FIDA: Etherisk contracts on Cardano

[GENERAL] Name and surname of main applicant

Rodolfo Hansen

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Not Incorporated)

[GENERAL] Co-proposers and additional applicants

Susanne Austin

[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] Summarize your solution to the problem (200-character limit including spaces)

By allowing Cardano wallets to interact with etherisc contracts on EVM chains, Fida is able to offer insurance agencies on those platforms through its collaboration with etherisc.

[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 is a collaboration between Fida Finance and Etherisc to make collateral locked on Cardano (through Fida Finance) work. In the development of this solution we will need to coordinate potential bridging of assets

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

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

The smart contract code on both sides Cardano + EVM required to have this feature work will be on Fida's github repo

[METADATA] Horizons

Financial Services

[SOLUTION] Please describe your proposed solution

We will write code enabling etherisc opportunities to show up for Fida investors on our platform.

This is a strong first step in Fida's chain agnositc mission of closing the insurance protection gap through decentralised products and it is with a community sharing the same ideals of decentralised insurance.

We will map an etheric insurance pools to a Fida policy and allow investors to purchase cards in support of this pool. The capacity supplied by this sale will find its way back to the etherisc pool and premium benefits will be delivered to the Fida capacity card holders as per Fida's mechanism.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

It is proof of two projects collaborating across chain boundaries, with the potential to introduce ethereum users to the security of Cardano. Additionally, it opens up for providing capacity in the opposite direction later on.

It will be a huge step in the development of the insurance ecosystem within the Cardano nation.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Both Fida and Etherisc have working systems and code. You can find on chain evidence for both our efforts. The harder part will be the cross-chain communication, which may simply be cross-chain message signing, but the funds are required in order to dedicate time into building this.

Here's Etherisk's work with Lemonade Crypto Climate Coaltion:

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Milestone Output:

Establish simple contract interaction between Cardano and EVM chains

Acceptance Criteria:

A proof of concept smart contract execution done by a Cardano wallet on an EVM chain.

Evidence of Completion:

On chain transactions highlighting the execution of the smart contracts and the roundtrip execution demonstrating the state transfer.

Milestone Output:

Adapting the existing Fida smart contracts to support the process

Acceptance Criteria:

Fida risk transfer can register and signal the etherisk gif on a selected chain

Evidence of Completion:

On chain transactions highlighting the execution of the smart contracts and the roundtrip execution demonstrating the state transfer.

Milestone Output:

Adapting the existing Etherisk smart contracts to support the process

Acceptance Criteria:

Etherisk can receive and output signals in such a way Fida can supply the appropriate payloads to the on-chain smart contract code to finish the loop.

Evidence of Completion:

On chain transactions highlighting the execution of the smart contracts and the roundtrip execution demonstrating the state transfer.

Milestone Output:

Establish payout to a Cardano addresses

Acceptance Criteria:

Now the Fida - Etherisk interaction is fully enabled, and Capacity provided on Cardano gets paid out a wallet on Cardano triggered by the Eherisk system.

Evidence of Completion:

On chain transactions highlighting the execution of the smart contracts and the roundtrip execution culminating in the transfer to the registered policy holder of the ehterisk.

Milestone Output:

Establish payout to an EVM addresses

Acceptance Criteria:

Now the Fida - Etherisk interaction is fully enabled, and Capacity provided on Cardano gets paid out a wallet on the Etherisk chain triggered by the Eherisk system.

Evidence of Completion:

On chain transactions highlighting the execution of the smart contracts and the roundtrip execution culminating in the transfer to the registered policy holder of the ehterisk.

Milestone Output:

Produce report and show integrated website

Acceptance Criteria:

Fida investors can provide capacity for Etherisk contracts.

Evidence of Completion:

Users can go to our testnet and run through the entire system.

[RESOURCES] Who is in the project team and what are their roles?

Rodolfo Hansen - Co-Founder, CEO

Sławomir Śledź - Co-Founder, CTO

The rest of the Fida team and community

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

The monthly costs for this project by role is:

• Product Owner $58p/h
• Architect $60p/h
• UI/UX Designer $30p/h
• Backend + Plutus Developer $40p/h
• Frontend Developer $35p/h
• Automated Tester $30p/h

Over the 8 month period, these costs settle to:

• Product Owner $3,016.00 Working full time (52 hours).
• Architect $6,180.00 Working part time (103 hours).
• UI/UX Designer $1,560.00 Working part time (52 hours).
• Backend + Plutus Developer $65,360.00 Working full time (1634 hours).
• 2 Frontend Developers $9,030.00 Working full time (258 hours each).
• Automated Tester $15,480.00 Working part time (516 hours).

For a total of $165,986.00 which is (at the time of writing) ₳490,733.20 slightly above the requested funds. All additional costs will be handled as needed out of pocket e.g. server costs, online service fees for products like gitbook, github, and google workspace, our own time, incidentals, etc.

This breakdown is in the interest of both simplicity and transparency for the community.

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

This is a great proof of achievement and chain interoperability for Cardano

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

1. Potential Impact: By bringing Insurance Tech to the Cardano Ecosystem through a polished web application, the project has the potential to unlock significant value and opportunities. Insurance technology can provide greater financial inclusivity, risk mitigation, and economic stability, aligning with the goals of reducing inequality. The long-term benefits and positive impact of this integration will far outweigh the initial costs.
2. Market Potential: The insurance industry is a multi-trillion-dollar market globally. By leveraging the Cardano Ecosystem to introduce Insurance Tech, there is an opportunity to tap into this market and create new revenue streams. The costs associated with the project are justified by the potential market growth, attracting new participants, and expanding the ecosystem's reach.
3. Future Returns: While the upfront costs may seem significant, they are an investment in the future growth and development of the Cardano ecosystem. The integration of Insurance Tech can attract new users, increase transaction volumes, and enhance the overall ecosystem's productivity and value. The long-term returns and benefits generated by this project can far exceed the initial expenditure.