Exchange App from Ada to USD via Mobile Money in Africa

[GENERAL] Name and surname of main applicant

Dan Baruka

[GENERAL] Email address of main applicant

danbaruka@uptodatedevelopers.com

Additional applicants

• Uptodate Developers

Uptodate Developers is a startup working in the promotion of new information and communication technologies under two aspects: By designing adapted solutions that contribute to the resolution of social problems and by promoting technology to young people. We train developers to understand customers problems, so that our team can suggest IT Software as part of the solution to the problems. We have two type of developers : Permanent and Freelances. When a project need skills that our permanent developers have, we hire freelances.

• Dan Baruka

Project leader

CEO of Uptodate Developers. 

Entrepreneur and Blockchain developer, Dan baruka is a software engineer and technology entrepreneur based in Kinshasa (Democratic Republic of Congo). He is the co-founder of the startup Uptodate Developers, which brings together young people working in new information and communication technologies. Its objective is to contribute to positively change Africa by using new technologies in entrepreneurship to contribute to the resolution of Africa's problems.

Languages : French & English

https://www.linkedin.com/in/dan-baruka-6a3423188

• Josephine Ndeze

Team Leader | Chef Operating Officer

COO at Uptodate Developers and Blockchain entrepreneur. Software engineer, Tech entrepreneur in Kinshasa (DR-Congo), Mandela washington fellowship Allumi 2022 | The Next Einstein Forum (NEF) Ambassador (2019-2021) | MissGeekAfrca 2019.

Languages : French & English

https://www.linkedin.com/in/josephine-ndeze-54115b188/?originalSubdomain=cd

• Yannick Nsenga

DevOps

Cardano Blockchain and senior blockchain developer : Haskell and Plutus, Software Engineer, Expert in application architecture, web full stack developer, Web 3.0, vue.js, Laravel, Node Js, Vuejs, Core.

Languages : French | English 

https://www.linkedin.com/in/yannick-nsenga-121558ba/

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

7

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

Yes

[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?

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.”

No, not all the results of our project will be entirely open source. Some parts of our project will not be available as open source due to their financial nature and associated commercial benefits.

Specifically, the profits generated by the Ada Exchange App will not be open to the public. This information will remain confidential and will not be shared as part of our business approach.

In addition, specific financial allocations, including detailed budgets, investments, projected revenues and expenses, will not be made public. This information is considered commercially sensitive and will be handled internally.

We would like to emphasize that although some elements of our project are not open, we are firmly committed to maintaining transparency and respecting the rights of the community. We will provide relevant information and visibility on those parts of the project that are open source, so that the community can clearly understand the allocation of rights and the associated processes.

[METADATA] Category of Proposal

Exchange

[METADATA] SDG rating

SDG goals:

Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

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

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

Make cities and human settlements inclusive, safe, resilient and sustainable

Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

SDG subgoals:

Support least developed countries, including through financial and technical assistance, in building sustainable and resilient buildings utilizing local materials

By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship

Key Performance Indicator (KPI):

Proportion of youth and adults with information and communications technology (ICT) skills, by type of skill

Universal Human Rights Index (UHRI):

#proposertoolsdg

[IMPACT] Please describe your proposed solution.

By using Mobile Money as an exchange gateway for ADA into USD, it becomes easier for African users to access ADA and convert them into a more widely accepted and used currency. This facilitates the adoption and use of Cardano in Africa, increasing the integration between ADA and existing financial services.

The Ada Exchange app aims to solve several critical financial issues faced in African countries :

• Difficulty using ADA currency via Mobile Money

About 66% of adults in sub-Saharan Africa are unbanked and rely on mobile money services for their daily financial transactions. However, the lack of seamless integration between mobile money and cryptocurrencies limits their ability to fully realize the benefits of cryptocurrencies.

• Limited availability of local currency exchanges

Find a reliable platform to convert cryptocurrencies into local currencies

in Africa can be difficult. The scarcity of accessible and reliable channels to exchange digital assets for local currencies hampers usability and acceptance of cryptocurrencies in daily transactions.

• Lack of confidence in cryptocurrencies in Africa

Africans receive several types of money currencies and always have official Forex exchanges where they can easily exchange money and use via Mobile Money. Unfortunately for the ADA crypto, there is no official platform to exchange , which greatly reduces the confidence to accept ADA as a currency.

• Limited access to financial infrastructure

Many African countries face challenges in accessing traditional financial infrastructure such as banks. The absence of banking services facilitates the adoption of cryptocurrency, but it also limits the ability of users to exchange and use cryptocurrency in a practical way.

• Limited payment infrastructure

In many African countries, traditional payment infrastructure is limited, making it difficult to integrate cryptocurrency into existing systems. The lack of suitable payment gateways and acceptance points for cryptocurrency can hinder its widespread use.

The Ada Exchange App offers solutions to these problems by providing African users with a user-friendly and reliable platform to exchange cryptocurrencie ADA into local currencies via Mobile Money. It aims to facilitate access to cryptocurrencies, build trust in their use and foster financial inclusion in Africa.

Our platform provides the following key solutions :

• Exchange ADA to USD via Mobile Money (100% match with Africa)

Ada Exchange App seamlessly integrates ADA currency with Mobile Money aggregators, allowing users to convert their mobile money to ADA and vice versa. This integration ensures compatibility and ease of use for people in Africa who depend on mobile Money financial services as their primary mode of financial transaction. By creating a platform that allows ADA to be exchanged in USD via Mobile Money, it is creating a bridge between the local currency and cryptocurrency in Africa.

• Low transaction fees and time savings

Our platform prioritizes affordability and efficiency by offering low transaction fees.

We leverage the power of blockchain technology to minimize the costs associated with converting ADA to local currencies.

By reducing transaction delays and leveraging Blockchain security, transactions can be completed efficiently, improving the overall user experience.

• DeFi (P2P) | Using Stablecoin (USDT)

The Ada Exchange application integrates a decentralized finance (DeFi) component,

specifically in the peer-to-peer (P2P) section of the platform. Users have the option to convert their mobile money to ADA using stablecoins, such as USDT. This approach adds stability to the conversion process, allowing users to maximize their revenue by selling ADA in their respective regions. By using stablecoins, users can mitigate potential risks associated with price volatility and ensure a more secure and predictable trading experience.

Why use Mobile Money to exchange ADA to USD in Africa ?

The use of Mobile Money in Africa is constantly evolving and is easily accessible.

Growing use of Mobile Money

• In sub-Saharan Africa, about 50% of adults use Mobile Money services.
• More than 150 million people in Africa actively use Mobile Money to conduct financial transactions.
• The total volume of Mobile Money transactions in Africa regularly exceeds $25 billion per month.
• Mobile Money is integrated into the daily lives of African users to transact, send money and pay bills. By using Mobile Money as an exchange gateway, it is easier to introduce ADAs and make them accessible to a wide audience.

Advantages and accessibility of Mobile Money

• Mobile Money allows users to carry out financial transactions without the need for a traditional bank account. This removes barriers for those who do not have access to banking services and enables broader financial inclusion. Using Mobile Money to exchange ADA to USD offers a convenient solution for people who depend on Mobile Money for their daily transactions.
• It facilitates fast and secure money transfers, bill payments and online shopping.
• Mobile Money services have contributed to financial inclusion by enabling unbanked populations to participate in the formal economy.
• Mobile Money services already have an infrastructure in place in many African countries. Users can easily transact through local agents, mobile apps or USSD codes. Using this existing infrastructure to trade ADA into USD avoids the need to create complex new infrastructure, making it easier to adopt and use ADA.
• Transactions made through Mobile Money are generally fast, allowing users to quickly exchange their ADA to USD or vice versa. This improves transaction efficiency and enables users to quickly reap the benefits of converting between the two currencies.

Combining these solutions, the Ada Exchange App creates a user-friendly, cost-effective, and efficient platform for converting ADA and local currencies in Africa. The integration with mobile money aggregators ensures seamless compatibility, while low transaction fees and time efficiency enhance user satisfaction. The incorporation of DeFi elements and the use of stablecoins further promote stability, trust, and enhanced earning potential for users. Ada Exchange App is poised to empower individuals in Africa, unlocking the full potential of digital assets and facilitating financial inclusion for all.

Technical Architecture :

• Blockchain Integration

The Ada Exchange App leverages blockchain technology to ensure secure and transparent transactions. We integrate with the Cardano blockchain, utilizing its robust infrastructure and smart contract capabilities. By leveraging Cardano's blockchain, we can ensure the immutability and integrity of transactions, providing users with a reliable and trustworthy platform. 

• Mobile Money Aggregator Integration

To facilitate the conversion of ADA to local currencies in Africa, we integrate with mobile money aggregators. These aggregators act as intermediaries, connecting the Ada Exchange App with existing mobile money systems across the region. We will progressively integrate mobile money providers on a country-by-country basis, expanding our coverage as we add support for each country. Through this integration, users can seamlessly convert their mobile money to ADA and vice versa, leveraging the convenience and familiarity of mobile money services.

• User Interface

The user interface of the Ada Exchange App is designed to be intuitive, user-friendly, and built on the principles of Web 3.0. Our platform will seamlessly connect with existing wallets such as Nami Wallet, Yoroi, Metamask, and Eternl, allowing users to easily manage their ADA holdings and initiate transactions. The interface enables users to view their ADA balance, initiate conversions, track transaction history, and access the P2P exchange section. With a clean and responsive design, our user interface ensures a seamless and enjoyable experience for all users, providing a modern and convenient way to interact with their digital assets.

• Smart Contract Implementation

Smart contracts play a crucial role in the functioning of the Ada Exchange App. We implement smart contracts on the Cardano blockchain to automate and secure various processes within the platform. These smart contracts facilitate the conversion of ADA and ensure the accurate and transparent execution of transactions. Additionally, the P2P exchange section relies on smart contracts to enable secure and efficient peer-to-peer trading, providing a trusted environment for users to exchange ADA and earn commissions

Integrating blockchain technology, mobile money aggregators and employing smart contracts, the Ada Exchange application establishes a robust technical architecture. This architecture enables seamless conversions between ADA and local currencies, provides a user-friendly interface and guarantees the security and efficiency of transactions. With these technical foundations in place, we are creating a platform that enables individuals in Africa to participate fully in the crypto-currency market while experiencing the benefits of Cardano blockchain technology.

 Features and Functionality :

• Conversions of ADA into USD

The Ada Exchange App offers a seamless conversion process from ADA to USD in Africa. Users can easily initiate conversions within the platform, leveraging the integration with mobile money aggregators. This functionality allows users to conveniently convert their mobile money to ADA and vice versa, enabling them to participate in the cryptocurrency market and utilize their digital assets for everyday transactions

• P2P Exchange and Commission System

In the P2P exchange section of the Ada Exchange App, users within a region can offer their local currency to purchase ADA directly from other users. This decentralized exchange allows participants to facilitate transactions and earn commissions for their services. While users can offer their local currency for ADA purchases, the availability of ADA for sale is provided exclusively by the platform. This approach allows the platform to operate efficiently without the need to support all mobile money currencies in every country where it launches. Instead, the Ada Exchange App ensures the availability of ADA for users to purchase, creating a dynamic marketplace that empowers users to leverage their ADA holdings and generate additional income.

• Local Investment

The Local Investment feature aims to empower local investors by allowing them to directly add their money to our mobile money wallets in a specific region for investment purposes. This feature eliminates the need for a centralized mobile money wallet, enabling users to contribute funds directly to our platform. By facilitating direct transactions, the platform enhances efficiency and reduces intermediaries, creating a more streamlined investment process.

With the Local Investment feature, the platform aims to foster financial inclusion and enable individuals within specific regions to actively participate as investors. By offering a seamless and user-friendly experience, the platform empowers users to take control of their investments and maximize their earning potential through direct contributions to our mobile money wallets.

• Automatic exchange APIs for online payment integration

Automatic exchange APIs for online payment integration are an essential feature of the Ada Exchange App. They enable users to easily integrate online payment methods, such as payment gateways or digital wallets, into the platform. Thanks to these APIs and SDKs, online merchants can accept payments in ADA and automatically convert them into local currency. This enables a smooth and secure payment experience, offering greater accessibility to users and promoting the adoption of ADA as an online payment method.

• User Wallets and Security Measures

To ensure the safety and security of user funds, the Ada Exchange App integrates with reputable wallets such as Nami Wallet, Yoroi, Metamask, and Eternl. Users can connect their existing wallets to the platform, providing a familiar and secure environment for managing their ADA holdings. Robust security measures, including encryption protocols and multi-factor authentication, are implemented to protect user wallets and personal information, giving users peace of mind when utilizing the platform. 

• Transaction Verification and Confirmation

Every transaction conducted within the Ada Exchange App undergoes a thorough verification and confirmation process. The platform leverages the security and immutability of the Cardano blockchain to ensure the accuracy and transparency of transactions. Users receive timely notifications and updates regarding the status of their transactions, providing them with real-time visibility and confidence in the transaction process.

Market Opportunity :

According to Chainalysis, Africa's cryptocurrency market experienced remarkable growth between 2020 and 2021. During this period, the market witnessed a substantial increase in trading volume, with a total of $100.6 billion traded between July 2021 and June 2022. This represents 2% of global transactions over the period and reflects a significant 16% year-on-year growth.

Furthermore, Africa has emerged as a hub for mobile money, with over 1.2 billion registered accounts and 300 million monthly active accounts, as reported by the State of the Industry Report on Mobile Money 2021 by GSMA. Mobile money has gained widespread adoption in Africa, becoming a popular alternative to traditional banking services.

It is also important to note that in 2021, 45 percent of the population in Sub-Saharan Africa did not have a bank account. This highlights the significant portion of the population that is underserved by traditional banking systems, creating a unique opportunity for innovative financial solutions

Target Audience

The target market for Ada Exchange App encompasses various segments:

• African Users:

This includes Africans who have received and sent ADA and are looking to convert it for everyday usage purposes. These individuals can leverage the platform's seamless conversion feature to exchange ADA into local currencies, allowing them to make transactions conveniently within their region.

• Diaspora Community:

The platform also caters to users in other continents, specifically the diaspora community, who want to send money to Africa. They can utilize direct exchange options or leverage their ADA for P2P transactions within a specific region, enabling efficient and cost-effective money transfers.

• Income-Seeking Individuals:

Ada Exchange App provides an opportunity for individuals to earn extra income through the platform's P2P exchange section. Users can offer local currency for sale in their area, and other people can buy this currency directly from them by giving them Ada and earning some commission. By facilitating these peer-to-peer transactions, participants have the chance to earn commissions, fostering a vibrant marketplace within the platform. 

• Crypto Investors:

The platform appeals to individuals seeking to invest in crypto, particularly in ADA. By offering a seamless conversion experience and access to local currencies, Ada Exchange App enables investors to capitalize on potential price appreciation and long-term growth opportunities associated with ADA. 

Focusing on these different segments, Ada Exchange App aims to capture a significant market share and become a leading platform in Africa's evolving crypto-currency landscape. The platform's user-friendly interface, seamless conversions and focus on the needs of underserved populations position it well for success in this fast-growing market.

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

The Ada Exchange App solves the challenge of products and integrations by bringing several benefits to the Cardano ecosystem. Here is how our proposal meets the objectives of this challenge:

• Creating a valuable product

Ada Exchange App is a product that offers a complete solution for African users who want to exchange ADA into local currency via Mobile Money. This platform responds to a real need of users in Africa, who face difficulties in converting their digital assets into local currency. By providing a user-friendly and reliable way to exchange ADA to USD via Mobile Money, our product creates a bridge between local currency and cryptocurrency, opening up new usage possibilities for the Cardano ecosystem.

• Improved user experience

Our app's integration with existing Mobile Money aggregators eases the conversion process and allows users to transact quickly and securely. By providing an intuitive and user-friendly user interface, we provide a seamless and enjoyable experience for users, which contributes to the adoption of Cardano by making its use more accessible and convenient.

• Drive Adoption

By providing the ability to convert ADA to local currency via Mobile Money, we are driving the use of Cardano in real-world use cases in Africa. This allows African users to access the cryptocurrency and use it in their daily transactions, thus driving the adoption of Cardano in the region. By facilitating access to cryptocurrencies and building trust in their use, our solution helps drive Cardano adoption and create a thriving ecosystem.

• Integration with existing services

By integrating our app with Mobile Money aggregators and using stablecoins like USDT, we connect to the existing financial infrastructure in Africa. This allows for smoother integration with payment systems and facilitates the exchange of cryptocurrencies into local currency. This integration with existing services and protocols improves the user experience and provides more options for users, thus contributing to the adoption of Cardano in the African financial ecosystem.

• Geographic expansion

By focusing on Africa, Ada Exchange App expands Cardano's geographic reach and strengthens its presence in this continent. Africa offers great potential for the growth of cryptocurrencies due to its large population and growing demand for alternative financial solutions. By enabling African users to benefit from the advantages of Cardano, Ada Exchange App helps position Cardano as a decentralized financial platform of choice in Africa.

• Creating a Diverse Ecosystem

Ada Exchange App adds diversity to the Cardano ecosystem by offering an app specifically tailored to African needs. This encourages the development of new applications and new ideas for the use of Cardano in the region. The emergence of a diverse ecosystem is driving innovation and providing new opportunities for Cardano to expand into other areas and sectors.

The Ada Exchange App solution addresses the goals of the Products and Integrations Challenge by delivering a valuable product that meets the needs of African users, improving user experience, driving Cardano adoption and integrating with services existing. This proposal helps to create a thriving Cardano ecosystem by providing new possibilities for use and encouraging innovation in the African region.

• Reinforcement of the ecosystem

By offering a convenient and secure gateway to exchange ADA in local currency, Ada Exchange App will promote increased use of Cardano in real-world use cases in Africa. This will help strengthen the Cardano ecosystem by increasing the liquidity of the cryptocurrency and encouraging the development of new applications and services based on the Cardano blockchain.

• Solving a key problem

Ada Exchange App fills a real need by facilitating the exchange of ADA in local currency via Mobile Money in Africa. This solves the problem of limited access to cryptocurrency for many African users. By providing a user-friendly and secure solution, the app will help overcome barriers to Cardano adoption in the region.

When it comes to app transactions and usage, it's reasonable to expect incremental growth over time as awareness and adoption increase. It is difficult to precisely quantify the number of transactions that will be made, as it will depend on user behavior and external factors such as the general adoption of cryptocurrencies in Africa.

However, with successful implementation and growing adoption, Ada Exchange App has the potential to become a major gateway for Cardano use in Africa, attracting thousands of users and boosting the Cardano ecosystem in the region.

It is important to note that these estimates are based on realistic assumptions, and actual results may vary based on many factors, including user acceptance, market conditions, and other external influences.

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

The innovation brought by Ada Exchange App will have a significant impact on Cardano's productivity and growth, both in the short and long term. Here's how it might manifest:

• Increased Adoption of Cardano

By providing a user-friendly and secure platform for ADA conversions and P2P transactions, Ada Exchange App will encourage more people to use Cardano. This will boost the adoption of the Cardano blockchain in Africa and beyond, thus contributing to the growth of the ecosystem.

• Increased Accessibility

By partnering with Mobile Money service providers and integrating their systems with the platform, Ada Exchange App will make it easier for users to access currency conversion and transactions. This will open new opportunities for users who do not have access to traditional banking services, furthering financial inclusion and expanding the reach of Cardano.

• Creation of a thriving ecosystem

The innovation brought by Ada Exchange App will contribute to the creation of a thriving Cardano ecosystem. By attracting a large number of users, the platform will foster the creation of new applications and services around Cardano, thus stimulating innovation within the ecosystem.

• Improved user experience

By providing an intuitive user experience, seamless integration of Mobile Money services and responsive customer support, Ada Exchange App will increase user satisfaction. A positive experience will encourage existing users to stay engaged and recommend the platform to others, contributing to long-term organic growth.

• Refeeding Innovation

By measuring user opinions and feedback, Ada Exchange App will be able to identify areas for improvement and innovation. Qualitative user feedback will allow the project team to make informed decisions and continually adjust the platform to meet the changing needs of the Cardano community.

Overall, the innovation of Ada Exchange App will have a positive impact on Cardano's productivity and growth, increasing adoption, improving accessibility, driving innovation, and delivering an exceptional user experience.

To ensure the successful acquisition of customers, Ada Exchange App employs a multi-faceted approach that combines targeted marketing strategies, strategic partnerships, and exceptional user experience.

The following methods will be implemented to attract and onboard users:

• Statistical dashboard for community members:

1. The total number of members will be displayed.
2. The number of active members will be tracked.
3. Participation rate will be calculated.
4. The total number of transactions will be recorded.
5. The total amount of transactions will be recorded.
6. Average transactions per member will be calculated.
7. The total number of ADA to local currency conversions will be recorded.
8. The total amount of ADA to local currency conversions will be recorded.
9. The total number of conversions from local currency to ADA will be tracked.
10. The total amount of conversions from local currency to ADA will be recorded.
11. Member satisfaction will be evaluated.

----------------------------------------------------------------------------------------

1. The number of members participating in promotional events will be recorded.
2. The number of new users acquired through marketing campaigns will be tracked.
3. The member retention rate will be calculated.
4. The total number of P2P transactions carried out will be recorded.
5. The total amount of P2P transactions will be tracked.
6. Average P2P transactions per member will be calculated.

This statistical dashboard will provide key indicators on the activity and performance of members of the Ada Exchange App community. These statistics will be used to assess member engagement, transaction volume, conversions between ADA and local currency, and other important indicators to measure the success and growth of the platform.

• Digital Marketing Campaigns

Leveraging digital marketing channels such as social media platforms, search engine optimization (SEO), and targeted online advertising, Ada Exchange App will raise awareness about its services. Engaging content, educational materials, and promotional campaigns will be utilized to attract potential users and encourage them to explore the platform.

• Partnerships with Mobile Money Providers

Recognizing the significance of mobile money in Africa's financial ecosystem, Ada Exchange App will establish strategic partnerships with leading mobile money providers across the region. These partnerships will enable seamless integration of mobile money systems with the platform, providing users with convenient access to conversion services and expanding the user base.

• Referral and Affiliate Programs

To incentivize existing users and encourage them to refer new customers, Ada Exchange App will implement referral and affiliate programs. By offering rewards or commissions for successful referrals, users will be motivated to spread the word about the platform, amplifying customer acquisition efforts.

• Localized Marketing Initiatives

Understanding the diversity of the African market, Ada Exchange App will employ localized marketing initiatives tailored to specific regions. This approach involves understanding local preferences, cultural nuances, and user behavior to effectively communicate the benefits of the platform and resonate with the target audience. 

• User-Centric Onboarding Experience

Ada Exchange App will prioritize providing a seamless onboarding experience for new users. This includes intuitive registration processes, easy-to-understand tutorials, and responsive customer support. By ensuring a positive and user-friendly experience from the start, the platform aims to build trust and foster long-term customer relationships.

• Educational Resources

Recognizing the need for education around cryptocurrency and blockchain technology, Ada Exchange App will offer educational resources, including articles, videos, and webinars. These resources will empower users with knowledge and understanding, ultimately boosting their confidence in utilizing the platform.

By implementing these customer acquisition strategies, Ada Exchange App aims to attract a wide range of users, establish a strong brand presence, and position itself as a trusted and go-to platform for ADA conversions and P2P transactions in Africa. 

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

To share the products and results of our project, we have developed a detailed communication plan that includes the following elements:

• Publication of reports and articles

We plan to write detailed reports and articles highlighting the results, impacts and opportunities arising from our project. These publications will be accessible online and can be consulted by the Cardano community, experts in the field and interested stakeholders.

• Presentations at conferences and events

We will participate in conferences and events related to blockchain, fintech and financial inclusion. At these events, we will present our results and share our knowledge with other participants and experts in the field. This will allow us to reach a wider audience and create opportunities for collaboration.

• Collaboration with partners and communities

We will seek to collaborate with other Cardano-related projects and initiatives, as well as with partners and communities interested in financial inclusion in Africa. We will share our results and identify potential synergies to strengthen the impact of our project.

• Social media and digital marketing

We will use social media and digital marketing channels to disseminate information about our project, its results and its impacts. This will allow us to reach a large audience and engage in discussions with the Cardano community and other stakeholders.

We also have a community with more than 12k+ on our diffenrent social medias :

• Twitter
• Linkdin
• Facebook
• Telegram

• Collaboration with media and trade publications

We will work with media and trade publications in the field of blockchain and fintech to share our findings. We will grant interviews, write guest articles and contribute to discussions on the opportunities and challenges of financial inclusion using Cardano.

We plan to distribute the results of our project throughout its realization and after its conclusion. We will regularly share project updates and progress throughout its runtime, to maintain transparency and community engagement. Once the project is completed, we will organize an in-depth communication of its results, with a focus on the impacts achieved, the opportunities identified and the lessons learned.

We will share our findings and impacts with the Cardano community, including ADA holders, developers, businesses, and blockchain enthusiasts. We will also aim to raise awareness among policy makers, international organizations and financial inclusion actors in Africa. By collaborating with strategic partners, media and specialist publications, we will maximize the reach of our communication and create opportunities for the adoption and implementation of our results.

The results generated by our project will be used proactively in other research and development activities :

• Continuous improvement of the Ada Exchange App

The results obtained will provide us with valuable information on the performance, functionality and user experience of our application. We will use these results to identify areas for improvement and features to add, to meet the changing needs of our users and to ensure the application continues to evolve.

• Collaboration with other projects and research teams

The results of our project will serve as a starting point for collaborations with other projects and research teams. We will share our findings with researchers and developers working in related fields, to stimulate the exchange of ideas and foster fruitful collaboration. These collaborations could lead to new technological advances or joint research projects.

• Contribution to the Cardano community

We will share our results with the Cardano community with the aim of enriching the collective knowledge and promoting the adoption of the technology. We will participate in discussions, forums and working groups to share our results, receive feedback and contribute to the continuous improvement of the Cardano ecosystem.

We will ensure that the knowledge and discoveries gained do not remain isolated, but rather contribute to the overall advancement of blockchain technology, financial inclusion and the Cardano ecosystem.

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

Our company, Uptodate Developers, specializes in the development of web, mobile and desktop applications.

We have over 18 developers in our team, and our community has over 100 active developers on our Telegram channel.

For 3 years, we have been actively involved in Cardano Blockchain. We have acquired solid experience in this field, working on projects related to blockchain, decentralization and web3 technology. Our team has the necessary skills to design and develop applications based on blockchain technologies such as Cardano. We are passionate about technological innovation and we are committed to contributing to the adoption of Cardano in French-speaking Africa with our expertise and relevant experience.

Our team members have been active in the Cardano community for 3+ years now in different ways :

• Co-host of the Cardano summit 2021
• Organization of several meetings and conferences (https://meetup.com/cardano-blockchain-goma/events/293745133)
• Contribution to the development of projects integrating the Blockchain Cardano
• Development of smart contracts
• Organization of live code training on web3 development (Videos)
• Sharing content as a Cardano ambassador (https://forum.cardano.org/t/ambassador-stories-journal-35-eric-tsai-dan-baruka/116914)
• Contribution to OpenSource projects
• Our main realisations in terms of Software developpement : https://updev.africa/

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

At Ada Exchange App, our mission is to empower individuals in Africa by providing them with a user-friendly platform for seamless conversions between ADA and local currencies. We aim to bridge the gap between mobile money and cryptocurrencies, offering a solution that is accessible, cost-effective, and efficient. By enabling financial inclusion and unlocking the potential of digital assets, we strive to contribute to the economic growth and empowerment of individuals across the African continent. 

Our vision is to revolutionize the way people in Africa transact and participate in the cryptocurrency market. We envision a future where anyone, regardless of their financial background, can easily convert their mobile money to ADA and vice versa, maximizing their earning potential and taking advantage of the benefits offered by cryptocurrencies. Through our platform, we aim to create a vibrant ecosystem that fosters financial independence, innovation, and economic opportunities for individuals in Africa.

Objectifs :

• Provide a User-Friendly Platform

We aim to develop an intuitive web and mobile interface that ensures a seamless user experience, enabling individuals to effortlessly convert ADA to USD via Mobile Money.

• Facilitate Low Transaction Fees

By leveraging blockchain technology and integrating with mobile money aggregators, we strive to offer competitive transaction fees, minimizing costs for our users and making our platform economically viable.

• Enable Income Generation

Through our P2P exchange section, we aim to create a marketplace where individuals can exchange ADA and earn commissions for their services. This provides an opportunity for users to generate additional income and participate actively in the cryptocurrency market.

• Enhance Financial Inclusion

We seek to address the challenges faced by the unbanked population in Africa by providing them with a gateway to digital assets. Our platform aims to empower individuals who rely on mobile money by offering them access to the growing world of cryptocurrencies.

• Ensure Security and Trust

We prioritize the security of user wallets and transactions by implementing robust security measures and leveraging the immutability and transparency of blockchain technology. Our goal is to build trust and confidence among our users, ensuring the safety of their funds and personal information. 

We will measure this Objectifs by :

• Tracking the number of active users on our platform,
• Monitoring monthly transaction volumes and collecting user feedback on their experience using the platform,
• Analyzing the demographic diversity of our users,
• Monitoring adoption among unbanked populations,
• Measuring the increase in platform usage by users from regions with low access to traditional financial services,
• Assessing user satisfaction through surveys, user feedback ratings and tracking user retention rates,
• By identifying and entering into strategic partnerships,
• Measuring the impact of these partnerships on the expansion of our user base and evaluating the added value that these partnerships bring to our ecosystem

To validate if our approach is feasible, we will implement the following measures :

• Market Research

We will conduct in-depth market research to assess demand, trends and user behaviors in Africa. This will allow us to design an approach tailored to our target audience and understand the expectations and needs of potential users.

• Iterative Development

We will take an iterative approach to developing our app, releasing betas and collecting user feedback. We will use this feedback to continually improve our app and ensure a better fit with user needs.

• Usability testing

We will conduct usability testing to assess the user experience of our platform. This will allow us to identify weak points and improve them, while ensuring an intuitive and user-friendly user interface.

• Performance Tracking

We will implement analytics tools to track key metrics such as number of active users, transaction volumes and user retention. These measurements will help us assess

[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.

Here is a detailed breakdown of our project milestones, with the main tasks and activities planned, as well as the associated deadlines and success criteria:

October 2023

Improvement of the Ada Exchange App Testnet (Preprod Network)

Key Activities:

• Analysis of Testnet (Preprod Network) functionality and performance,
• identification of areas for improvement,
• implementation of necessary technical improvements.
• Working on an MVP

Expected duration: 1 month

Success Criteria: The Ada Exchange App Testnet runs smoothly and without major bugs, providing a satisfying basic user experience.

November 2023

Alpha Test (Preprod Network)

Key Activities:

• Invite selected users to participate in Alpha testing,
• collect feedback on user experience and application functionality.

Expected duration: 1 month

Success criteria: Alpha users successfully test the app and provide constructive feedback on features and user experience.

December 2023

Improvements based on feedback from Alpha testers

Key activities:

• Analysis of feedback from Alpha testers,
• identification of priority areas for improvement,
• implementation of necessary improvements for the mainnet.
• Prepare the found for the beta test with live mainnet
• Daily transaction limit for the test

Expected duration: 1 month

Success criteria: Feedback from Alpha testers is taken into account and relevant improvements are made to the application.

January 2024

Creation of a community around the Ada Exchange App and developing the Dashboard for monitoring the platform performance and statistics.

Key activities:

• Minimum monitoring dashboard
• Creating community communication channels,
• Launch of targeted digital marketing campaigns,

Expected duration: 1 month

Success Criteria: An active and engaged community forms around the Ada Exchange App, with regular participation and positive interactions.

February 2024

Launch Ceremony of the beta version in Kenya.

Key activities:

• Preparation and launch of the beta version of the Ada Exchange App specifically for the Kenyan market,
• including language adaptations and integrations with local financial service providers.

We will launch in Kenya first because it is the first country with a very high Mobile Money integration rate.

Expected duration: 1 month

Success Criteria: The beta version is successfully launched in Kenya, and Kenyan users can access the application and perform ADA conversions and P2P transactions.

March 2024

Beta version improvement

Key Activities:

• Collecting user feedback to improve user experience (UI/UX) and overall app experience,
• identifying issues and points for improvement,
• implementing necessary improvements and fixes.

Expected duration: 1 month

Success criteria: Beta users provide positive feedback on the user experience, identified issues are resolved, and the beta is improved accordingly.

April 2024

Evaluation of objectives and future planning

Key activities:

• Overall assessment of achieved goals,
• analysis of results,
• Developing the alpha test of P2P feature in Ada Exhange App
• identification of potential areas for improvement and planning of next steps and future project developments.

Expected duration: 1 month

Success criteria: A comprehensive evaluation report is created, summarizing the objectives achieved, the results obtained, the lessons learned and the recommendations for the future of the project.

For the implementation of the project, we will follow an agile project management approach. It involves iterative cycles of planning, developing, testing, and adjusting based on user feedback and results.

We will hold regular meetings to monitor the progress of the project, identify potential problems and make decisions accordingly. The project team will consist of developers, marketers, UX/UI designers and community managers, who will work closely together to achieve the set goals.

We will also use project management tools to track tasks, deadlines and resources, and to facilitate collaboration within the team. Transparent communication and effective coordination will be essential to ensure the project runs smoothly and milestones are met on time.

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

Here are the details of the deliverables, documentation and results we intend to produce for each step of Ada Exchange App :

October 2023 : Improved Testnet Ada Exchange App

• Deliverables: An improved Testnet version of the Ada Exchange App with additional features, bug fixes and stability improvements.
• Documentation: Detailed report on improvements made, issues resolved and features added.
• Expected results: A more robust and functional Testnet, ready to be tested internally and by selected users.

November 2023 : Alpha testing

• Deliverables: Alpha version of the Ada Exchange App available for internal testers and selected users.
• Documentation: Test report describing test scenarios, results, identified issues, and suggestions for improvement.
• Expected results: Feedback from internal testers and selected users on the functionality, user interface, stability and performance of the application.

December 2023 : Improvements based on feedback from Alpha testers

• Deliverables: Improved version of the Ada Exchange App with changes and adjustments based on feedback from Alpha testers.
• Documentation: Detailed report on improvements made, issues resolved, and features adjusted based on feedback from Alpha testers.
• Expected results: A more optimized and improved version of the application, ready for the next stage of testing.

January 2024 : Creation of the community around the Ada Exchange App

• Deliverables: 1. Community communication platform, promotional material, awareness campaigns and recruitment of community members /Digital marketing campaigns including targeted advertisements, promotional content, social media campaigns and online outreach activities. 2. A monitoring dashboard developed.
• Documentation: Report on community building activities, engagement metrics, and recruitment results /Report on marketing strategies implemented, channels used, campaign performance and engagement metrics.
• Expected results: An active and engaged community around the Ada Exchange App, with a significant increase in membership and community engagement /Increased Ada Exchange App visibility, brand awareness and new user acquisition.

February 2024 : Launch of the beta version in Kenya

• Deliverables: Beta version of the Ada Exchange App available for public use in Kenya.
• Documentation: Launch report outlining launch steps, performance metrics, and initial user feedback.
• Expected results: Adoption of the beta version by users in Kenya, collecting initial feedback and identifying areas for improvement.

March 2024 : Beta version improvement

• Deliverables: Improved version of the Ada Exchange App based on feedback from beta users.
• Documentation: Detailed report on user feedback, identified issues, improvements made and actions taken to improve the user interface and user experience.
• Expected results: A beta version that is more stable, more user-friendly and more responsive to user needs.

April 2024 : Conclusion of the found 10 Ada Exchange App project

• Deliverables: Final project report including a summary of all activities carried out, results achieved, lessons learned and recommendations for the future.
• Documentation: Complete documentation of all project steps, activities, deliverables and results.
• Expected Results: A successfully completed project, providing a solid foundation for further development of the Ada Exchange App and its impact on the Cardano ecosystem.

To measure the progress of the project, we will use the following criteria:

• Completion rate of planned deliverables for each stage of the project.
• User feedback and satisfaction during the testing and deployment phases.
• Number of active users and interactions on the platform.
• Acquisition rate of new users.
• User retention rate.
• Results of digital marketing campaigns (click-through rates, conversions, etc.).
• Commitment and activity within the community.

These measures will allow us to monitor the progress of the project, identify the areas requiring adjustments and assess the achievement of the objectives set.

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

Here is a detailed budget breakdown for the Ada Exchange App project.

Total planned budget : Estimate ₳159589

Note: This budget is estimated in ADA (₳)

October 2023

Expected cost: 25240₳

Resources needed:

Server:

• Serveur VPS L (12months * 110Ada) [1320 ₳]

Developers

• Web3 frontend developer : 1 (40ada hourly * 208 hours) [8320₳]
• Web3 Blockchain and backend developer : 1 (50ada hourly * 208 hours) [10400₳]

DevOps | Team Manager | Testers Manager

• DevOps : 1 (25ada hourly * 208 hours) [5200₳]

November 2023

Expected cost: 9360₳

Resources needed:

Testers Manager: 1 (25ada hourly * 208 hours) [5200₳]

Developers

• Web3 Blockchain and backend developer : 1 (20ada hourly * 208 hours) [4160₳]

December 2023

Expected cost: 41677₳

Resources needed:

Developers

• Web3 frontend developer : 1 (40ada hourly * 208 hours) [8320₳]
• Web3 Blockchain and backend developer : 1 (50ada hourly * 208 hours) [10400₳]

DevOps | Team Manager | Testers Manager

• DevOps : 1 (25ada hourly * 208 hours) [5200₳]

Found for Beta testing in Kenya Local curency [17757 ADA] preparing the next month.

January 2024

Expected cost: 12480₳

Resources needed:

Developers

• Fullstak Developers (ReactJs and ExpressJs) 1 (40ada hourly * 208 hours) [8320₳]

Community managers

• Designer and Content creator (Medias Manager, Designer) 1 (20 ada hourly * 208 hours) [4160₳]

February 2024

Expected cost: 35182₳

Resources needed:

Developers

• Web3 frontend developer : 1 (40ada hourly * 208 hours) [8320₳]
• Web3 Blockchain and backend developer : 1 (50ada hourly * 208 hours) [10400₳]

DevOps | Team Manager | Testers Manager

• DevOps : 1 (25ada hourly * 208 hours) [5200 ADA]

Community managers

• Designer and Content creator (Medias Manager, Designer) 1 (20 ada hourly * 208 hours) [4160₳]
• Online Marketing promotion [7102₳]

March 2024

Expected cost: 12625₳

Resources needed:

Developers

• Web3 frontend developer : 1 (40ada hourly * 208 hours) [8320₳]

Community managers

• Designer and Content creator (Medias Manager, Designer) 1 (10 ada hourly * 208 hours) [2530₳]
• Online Marketing promotion [1775₳]

April 2024

Expected cost: 23025₳

Resources needed:

Developers

• Web3 Blockchain and backend developer : 1 (50ada hourly * 208 hours) [10400₳]
• Fullstak Developers (ReactJs and ExpressJs) 1 (40ada hourly * 208 hours) [8320₳]

Community managers

• Designer and Content creator (Medias Manager, Designer) 1 (10 ada hourly * 208 hours) [2530 ADA]
• Online Marketing promotion [1775₳]

Project management will be carried out by an internal project manager of Uptodate Developers who will supervise all activities, ensure that deadlines are met and coordinate the various resources involved. Project management tools such as Trello or Jira will be used to track tasks, assign responsibilities and communicate within the team.

Project documentation will be done throughout the process, recording test results, user feedback, decisions made and lessons learned. A final report will be written at the end of the project summarizing all the activities, the results obtained and the recommendations for the future.

Communication with the community will be through regular updates on project progress, milestones reached and results achieved. Communication channels will include social media posts, blog posts, newsletters and forums

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

The cost of the project is an important consideration when assessing its value to the Cardano ecosystem. In our case, we have ensured that the costs are justified and that they represent an efficient use of resources, guaranteeing good value for the money invested. Here are a few points to explain how the cost of the project represents value for the Cardano ecosystem:

Objectives and expected results: Project costs are aligned with the objectives and expected results. Each stage of the project, as well as the associated activities and deliverables, are designed to contribute to the achievement of the overall objectives. By investing in these activities, we aim to create a robust, user-friendly and attractive application that will meet the needs of users in the Cardano ecosystem.

Detailed planning: The project costs are based on a detailed planning of the tasks, the resources required and the deadlines. This makes it possible to realistically assess the costs associated with each stage of the project. We considered specific software development requirements, marketing and community engagement needs, and other key aspects to ensure a comprehensive and consistent approach.

Cost justification: Project costs are justified by industry benchmarks and practices. We've researched average rates in the software development, marketing, and community engagement industry to ensure our estimates are up to market standards. In addition, we have taken into account the specific costs related to the necessary resources, software licenses, professional services and other aspects of the project.

Efficient use of resources: We are committed to using available resources efficiently. The costs of the project are distributed in a balanced way throughout its duration, which allows a careful management of the allocated funds. We are committed to maintaining financial transparency and regularly reporting on the use of resources, thereby ensuring that each ADA spent contributes to the achievement of project objectives.

We are committed to maximizing value for money invested and delivering tangible results that will benefit the Cardano community.

[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