Open Source Fiat & Token Accounting System Solution

[GENERAL] Name and surname of main applicant

Drip Dropz

[GENERAL] Email address of main applicant

contact@dripdropz.io

Additional applicants

The DripDropz Team

[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.” .

This project will rely on third party vendors for several components. We are specifying a Stripe integration for fiat based purchases. Every interaction with a public blockchain also represents a dependency. In our initial cases, Access to the Cardano and Arweave networks will be requirements.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

Project will be fully open source.

[METADATA] Category of Proposal

Data tools

[IMPACT] Please describe your proposed solution.

The purpose of this proposal is to create an accounting software that will accept fiat payments for services rendered, and then evaluate that services were performed on the Cardano and Arweave public blockchains. 

Currently, there is no easy way to accept fiat payments for services rendered on the Cardano and Arweave public blockchains. This can be a major obstacle for businesses that want to adopt these blockchains, as it can be difficult to integrate them with existing accounting systems.

The proposed accounting software will solve this problem by providing a simple and secure way to accept fiat payments for services rendered on the Cardano and Arweave public blockchains. The software will be integrated with existing accounting systems via a csv export, making it easy to track and manage transactions.

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

This proposal addresses the challenge in Business solutions - Software products, data management, process management, data management solutions (CRM, ERP etc), privacy products.

The proposed accounting software will provide a number of benefits for businesses, including:

• Ease of use: The software will be designed to be user-friendly and easy to use, even for businesses that are not familiar with blockchain technology.
• Security: The software will be designed to be highly secure, using the latest encryption techniques to protect user data in transmission and at rest.
• Transparency: The software will provide a high level of transparency, allowing businesses to track and manage their transactions that take place on blockchain in real time and move those transactions with verification into standard accounting software.

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

Our project will be successful if our tooling can accept payment from a STRIPE transaction, and verify that a specified action occurred on the Cardano blockchain as a result of the payment, and then records the completion of the full transaction delivery to the end user. This transaction will be exportable via CSV to be imported in accounting tools.

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

The outputs of this project will appear in a Github repository. Videos produced will be hosted on YouTube.

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

DripDropz has a proven track record of delivering high quality products to the Cardano Community. Our core product services nearly 10,000 wallets every 5 days. Team members have provided a wealth of open source software, as well as powerful tools such as Phyrhose and BuffyBot. We are active in the community and are present at all of the major Cardano events, such as NFTxLV, Rare Evo, Cardano Summit, and the Governance workshops.

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

The main goal of this project is to build an accounting system that recognizes fiat payments for services that will require a blockchain component. This system will recognize the fiat payment and the Cardano transaction that accomplished the action. We will validate that our approach is feasible through a rigorous development process that will result in a finished product that will be provided as an open source tool to the community. 

[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: User Journey (2 Months)

• Perform research with developers and accountants to understand pain points with fiat accounting when powering Blockchain transactions.
• Create a User Journey Map
• Provide a video walkthrough of the user journey.

Milestone 2: UX/UI (2 Months)

• Apply the learnings from the first milestone to build the user experience and the user interfaces that will be used to interact with the product.
• Create a Figma document with the UI for the management interface.

Milestone 3: Core Development (6 Months)

• Apply the above learnings and built out experiences to complete the code necessary to provide the service to the Cardano community.
• Perform testing and security analysis.

Milestone 4: Documentation (1 Month)

• Document the full usage of the tool. 
• Provide help documentation for the user interface for provisioning services.
• Perform final check out testing.

Milestone 5: Mainnet Launch (1 Month)

• Launch the product on Mainnet as a SaaS product

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

Milestone 1: An explainer video for the user journey.

Milestone 2: A Figma Document

Milestone 3: A Github repository

Milestone 4: A Github WIKI of product usage documentation

Milestone 5: The Github repository marked as stable release. The SaaS version is live.

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

Milestone 1:

UX/UI Designer: 20000 ADA

Lead Developer: 20000 ADA

Media Team: 15000 ADA

Support Team: 5000 ADA

Management: 8000 ADA 

Milestone 2:

UX/UI Designer: 20000 ADA

Lead Developer: 20000 ADA

Media Team: 15000 ADA

Support Team: 5000 ADA

Management: 8000 ADA

Milestone 3:

Lead Developer: 80000 ADA

Support Team: 15000 ADA

Management: 24000 ADA

Milestone 4:

UX/UI Developer: 5000 ADA

Lead Developer: 20000 ADA

Media Team: 10000 ADA

Support Team: 2500 ADA

Management: 4000 ADA

Final Milestone:

Lead Developer: 20000 ADA

Support Team: 2500 ADA

Management: 4000 ADA

Administrative Overhead for Catalyst Fund Reporting Administration: 17500

Total Budget: 340500

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

The proposed accounting software will provide a number of benefits for businesses, including:

• Ease of use: The software will be designed to be user-friendly and easy to use, even for businesses with accountants that are not familiar with blockchain technology.
• Transparency: The software will provide a high level of transparency, allowing businesses to track and manage their transactions cost in real time.
• These benefits will save businesses time and money, and they will help to improve their compliance with regulations.

The proposed accounting software will also help to accelerate the adoption of Cardano and Arweave public blockchains by businesses around the world. We will also demonstrate cross chain utility with this product.

[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