expanded availability not only enhances market liquidity but also paves the way for a broader spectrum of trading options, amplifying the potential for economic growth and fostering global financial connectivity. By facilitating seamless crypto-fiat exchanges across borders on the Cardano blockchain, Ekival empowers individuals and businesses to effortlessly engage in cross-border transactions, facilitating greater collaboration, economic prosperity, and the emergence of a truly interconnected Cardano ecosystem.

Building Trust in the Cardano Ecosystem: Transparent and Secure Transactions through Smart Contracts

• Within the Cardano blockchain, Ekival harnesses the power of smart contracts to establish a marketplace characterized by transparency and trust. By implementing smart contracts, Ekival eliminates the need for traditional intermediaries, mitigating risks associated with centralized systems. This enhanced transparency instills confidence in users, knowing that their transactions are executed precisely as programmed and visible to all participants. Research indicates that smart contracts can reduce transaction costs by up to 40%, unlocking substantial savings for users within the Cardano ecosystem. With Ekival's smart contract infrastructure, the Cardano blockchain becomes a trusted hub for seamless, cost-effective, and secure transactions, fortifying its position as a leading force in the future of decentralized finance.

Driving Financial Inclusion on the Cardano Blockchain: Empowering Individuals and Enabling Cross-Border Connectivity

• Ekival's P2P marketplace plays a pivotal role in promoting financial inclusion within the Cardano ecosystem, empowering income-seeking individuals like freelancers and entrepreneurs to effortlessly convert their cryptocurrencies into local currencies. This seamless conversion enhances accessibility to their earnings and unlocks opportunities for economic growth, ensuring that no one is left behind in the rapidly evolving digital economy. Moreover, Ekival's cross-border accessibility facilitates frictionless crypto-fiat exchanges across international borders, fostering global financial connectivity and nurturing a more inclusive and interconnected financial ecosystem on the Cardano blockchain. By removing barriers and providing a platform for individuals to participate actively, Ekival propels Cardano towards its mission of creating a fair, accessible, and decentralized financial future for all.

User Empowerment on the Cardano Blockchain: Non-Custodial Security and Barrier-Free Transactions

• Within the Cardano ecosystem, Ekival embraces a non-custodial approach that empowers users with complete control over their funds, eliminating reliance on traditional custodial platforms. By removing intermediaries, Ekival promotes a decentralized and secure environment, aligning with Cardano's values of privacy and user empowerment. Additionally, Ekival's implementation of barrier-free transactions breaks down obstacles and enhances user privacy, fostering a more inclusive participation in the crypto economy. This user-centric approach enables a broader range of individuals to engage in secure, transparent, and self-sovereign transactions, strengthening the Cardano blockchain as a catalyst for financial innovation and empowerment.

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

To gauge the success of our project and its impact on the Cardano ecosystem, we will employ a comprehensive set of metrics that encompass both quantitative and qualitative aspects. These metrics will enable us to evaluate the project's benefits and assess its influence on Cardano's productivity and growth in the short and long term.

Adoption and User Engagement:

• We will measure the growth in the number of active users on Ekival's P2P marketplace, tracking the adoption rate and user engagement metrics such as the number of transactions and trading volume. Additionally, we will gather qualitative feedback from users to assess their satisfaction levels, user experience, and overall perception of the platform.

Financial Inclusion:

• A key metric will be the extent to which Ekival promotes financial inclusion within the Cardano ecosystem. We will measure the number of income-seeking individuals, freelancers, and entrepreneurs who have gained access to a broader range of financial opportunities and successfully converted cryptocurrencies into local currencies using Ekival.

Market Liquidity and Trading Activity:

• We will monitor the market liquidity and trading activity facilitated by Ekival's marketplace. Metrics such as bid-ask spreads, trade volumes, and the depth of the order book will provide insights into the platform's impact on enhancing liquidity and creating vibrant trading environments within the Cardano ecosystem.

Economic Growth and Productivity:

• We will assess the contributions of Ekival's P2P marketplace to the overall economic growth and productivity of the Cardano ecosystem. This can be measured by tracking the value of transactions conducted through Ekival and evaluating the expansion of economic opportunities enabled by the platform.

Integration and Ecosystem Growth:

• We will monitor the integration of Ekival with other Cardano ecosystem projects and measure the growth in partnerships and collaborations. This will provide an indication of the platform's ability to contribute to the expansion and diversification of the Cardano ecosystem.

Market Capitalization Impact:

• We will analyze the effect of Ekival's P2P marketplace on the market capitalization of supported cryptocurrencies within the Cardano ecosystem. By monitoring the market capitalization of cryptocurrencies available for trading on Ekival, we can evaluate the platform's influence on the overall value and market perception of these digital assets.

User Acquisition and Retention:

• We will monitor the rate of user acquisition, measuring the number of new users joining Ekival's platform over time. Additionally, we will assess user retention by tracking the percentage of active users who continue to utilize the marketplace consistently. These measures will help us understand the platform's ability to attract and retain a growing user base.

Transaction Volume and Value:

• We will track the growth in transaction volume and the total value of transactions conducted through Ekival's P2P marketplace. This measure will provide insights into the platform's ability to facilitate increased trading activity and attract a higher volume of value transfers within the Cardano ecosystem.

Geographic Expansion:

• We will measure the expansion of Ekival's reach by tracking the number of countries and regions where the platform gains adoption. This metric will demonstrate the platform's ability to transcend borders and facilitate cross-border transactions, promoting global financial connectivity within the Cardano ecosystem.

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

Community Engagement and Outreach: Building a Strong Community by Engaging Cardano Ecosystem with Ekival

• At Ekival, we recognize the importance of fostering a strong and engaged Cardano community. Through regular updates, insightful blog posts, and active social media presence, we will ensure that the Cardano community remains informed and involved in Ekival's development journey. By sharing progress reports, milestones achieved, and key insights, we will not only keep the community up to date but also provide them with opportunities to provide valuable feedback and contribute to the project's growth. With over 1 million active Cardano users and a vibrant community, we have the potential to reach and impact a substantial number of individuals, driving adoption and strengthening the Cardano ecosystem as a whole.

Partnerships and Collaborations: Powering Collaboration with Strategic Partnerships for Ekival's Impact

• Ekival recognizes the value of collaboration within the Cardano ecosystem. We will actively seek strategic partnerships with other projects and platforms, leveraging their strengths and networks to amplify the reach of Ekival's outputs. By joining forces with like-minded organizations, we can create synergistic effects that benefit not only Ekival but also the wider Cardano ecosystem. With Cardano's ever-growing ecosystem, which comprises over 1000 projects and a vibrant community of developers, entrepreneurs, and enthusiasts, our partnerships will unlock new opportunities, foster innovation, and drive adoption, propelling Cardano's productivity and growth in both the short and long term.

Empowering Knowledge: Educating and Inspiring within the Cardano Ecosystem

• At Ekival, we believe in the power of knowledge and understanding to drive adoption and create meaningful impact within the Cardano ecosystem. Through webinars, workshops, and educational sessions, we will actively engage with the community, sharing our experiences, insights, and lessons learned. By equipping individuals with the necessary knowledge and tools, we aim to inspire and empower others to explore the potential of decentralized finance and peer-to-peer crypto-fiat exchanges. With Cardano's growing user base and a global community of over 3 million developers, entrepreneurs, and enthusiasts, our educational initiatives will contribute to the ecosystem's growth, nurturing a generation of informed and enthusiastic participants in the Cardano revolution.

Harnessing User Insights: Feedback-driven Development for Ekival's Success

• At Ekival, we value the perspectives and opinions of our users, community members, and stakeholders within the dynamic Cardano ecosystem. We will establish a robust feedback mechanism to actively capture their valuable insights. By soliciting feedback through surveys, forums, and direct communication channels, we aim to gather user opinions, suggestions, and pain points. This iterative feedback-driven approach will allow us to continually refine and enhance Ekival's offerings, ensuring that our P2P marketplace meets the evolving needs and expectations of our users. With Cardano's engaged community, comprising millions of active participants, our feedback mechanism will foster a collaborative environment, where users have a voice and contribute to the ongoing success of Ekival and the wider Cardano ecosystem.

Empowering Cardano Community: Airdrops for Inclusive Token Distribution

• As a testament to our commitment to the Cardano community, we will conduct strategic and targeted airdrops to distribute Ekival tokens. By allocating tokens to Cardano community members, early adopters, and active participants who contribute to the growth and development of our project, we aim to foster a sense of ownership, engagement, and inclusivity. Through these airdrops, we will not only drive interest and excitement within the community but also ensure a more widespread distribution of Ekival tokens, enhancing liquidity and creating opportunities for wider participation. By leveraging the power of airdrops, we align with Cardano's vision of democratizing access to blockchain innovations and empowering individuals to actively shape the future of decentralized finance.

Harnessing Network Effects: Referral Rewards Program for Ekival's Growth

• In line with the collaborative spirit of the Cardano ecosystem, we will launch a referral rewards program to foster organic growth and harness the power of network effects. By incentivizing users to refer new participants to the Ekival platform, we aim to create a self-sustaining community of engaged users. Participants who refer others will receive enticing rewards such as bonus tokens, reduced fees, or exclusive access to platform features. This program not only attracts new users but also strengthens the existing community, leveraging the power of word-of-mouth and incentivized referrals. With this approach, we strive to maximize Ekival's reach, drive adoption, and create a thriving ecosystem within the Cardano blockchain.

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

At Ekival, we have a highly skilled team with a diverse set of experiences, making us well-suited to deliver this project with high levels of trust and accountability.

• Our team includes two members who have been teaching Plutus programming language for over 2 years to various students in different languages. This experience has given us a deep understanding of the language and how to teach it effectively, which will be invaluable in developing and managing the smart contracts for the Ekival platform.
• Our smart contract developer has a deep understanding of Plutus and smart contract architecture, and is a member of the Cardano certification working group. He is also the author of CIP 96, which is on-chain Dapp certification metadata. This expertise will be essential in ensuring that the smart contracts powering the Ekival platform are secure, reliable, and transparent.
• Our front-end developer has participated and won in several UI/UX and other front-end contests, which has given him a unique perspective on designing user-friendly interfaces. This experience will be critical in creating a seamless user experience on the Ekival platform.
• Our backend developer has extensive knowledge of several programming languages, including Rust, Golang, C++, NodeJS, and more. This experience will enable us to build a robust and scalable platform that can handle large volumes of transactions.
• Finally, we have organized several live code training sessions on web3 development in Gimbalabs. Our smart contract developer has also led a special coding session called "Smart Contract Gladiator," where he talks about the best design and best practices for writing and developing smart contracts. These experiences have given us a deep understanding of the blockchain ecosystem and the best practices for developing secure and reliable smart contracts.

In addition to our team's capabilities, we have a rigorous set of processes and practices in place to ensure that we can be trusted to manage funds properly.

• Firstly, we will use multi-signature wallets to ensure that no single team member can access funds without proper authorization. This means that any transaction involving the movement of funds from the platform's wallets will require the approval of multiple team members.
• Secondly, we will have a clear separation of duties within the team to ensure that no single team member has complete control over the platform's funds. For example, one team member may be responsible for initiating transactions, while another may be responsible for approving them.
• Thirdly, we will maintain a transparent record of all transactions on the platform. This will enable us to track the movement of funds and identify any discrepancies or suspicious activity.
• Fourthly, we will have regular internal audits of our financial records to ensure that all transactions are properly recorded and accounted for. This will help us identify any errors or discrepancies early on and take corrective action as needed.
• Finally, we will have a third-party security audit of our smart contracts to ensure that they are secure and free from vulnerabilities. This will help us identify and fix any potential security issues before the platform goes live.

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

At Ekival, our mission is to empower individuals by providing them with a comprehensive platform for seamless and secure crypto-fiat exchanges on the Cardano blockchain. We envision a future where users, regardless of their financial background, can easily convert their cryptocurrencies to local currencies and vice versa, unlocking new financial possibilities. Through our user-friendly platform, we aim to bridge the gap between traditional financial systems and the emerging world of digital assets, fostering financial inclusion and enabling individuals to maximize their earning potential.

Objectives and Goals:

1. Develop and launch a fully functional peer-to-peer (P2P) crypto-fiat exchange platform that provides seamless integration with mobile money and other payment systems, enhanced liquidity, low transaction fees, and smart contract implementation.
2. Foster financial inclusion by targeting African users and income-seeking individuals, empowering them to easily convert cryptocurrencies into local currencies, thereby expanding their financial opportunities.
3. Ensure a non-custodial approach and barrier-free transactions to give users full control over their funds while maintaining privacy and security.
4. Establish a community-driven feedback system to gather user opinions and improve the platform based on their suggestions, enhancing user experience and satisfaction.
5. Through our P2P marketplace, we will provide a platform where users can create offers, manage orders, and earn commissions for their services. This will empower income-seeking individuals, such as freelancers and entrepreneurs, to participate actively in the crypto economy and generate additional income.
6. Security is paramount in the crypto space, and we will prioritize the implementation of robust security measures to safeguard user wallets and transactions. By leveraging the inherent security features of the Cardano blockchain and utilizing best practices, we aim to build trust and confidence among our users, ensuring the safety of their funds and personal information.

Validation and Measurement:

To validate the feasibility and success of our approach, we will employ a combination of quantitative and qualitative measures:

1. Quantitative Metrics: We will measure key performance indicators (KPIs) such as the number of active users, transaction volumes, and growth in liquidity. Our goal is to achieve specific targets, including a minimum 20% increase in average month-on-month transactions.
2. Qualitative Assessment: We will conduct user surveys, interviews, and feedback sessions to assess user satisfaction, usability, and overall experience. Qualitative feedback will be used to continuously improve the platform and address any pain points.
3. Technical Performance: We will track the platform's uptime, response time, and security measures to ensure a reliable and secure user experience.
4. Market Adoption: We will monitor the platform's adoption rate, user retention, and engagement levels to gauge its acceptance and impact within the Cardano ecosystem.

[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.

By already having the smart contracts developed and the UI/UX design for the P2P marketplace in place, we can expedite the development process in the upcoming milestones. The smart contract audit will ensure the security and reliability of our platform, while the implementation of the UI/UX design will contribute to a seamless and engaging user experience.

Milestone 1: October 2023

Project Development Initiation

• Task 1: Completion of Ekival P2P Marketplace Front-end Sass
• In this task, our front-end development team will focus on finalizing the design and implementation of the Ekival P2P marketplace user interface (UI).
• We will leverage our existing UI/UX designs and wireframes to create the necessary components, pages, and styles required for the marketplace.
• Our team will utilize modern front-end development frameworks and technologies, such as React.js and Sass, to ensure a responsive, visually appealing, and intuitive user experience.
• The task involves coding the UI components, integrating them with the back-end functionality, and performing rigorous testing to ensure seamless functionality across different devices and browsers.
• We will prioritize an intuitive and user-friendly interface that allows users to easily navigate through the marketplace, view listings, initiate transactions, and interact with other participants.
• Task 2: Planning and Analyzing Backend and Infrastructure
• In this task, we will focus on planning and analyzing the backend architecture and infrastructure required to support the Ekival P2P marketplace.
• Our team will conduct a comprehensive analysis of the backend requirements, taking into account factors such as scalability, security, performance, and reliability.
• We will assess the technological stack and frameworks that best align with our project goals and ensure efficient handling of user transactions and data.
• We will define the necessary server infrastructure, considering factors such as load balancing, high availability, and disaster recovery.
• We will plan the implementation of APIs and web services that facilitate communication between the frontend and backend systems.
• Security measures, such as encryption and access controls, will be implemented to protect user data and transactions.
• Task 3: Conduct Comprehensive Testing of Smart Contracts
• In this task, we will focus on thoroughly testing the developed smart contracts to ensure their functionality, security, and reliability.
• Our testing process will involve simulating different user interactions and transaction scenarios to validate the smart contracts' behavior and identify any potential vulnerabilities or bugs.

Expected duration: 1 month

Milestone 2: November 2023 - December 2023

Implementation and Development of Ekival P2P Marketplace

• Task 1: Implementation and Development of UI/UX
• In this task, our design and development team will collaborate to bring the Ekival P2P marketplace UI/UX designs to life.
• We will take the existing UI/UX designs and wireframes and start implementing them into functional user interfaces.
• Our team will focus on creating a visually appealing and intuitive marketplace interface that aligns with the Ekival brand identity and user expectations.
• We will implement the necessary design elements, such as color schemes, typography, and iconography, to create a cohesive and engaging user experience.
• Our team will conduct thorough testing to validate the usability and functionality of the marketplace UI/UX, making any necessary refinements based on Beta user feedbacks.
• Task 2: Implementation of Backend Components and Integration with User Interfaces
• In this task, we will focus on implementing the backend components necessary for the Ekival P2P marketplace, including internal APIs and databases.
• Our team will develop and deploy the required APIs that enable seamless communication between the frontend and backend systems.
• We will design and implement the necessary database structures to store user data, transaction history, and other relevant information.
• We will conduct thorough testing of the backend components to ensure their functionality, performance, and security.
• Unit tests, integration tests, and end-to-end testing will be carried out to identify and fix any issues or bugs in the backend implementation.
• User interfaces will be connected to the backend through the implemented APIs, allowing for real-time data retrieval and updates.
• Task 3: Engage in External Smart Contract Audit
• In this task, we will collaborate with a reputable and independent third-party auditing firm to conduct a thorough audit of our smart contracts.
• The auditing firm will review the codebase, logic, and security measures implemented in our smart contracts to identify any vulnerabilities, code errors, or potential risks.

Expected duration: 2 month

Milestone 3: January 2024 - February 2024

Implementation and Development of 3rd Parties & Payment System APIs and Blockchain Integrations

• Task 1: Development of Client Side of Payment System APIs and Blockchain Integrations
• In this task, our development team will focus on implementing and integrating the payment system APIs and blockchain functionalities into the Ekival P2P marketplace.
• We will develop and integrate APIs that facilitate seamless payment transactions between buyers and sellers within the platform.
• Our team will establish connections with various payment service providers to enable secure and efficient payment processing.
• We will implement wallet connection functionality, allowing users to connect their wallets to the platform and securely manage their funds.
• Smart contract integration will be a key aspect of this task, enabling the execution of secure and transparent transactions on the blockchain.
• We will build transaction management capabilities, ensuring that all transactions on the platform are recorded and validated on the blockchain.
• Our team will implement secure and efficient mechanisms for verifying transactions, including confirmation of funds and address validation.
• Throughout the development process, we will conduct rigorous testing and debugging to ensure the reliability and integrity of the payment system and blockchain integrations.
• Task 2: Implementation of External APIs and Infrastructure Configuration
• In this task, we will focus on integrating external APIs, specifically payment system APIs, to enable seamless transactions within the Ekival P2P marketplace.
• Our team will identify and select the appropriate payment system APIs that align with our project requirements and integrate them into the platform.
• We will configure the necessary infrastructure and servers to support the main launch of Ekival, ensuring scalability, reliability, and security.
• The integration of payment system APIs will allow users to securely process transactions, including making offers and orders, and peer-to-peer transfers.
• We will implement necessary security measures, such as encryption protocols and two-factor authentication, to ensure the safety of user transactions.
• Infrastructure configuration will involve optimizing server performance, load balancing, and implementing caching mechanisms for efficient data retrieval.
• We will conduct thorough testing of the integrated APIs and infrastructure setup to ensure smooth functionality and seamless user experience.
• Task 3: Final Adjustment and Beta User Testing
• In this task, we will focus on making final adjustments and preparations for the Testnet launch of Ekival, a crucial step before the main launch.
• We will ensure that all components, including the back-end, front-end, and smart contract integrations, are thoroughly tested and functioning as planned and intended.
• Our team will deploy the platform on the Testnet environment and conduct comprehensive testing to identify any remaining bugs, issues, or performance bottlenecks.
• We will create a controlled environment for beta user testing, inviting a select group of users to test the platform and provide valuable feedback.
• User feedback will be collected and analyzed to gain insights into the user experience, identify areas for improvement, and address any usability issues.
• Based on the feedback received, we will make necessary adjustments, enhancements, and bug fixes to optimize the platform's performance and user satisfaction.
• The goal is to ensure that Ekival is stable, secure, and user-friendly before its main launch, taking into account the valuable insights from our beta testers.

Expected duration: 2 month

Milestone 4: March 2024

Final Evaluation and Project Closure

• Task 1: Conduct a final evaluation of project outcomes, comparing the achieved goals and objectives against the initial project plan and success criteria.
• Task 2: Prepare a comprehensive project closure report, including key findings, lessons learned, and recommendations for future projects.
• Task 3: Present the project closure report to Cardano community through Catalyst townhall, highlighting the achievements, impact, and lessons learned throughout the project.

Expected duration: 1 month

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

October 2023 : Project Development Initiation

• Deliverables:
• Completion of Ekival P2P Marketplace Front-end Sass
• Planning and Analyzing Backend and Infrastructure
• Comprehensive Testing of Smart Contracts
• Documentation:
• Front-end codebase and design documentation
• Backend architecture and infrastructure planning documentation
• Smart contract testing reports
• Expected results:
• Fully developed and tested front-end UI for Ekival P2P marketplace
• Well-defined backend architecture and infrastructure plan
• Thoroughly tested and validated smart contracts for secure transactions
• Measurement:
• Progress will be measured based on the completion of front-end UI components and successful testing of smart contracts.
• Key performance indicators (KPIs) include the number of UI components implemented, the successful execution of smart contract transactions, and the absence of critical bugs or vulnerabilities.

November 2023 - December 2023 : Implementation and Development of Ekival P2P Marketplace

• Deliverables:
• Implementation and Development of UI/UX
• Implementation of Backend Components and Integration with User Interfaces
• Engage in External Smart Contract Audit
• Documentation:
• UI/UX design implementation documentation
• Backend component implementation documentation
• Smart contract audit reports
• Expected results:
• Fully functional and visually appealing UI/UX for Ekival P2P marketplace
• Seamless integration between frontend and backend components
• Independent audit report confirming the security and reliability of smart contracts
• Measurement:
• Progress will be measured based on the completion of UI/UX implementation and successful integration of frontend and backend components.
• KPIs include the user satisfaction with the UI/UX, successful API integration, and positive audit results for smart contracts.

January 2024 - February 2024 : Implementation and Development of 3rd Parties & Payment System APIs and Blockchain Integrations

• Deliverables:
• Development of Client Side of Payment System APIs and Blockchain Integrations
• Implementation of External APIs and Infrastructure Configuration
• Final Adjustment and Beta User Testing
• Documentation:
• Payment system API and blockchain integration documentation
• External API integration documentation
• Beta user testing reports and feedback analysis
• Expected results:
• Seamless payment system and blockchain integrations within Ekival P2P marketplace
• Successful integration of external APIs for enhanced functionality
• Optimized platform performance based on beta user feedback
• Measurement:
• Progress will be measured based on the successful implementation and integration of payment system APIs and blockchain functionalities.
• KPIs include the successful completion of transactions through the payment system, integration with external APIs, and positive user feedback from beta testing.

March 2024 : Final Evaluation and Project Closure

• Deliverables:
• Final evaluation of project outcomes
• Comprehensive project closure report
• Presentation of project closure report to Cardano community
• Documentation:
• Final evaluation report
• Project closure report
• Presentation materials
• Expected results:
• Evaluation comparing achieved goals and objectives against the initial project plan
• Comprehensive project closure report with key findings, lessons learned, and recommendations
• Presentation of the project closure report to the Cardano community
• Measurement:
• Progress will be measured based on the completion of the final evaluation and project closure activities.
• KPIs include the alignment of achieved outcomes with the project plan, the quality of the project closure report, and the community's response to the presentation.

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

October 2023

Expected cost: 45,920 ₳

Resources needed :

Hardware :

• Server (1 month * 4,000 ADA) [4,000 ₳]

Developers :

• Web3 frontend developer : 1 (52 ADA hourly * 196 hours) [10,192 ₳]
• Web3 backend developer : 1 (68 ADA hourly * 196 hours) [13,328 ₳]
• Smart contract developer : 1 (184 ADA hourly * 100 hours) [18,400 ₳]

November 2023 - December 2023

Expected cost: 115,040 ₳

Resources needed:

Hardware :

• Server (2 months * 4,000 ADA) [8,000 ₳]

Developers :

• Web3 frontend developer : 1 (52 ADA hourly * 392 hours) [20,384 ₳]
• Web3 backend developer : 1 (68 ADA hourly * 392 hours) [26,656 ₳]

Audit :

• Smart contract audit [60,000 ₳]

January 2024 - February 2024

Expected cost: 107,000 ₳

Resources needed :

Hardware :

• Server (2 months * 4,000 ADA) [8,000 ₳]

Developers :

• Web3 frontend developer : 1 (52 ADA hourly * 294 hours) [15,288 ₳]
• Web3 backend developer : 1 (68 ADA hourly * 294 hours) [19,992 ₳]

Services :

• Payment systems & other 3rd party APIs : 23 (In average 2200 ADA each) [50,600 ₳]

DevOps | Testers :

• DevOps : 1 (70 ADA hourly * 196 hours) [13,720 ₳]

March 2024

Expected cost: 30,264 ₳

Resources needed:

Server :

• Server (1 month * 4,000 ADA) [4,000 ₳]

Developers :

• Web3 frontend developer : 1 (52 ADA hourly * 49 hours) [2,548 ₳]
• Web3 backend developer : 1 (68 ADA hourly * 49 hours) [3,332 ₳]

DevOps | Testers :

• DevOps : 1 (70 ADA hourly * 196 hours) [13,720 ₳]

Community managers :

• Designer and Content creator : 1 (34 ADA hourly * 196 hours) [6,664 ₳]

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

In the case of our project within the Cardano ecosystem, we have carefully evaluated the costs involved and ensured that they align with industry standards and deliver tangible value to the community.

Cost Determination and Justification:

1. Industry Standards: The costs of our project have been determined based on industry standards and prevailing market rates for similar projects within the blockchain and software development domains. We have conducted extensive research and benchmarked our costs against industry averages to ensure that they are reasonable and reflective of the required expertise and resources.
2. Proportional to Average Wage and Freelance Rates: We have taken into account the average wage rates and typical freelance rates in the industry when determining the project costs. This ensures that the compensation provided to our team members and external contributors is fair and in line with prevailing market conditions, thereby promoting a sustainable and equitable ecosystem.
3. Expertise and Experience: The costs of the project are also justified by the expertise and experience of our team members. Each team member brings a unique set of skills and qualifications, including extensive knowledge of Plutus programming language, smart contract development, UI/UX design, and backend development. Their expertise adds significant value to the project, making it a worthwhile investment for the Cardano ecosystem.

Value for Money Considerations:

1. Long-term Benefits: The project's costs are justified by the long-term benefits it brings to the Cardano ecosystem. By providing a user-friendly platform for seamless conversions between cryptocurrencies and local currencies, our project empowers individuals in whole world especially in Africa, promotes financial inclusion, and contributes to economic growth. These long-term benefits far outweigh the initial costs incurred.
2. Economic Opportunities: Our project creates economic opportunities for individuals by enabling income generation through the P2P exchange section. By participating in the cryptocurrency market and earning commissions for their services, users can leverage digital assets to improve their financial situations. This demonstrates the value and potential returns associated with the project.
3. Tangible Impact: The project's value for money is reinforced by its tangible impact on the Cardano ecosystem. Through the enhanced accessibility and convenience provided by our platform, we aim to increase the number of active users, transaction volumes, and adoption among unbanked populations. These metrics, coupled with user satisfaction and feedback, will serve as indicators of the project's effectiveness and value.

[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