🇻🇳 Developing a trial auction platform to help users avoid the risks of losing money and missing out on successful auction opportunities due to lack of experience in auctions on exchanges.

[GENERAL] Name and Surname of Main Applicant

Son Nguyen

[GENERAL] Email address of Main Applicant

Sonlearn155@gmail.com

Additional Applicants

Khuat Dinh Thanh

Email: thanh211200866@lms.utc.edu.vn

TienTung

Email: tung211200893@lms.utc.edu.vn

Tien Dung 

Email: dung201200061@st.utc.edu.vn

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

6

[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 outputs 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

dApp

[IMPACT] Please describe your proposed solution.

Nowadays, with the development of Blockchain technology, a large number of NFTs are created by artists, including some very unique NFTs. Instead of selling them at regular prices, competition among buyers will cause these NFTs to increase in price beyond the starting point and the opportunity will be shared equally among everyone. Therefore, we decided to create an experimental NFT auction platform on the Cardano platform, where everyone can experience get acquainted, and expert in the auction processes on the Cardano platform, experience the wonderful things that smart contracts can bring to everyone and ensure safety and transparency.

When users join the platform, there will be binding features:

• Each participant can track how many bidders and the total bids they've made.
• The final value of an NFT will depend on competition among buyers.
• This type of auction is often used to sell NFTs and attract a large number of interested people.

The final highest bid during the auction period will determine the auction winner who then buys the NFT at a price equal to their bid. There are a few principles about the auction platform:

For customers who are auction participants:

• Customers will start bidding at a base price but the product will be sold to the highest bidder. They must bet according to the multiples that were tied up when participating in that auction.
• When users raise 1 satisfactory price, they need to deposit their money to ensure the transparency and fairness of that auction.

For bidders:

• People who want to sell their hot products need to go through a vote of users to ensure that the products they are about to put on the auction floor will be supported by many people and buy it.
• After the vote is approved, the bidder will have the right to create an auction room to put the products up for auction. At this point, they will have to bind the initialization of values: the starting price of the asset, the regulation of multiples when raising a new price, how long the auction lasts.

And because this is an experimental NFT auction platform, when users experience our features, they will be rewarded with a certain amount of ADA. Moreover, when someone finds a bug on our platform, they will receive a much larger reward than the reward they receive when experiencing the service.

Creating a test NFT auction platform not only receives attention and participation from the Vietnamese community, but also creates a new decentralized platform for Blockchain technology in trading and owning digital assets. This platform attracts artists, developers, and users. It is a playground that helps them get acquainted with the auction process on the Blockchain platform, which is the precursor to the official NFT auction platform later.

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

Our solution will solve the following challenges:

• Provide an intermediary auction platform MVP: provide an auction platform MVP for cardano, where people directly experience the process of auctioning your NFT products just like experiencing a real auction process.
• Increase positive user’s feedback: Providing user experience features on an experimental platform will contribute to an increase in the number of positive user feedback on the platform.
• Develop community:  Providing a test platform will create an experience environment for those who have no economy to participate in real NFT auction services, want to participate in the experience on the platform MVP, thereby attracting the more people join the platform, the more people will know about the Cardano community.

Benefit for Cardano:

• Provide a trial auction platform: Provide an auction platform (MVP) for Cardano that helps users directly experience and expert the auction process of their NFT products like experiencing an auction process. Real prices on other platforms improve your chances of success and avoid wasting money in auctions.
• Increase positive user feedback: Providing experience features on the experimental platform to users will contribute to increasing the number of positive user feedback about the platform.
• Develop community: Providing a testing platform will create an experiential environment for people without economic conditions to participate in real NFT auction services, who have a need for experience to help master auction skills for users improve the success rate, avoid losing money in auctions thereby attracting users to participate in the platform thereby attracting more people to the platform, more people will know about the community Cardano more.

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

We will base on criteria: 

• Users Participants: The number of participants experiencing the platform.
• Users feedback: Survey and user feedback on new gamification features.
• Develop community: More people joining the platform means more and more people know about the Cardano ecosystem. Growth in the number of new users joining the Cardano ecosystem.

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

We already have plans:

• Implement the marketing campaign, product advertising. 
• Implement promotional events, discounts on services provided to users in order to attract users to the project.
• Create videos posted on social networking platforms such as Facebook, YouTube, twitter to serve as documents to introduce and guide users to use the platform's functions.

Impacts and opportunities after project completion: 

• The pilot auction platform will provide a playground for everyone to be able to bid on their products.
• Strong impact on users in the transition of web2.0 to web3.0 platforms on the Cardano ecosystem.
• At the same time, the development of this platform will make it accessible to participants and everyone will be given an equal share of opportunities.

Next development direction:

• Complete the product: Continue complete features of the product, deploy it on the production environment, then the project will be a complete version running on the main net. In addition, the project will still integrate user experience features for those who need to experience.
• Develop community: We are constantly attracting users to join the platform to increase the number of people involved in developing the platform.

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

Here are some pieces of evidence showcasing our capabilities to execute the project:

• Expertise and Experience: Our team members include one professional as an instructor, with several years of experience in the Blockchain field and success in funding calls in fund phases 6, 7, and 8. Additionally, there are 3 students who have experience working on and developing the Cardano blockchain. They have programming experience with languages such as Haskell, Plutus, Python, PHP, Java, etc. They also have experience participating in research projects to build applications on the Cardano blockchain platform.
• Transparent Governance and Communication: We believe in maintaining transparency throughout the project lifecycle. We will establish clear communication channels to keep stakeholders informed about project updates, progress, and challenges. Regular reports and updates will be shared to ensure transparency and accountability.
• Financial management: Effective fund management is extremely important. To demonstrate responsible fund management for a project, we will follow the following steps and procedures: 

+ Budget planning: We will develop a detailed budget plan outlining the allocation of funds for each milestone and activity of the project. This plan will be shared with stakeholders for review and approval.

+ Financial control: We will establish strong financial control measures to ensure that funds are used in accordance with the approved budget. This includes maintaining accurate records, implementing cost monitoring mechanisms, and conducting regular audits.

+ Escrow services: To enhance trust and accountability, we may engage the services of a reliable third-party escrow provider. This will ensure that funds are released based on achieving predetermined milestones and defined outcomes.

+ Transparent reporting: Regular financial reports will be prepared and shared with stakeholders, providing visibility into the project's financial status. These reports will include details on costs, income, and any deviations from the budget.

+ Compliance and legal considerations: We will adhere to all legal requirements and regulations pertaining to financial management, ensuring proper governance and compliance throughout the project.

By combining our expertise, transparent management practices, financial control, and a commitment to open communication, we are confident in our ability to deliver the project with a high level of reliability and accountability.

[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 as follows:

Goal 1: Develop an Auction platform MVP easy-to access and friendly for people on Cardano.

Evaluation:

• User Testing: Conduct user testing with a diverse group of users to ensure an easy-to-use platform, intuitive interface, and accessibility for non-technical individuals. 
• Feedback Analysis: Gather user feedback and opinions to assess their satisfaction level with the platform and identify areas for improvement. 
• Acceptance Rate: Measure the number of users actively participating in activities through the platform to validate its true appeal and acceptance.

Goal 2: Promote community engagement and collaboration in the Cardano ecosystem.

Evaluation:

• Community Engagement: Monitor the level of participation, positive discussions, and collaboration among community members supported by the platform. 
• Feedback from Stakeholders: Gather feedback and opinions from community members, token owners, and project owners regarding their experience with the platform MVP and its impact on their participation in the ecosystem.

Goal 3: Promote decentralization and inclusivity in auction activities on Cardano. 

Evaluation: 

• Accessibility Metrics: Measure the number of non-technical users who have utilized the platform to verify its accessibility. 
• Engagement of Diverse Stakeholders: NFT traders holding high-value and rare NFTs, attracting NFT markets to participate in buying and selling through auctions on the Cardano platform.

The goals of the project involve both quantitative and qualitative measurements. Although some goals can be quantified, such as acceptance rate or auction property volume, but others, such as user experience and community engagement, qualitative analysis may be required through feedback, surveys, and discussions. The combination of user feedback, acceptance rate, community involvement and market activity will be used to assess how successful the project is in achieving its objectives.

[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.

Fund 10: ( Since the funding was granted ) 

Total time: 6 months 

1 - Project & Planning Research

• Task:
• Assemble the project team, define the scope and requirements of the project, identify key risks, and establish communication channels.
• Technical architecture design. 
• Start designing UI/UX.
• Success criteria: The project team assembled, requirements documentation, solution architecture outlined, and initial UI/UX design outlined.
• Timeline: 1 month 

2 - Platform Development and Testing Phase 1

• Task:
• Develop smart contract ( Develop a voting system to censor the list of assets before putting assets up for auction )
• Design UI, UX for the platform ( design platform, interview and finalize )
• Develop backend ( integrate API, design database, ...)
• Frontend Development ( develop user interface )
• Project management ( planning, organizing, and controlling resources, tasks, and activities to achieve specific project goals )
• Success criteria: Smart contracts according to the initial criteria, friendly, beautiful user interface, test reports and documentation.
• Timeline: 1 month

3 - Platform Development and Testing Phase 2

• Task:
• Develop smart contracts ( develop royalty distribution system ) 
• Develop backend ( Develop modules: login, register, create and manage auction, statistics, ... )
• Frontend Development ( develop user interface )
• Project management ( planning, organizing, and controlling resources, tasks, and activities to achieve specific project goals )
• Success criteria: Build an auction system based on agreed rules. Track your asset's bet metrics on test net
• Timeline: 2 months

4 - Documentation and Launch Preparation 

• Task:
• Installation documentation and user manual. 
• Survey different customer files about MVP auction platform.
• Marketing strategy drafts, brochures 
• Test and develop sub-features.
• Deploy the platform on test net network.
• Success criteria: The platform works smoothly on the main net. Documentation and marketing strategies, manuals and installation instructions are completed.
• Timeline: 1 month

5 - Finalize Product and Launch

• Task:
• Deploy an auction platform into a production environment 
• Interact with the community through social media, forums, and events to promote the platform.
• Collect user feedback and monitor platform usage.
• Success criteria: Collect user feedback and improve the platform with user feedback, opinions, and satisfaction.
• Timeline: 1 month

6 -  Maintenance and Improvement

• Task:
• Ongoing storage costs 
• Customer Support Tools 
• Continuity of security measures
• Success criteria: Collect user opinions, number of improved features, and maintenance of the platform.
• Timeline: Ongoing

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

Milestone 1: Project Planning and Research 

Deliverables:

• Detailed project plan documents and comprehensive market research reports. 
• Technical architecture design. 
• Start designing UI/UX.

Outputs:

• Project plan documentation 
• Background Blueprint

Intended Outcomes:

• Complete blueprint and market research 
• Documentation of the interface and technical architecture of the platform.

Milestone 2: Platform Development Costs Phase 1

Deliverables:

• Complete the basic framework of the test auction floor including:
• Deploy a smart contract that builds a complete set of auction rules.
• User interface design 
• API integration

Outputs:

• Smart contracts according to the initial criteria 
• Friendly, beautiful user interface
• UI and UX design for the platform

Intended Outcomes:

• Designing used interface
• Interact with voting system ( smart contract )
• UI and UX design for the platform ( PDF )

Milestone 3: Platform Development Costs Phase 2

Deliverables:

• The minimum viable product ( MVP ) that has been fully tested on the platform includes: deployed smart contracts on the Cardano blockchain, design and develop user interface and develop backend.
• Test and deploy on test net network 

Outputs:

• Users can already use the platform ( MVP ) on the test net.
• Test documentation
• Develop a voting system to censor the list of assets before putting assets up for auction

Intended Outcomes:

• An active MFP is ready for initial user feedback. 
• Test user experience in different areas of the platform

Milestone 4: Documentation and Launch Preparation 

Deliverables:

• Test user experience in different areas of the platform
• Collect comments from the community, suggestions to improve the platform.

Outputs:

• Improved platform MVP to meet user satisfaction 
• Enhance user experience

Intended Outcomes:

• Documentation of user feedback on the platform
• Develop and improve new features based on user maintenance

Milestone 5: Finalize Product and Launch

Deliverables:

• Final product launch 
• Product Brochures (MVPs) 
• The platform is refined based on user feedback and suggestions.
• Complete documentation, including instructions for use and specifications.

Outputs:

• Complete platform version 
• Complete documentation

Intended Outcomes:

• The platform is optimized based on user feedback and suggestions. 
• Comprehensive documentation for users.

Milestone 6: Support and maintenance after launch

Deliverables:

• Collect feedback from the community since the launch of the MVP platform. 
• Support and improve user experience and develop new features.

Outputs:

• Number of feedback on the platform 
• Number of improved features 

Intended Outcomes:

• Platform support and maintenance
• Expand user reach and improve user feedback

To monitor the progress of the project, the following measures can be used:

Works on GitHub:

• GitHub is an environment where project code is stored, where team members can work together without working directly with each other, saves a lot of time for members, can be public for everyone to see and measure our progress written in the proposal. Each weekend, the tech lead summarizes what the team members have done and will publish it on GitHub so everyone can follow our progress. 
• Timelines: Track the completion of milestones and tasks within defined timelines to ensure timely progress.
• Deliverable Completion: Evaluate the completion of the deliverables outlined for each milestone to evaluate progress and compliance with project objectives.
• User feedback: Collect user feedback and opinions at different stages of the project to understand satisfaction, usability and areas of improvement.
• Community engagement: Monitor community engagement through social media, forums and events to gauge interest and participation in the project.

By monitoring these measures, the project team can evaluate progress, identify areas for improvement and ensure that the project is on track to achieve the intended results.

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

Budget:

• Research Costs: 1500 ADA
• Development Costs: 12850 ADA 
• Infrastructure and Hosting: 1000 ADA 
• Marketing and Interacting Community: 3500 ADA
• Operating: 3650 ADA
• Project management Costs: 7500 ADA

Total costs: 30000 ADA 

You can see the details of our budget:

https://docs.google.com/spreadsheets/d/1GIwFvvOyLJQEMoCzBkn675NOV_-4DrIB/edit#gid=1964447701

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

• Our project costs bring significant value for money to the Cardano ecosystem due to our team's expertise, operational efficiency, and our strategic approach to resource usage.
• My team includes skilled experts who have experience in large-scale platform development. This high level of expertise can increase costs but it also ensures that we provide high-quality solutions designed to stand the test of time, resulting in long-term savings for the ecosystem.
• Budget in our project has been decided and based on average for software development professionals in Vietnam, one of the countries working on extremely large overseas projects, reflecting the high level of expertise and quality assurance that we bring to this project. 

Finally, the goal of our project is to provide the Cardano community with solutions that not only solve current problems, but also open up new opportunities. By investing in our project, the community is investing in the potential for the future growth and innovation in the ecosystem.

[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