Integrating Cardano on ROVI.money - Simplest, Mega Fun Daily Use Crypto Wallet for Masses - Think "Metamask+GPay+Social Gaming" in 1 wallet."

[GENERAL] Name and surname of main applicant

Anshul Verma

[GENERAL] Email address of main applicant

anshul@rovi.network

Additional applicants

Nitin Gupta - nitin@rovi.network

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

3

[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?

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.”

• All infrastructure building blocks of social wallet would not be open source.
• All front end and backend for wallet Dapp source code would not be open source.

This is because the application components would remain proprietary to the ROVI community and ROVI DAO.

All smart contracts and token integration code components which integrate ROVI wallet into Cardano ecosystem would be fully open source.

[METADATA] Category of Proposal

Wallet

[IMPACT] Please describe your proposed solution.

What is ROVI.money?

ROVI.money is a super simple, super fun non-custodial wallet for masses to bring next billion users to Crypto. Create wallet in 1 click on a unique nickname. Share wallet on Messaging or Social. Buy/Sell tokens across chains with on-ramp/off-ramp in 120+ countries. Send/Transfer tokens across chains. Pay fiat at any offline shop (available in India only currently). Use tokens on highly addictive social gaming tournaments and become part of social gaming community.

Problem

Crypto and Web3 is too complex for a normal mass user demography. There is complexity in 1st generation Web3 wallets usage, complexity in gas fees payable in different tokens, and complex fiat-to-crypto and crypto-to-fiat rails for a normal mass user to adopt easily.

Solution

Build super simple, and super fun wallet with daily usage utlities to unlock scale. Through this critical infrastructure, bring best of Web2 experiences to Web3 and bring Crypto as a utility piggybacking upon existing daily life behaviour of masses. 

Why this team?

ROVI Network team is a highly talented and experienced team, led by 4 times repeat Founders with 20+ years of experience, having built multiple successful distribution led scalable and sustainable businesses in the past. Previous products built by this team reached 30M+ users organically.

Project Impact/Existing Traction

Within 1 week of private alpha launch, 1500+ wallets and nicknames have been claimed. The full blown launch is scheduled for 20th July, 2023.

See live alpha product --> 

https://www.rovi.money

Why is this important to Cardano?

Cardano ecosystem needs Dapps and utilities which can help them reach masses at scale, along with more daily life utilities for normal folks on ADA token.

With ROVI.money supporting Cardano chain and porting their transactions layer on to Cardano blockchain, it can immensely help bringing Cardano chain on Steroids in terms of transactional volumes, wallets, users and activity/adoption from the backstage.

Business Model

ROVI.money is a transactional platform from Day 0 with time tested proven business models of B2C and B2B commissions/spreads/take-rates. 

• Transaction Commissions - Paid by games. 1%-10% commission per game-contest/game-pool

• Trade Commissions - Paid by users of network. 0.5%-5% commission per buy/sell/swap depending on digital asset

• Investment Spreads - Paid by users. Upto 5% spreads for high quality, super simplified DeFi investment strategies in digital assets

• Payment Spreads - Paid by fiat payment networks. Up to 1% spreads on every payment by user in real world.

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

Impact/Value to Cardano Ecosystem

The proposal is to integrate Cardano blockchain in ROVI.money wallet, enable Cardano chain tokens including ADA for buy/sell/send/transfer/swap and integrate ADA token as a utlity to social gaming ecosystem inside wallet.

The immediate impact and value to Cardano ecosystem would be --> huge immediate scale in terms of # of transactions, # of unique wallets and # of unique transacting users on the chain.

How do we quantify value?

We already have a runrate of 4-5M transactions/month on-chain on a L2 on our ecosystem products, where ROVI.money wallet would be integrated. Our proposal is to add Cardano as the new blockchain supported in wallet and use it to publish transactions generated from new users activity on the platform as well. We will achieve to bring 50,000 new unique users/wallets, doing atleast 0.5M+ transactions a month on-chain on Cardano within 2 months post our deployment as a proof of concept.

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

Why are measures realistic?

ROVI Network ecosystem products already has done 14M+ transactions on a L2 chain. Please see below for on-chain verifiable activity. Our proposed deliverables vis-a-vis what we already generate in terms of transactional activity on our platform are quite realistic as is evident.

• See live token action --> 

https://blockexplorer.bnb.boba.network/token/0xCc503242b574BC01145Da7E2A743b43fB395eC91/token-transfers

https://blockexplorer.bnb.boba.network/token/0xa88D4d3a623B07Af04b6641A5a72797FA52d478b/token-transfers

• See live analytics --> 

https://analytics.rovi.network

Success Criteria

The success of the project would be measured on very simple objective parameters - # of new unique wallets created, attributed to ROVI.money, in 2 months post our completion. Based on the results achieved, it will set foundation for a more larger, deeper collaboration between Cardano and ROVI.money

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

How do we spread output?

We have identified and proposed clear milestones and timelines along with action items spread over a period of 2 months - which can be viewed in the milestones section of our proposal.

How will we share outputs?

We will share outputs through clear verifiable on-chain reporting (through chain querying) as well as appropriate links to chain explorers

With whom will be share outputs?

We will share outputs with the community forums or community manager/POC as appropriate.

What opportunities might arise out of the project output?

Post our completion of all milestones, the above proposed measurable output serves as a POC for ecosystem to see what value ROVI.money wallet ecosystem can bring to Cardano ecosystem in terms of user scale, transaction scale. This will serve as a base to further evaluate and engage in larger deeper collaborations towards a much large vision and goal of bringing millions of new users and billions of transactions to Cardano ecosystem.

How would results get used further?

The results from this POC project would help us evaluate and design/develop further solutions and enhancements around transaction performance, further ease of onboarding and making things ready for millions of user scale.

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

Why are we best suited to deliver the project?

Founder-Product fit - Founders/Teams who have extensive experience building mass consumer platforms in traditional Web2 leveraging daily life use-cases, who understand the full lifecyle of acquisition/engagement/retention and who understand Web3 paradigms, technologies and ethos. We are able to bring those insights and learnings towards Web3 mass market adoption.

Founder-Market fit - Founders/Teams who have proven experience in building sustainable business models out of consumer platforms. We are able to apply same first-principles to build Web3 economies which are built to last.

ROVI Network team is a highly talented and experienced team, led by 4 times repeat Founders with 20+ years of experience, having built multiple successful distribution led scalable and sustainable businesses in the past. Previous products built by this team reached 30M+ users organically.

In addition, ROVI platform is a proven high scale, high engagement distribution network running on a L2 chain already, proving our capabilities and feasibility of our solution.

Process to manage funds?

We have clearly defined our deliverables and milestones, attached to a fund tranche. The outcome/output is clearly verifiable, objective in nature. The fund gets released when milestone is verified. We will release a p&l format cost report at the end of every milestone detailing the costs associated with each milestone.

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

Goal/Objective

Integrate Cardano chain and ADA token on ROVI.money wallet infrastructure. Build foundation for increasing # of unique wallets by 20% MoM.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Milestone 1

• Key Activities/Deliverables

Integration of Cardano as a chain to select in ROVI.money wallet

• Timeline

4 weeks

• Output

Cardano chain in production for all wallet users

• Outcome

Foundation and infrastructure complete to be able to integrate Cardano chain tokens for wallet users to buy/sell/send/transfer

• Success Criteria

All users of rovi.money wallet ecosystem able to use Cardano chain on wallet and able to buy/sell/send/receive tokens in wallet on Cardano chain

• Cost

46000 USD

Milestone 2

• Key Activities/Deliverables

Integration of ADA token in social gaming utility ecosystem of ROVI.money wallet. Users are able to use ADA in their wallet directly to participate across social gaming experiences inside wallet in 1 click

• Timeline

4 weeks

• Output

ADA token integrated and visible and usable inside wallet based social gaming.

• Outcome

New User wallets start getting created in Cardano chain, new gaming transactions will start getting published on Cardano chain, resulting in increase in # of transactions on chain

• Success Criteria

Verifiable, on-chain wallets and transactions visible through explorer/query analytics coming through rovi.money

• Cost

54000 USD

Milestone 3

• Key Activities/Deliverables

Marketing, user acquisition and community building for Cardano based default wallet creation and ADA based social gaming in 2 SE Asia markets (Indonesia, Phillipines) and 1 India market. The acquisition would be done with a combination of local influencer marketing, digital marketing and incentivized marketing triggering a growth loop.

• Timeline

4-8 weeks

• Output

of new users, # of new wallets, # of new transactions scale to 1M transactions and 50,000 users alone on Cardano chain

• Outcome

of wallets and # of transactions increase on Cardano chain post 2 months of project deployment

• Success Criteria

Verifiable, on-chain transactions visible through explorer/query analytics

• Cost

100000 USD

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

All deliverables, outputs and intended outcomes are detailed already in the previous section.

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

Milestone 1

• Key Activities/Deliverables

Integration of Cardano as a chain to select in ROVI.money wallet with support for all tokens on Cardano including Ada

• Timeline

4 weeks

• Cost

46000 USD

1 Blockchain Developers x 50 USD an hour x 160 hours = 8000 USD

2 Backend Developer * 50 USD an hour x 160 hours = 16000 USD

2 Frondend Developer x 50 USD an hour x 160 hours = 16000 USD

1 Project/Product Manager x 50 USD an hour x 80 hours = 4000 USD

Documentation, Communication, Testing = 2000 USD

Milestone 2

• Key Activities/Deliverables

Integration of ADA token in social gaming utility ecosystem of ROVI.money wallet. Users are able to use ADA in their wallet directly to participate across social gaming experiences inside wallet in 1 click

• Timeline

4 weeks

• Cost

54000 USD

2 Blockchain Developers x 50 USD an hour x 160 hours = 16000 USD

2 Backend Developer * 50 USD an hour x 160 hours = 16000 USD

2 Frondend Developer x 50 USD an hour x 160 hours = 16000 USD

1 Project/Product Manager x 50 USD an hour x 80 hours = 4000 USD

Documentation, Communication, Testing = 2000 USD

Milestone 3

• Key Activities/Deliverables

Marketing, user acquisition and community building for Cardano based default wallet creation and ADA based social gaming in 2 SE Asia markets (Indonesia, Phillipines) and 1 India market. The acquisition would be done with a combination of local influencer marketing, digital marketing and incentivized marketing triggering a growth loop.

• Timeline

4 weeks

• Cost

100000 USD

1 influencer per month retainer at 1000 USD * 25 influencers = 25000 USD

CAC per user on youtube/google/ad-networks at 2 USD * 25000 users = 50000 USD

Incentivized marketing @ referral ADA reward (Get X ADA per active user referral) = 25000 USD

[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 primaily linked to the development efforts. The primary execution team is based out of India where all the development of chain, contracts, dapps would be executed from. On an average, a high quality developer hourly cost in the field of Web3/Blockchain comes out to be anywhere between 50 USD per hour to 75 USD per hour. Taking blended fully-loaded average cost to be 50 USD per hour across team/skills, a 4 week milestone with 4 team members would average out to be 8 hours per day x 5 days a week x 4 weeks x 50 USD per hour * 4 team members == 32000 USD. This is in line with our cost projections and proposals.

Secondly - the costs are 1-time to create a foundation and infrastructure over which further huge scale can be built and ongoing costs would skew heavily towards more of user acquisition/marketing/community creations/new-countries-GTM, while ongoing development costs for optimizing scale and new features etc would be lesser - as the core platform is already built out.

[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