Logyq Protocol - Social commerce and Digital Product Passport

[GENERAL] Name and surname of main applicant

Ettore Pittui

[GENERAL] Email address of main applicant

e.pittui@gmail.com

Additional applicants

Luca Pedranzini

Alessio Pezzin

Luca Lazzarini Comparin

Enrico Castellani

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

12

[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.”

Our proprietary tracking protocol is not open source, as will be the implementation and training of our AI assistant.

[METADATA] Category of Proposal

dApp

[METADATA] SDG rating

SDG goals:

End poverty in all its forms everywhere

Achieve gender equality and empower all women and girls

Ensure access to affordable, reliable, sustainable and modern energy 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

Reduce inequality within and among countries

Ensure sustainable consumption and production patterns

SDG subgoals:

Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic and public life

Enhance the use of enabling technology, in particular information and communications technology, to promote the empowerment of women

By 2030, ensure universal access to affordable, reliable and modern energy services

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

Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour-intensive sectors

Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services

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

Significantly increase access to information and communications technology and strive to provide universal and affordable access to the Internet in least developed countries by 2020

Key Performance Indicator (KPI):

• Number of female vendors onboarded on Logyq
• Number of micro - businesses that access online sales through Logyq
• Number of micro - businesses that access credit thanks to their history of selling on Logyq

[IMPACT] Please describe your proposed solution.

Our project is the natural evolution of our Fund8 proposal and one that we are undertaking with all the expertise and understanding of the African market that we accrued in the last year working on Logyq. 

After launching our blockchain tracking app, we realized that simply slapping our own blockchain label onto products sold on various e-commerce platforms would not be sufficient to solve the severe trust issues that plague African online commerce. We needed to create a new platform, one that would focus all of its brand and value proposition towards trust, in order to truly fill the gap in African e-commerce.

Thus was born our idea for Logyq Social Commerce, a platform that takes the best insights from e-commerce brands from all around the world - especially Chinese-based Little Red Book and Pinduoduo - and combines it with our deep understanding of the East African market to arrive at a new paradigm for online shopping, one that combines user interaction with blockchain-enabled tracking in order to convey trust to its customers. 

The platform: 

All of our product is built around creating trust for the end user, and all the underlying technology is applied for that same goal.

Over the course of the last year we realized that our tracking protocol alone is not enough for conveying trust, and a holistic, all-encompassing approach is needed in order to make users feel safe about the quality of the service provided and the items that they buy. 

This philosophy is what inspired us to create a new generation social commerce platform, combining best practices from Chinese e-commerce apps with our proprietary tracking technology in order to assure customers that their products are original and that the reviews they read about them have been posted by real people.

In addition to our blockchain labels and verified reviews, users will be able to interact with a virtual assistant powered by AI, which will be able to assist them with basic tasks including solving problems with the app, suggesting clothing sizes for specific items and sorting products based on user prompts. Our AI assistant will evolve over time in order to tailor to each user’s personal taste, gather his feedback and suggest new products to check out based on a user’s search history and feedback. 

Verified reviews will be incentivized by our proprietary token, GYQ, which will power the review ecosystem and distribute value to positive actors within the platform; DIDs such as Atala PRISM will be integrated to further verify the identity of users, in a completely anonymous way.

A scan of the QR code on one of our blockchain labels will enable the product’s buyer to post a review and get rewarded in tokens by the vendor; with this system, the only way to post a review is to buy an item on our own platform, positioning Logyq as a greater source of trust than its competitors.

The nature of the token incentives - which are rewarded automatically and can be spent for discounts on any other product on the platform - makes it so that users are more inclined to write product reviews regardless of their opinion of the item, while on other platforms 90% of reviews spur from either an extremely positive or extremely negative experience.

Since reviews are permanently notarized on the Cardano blockchain and linked to the data of the item they refer to, vendors will need a tool to flag reviews that are false or badly written from being posted: this is where we designed our decentralized dispute resolution mechanism. When a review is flagged by a vendor (in a window of 5 days from posting), other users of Logyq can be summoned to give their opinion on the matter and vote on wether the review is correctly written or not; voters will be rewarded for their efforts in tokens, and we will test and tweak this governance system until it becomes self-sufficient. 

Decentralized Identity Solutions will be integrated into both of these systems, and will strongly augment the security of the whole review ecosystem since it will be possible to anonymously link any review to a DID and be sure of its veracity without disclosing any data about the poster.

Paramount to establishing a strong sense of trust on the platform is user experience: we will tirelessly A/B test our approach in order to arrive at a perfect mix of gamification and ease of use, which will ensure our users feel safe while shopping without having any trouble understanding how to navigate the app.

Finally, our vision of becoming the most trusted platform in the market requires us to select the best products by category and making sure that only good suppliers, vendors and delivery companies are onboarded on the platform, ensuring a great experience for all customers. We will personally vet companies by testing their products and gathering feedback on their offerings, striking a balance between quality and cost in order to offer the best bargain to our customers for any given product category.

Furthermore, by tracking every item sold on Logyq with our blockchain labels, we will be able to offer a vetted second-hand market for our products, enabling circular economy practices and creating further value for our customers. By buying on our platform, in fact, users will be able to access an exclusive second-hand market for their items, with the certainty of being able to sell what they bought at a better price than on competing second-hand channels, because of the lack of intermediate parties in the transaction. 

How it works

The inner workings of our tracking protocol powered by the Cardano blockchain have already been thoroughly explained in our Fund8 Proposal and our V1 Whitepaper, therefore we will not go into detail about it here. 

The one major update to our tracking protocol, which directly ties into our second-hand marketplace feature, is the addition of a Digital Product Passport, which we define as an evolution of our blockchain label which is able to follow a product over its lifetime, registering every modification or maintenance it goes through. While useless for inexpensive and disposable products, it provides real utility for any item which will undergo maintenance throughout its lifetime, especially for the selling of used goods: when accessing the second-hand marketplace internal to Logyq, customers will be able to consult the full history of a given product and be certain of its condition. 

Using product passports for every item enables us to offer more value to our users: by buying on Logyq, they have the option of reselling what they bought directly on the platform, saving on third party fees and ensuring a second life for the products they do not need anymore.

The DPP works as follows: the blockchain label that normally leads to a static, non-modifiable page, instead leads to an interactive page that can be modified by the owner of the product passport, which is linked to a unique Logyq account. Authorized third parties, such as mechanics or tech maintenance workers, can modify the product page as well, by logging in with their account on the Logyq Protocol app. 

When an item is traded, its ownership shifts from the buyer to the seller, who is now able to modify the passport at will. When an item is listed for sale, its passport can be accessed by anyone that wishes to bid on it, in order to correctly gauge its value.

Each user is able to consult all updates on a product passport both on our frontend and by on-chain analysis of product metadata; it is possible to see all past information registered about the item, with timestamps for every posted update. 

For different kinds of products, it is possible to set up a particular DPP with different degrees of modifiability: specific properties can be setup to be modifiable or not, so that a passport might be set up only for adding information to it, or that only some of those properties might be modified while others cannot be.

The e-commerce app itself is built as a centralized marketplace, seamlessly integrated with our tracking protocol so that all products sold on it are tracked with Logyq Protocol and paired with a unique blockchain label. Blockchain labels in turn are the basis for our verified review ecosystem, which leverages QR code scanning and our proprietary GYQ tokens to nudge users to post personal reviews that can be directly traced to the specific bought product; furthermore, prospective buyers and users considering different options can ask specific questions to customers who already bought the item, in a completely anonymous way, and reward the answering party with GYQ tokens.

The app itself is built as a mobile cross platform, so that we will be able to connect to all mobile users in Africa: while a desktop version will be made available later, we will not focus primarily on it since most of internet usage - and virtually all of consumer usage - in Africa is mobile-based.

User experience will be that of a social commerce, with a main “discovery” feed where users will be able to discover new products based on their preferences, including posts from influencers and regular users showcasing and reviewing items; a search bar for looking for specific products; finally, a content creation feature that will enable all users to post their reviews and pictures to the main feed. All this will be accompanied by social networking features that will enable users to connect with their friends, and the possibility of sharing posts across all major social and messaging platforms.

We will integrate payments by striking deals with major African payment providers, such as MomoPay and Flutterwave, and integrating their API into our platform. We have already contacted representatives of both companies and are in the process of closing deals with both of them.

Of course, we will work on integrating ADA and stablecoin payments on the platform; it will also be important for merchants to convert their cryptocurrency to FIAT money, which will be achieved through partnerships with pan-African crypto exchanges such as LBank. It is important to note that the main obstacle to crypto payment integration in East Africa is not technical, but rather legal: regulators in our target countries have very strict rules about cryptocurrency payment, therefore it will take considerable time to establish a good communication channel with government representatives, and arrive at a satisfactory agreement. 

Our AI personal assistant is built upon Stregatto, an open-source tool built on top of OpenAI’s API that’s able to be trained with bespoke data in order to provide personalized responses to questions. Stregatto can be integrated into our app and perform function calls when the assistant is asked question, answering questions and solving problems as if a real person were behind the screen. Users can also be assisted in onboarding the app, by explaining to them the different available features and prompting them to use them in the correct way.

Over time, we will program the bot to interact directly with the app, enabling it to perform complex product research based on prompts, gather user preferences and responses in order to suggest items, and solve ever more complex problems concerning the app.

Business model

Our business model is fairly simple: we collect fees on each sold item , and also sell advertising space and visibility to vendors on the platform.

When we surveyed small e-commerce sellers in African countries, their main problem with existing platforms was their exorbitant take rates of up to 30%; while e-commerce in Africa has historically presented issues with delivery and fulfillment that contributed to higher fees, we believe lowering our platform’s take rate to a healthier 8 to 12% can provide more benefits to our customers. Having lower commissions can lower the overall price of goods while maintaining a high quality standard, which will further empower us to become the leading e-commerce platform in our countries of entry, and later in all of East Africa.

Since the main differentiator of a social commerce platform is its discovery feed - which nudges users to explore new products and services rather than searching for them - staying top of mind for vendors becomes paramount. We will sell advertising spaces and top page visibility to vendors, so that their products or ads will show up more predominantly in our feed, similar to how Instagram and Tik Tok ads work. 

In the future, we will also organize ad hoc advertisement campaigns with partner vendors, selling personalized ads packs that include top feed visibility, custom notifications and an integrated communication strategy.

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

We believe our platform can greatly increase adoption of Cardano and its products by East Africa's population.

Apart from our tracking protocol, we will be leveraging the full suite of IOHK products coming in the next months in order to onboard more people and offer a more decentralized and complete user experience.

Most notably, we will integrate Decentralized Identity solutions such as ATALA Prism as soon as they will be available to the public; DIDs offer an efficient and anonymous way of proving one's identity online, and are therefore the perfect tool to ensure that our verified reviews are posted by real people. Furthermore, users will be able to sign up to the platform with their DID, enabling lightning-quick onboarding without the need for an email address.

Another area which is naturally ripe for integration is that of stablecoins: we believe our platform can be a major adoption driver for Djed, IOHK's algorithmic stablecoin. While it will not be possible to pay with it at launch, we will work hard to solve the regulatory issues that are now present in our markets of entry, and allow users to pay for real-world products with ADA and Djed. At the same time, we will also allow users to pay with other cryptocurrencies, as we believe that in order to drive adoption of blockchain technology it is necessary to cater to the biggest audience possible.

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

Our first measure of success is the satisfaction rate of our customers, which in turn will better the East African's public opinion of online commerce and blockchain technology. We believe this will have ripple effects on the perception of Cardano by our customers, which will in turn drive more awareness of the overall opportunities provided by decentralized technology.

A Net Promoter Score (NPS) over 50 is the result that we are striving for, as it is a good measure of how many of our customers will be active ambassadors of our platform: a 50+ NPS will ensure word-of-mouth growth of both Logyq and Cardano's awareness.

A Net Promoter Score survey asks a simple question: “On a scale from 0 to 10, how likely are you to recommend this product/company to a friend or colleague?”. NPS is calculated by subtracting the percentage of customers who answer the NPS question with a 6 or lower (known as ‘detractors’) from the percentage of customers who answer with a 9 or 10 (known as ‘promoters’).

Our second measure of success is the social engagement rate of our customers, which we will measure by the number of posts and especially reviews posted on Logyq: we will strive for at least 15% of reviews posted for every item bought. This is a very ambitious goal considering the average review rate of 2 to 5%; however, we strongly believe that with our token reward system and gamification UX we will be able to attain this rate.

Product pages with at least one review experienced a 354% increase in conversion rate and a 446% lift in RPV compared to product pages with no reviews, whether or not visitors engaged with the review content (source: https://www.bazaarvoice.com/wp-content/themes/bazaarvoice/_sei-2019/static/downloads/BV19-SEI-Main-NA-Final.pdf); for this reason. we believe our platform will strongly benefit from an higher rate of reviews per item bought.

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

Outputs will be shared on Catalyst reports in order to be available to the whole Cardano community; news relevant to Cardano and Atala will be shared on social media tagging their respective accounts. Deliverables and specific outputs are defined below.

All of our insights about what we are building will inform our strategy decisions further down the line, especially focusing on testing our value proposition.

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

The team at Logyq started out in Fund8 with a good curriculum and a lot of experience in adjacent fields, and has been growing daily in its understanding of the Cardano ecosystem and of the opportunities it creates in the African continent. Since we got funded a year ago, we have grown so much that it will be hard to explain it in just a few words.

We developed our product and iterated on it and on our value proposition countless times, understanding so much about the African market, the Cardano community and the blockchain space as a whole that we are now a different, savvier team that's better able to capitalize on its sinergies in order to deliver the best possible result.

We managed to use our funds to run the company for a whole year, weathering through a disastrous bear market that nullified the possibility of fundraising or an ISPO, and kept working and iterating on our value proposition while delivering on our goals such as publishing our web and mobile app, and creating a Shopify plugin for Logyq that's pending approval.

During the year we added two great members of this team: Luca Lazzarini Comparin and Luigi Bardella Gerbi.

Luca is our Chief Business Developer, with a degree in Economics at the University of Beijing and extensive experience managing import/export and business development for major restaurant chains in China. His knowledge of Chinese e-commerce and import/export dynamics has proven invaluable in the structuring of the next chapter of Logyq, and will continue to be a major driver of innovation for us.

Luigi was our first hire and has proven to be a great full stack developer, fully embracing Logyq's vision of becoming synonymous with trust. He has been a great asset for the company, helping develop all of our products and backend and endlessly testing all of our features to make sure our user experience is spot on.

As for the fund management, now that our Fund8 proposal has been completed we can fully assess our use of funds. We managed to calculate our funding requirements correctly, and had enough to weather a few storms including the bankruptcy of the exchange we first used for converting the ADA, and a rise in the cost requirements for legal compliance in Italy. We demonstrated a correct allocation of budget and a correct assessment of costs with monthly reporting that is available for the whole community to see.

We believe this is more than enough proof of our ability to manage funds properly, and we will continue to use our monthly reports to share our use of funds with the community and keep a direct line of communication with it.

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

GOALS:

Our main goals for the project are the completion of our Digital Product Passport and social commerce Dapp. These goals are equal and there is no subordination relationship between the two.

Our first main goal for the project is successfully launching our social commerce platform in our selected markets of entry, namely Rwanda and Uganda, and a pilot launch for Ethiopia.

We define a successful launch as the publishing of our social commerce app on the Google Play Store, and the full operation of the platform. By definition, our platform will be considered fully operational when it will be capable of executing all of its features, including product discovery and selection, order fulfillment and delivery, a first version of our AI assistant and of course, full integration with our blockchain tracking interface. 

Our second main goal for this proposal is the complete development of our Digital Product Passport. This will be an evolution of our existing blockchain label which will enable modification of a product’s information by authorized users, be it by repairmen/maintenance personnel or a product’s owner. As for the e-commerce platform, development of our DPP will be complete when it will be fully operational and integrated into our main app.

[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.

We have divided our milestones by goal (DPP and e-commerce) and by timeframe, deciding on a 3, 6, and 12 month timeframe. They are defined as follows:

Digital Product Passport

3 MONTHS MILESTONE: Beta ready with full testing done

Key activities: 

• Test transactions done, with working code shown in Catalyst report
• Publishing of UI mockup on our social media/Medium/Catalyst report

Projected cost: 7808 $

6 MONTHS MILESTONE: Fully operational implementation

Key activities: 

• Full integration into existing tracking code
• Deployment into existing tracking app

Projected cost: 10055 $

Social commerce platform

3 MONTHS MILESTONE: Beta available for selected users to try out

Key activities: 

• Selected users trial of the app and feedback gathering
• Product line definition and first contact with suppliers
• UI mockup and A/B testing through user surveys

Projected cost: 4395 $

6 MONTHS MILESTONE: Platform launch in selected cohorts

Key activities:

• Smoke test launch in restricted areas of market entry
• Feedback gathering and ambassador campaign launch
• Distribution of first IOU tokens

Projected cost: 4395 $

12 MONTHS MILESTONE: Fully operational platform in Rwanda and Uganda, selected cohort launch in Ethiopia

Key activities:

• Full launch of platform with accompanying marketing campaign
• Full launch of ambassador program with rewards distributed to both ambassadors and pick-up points

Projected cost: 8785 $

Project management approach

Orchestrating the successful launch of an e-commerce platform is by no means a simple feat, especially considering that our market of entry, East Africa, is not a traditional one with a proven playbook to take a page from.

We will need to be meticulous in putting together the various pieces of the puzzle necessary for success, and will put in place precise KPIs and organizational practices in order to ensure a positive outcome. 

Since we already have extensive experience with development of blockchain tracking, we will start by focusing most of our coding efforts on the DPP, while simultaneously working on the organizational side of things for the e-commerce platform: supply, warehousing, delivery and payment integration will all need to be ready at launch. We have already identified the companies and professionals who will collaborate with us on these matters, and will work on figuring out the details to ensure a smooth launch. 

Six months in, development of our Digital Product Passport will be close to completed and we will focus our coding efforts on the social commerce platform. We will A/B test our UX/UI with selected testers and work on the gamification features that will define our Dapp experience; gathering feedback will be paramount for understanding what works and what doesn’t, and tweaking our product selection and interface in order to deliver the best possible result.

In the last three months of this project, all development will be directed at perfecting the user experience, while our major focus will be on successfully devising a marketing campaign that will bring the best return on investment. Our area of operation will gradually expand to finally include all of Rwanda and Uganda, and selected regions in Ethiopia: this will require a sharper focus on ensuring smooth operation on the platform, while we finalize development and endlessly tweak our UX in order to convey the most trust from our brand.

As per the division of labor within the team, every C-level team member will oversee all aspects of the project within its own department, while Ettore will coordinate the efforts of every department in order to work together towards the completion of the project. Enrico will interface with all team members in order to steer the team’s effort in the right direction, and together with Ettore he will communicate with external collaborators and partners. 

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

Digital Product Passport 

3 MONTHS MILESTONE: Beta ready with full testing done

Output: 

• Test transactions done
• User interface defined and ready for deployment

Intended outcome: 

• Code architecture is proven to be working and ready for full scale deployment

Documentation/report:

• Publishing of UI mockup on our Catalyst report

6 MONTHS MILESTONE: Fully operational implementation in existing app

Output:

• DPP feature is integrated into existing Logyq app and fully functioning

Intended outcome: 

• DPP is live and implementation is possible on blockchain labels

Documentation/report:

• Sample transactions and screenshots are shared on the Catalyst report

Social commerce platform

3 MONTHS MILESTONE: Beta available for selected users to try out

Output: 

• Working prototype of the app with basic features up and running
• Product line defined and contracts drafted with first major suppliers
• UI mockup 
• A/B testing through user surveys

Intended outcome: 

• App beta is working and first user testing can be done on it

Documentation/report:

• App beta is made available to Catalyst users who request it
• UI mockups are published on Catalyst

 

6 MONTHS MILESTONE: Platform launch in selected cohorts

Output:

• App is operational in restricted markets
• “Smoke tests” can be performed where features can be tested by performing them manually in the backend
• Ambassador campaign is launched where we first start tinkering with token incentives
• First IOU tokens are distributed which will be later able to be converted to regular Cardano tokens

Intended outcomes: 

• Platform is operational and value proposition can be tested and tweaked accordingly
• Token distribution begins catching the attention of the population

Documentation/report:

• App is available for download by everyone and can be tested by anyone who wishes to

12 MONTHS MILESTONE: Fully operational platform in Rwanda and Uganda, selected cohort launch in Ethiopia

Output:

• Full launch of platform with accompanying marketing campaign

Intended outcomes: 

• Platform is fully functioning 
• Marketing campaign is ongoing and user acquisition costs can be measured and compared to benchmarks

Documentation/report:

• Full featured app is available to anyone and proof of successful fulfillment of orders is made available to anyone

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

Cost Breakdown:

COMPANY LEGAL COMPLIANCE: 28086,00 $

- NewCo setup for East African operation: 7864 $

- Token legal compliance: 20223 $

• Due diligence for utility token
• Due diligence for token distribution (ISPO, SAFT, SAFE, public or private sale, airdrop)
• Contracts and terms and conditions drawing up

TECHNOLOGICAL INFRASTRUCTURE AND DEVELOPMENT: 38630,00 $

Development costs are calculated by estimating the number of days (working hours:8) needed to complete a particular task; the number of days has then been multiplied by our estimation of daily costs for a developer, based on what we already paid for the past year. Our daily cost estimation is:

• Frontend developer: 275 $ /day

• Backend developer: 315 $ /day

• Blockchain developer: 355 $ /day

Infrastructure: 9235 $

• Cloud and database:

 Monthly cost: 17 $ for 12 months = 202 $

• Cardano node maintenance:  

Monthly cost: 56 $ for 12 months = 675 $

• Blockchain transaction costs: 

Monthly cost: 23 $ for 12 months = 270 $

• APIs:

Monthly cost: 112€ for 12 months = 1349 $

• DevOps Engineer consulting: 6740 $

DPP development: 344 hours = 43 days = 13385 $

• Project set-up and technical documentation: 32 hours = 4 days = 1260 $

• Web app frontend main pages: 12 days = 96 hours = 3300 $

• Auth/permission: 24 hours = 3 days = 945 $

• Current Logyq backend integration: 48 hours = 6 days = 1890 $

• Backend update info feature: 24 hours = 3 days= 945 $

• Backend append feature: 24 hours = 3 days= 945 $

• Digital Passport settings definition and implementation: 16 hours = 2 days = 550 $

• Blockchain development: 56 hours = 7 days= 2485 $

• Cardano node setup and maintenance: 24 hours = 3 days = 1065 $

Social commerce development: 392 hours = 49 days = 15920 $

• Project set-up and technical docs: 48 hours = 6 days = 1890 $

• Mobile app main pages front-end: 96 hours = 12 days = 3505 $

• Auth/permission: 24 hours = 3 days = 945 $

• Current Logyq backend integration: 48 hours = 6 days = 1890 $

• Settings, notification MVP: 16 hours = 2 days = 590 $

• Blockchain development: 120 hours = 15 days = 5325 $

• Cardano node setup and maintenance : 40 hours = 5 days = 1775 $

MARKETING AND ONLINE PRESENCE: 29209,00 $

•  Graphic designer for site, infographics and social media presence: 2808 $

• UX/UI design: 3932 $

• Online advertisement budget: 22469 $

Total requested: 95925,00 $ = 309223.54 ADA

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

We believe with the resources devoted to this project, we can return great dividends to the Cardano ecosystem, driving adoption and awareness in the markets it is most suited to spread in. 

We have kept costs to a minimum in every department, just as we did with our Fund8 proposal, and have demonstrated the ability to utilize the funds in the most efficient way possible. 

For what pertains to development, we have calculated the working hours needed for completion of the project as precisely as possible, and have used salary estimations on the low end of the spectrum, especially in Europe. 

Legal expenses have grown considerably since our last proposal, because our lawyers helped us realize that the Italian legal discipline regarding cryptocurrency is stricter than expected, and we will need to take a different route than previously thought. We have partnered with Legal Nodes for the token compliance and have already devised a strategy that will enable us to emit tradable tokens in Europe.

As for marketing, we also realized that the expenses we had calculated in our previous proposal were much lower than necessary, and we decided to increase them considerably, especially considering that an e-commerce platform is very much dependent on paid customer acquisition at launch.

Through Enrico, we have made a connection with Djungle Studio, a startup studio that will help us define CAC and CLTV metrics and better them overtime, in exchange for equity in our company.

Furthermore, as stated previously, the founders do not get any compensation from this because we believe that the project will get profitable in due time and we will work tirelessly to ensure it does.

[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