Last updated 2 years ago
AMPDSub: Smart-Subscription made easy
Problem
Cardano's key challenge: No recurring payment system, restricting business expansion and ADA utility in subscriptions, limiting diverse revenue models.
Total to date
This is the total amount allocated to AMPDSub: Smart-Subscription made easy.
About this idea
[GENERAL] Name and surname of main applicant
Bruno Aveiro[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)
Entity (Incorporated)[GENERAL] Requested funds in ada
100000[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)
AMPDsub, our Smart-Escrow-Wallet solution for Cardano, brings a prepaid-like model to enable secure, user-managed recurring payments and subscriptions.
[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.”
Third party Smart Contract audit
[GENERAL] Will your project’s output/s be fully open source?
No[GENERAL] Please provide here more information on the open source status of your project outputs
The code for the dApps will be kept private, except for all blockchain-related code, which includes the smart contract implementations.
[METADATA] SDG rating
NA
[SOLUTION] Please describe your proposed solution.
Understanding the Problem: The Cardano ecosystem currently lacks a mechanism for recurring payments, a critical functionality for businesses and services looking to offer subscription-based models. This limitation restricts the potential for diverse business models and hinders the broader use of ADA for continuous transactions.
Our Unique Approach - AMPDsub: AMPDsub is designed as a Smart Escrow Wallet (SEW) system, akin to a prepaid credit card, which integrates with Cardano's blockchain. This approach uniquely combines security, flexibility, and user control, addressing the existing gap in the ecosystem.
Key Features of AMPDsub:
- Smart Contract Subscription System: Utilizes AIKEN’s capabilities to create a secure and straightforward subscription mechanism.
- Security and User Control: The SEW doesn’t directly access user wallets, instead, it securely stores subscription details as metadata, ensuring funds are only used as per the user's subscription choices.
- Flexibility in Subscription Management: Users have complete control over their subscriptions, with the ability to initiate, modify, or cancel at any time.
- Frankenaddress Feature: Maintains the staking benefits associated with a user's wallet while using the escrow service, ensuring users don't miss out on staking rewards.
Engagement and Impact:
- Target Audience: Both businesses seeking to offer subscription services and users desiring a more flexible payment option on the Cardano blockchain.
- Demonstrating Impact: By enabling a new stream of revenue models through ADA-based subscriptions, AMPDsub will demonstrate its impact through increased business adoption and user engagement within the Cardano ecosystem.
Why It's Important to Cardano: AMPDsub's introduction of a recurring payment system is pivotal for expanding Cardano’s utility in the digital economy. It opens up opportunities for a variety of subscription-based services and businesses, encouraging innovation and fostering a more dynamic and inclusive financial ecosystem on Cardano.
This solution addresses both the technical challenge and the practical needs of the Cardano community, making it a significant step towards enhancing the blockchain's usability and appeal.
Read more about it on MEDIUM Post here
[IMPACT] Please define the positive impact your project will have on the wider Cardano community.
AMPDsub is set to enhance financial operations within the Cardano ecosystem, introducing a prepaid-like model for streamlined and secure fund management. Its application extends beyond our AMPD platform, to empowering SaaS providers who are keen on offering ADA-based recurring subscription services. Allowing businesses of all sizes to benefit from alternative & recurring revenue streams.
Measuring Impact:
- User Adoption Metrics: We will track new user sign-ups and service providers utilizing AMPDsub, providing a clear indicator of its acceptance and usage within the community.
- Engagement Analytics: Monitoring the frequency and types of subscriptions managed through AMPDsub.
Communication Plan:
Our approach emphasizes transparency and community engagement. We'll share progress updates through Medium posts and actively interact with the community on platforms like Discord & X. By gathering feedback and testimonials from developers who use AMPDid, we'll focus on enhancing usability and addressing any challenges, continuously refining our solutions based on real-world insights and user needs.
Follow us on Medium post here
[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?
Our team's diverse experience—over 10 years in business management and brand development, 15+ years in tech startup infrastructure, 10+ years in creative direction, UI/UX, and 3+ years in the Cardano ecosystem— ensures a comprehensive approach to project execution. We're prepared for scalability challenges, with strong development networks ensuring growth readiness. Our strategic development focuses on versatile components beneficial to both our projects and the broader community. We validate our work through rigorous testing and community feedback, prioritizing transparency to build trust and accountability. Committed to the Cardano community, we aim to create impactful, user-friendly solutions that foster growth and engagement.
[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?
Smart Contract Development and Backend Setup
- Develop the Smart Escrow Contract using AIKEN's capabilities, ensuring a secure and efficient smart contract.
- Build a robust backend infrastructure to manage interactions with the Smart Escrow Contract.
UI/UX Development and Pre-Production Deployment
- Design and implement the UI/UX for a proof of concept to demonstrate the smart contract's features.
- Deploy the smart contract in a pre-production environment for initial testing.
- Set up and test server infrastructure, focusing on the integration and functionality of Front-End and Backend systems.
Smart Contract Audit and Adjustment
- Conduct a thorough audit of the smart contract with an independent company to ensure security and reliability.
- Make necessary adjustments based on audit result, refining the smart contract for optimal performance and security.
Integration into AMPD Ecosystem and Launch
- Integrate the refined Smart Escrow Contract into the AMPD platform, encompassing the Subscription and Crowdfunding features.
- Open the service for integration by third-party service providers and SaaS businesses, expanding the utility of the AMPD ecosystem.
- Monitor and further develop the User Experience.
NA
NA
[RESOURCES] Who is in the project team and what are their roles?
Max Zurlino - CEO: Manages operations and strategic direction.
David Borgenvik - CTO: Leads front-end and back-end development.
Jeremie Miller - Lead Cardano Developer | WEB3 Lead: Focuses on smart contract development.
Bruno Aveiro - Product Manager: Oversees product strategy and development.
Flavio Duarte - Creative Director: Heads aesthetic design and visual storytelling.
Matthew Schaefer - Communications Manager: Manages social media and community engagement.
Aruna Wijerathna - Lead Front-end Developer: Implements the UI/UX vision.
Fred Tarasevicius - Senior Cardano Developer: Specializes in Cardano backend development.
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.
Development: 120h
- Backend Development: 60h
- Front-End Development: 60h
Design and User Experience: 40h
- UI/UX Design: 40h
Smart Contract and Deployment: 100h
- Smart Contract Development (using AIKEN): 90h
- Smart Contract Deployment on Pre-prod: 10h
Testing and Quality Assurance: 40h
- Backend Testing: 20h
- Final Testing and Validation: 20h
Infrastructure and Server Setup: 50h
- Infrastructure Setup: 25h
- Server Infrastructure Setup: 25h
Auditing and Security: 40h
- Independent Audits: 40h
Documentation
- Developer Documentation: 10h
Hourly Rate for Development Work: ~ $100/hour*
*Based on average developer costs in Sweden, USA, and Switzerland.
Total Hours for Development and Auditing: 400 hours
Total Cost Estimate: approx 100’000ADA(400 hours x $100/hour)
1ADA ~ 0.387USD
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
Cost Efficiency and Allocation for AMPDsub: The total cost of ₳100,000 for AMPDsub represents a strategic and prudent investment in enhancing Cardano's financial transaction capabilities. This budget is carefully divided among essential development stages, focusing on creating a secure, efficient, and user-friendly subscription service.
Development Breakdown:
- Smart Contract and Backend Development (220h): Critical for establishing a secure and functional Smart Escrow Contract and its backend integration.
- UI/UX Design and Proof of Concept (40h): Ensures the system is intuitive and visually appealing, facilitating user adoption.
- Independent Audits (40h): Two thorough audits to verify the security and reliability of the smart contract, a crucial step for safeguarding user assets.
- Infrastructure and Server Setup (50h): Establishes a robust foundation for system reliability and scalability.
- Frontend Development and Testing (60h): Focuses on creating an engaging user interface and thorough testing for seamless user experience.
Impact and Returns:
- Secure Subscription Model: Introduces a novel prepaid-like subscription system on Cardano, enhancing business opportunities.
- User Empowerment: Offers users full control over their subscriptions, aligning with Cardano's ethos of user-centricity.
- Expansion of Cardano's Use Cases: Enables a broader range of business models, including SaaS and content platforms, to operate on Cardano.
Intangible Benefits:
- Trust and Security: By prioritizing secure contract development and thorough audits, AMPDsub strengthens trust in Cardano’s ecosystem.
- Innovation in Financial Transactions: Paves the way for new financial services on Cardano, showcasing the blockchain's versatility.
- Community Engagement: Invites a diverse group of users and businesses to the Cardano community, promoting growth and inclusivity.
In conclusion, the investment in AMPDsub is aligned with Cardano’s objectives of expanding its blockchain utility and support dAPP developers on cardano wanting to provide SaSS. The project promises significant long-term benefits by enabling new financial models and enhancing the blockchain's appeal to not only creators of shape or form but also .
