Ikigai | Open-Source Wagering Protocol

[GENERAL] Name and surname of main applicant

Clifford Garvis

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

Entity (Incorporated)

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

2

[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)

We have created a decentralized betting protocol we will test and open-source for any project's use.

[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?

Yes

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

Smart contracts and documentation will be fully open sourced under open MIT license.

[METADATA] Horizons

Entertainment

[SOLUTION] Please describe your proposed solution

The betting protocol outlined in this proposal is composed of a decentralized parimutuel betting system and a federated bettor approval system which work together to allow users to place bets in a way which passes legal requirements and discourages negative behaviors without relying on a single centralized actor to verify those requirements.

The parimutuel betting system allows authorized bettors to place wagers against each other on the results of a contest as reported by a set of predetermined bookkeepers. The winning bettors receive shares of the total pot based on their contribution, minus a fee paid to the bookkeepers.

We’ll be able to immediately showcase this inside a working Cardano game, Ascent: Rivals using Ascent’s in-game currency.

https://youtu.be/YPYmep3Zx34

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

Increased Utility for Cardano Ecosystem

The introduction of a betting protocol adds to the diversity of decentralized applications on Cardano, driving more usage. As more people participate, it increases network activity, potentially leading to higher transaction volumes.

Potential to Attract New Users

Betting and prediction markets are widely popular. A transparent, decentralized betting protocol could attract users from outside the current Cardano ecosystem, introducing them to Cardano’s capabilities and encouraging them to explore other dApps and DeFi services available on the network.

Open-Source Accessibility and Adaptability

Being open-source means that the betting protocol is accessible to anyone who wishes to use, modify, or improve upon it. This fosters innovation within the Cardano community by allowing developers to build on top of the protocol or tailor it to specific use cases. The open-source nature also promotes long-term sustainability, as the project isn't reliant on a single entity but can evolve through collective contributions. Additionally, this accessibility can spur the creation of complementary dApps, integrations, and even entirely new protocols, further enriching the Cardano ecosystem.

[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?

We have completed five of the six needed contracts and begun testing internally. As a team we have over 12 years of combined experience developing Cardano apps such as Hydra Auction, Grabbit, Discovery (aka Taste Test) and more, and have delivered on over a dozen Catalyst proposals.

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

Contract Completed with Frontend

45% cost | 1 month| 50% completion

Deliverables:

• Front end is complete
• Smart contracts completed and tested
• Wallet connections

Acceptance criteria:

• A demo is recorded to showcase the user flows and tutorial
• mintun.io is available users can connect wallets, mint collection, and add NFTs to them with CIP-68

Testing and Deployment

45% cost | 1 month | 50% completion

Deliverables:

• SSO with third party credentials (ex: google) for lightweight accounts
• UI and backend for creating account

Acceptance criteria:

• An artist/creator can create an account ready for minting without having their own wallet
• A quick video showing logging in without a wallet

Survey and Cleanup

10% cost | 2 weeks | 100% completion

Deliverables:

• UX/UI for bulk uploading images and .csv and explaining format and clear messaging
• Verification window
• Parsing and chaining mints until all are minted in collection

Acceptance criteria:

• Testable live on mainnet
• A video showing uploading .csv for bulk minting

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

Core Developers - and Previous Experience

Steven George - Lead Engineer; Level 11, DigiPen

Stan Hayes - Aesthetic Engineer; Epic Games, Nvidia, DigiPen

Michael Yagi - Creative Director; 2K Games, DigiPen

Ming Chi - Artist; NetEase

Scott Meyers - Audio Engineer; Respawn Entertainment, Riot Games

Jeff Uong - DevOps Engineer; Samsung, DigiPen

Clifford Garvis - Solutions Architect & Smart Contract; Nintendo, Level 11, DigiPen

Advisors

Lowell Vaughn - Principal Strategist Epic Games

Shoutout! 1+ Year(s) Fulltime contribution

Alejandro Hitti - Technical Project Lead; Rockstar Games, DigiPen

Jason Dempsey - Senior Engineer; Microsoft, DigiPen

Zander Jensen - Gameplay Engineer; Treyarch, DigiPen

Hiago Desena - Senior Engineer; Firewalk, DigiPen

Ahn Do - Producer; 343, GEC, DigiPen

Mickey Cushing - Designer; 343, Blizzard, Wizards of the Coast, Rockstar Games

Brian Park - Designer; Riot Games

Anon Developer - Senior Engineer; Respawn Entertainment, DigiPen

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

Milestone 1: Contract Completed with Frontend

• 1 developer, 1 month = $8,750 / ₳17,100

Milestone 2: Testing and Deployment

• 2 developers (sharing work), 1 month = $7,666.67 / ₳17,100

Closeout: Survey and Cleanup

• 1 developer, 2 weeks = $7,666.66 / ₳3,800

Tooling & Reserve: reserve for changes to business requirements resulting to technical pivots necessary to deliver a better product/outcome

• Tooling (aws) = $1,000 / ₳2,857.14
• Reserve = $1,000 / ₳2,857.14

TOTAL AMOUNT

• $38,000 / ₳108571

We apply a 0.35 USD/ADA exchange rate, which is the average rate over the past few months conservatively adjusted downward to ensure that the project will remain viable despite moderate price shocks that may occur before or during the project timeline.

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

We've self-funded most of the development!

Most of the smart contracts are written alongside documentation and unit tests. Internal testing is beginning at time of proposal submissions which has all been self funded. We are asking for additional funds to closeout the work we have gotten thus far.

Scalability and Reusability of the Protocol

The initial cost of building the protocol provides a foundation that can be reused and scaled. Other projects within the ecosystem can leverage the core betting protocol, reducing their development costs and time-to-market. This scalability increases the return on investment for the broader ecosystem, as multiple dApps and services can utilize and adapt the protocol for various use cases (e.g., gaming, prediction markets, insurance).

No Ongoing Licensing Fees

As the project is open-source, there are no proprietary licensing fees or subscription costs for future projects or users who want to utilize the betting protocol. This makes it more cost-efficient for developers and businesses, encouraging more widespread adoption of the protocol, thus increasing its impact and value within the Cardano ecosystem.

Catalyst for Further Innovation

The cost of this project can be seen as an investment in future innovations within the Cardano ecosystem. By providing a decentralized, transparent, and community-driven betting protocol, other projects can build on top of it, enhancing the value of Cardano as a hub for decentralized applications. The project has the potential to stimulate more dApp development, increasing the overall value for developers, users, and the network itself.