MobileDEX : Decentralized Exchange with Ghanaian Mobile Money Payment Options.

[GENERAL] Name and surname of main applicant

Kenneth Boateng

[GENERAL] Email address of main applicant

kboateng396@gmail.com

Additional applicants

Howard Koduah

[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?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.” .

• Cardano Foundation: As the organization behind the Cardano blockchain, the project may have dependencies on the Cardano Foundation for technical support, updates, and compatibility with the blockchain network.
• Mobile Money Service Providers: The integration of Ghanaian mobile money payment options would require collaboration and cooperation with the mobile money service providers themselves. The project's success may depend on establishing partnerships and integrating their APIs effectively.
• Regulatory Authorities: Compliance with regulatory standards and requirements may be necessary for operating the decentralized exchange. Depending on the jurisdiction, the project may have dependencies on regulatory authorities to ensure legal compliance.
• Third-Party APIs and Services: The project may rely on various third-party APIs or services for additional functionality or data integration. These dependencies would need to be properly integrated and maintained.

[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.”

While the functionality outputs of the project will be shared openly, utmost care will be taken to ensure the privacy and confidentiality of sensitive user data, which will not be shared.

[METADATA] Category of Proposal

Exchange

[METADATA] SDG rating

1. SDG 9: Industry, Innovation, and Infrastructure - The project promotes innovation by leveraging blockchain technology and developing a decentralized exchange. It contributes to building resilient infrastructure, promoting inclusive and sustainable industrialization, and fostering technological advancement.
2. SDG 8: Decent Work and Economic Growth - By enabling digital asset trading and expanding investment opportunities, the project supports economic growth and employment generation. It empowers individuals to participate in the digital economy, fostering entrepreneurship and sustainable economic development.
3. SDG 10: Reduced Inequalities - The project aims to address financial exclusion by providing accessible digital asset trading for Ghanaian mobile money users. It contributes to reducing inequalities by offering equal opportunities for individuals to participate in the digital asset ecosystem and benefit from its economic potential.

[IMPACT] Please describe your proposed solution.

In Africa, acquisition of cryptocurrency is arduous and demanding. This can be done by purchasing it on an exchange using a credit card/debit card or by peer-to-peer(P2P) trading. A larger percentage of the population prefer to use mobile money payment methods than using credit/debit cards. Also in P2P trading, a trader can be easily duped during the exchange of funds. The proposed solution aims to create a secure and user-friendly platform that enables individuals to easily purchase cryptocurrencies using Ghanaian mobile money services. By leveraging the Cardano blockchain and integrating mobile money payment options, the platform will provide a seamless and accessible experience for users to convert their mobile money funds into cryptocurrencies. The emphasis is on simplicity, convenience, and ensuring the security of transactions, enabling individuals to participate in the crypto ecosystem without the complexities of traditional trading platforms.

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

• Increased Adoption: Economic and Financial data from the bank of Ghana (B.O.G.) revealed that the total value of mobile money transactions in the country rose to GH₵83.8 billion in April 2021 compared with GH₵32.8 billion in April 2020.This is a jump by GH₵51 billion and it is expected to keep increasing. Integrating Ghanaian mobile money services with the Cardano blockchain encourages wider adoption of both the blockchain technology and cryptocurrencies. This expands the user base and strengthens the Cardano ecosystem.

• Improved Liquidity: By providing a user-friendly platform for buying cryptocurrencies, the solution contributes to increasing liquidity within the Cardano ecosystem. This enhances the overall trading experience and attracts more participants, resulting in a more vibrant and active marketplace.

• Trust and Security: Leveraging the Cardano blockchain ensures the security and transparency of transactions. Users can have confidence in the integrity of their transactions and the safety of their funds, thereby building trust in the ecosystem and attracting more users.

• Ecosystem Expansion: The integration of Ghanaian mobile money services expands the utility and use cases of the Cardano ecosystem. It opens up opportunities for further innovation, collaborations, and partnerships with mobile money service providers and other stakeholders in the financial and blockchain sectors.

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

• User Adoption and Engagement: Monitoring the number of users onboarded onto the platform, the frequency of transactions, and user engagement metrics such as active users and average transaction volume can indicate the project's adoption and success. Also, success would be measured based on the number of new users signing-on to the platform.

• Transaction Volume and Liquidity: Tracking the total transaction volume and the liquidity of the platform's markets can provide insights into the level of activity and interest generated within the ecosystem. Higher transaction volumes and increased liquidity indicate a thriving marketplace.

• User Feedback and Satisfaction: Conducting surveys, gathering user feedback, and monitoring customer support interactions can gauge user satisfaction with the platform. Positive feedback, high ratings, and low complaint volumes indicate a successful user experience.

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

The team share output and results on all Cardano Social Media platforms, all linked funded projects that would MobilDex platform for integration and upscaling. The commercialization of the product and output would require collaboration with other Cardano Tech sponsored/funded projects.

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

The team of experts working on the project are made up of computer engineers, financial consultants, bankers and agribusiness consultants. The have vast and varied experience in the areas of project management, finance, AI, application software development and business analytics. The team also has vast knowledge in the area of blockchain technology and its applications, cryptocurrency with significant appreciation of the various mobile money platforms.

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

The main goals of the project are to create a decentralized exchange on the Cardano blockchain that enables users to purchase cryptocurrencies using Ghanaian mobile money services.

To validate the feasibility of the approach, several steps would be taken:

1. Technical Assessment: Conduct a comprehensive technical assessment to ensure the compatibility of integrating Ghanaian mobile money services with the Cardano blockchain. Evaluate the feasibility of building the decentralized exchange on the Cardano platform, considering its capabilities, scalability, and available development resources.
2. Market Research: Perform market research to understand the demand for crypto purchases using mobile money in Ghana. Assess the potential user base, competition, and regulatory considerations to validate the market viability of the project.
3. Proof of Concept (PoC): Develop a proof of concept or minimum viable product (MVP) to validate the technical feasibility and usability of the proposed solution. Test the integration of mobile money services with the Cardano blockchain, ensuring smooth transactions and a seamless user experience.
4. User Feedback and Validation: Gather feedback from potential users, mobile money service providers, and industry experts to validate the approach. Incorporate their input and suggestions to refine the project's design and functionality, ensuring it aligns with user needs and expectations.
5. Financial and Resource Assessment: Conduct a detailed financial analysis to assess the project's cost implications, revenue potential, and sustainability. Evaluate the availability of resources, including funding, development expertise, and partnerships, to ensure the project can be executed within the determined constraints.

[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 breakdown of the project's milestones, main tasks, and expected timeline for delivery over a 12-month period:

Milestone 1: Project Initiation and Planning

• Define project scope, goals, and requirements.
• Conduct market research and feasibility analysis.
• Identify and onboard necessary team members or external partners.
• Establish project timelines and resource allocation.

Expected Timeline: Month 1

 

Milestone 2: Technical Development

• Set up the development environment and infrastructure.
• Integrate Ghanaian mobile money APIs with the Cardano blockchain.
• Develop the user interface (UI) and user experience (UX) design for the decentralized exchange platform.
• Implement secure wallet functionality for users to store their cryptocurrencies.

Expected Timeline: Months 2-4

 

Milestone 3: Smart Contract Development

• Design and develop smart contracts for transaction processing and security.
• Implement smart contract functionalities for buying cryptocurrencies using mobile money payments.
• Conduct extensive testing and security audits to ensure the reliability and robustness of the smart contracts.

Expected Timeline: Months 5-6

 

Milestone 4: Platform Integration and Testing

• Integrate the developed components, including the mobile money payment gateway, smart contracts, and UI/UX design.
• Conduct comprehensive testing to identify and fix any bugs or issues.
• Perform security testing to ensure the platform's resistance to vulnerabilities and potential threats.

Expected Timeline: Months 7-8

 

Milestone 5: User Onboarding and Launch Preparation

• Develop user onboarding processes, including account creation and verification.
• Implement KYC/AML (Know Your Customer/Anti-Money Laundering) procedures to comply with regulations.
• Prepare marketing and communication strategies for platform launch.
• Develop educational materials and user guides to assist users in navigating the platform.

Expected Timeline: Months 9-10

 

Milestone 6: Platform Launch and Initial Operations

• Deploy the decentralized exchange platform to production servers.
• Open the platform to the public and onboard initial users.
• Monitor platform performance and address any technical issues that may arise.
• Provide customer support and gather user feedback for further improvements.

Expected Timeline: Months 11-12

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

Milestone 1: Project Initiation and Planning

• Deliverables: Project scope document, market research report, project team and roles identified, project plan and timeline.
• Outputs: Clear understanding of project goals and requirements, market insights, established project team and timeline.
• Intended Outcomes: Well-defined project scope, identified market opportunities, and a solid foundation for project execution.

Milestone 2: Technical Development

• Deliverables: Development environment setup, integrated mobile money APIs with Cardano blockchain, UI/UX design, functional wallet implementation.
• Outputs: Development environment ready, successful integration of mobile money services, user-friendly interface, secure wallet functionality.
• Intended Outcomes: Technical infrastructure in place, ability to process mobile money transactions, user-friendly platform with secure wallet storage.

Milestone 3: Smart Contract Development

• Deliverables: Developed smart contracts, thorough testing and security audit reports.
• Outputs: Functional smart contracts for transaction processing, security-tested and audited codebase.
• Intended Outcomes: Secure and reliable smart contracts enabling seamless cryptocurrency purchases using mobile money.

Milestone 4: Platform Integration and Testing

• Deliverables: Integrated platform components, comprehensive testing reports, security testing results.
• Outputs: Fully integrated platform, resolved bugs and issues, security-tested system.
• Intended Outcomes: Seamless integration of mobile money payment gateway, stable platform with high performance, secure and reliable system.

Milestone 5: User Onboarding and Launch Preparation

• Deliverables: User onboarding processes, KYC/AML procedures, marketing and communication materials, educational resources.
• Outputs: Streamlined user onboarding, implemented compliance procedures, marketing and communication assets, user guides.
• Intended Outcomes: Smooth user onboarding experience, compliance with regulations, effective platform promotion, user education and adoption.

Milestone 6: Platform Launch and Initial Operations

• Deliverables: Deployed platform, user feedback, operational monitoring reports.
• Outputs: Live platform accessible to the public, user feedback and suggestions, operational performance reports.
• Intended Outcomes: Successful platform launch, positive user experiences, continuous monitoring and improvement for ongoing operations.

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

• Development Team: 172450
• Blockchain Integration: 68980
• Mobile Money Integration: 34490
• User Interface (UI) and User Experience (UX) Design: 34490
• Security and Compliance: 51735
• Testing and Quality Assurance: 34490
• Infrastructure and Hosting: 17245
• Marketing and User Acquisition: 34490

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

The cost of the project represents value for money for the Cardano ecosystem in several ways:

1. Enhanced Adoption: By building a decentralized exchange that enables transactions with Ghanaian mobile money payment options, the project expands the reach of the Cardano ecosystem to a new user bas
2. Market Expansion: By integrating Ghanaian mobile money services into the Cardano ecosystem, the project taps into the thriving mobile money market in Ghan
3. Trust and Security: The project's emphasis on secure transactions and robust smart contracts enhances trust and confidence in the Cardano ecosyste
4. Technological Advancement: The development of a decentralized exchange with mobile money integration showcases the technical capabilities and innovation of the Cardano ecosyste
5. Value Proposition: The convenience and accessibility offered by the project's solution provide a compelling value proposition for user
6. Platform commercialization: The MobileDex platform would be commercialized to generate revenue for App sustainability, upgrading and advancemen

[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