Cardano Asset Link: Unifying Physical and Digital Commerce, Product-Bound Standard Creation rather than Native Asset or Soul-Bound

[GENERAL] Name and surname of main applicant

Nicolas Caridi

[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)

12

[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)

Implement a product-bound token system on Cardano, tying digital assets to physical goods for premium brands to maintain value in digital sphere and customer tracking. We've built solution on ETH.

[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

Standard will be open-sourced.

[SOLUTION] Please describe your proposed solution.

Our proposed solution aims to create a link between physical and digital assets through a Cardano Native token. We have the technology built for Ethereum currently and will be building the solution on Cardano. Essentially, it is a product-bound token that can only be removed from somebody’s wallet if the physical item is sold. The token will then be recognized only in the new owner’s wallet. We will be creating a new asset standard for these Physical-Bound tokens. 

One major problem in the luxury brand industry is counterfeited goods. Sales of counterfeit goods are estimated to be at $1.7 trillion to $4.5 trillion. Watches, footwear, luxury clothing lines all can be counterfeited. On top of this, paper certificates, QR codes, and other mainstream solutions can be duplicated or faked. Through our proposed solution, we create a digital asset on Cardano that cannot be duplicated or moved to another wallet unless the owner of the physical goods is changed. 

As of now, there is no standard token on Cardano between physical goods (watches, jewelry, antique cars, clothing) and their digital counterparts, particularly in the context of premium brands that seek to uphold their high-value reputation with their physical items. 

By creating the standard to associate physical commodities with a product bound token, Cardano can attract luxury brands, clothing brands, and other physical goods companies to use this solution. A product bound token enables owners of high value physical products to prove ownership of authentic luxury items.

We believe this approach will revolutionize the digital asset landscape for high-value brands. It would maintain the exclusivity of premium products, enable brands to track their high-value customers both in real life and online, and authenticate ownership of the physical goods.

The beneficiaries of this solution will be premium brands that struggle with counterfeited products, as well as consumers who value the products from these brands. 

Our solution will engage the broader Cardano community, blockchain developers, premium brand companies, and end consumers. The impact of our solution will be demonstrated through the adoption rate among premium brands, customer satisfaction, the stability of premium brand values, and an increase in unique, product bound tokens on the Cardano.

This solution is unique as it addresses a gap in the digital asset landscape that is currently unexplored on Cardano. Tracking and proving authenticity of your premium goods enables Cardano to attract premium brands. Moreover, this solution can catalyze building other product related solutions in the supply chain industry.

In summary, our solution presents a unique and innovative approach to preserving the value of premium brands in the digital world, enhancing the customer experience and increasing trust and transparency leveraging the Cardano blockchain.

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

Our proposed solution creates a new standard for connecting physical goods with digital assets to prove authenticity of physical owners using the Cardano blockchain. 

Our solution has several benefits to the Cardano ecosystem:

Attracting new market segments: Our solution will attract premium and luxury brands to Cardano's ecosystem, an untapped sector that will expand Cardano's reach and use-cases.

Enhancing Cardano’s utility: It leverages Cardano's native token capabilities for something more than just digital transactions, making Cardano the blockchain of choice for real-world, high-value asset tokenization.

Increasing Cardano's user base: The solution will bring in more users who value authenticity and are seeking to prove ownership of premium physical goods in the digital sphere. We conservatively estimate an addition of hundreds of brands and thousands of users within the first year post-implementation.

Boosting Cardano’s reputation: By solving a real-world problem regarding luxury goods, Cardano will be seen as a practical and viable solution for real-world problems, elevating its reputation and adoption across developed nations and enterprise businesses.

In essence, our project contributes to strengthening the Cardano ecosystem by extending its utility, broadening its user base, and introducing a new way to leverage Cardano's native tokens. We believe this solution will further establish Cardano as the blockchain of choice for real-world applications, and strengthen its position in the global blockchain arena.

[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 capability to deliver this project is backed by a combination of deep technical expertise, industry experience, and proven track record in the blockchain space.

Technical Expertise: Marcus and his development company XCSLabs consists of experienced full stack developers across multiple blockchains, including Cardano. This includes smart contract development, token standards, and integrating blockchain solutions with traditional systems. He is also responsible for the solution built on Ethereum and leading the development of the solution on Cardano

Industry Experience: The team has worked on projects that require us to understand and navigate both the physical goods market and the digital asset space. Our team has worked with some of the top Web3 and luxury brands. Our team has experience across fintech, consumer packaged goods, and countless other industries. We have experience with go to market launches spanning the globe, generating millions of dollars in revenue for tech startups and a payment processing company. This has given us a unique understanding of the challenges and opportunities in linking Cardano with the luxury retail market.

Track Record: We have already built a similar solution on the Ethereum blockchain, which has been successfully adopted by several brands. This not only demonstrates our capability to execute but also gives us a deep understanding of the challenges involved and how to overcome them.

Project Management: Our project management processes are robust and transparent. We follow Agile methodologies, allowing for iterative development and regular opportunities for feedback. We have a clear roadmap and can provide regular updates and reports on progress.

Financial Management: We are committed to managing funds with the highest level of transparency and integrity. We will provide detailed budgets and regular financial reports, and we are open to audits. Funds will be allocated strictly according to the budget, with checks and balances in place to ensure appropriate use.

Community Engagement: We understand the importance of community in the Cardano ecosystem, and we plan to engage actively with the community. This includes regular updates, seeking feedback, and being open to collaborations.

Our team’s combined skills, experience, and established processes make us well suited to deliver this project with high levels of trust and accountability. We are excited about the impact our solution will have on the Cardano ecosystem, and we are committed to delivering on our promises and we will cover any external costs that surpass the current proposal.

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

Milestone 1: Detailed Planning and System Design (4 weeks, 10k)

• Project setup, development of detailed project plan
• Design of system architecture and Cardano token standard
• Analysis of requirements for integration with luxury brands' systems

Success Criteria: Completion of detailed project plan and system design, approval from stakeholders

Milestone 2: Development of Token Standard and Smart Contracts (12 weeks, 30k)

• Development of token standard on Cardano blockchain
• Development of smart contracts for creation and management of tokens
• Testing and debugging smart contracts

Success Criteria: Successful development and testing of token standard and smart contracts

Milestone 3: Integration with Existing Systems (8 weeks, 30k)

• Development of APIs and other required elements for integration
• Integration with brands' existing systems
• Testing and debugging of integration

Success Criteria: Successful integration with existing systems and smooth functioning of tokens

Milestone 4: Alpha Launch and Testing (4 weeks, 20k)

• Alpha launch with selected brands
• Collection and analysis of feedback
• Iterative improvements based on feedback
• Alpha test with Cherubim Clothing Line

Success Criteria: Successful alpha launch, collection and implementation of feedback

Milestone 5: Full Launch and Marketing (8 weeks, 20k)

• Full-scale launch
• Marketing and promotional activities to attract brands and users
• Continued collection of feedback and iterative improvements

Success Criteria: Successful full-scale launch, positive reception from brands and users

Milestone 6: Post-Launch Support and Development (Ongoing, 9k)

• Continuous support for brands and users
• Development of new features and improvements based on feedback
• Regular updates and reports to stakeholders and community

Success Criteria: Positive user feedback, increase in brand adoption, and transaction volumes

We are committed to delivering the project on time and within the budget. We are also prepared to cover any costs that surpass the projected budget.

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

Nicolas Caridi: 

Nicolas has an extensive background in business development, marketing, and blockchain project management. His previous work experience encapsulates multiple industries ranging from CPG, Payment Processing, Events, Telecommunications, and more. His involvement in the Cardano Ecosystem includes creating the first Ethereum digital collectible with Cardano utility, a decentralized collectible marketplace, an innovative disruptor to the subscription industry, and more. He goes by Fettuccine online. 

Nicolas will be in charge of the coordination and delegation of tasks towards the development team as well as high-level partnership acquisition. 

https://www.linkedin.com/in/nicolas-caridi-4bb931b8/

https://www.plutus.art/

https://angelbabyhitsquad.com/

https://twitter.com/fettuccine_nic

Viviek Patel: Viviek has a strong background in product marketing, go to market launches, and project management at tech startups. His previous experience has been in tech startups spanning Agricultural tech, Blockchain, Internet of Things, Fintech, and more. He was a product marketer at Unstoppable Domains where facilitated the go to market launch of various products. Most notably, the marketing for digital avatars which integrated with 6 blockchains. In recent months, he’s worked with 7 Cardano based businesses to scale their marketing efforts. He currently leads the marketing for DEMU Protocol and Cherubim.

https://www.linkedin.com/in/thedegencreator/

Prev companies: 

https://unstoppabledomains.com/

https://bluerivertechnology.com/

https://www.jetsonsmarthomes.com/

https://www.tillful.com/

Viviek Patel will be in charge of partnerships and marketing of the solution. 

Marcus Lee: 

Marcus is a developer extraordinaire who has been responsible for xcsLabs, OrdinalsGateway, a Cardano minting service, and much more. He has pioneered solutions used by many across the blockchain today. He is the lead developer on our activations. 

https://twitter.com/xcslabsxyz

https://ordinalsgateway.io/

Marcus Lee and his team at XCSLabs will be in charge of full-stack development, he is responsible for the solution already created on ETH.

Campurean Alexandru:

A Romanian crypto lover who is community manager and liaison. He dropped out of an industrial economic engineering college to complete a psychology degree. He’s worked in a military base in Cluj-Napoca, followed by working for a year at the Romanian Intelligence Service. He’s been in crypto full-time for two years and has worked with multiple Web3 brands and a blockchain development company. He’s well-known in the Web3 community and keeps the community and team connected with one another.

Campurean Alexandru will act as liaison with community and coordinate feedback.

https://twitter.com/Sic2336

https://twitter.com/YeppleInc

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

Here's a detailed budget breakdown for our project:

Development Costs - 55,000

This will cover the costs associated with developing the Cardano token standard, creating the necessary smart contracts, and building the integration APIs. This includes costs for full-stack development, smart contract development, and code testing.

Integration Costs - 27,000

These are the costs associated with integrating our solution into the systems of luxury brands. This would cover the costs of creating custom integration solutions, testing, and troubleshooting.

Alpha and Full Launch Costs - 10,000

This covers the cost of deploying our solution, conducting user testing, collecting and analyzing feedback, and making necessary improvements.

Marketing and Promotion - 10,000

This is for creating awareness about our solution and encouraging adoption. This would include social media campaigns, sponsored posts, influencer marketing, and other digital marketing strategies.

Project Management and Administration - 10,000

This will cover the costs of managing the project, coordinating with stakeholders, providing regular updates and reports, and other administrative tasks.

Documentation - 5,000

This includes the costs of preparing detailed documentation of our project, from planning to implementation. This would serve as a valuable resource for other projects in the future.

Community Engagement - 2,000

This is for managing our community forums and social media platforms, organizing events, and other community engagement activities.

Our team is committed to managing the funds responsibly and transparently, and we'll provide regular financial updates to the community.

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

The success of our project will be determined by both quantitative and qualitative metrics to give us a well-rounded understanding of the impact and reception of our solution. Here's how we plan to measure success:

Adoption Rate by Brands: A key quantitative measure of success will be the number of premium brands adopting our solution. This indicates the market's acceptance and trust in our product.

Token Transactions: We'll measure the number of product-bound token transactions on the Cardano blockchain. An increase in these transactions suggests that our solution is being actively used, which validates its practicality.

Feedback from Brands & Users: User satisfaction is a significant qualitative metric. We'll collect feedback from brands using our solution and from end consumers who interact with these tokens. This feedback will guide our continuous improvement efforts.

Community Engagement: We'll assess the level of engagement and interaction from the Cardano community, as shown by comments, suggestions, and participation in our forums and social media platforms. This will provide us with invaluable insights and a measure of how well our project resonates with the community.

Scalability: The ability to successfully expand our service to a larger range of brands and types of physical goods will be another measure of success.

We believe these metrics are realistic as they cover both the direct impact (brand adoption, user feedback) and the indirect benefits (community engagement, scalability) of our project.

In terms of Cardano's productivity and growth, our innovation contributes in both the short and long term. In the short term, our project can attract new users and brands to Cardano, potentially increasing transaction volumes. In the long term, by demonstrating a practical use case of Cardano's smart contract capabilities, we can encourage more developers to build on Cardano, further strengthening the ecosystem.

[IMPORTANT NOTE] The Applicant agrees to Fund 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