Ekival: Pioneering Decentralized P2P Crypto-Fiat Exchange

[GENERAL] Name and surname of main applicant

M. Ali Modiri

[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)

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)

Ekival - A global decentralized P2P marketplace for secure, privacy-focused, non-custodial crypto-fiat exchanges, fostering financial autonomy.

[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

The project will be fully open source six months after the main launch.

[METADATA] SDG rating

SDG rating:

SDG Goals

8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

SDG Subgoals

8.10 - Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all

8.a - Increase Aid for Trade support for developing countries, in particular least developed countries, including through the Enhanced Integrated Framework for Trade-related Technical Assistance to Least Developed Countries

9.3 - Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets

9.a - Facilitate sustainable and resilient infrastructure development in developing countries through enhanced financial, technological and technical support to African countries, least developed countries, landlocked developing countries and small island developing States

Key Performance Indicator (KPI)

8.a.1 - Aid for Trade commitments and disbursements

8.10.2 - Proportion of adults (15 years and older) with an account at a bank or other financial institution or with a mobile-money-service provider

9.3.1 - Proportion of small-scale industries in total industry value added

9.a.1 - Total official international support (official development assistance plus other official flows) to infrastructure

Universal Human Rights Index (UHRI)

No UHRI indexes selected

[SOLUTION] Please describe your proposed solution.

Breaking Barriers: Ekival's P2P Marketplace Overcomes Limited Availability of Local Currency Exchanges

• The limited availability of local currency exchanges poses a significant challenge for individuals looking to convert cryptocurrencies into fiat currencies and vice versa. Many regions lack accessible and reliable platforms for such exchanges, hindering the adoption and usability of cryptocurrencies. Ekival addresses this issue by providing a robust P2P marketplace that connects users across different locations, effectively expanding access to local currency exchanges. By connecting buyers and sellers directly, Ekival offers a decentralized solution that bypasses geographical limitations, empowering individuals to conveniently exchange cryptocurrencies for local currencies and vice versa.

Decentralized Trust: Ekival's Smart Contracts Ensure Transparent and Trustworthy Crypto-Fiat Transactions

• Ekival incorporates smart contract technology to guarantee transparency and trust in every crypto-fiat transaction. By automating the exchange process, smart contracts eliminate the need for intermediaries and ensure that the agreed-upon terms are securely executed without any possibility of manipulation or dispute. This decentralized approach enables users to engage in direct peer-to-peer exchanges, fostering a community-driven ecosystem where trust is established through code, rather than through traditional third-party institutions. With smart contract implementation, Ekival ensures that users can confidently participate in crypto-fiat exchanges, knowing that the transactions are transparent, secure, and executed as per the predetermined conditions.

Borderless Financial Freedom: Ekival Enables Cross-Border Accessibility for Crypto-Fiat Exchanges

• Through its peer-to-peer marketplace, Ekival allows users from different countries to directly connect and transact with each other, promoting global financial connectivity. By eliminating the need for traditional intermediaries, Ekival streamlines cross-border transactions, making it easier and more cost-effective for individuals to convert cryptocurrencies into local currencies or vice versa across international borders. This borderless accessibility empowers users worldwide to participate in the crypto economy, regardless of their geographic location, fostering a more inclusive and connected global financial landscape.

Seamless Integration: Ekival Empowers Users to Easily Use Cryptocurrencies via Mobile Money

• Ekival addresses the challenge of using cryptocurrencies with existing mobile money and payment systems by providing seamless integration. Traditional methods often lack convenience and hinder widespread adoption. Ekival simplifies the process by integrating with popular mobile money platforms, enabling users to easily convert cryptocurrencies into local currencies and vice versa. This seamless integration enhances accessibility, encourages broader adoption, and empowers users to transact with ease, bridging the gap between cryptocurrencies and mobile money systems.

Unleashing Liquidity: Ekival's P2P Marketplace Facilitates Efficient Crypto-Fiat Transactions

• Ekival's P2P marketplace brings enhanced liquidity to the crypto-fiat exchange ecosystem. By connecting buyers and sellers directly, Ekival eliminates intermediaries and facilitates efficient and fast transactions. This direct peer-to-peer interaction ensures a constant flow of liquidity, allowing users to readily buy or sell cryptocurrencies at competitive prices. With increased liquidity, Ekival empowers users with greater flexibility, ensuring a seamless and vibrant marketplace for crypto-fiat exchanges.

Efficiency Unleashed: Ekival's Low Transaction Fees and Time Savings Revolutionize Crypto-Fiat Exchanges

• Traditional crypto-fiat exchanges often impose high fees, inhibiting widespread adoption and limiting the financial benefits for users. In contrast, Ekival prioritizes affordability by offering competitive transaction fees, enabling users to maximize their crypto-fiat exchanges without excessive costs. Moreover, Ekival streamlines the exchange process, reducing transaction times and providing users with swift and efficient conversions. This commitment to low fees and time savings enhances the overall user experience, making Ekival an attractive choice for individuals seeking cost-effective and time-efficient crypto-fiat exchanges.

Empowering the African Continent: Ekival's Solution for African Users

• Ekival's proposed solution specifically targets and empowers African users, recognizing the unique challenges and opportunities present in the African market. By providing a user-friendly platform that seamlessly integrates with local mobile money systems and addresses the limited availability of local currency exchanges, Ekival enables African users to overcome barriers and actively participate in the crypto-fiat exchange ecosystem. Through Ekival, African users gain access to a secure, efficient, and cost-effective means of converting cryptocurrencies into local currencies, unlocking new possibilities for financial inclusion, economic empowerment, and the adoption of digital assets across the African continent.

Financial Empowerment: Ekival's Solution Facilitates Crypto-Fiat Exchanges for Income-Seeking Individuals

• Income-seeking individuals, such as freelancers, entrepreneurs, and gig economy workers, can greatly benefit from Ekival's P2P crypto-fiat marketplace. By providing a user-friendly and accessible platform, Ekival offers income-seekers a convenient and efficient way to convert their cryptocurrencies into local currencies. This enables them to easily access and utilize their earnings in their local economies, eliminating the need for complex and costly conversion processes. With Ekival, income-seekers gain greater financial flexibility, maximizing the value of their digital assets and unlocking new opportunities for growth and financial well-being.

User Control and Security: Ekival's Non-Custodial Approach Redefines Crypto-Fiat Exchanges

• The non-custodial nature of Ekival's platform ensures user control and enhances security in crypto-fiat exchanges. Unlike traditional custodial platforms such as Binance, Ekival does not hold users' funds, eliminating the risk of centralized security breaches or loss of assets. Instead, Ekival enables users to retain full control over their cryptocurrencies throughout the exchange process, facilitating direct peer-to-peer transactions. This non-custodial approach empowers users with ownership and autonomy, fostering a sense of trust and reducing the dependency on third-party intermediaries. By prioritizing user control and security, Ekival offers a reliable and resilient platform for individuals seeking secure and self-directed crypto-fiat exchanges.

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

Empowering Cardano: Seamless Integration for Enhanced Crypto-Fiat Experiences

• Ekival's integration with Mobile Money and other payment systems directly addresses the challenges faced by users in utilizing cryptocurrencies within the Cardano ecosystem, unlocking a multitude of financial possibilities. With over one billion mobile money accounts worldwide, as reported by the World Bank, the potential for seamless integration with Ekival becomes evident. This strategic partnership with Cardano harnesses the power of mobile money, leveraging its widespread adoption and accessibility to enable smooth and user-friendly crypto-fiat experiences. By seamlessly integrating with Cardano's blockchain, Ekival expands the reach and impact of the ecosystem, propelling it towards a more inclusive, interconnected, and sustainable future of finance.

Fostering Cardano's Global Connectivity: Enhanced Availability for Diverse Crypto-Fiat Exchanges

• Ekival takes a proactive stance in addressing the limited availability of local currency exchanges within the Cardano ecosystem, bolstering access to a wide range of currencies for users worldwide. This expanded availability not only enhances market liquidity but also paves the way for a broader spectrum of trading options, amplifying the potential for economic growth and fostering global financial connectivity. By facilitating seamless crypto-fiat exchanges across borders on the Cardano blockchain, Ekival empowers individuals and businesses to effortlessly engage in cross-border transactions, facilitating greater collaboration, economic prosperity, and the emergence of a truly interconnected Cardano ecosystem.

Building Trust in the Cardano Ecosystem: Transparent and Secure Transactions through Smart Contracts

• Within the Cardano blockchain, Ekival harnesses the power of smart contracts to establish a marketplace characterized by transparency and trust. By implementing smart contracts, Ekival eliminates the need for traditional intermediaries, mitigating risks associated with centralized systems. This enhanced transparency instills confidence in users, knowing that their transactions are executed precisely as programmed and visible to all participants. Research indicates that smart contracts can reduce transaction costs by up to 40%, unlocking substantial savings for users within the Cardano ecosystem. With Ekival's smart contract infrastructure, the Cardano blockchain becomes a trusted hub for seamless, cost-effective, and secure transactions, fortifying its position as a leading force in the future of decentralized finance.

Driving Financial Inclusion on the Cardano Blockchain: Empowering Individuals and Enabling Cross-Border Connectivity

• Ekival's P2P marketplace plays a pivotal role in promoting financial inclusion within the Cardano ecosystem, empowering income-seeking individuals like freelancers and entrepreneurs to effortlessly convert their cryptocurrencies into local currencies. This seamless conversion enhances accessibility to their earnings and unlocks opportunities for economic growth, ensuring that no one is left behind in the rapidly evolving digital economy. Moreover, Ekival's cross-border accessibility facilitates frictionless crypto-fiat exchanges across international borders, fostering global financial connectivity and nurturing a more inclusive and interconnected financial ecosystem on the Cardano blockchain. By removing barriers and providing a platform for individuals to participate actively, Ekival propels Cardano towards its mission of creating a fair, accessible, and decentralized financial future for all.

User Empowerment on the Cardano Blockchain: Non-Custodial Security and Barrier-Free Transactions

• Within the Cardano ecosystem, Ekival embraces a non-custodial approach that empowers users with complete control over their funds, eliminating reliance on traditional custodial platforms. By removing intermediaries, Ekival promotes a decentralized and secure environment, aligning with Cardano's values of privacy and user empowerment. Additionally, Ekival's implementation of barrier-free transactions breaks down obstacles and enhances user privacy, fostering a more inclusive participation in the crypto economy. This user-centric approach enables a broader range of individuals to engage in secure, transparent, and self-sovereign transactions, strengthening the Cardano blockchain as a catalyst for financial innovation and empowerment.

[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?

At Ekival, we have a highly skilled team with a diverse set of experiences, making us well-suited to deliver this project with high levels of trust and accountability.

• Our team includes two members who have been teaching Plutus programming language for over 2 years to various students in different languages. This experience has given us a deep understanding of the language and how to teach it effectively, which will be invaluable in developing and managing the smart contracts for the Ekival platform.
• Our smart contract developer has a deep understanding of Plutus and smart contract architecture, and is a member of the Cardano certification working group. He is also the author of CIP 96, which is on-chain Dapp certification metadata. This expertise will be essential in ensuring that the smart contracts powering the Ekival platform are secure, reliable, and transparent.
• Our front-end developer has participated and won in several UI/UX and other front-end contests, which has given him a unique perspective on designing user-friendly interfaces. This experience will be critical in creating a seamless user experience on the Ekival platform.
• Our backend developer has extensive knowledge of several programming languages, including Rust, Golang, C++, NodeJS, and more. This experience will enable us to build a robust and scalable platform that can handle large volumes of transactions.
• Finally, we have organized several live code training sessions on web3 development in Gimbalabs. Our smart contract developer has also led a special coding session called "Smart Contract Gladiator," where he talks about the best design and best practices for writing and developing smart contracts. These experiences have given us a deep understanding of the blockchain ecosystem and the best practices for developing secure and reliable smart contracts.

Validation and Measurement:

To validate the feasibility and success of our approach, we will employ a combination of quantitative and qualitative measures:

1. Quantitative Metrics: We will measure key performance indicators (KPIs) such as the number of active users, transaction volumes, and growth in liquidity. Our goal is to achieve specific targets, including a minimum 20% increase in average month-on-month transactions.
2. Qualitative Assessment: We will conduct user surveys, interviews, and feedback sessions to assess user satisfaction, usability, and overall experience. Qualitative feedback will be used to continuously improve the platform and address any pain points.
3. Technical Performance: We will track the platform's uptime, response time, and security measures to ensure a reliable and secure user experience.
4. Market Adoption: We will monitor the platform's adoption rate, user retention, and engagement levels to gauge its acceptance and impact within the Cardano ecosystem.

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

Project Development Initiation

• Task 1: Completion of Ekival P2P Marketplace Front-end Sass
• In this task, our front-end development team will focus on finalizing the design and implementation of the Ekival P2P marketplace user interface (UI).
• We will leverage our existing UI/UX designs and wireframes to create the necessary components, pages, and styles required for the marketplace.
• Our team will utilize modern front-end development frameworks and technologies, such as React.js and Sass, to ensure a responsive, visually appealing, and intuitive user experience.
• The task involves coding the UI components, integrating them with the back-end functionality, and performing rigorous testing to ensure seamless functionality across different devices and browsers.
• We will prioritize an intuitive and user-friendly interface that allows users to easily navigate through the marketplace, view listings, initiate transactions, and interact with other participants.
• Task 2: Planning and Analyzing Backend and Infrastructure
• In this task, we will focus on planning and analyzing the backend architecture and infrastructure required to support the Ekival P2P marketplace.
• Our team will conduct a comprehensive analysis of the backend requirements, taking into account factors such as scalability, security, performance, and reliability.
• We will assess the technological stack and frameworks that best align with our project goals and ensure efficient handling of user transactions and data.
• We will define the necessary server infrastructure, considering factors such as load balancing, high availability, and disaster recovery.
• We will plan the implementation of APIs and web services that facilitate communication between the frontend and backend systems.
• Security measures, such as encryption and access controls, will be implemented to protect user data and transactions.
• Task 3: Conduct Comprehensive Testing of Smart Contracts
• In this task, we will focus on thoroughly testing the developed smart contracts to ensure their functionality, security, and reliability.
• Our testing process will involve simulating different user interactions and transaction scenarios to validate the smart contracts' behavior and identify any potential vulnerabilities or bugs.

Outputs:

• Deliverables:
• Completion of Ekival P2P Marketplace Front-end Sass
• Planning and Analyzing Backend and Infrastructure
• Comprehensive Testing of Smart Contracts
• Documentation:
• Front-end codebase and design documentation
• Backend architecture and infrastructure planning documentation
• Smart contract testing reports
• Expected results:
• Fully developed and tested front-end UI for Ekival P2P marketplace
• Well-defined backend architecture and infrastructure plan
• Thoroughly tested and validated smart contracts for secure transactions
• Measurement:
• Progress will be measured based on the completion of front-end UI components and successful testing of smart contracts.
• Key performance indicators (KPIs) include the number of UI components implemented, the successful execution of smart contract transactions, and the absence of critical bugs or vulnerabilities.

Implementation and Development of Ekival P2P Marketplace

• Task 1: Implementation and Development of UI/UX
• In this task, our design and development team will collaborate to bring the Ekival P2P marketplace UI/UX designs to life.
• We will take the existing UI/UX designs and wireframes and start implementing them into functional user interfaces.
• Our team will focus on creating a visually appealing and intuitive marketplace interface that aligns with the Ekival brand identity and user expectations.
• We will implement the necessary design elements, such as color schemes, typography, and iconography, to create a cohesive and engaging user experience.
• Our team will conduct thorough testing to validate the usability and functionality of the marketplace UI/UX, making any necessary refinements based on Beta user feedbacks.
• Task 2: Implementation of Backend Components and Integration with User Interfaces
• In this task, we will focus on implementing the backend components necessary for the Ekival P2P marketplace, including internal APIs and databases.
• Our team will develop and deploy the required APIs that enable seamless communication between the frontend and backend systems.
• We will design and implement the necessary database structures to store user data, transaction history, and other relevant information.
• We will conduct thorough testing of the backend components to ensure their functionality, performance, and security.
• Unit tests, integration tests, and end-to-end testing will be carried out to identify and fix any issues or bugs in the backend implementation.
• User interfaces will be connected to the backend through the implemented APIs, allowing for real-time data retrieval and updates.
• Task 3: Engage in External Smart Contract Audit
• In this task, we will collaborate with a reputable and independent third-party auditing firm to conduct a thorough audit of our smart contracts.
• The auditing firm will review the codebase, logic, and security measures implemented in our smart contracts to identify any vulnerabilities, code errors, or potential risks.

Outputs:

• Deliverables:
• Implementation and Development of UI/UX
• Implementation of Backend Components and Integration with User Interfaces
• Engage in External Smart Contract Audit
• Documentation:
• UI/UX design implementation documentation
• Backend component implementation documentation
• Smart contract audit reports
• Expected results:
• Fully functional and visually appealing UI/UX for Ekival P2P marketplace
• Seamless integration between frontend and backend components
• Independent audit report confirming the security and reliability of smart contracts
• Measurement:
• Progress will be measured based on the completion of UI/UX implementation and successful integration of frontend and backend components.
• KPIs include the user satisfaction with the UI/UX, successful API integration, and positive audit results for smart contracts.

Implementation and Development of 3rd Parties & Payment System APIs and Blockchain Integrations

• Task 1: Development of Client Side of Payment System APIs and Blockchain Integrations
• In this task, our development team will focus on implementing and integrating the payment system APIs and blockchain functionalities into the Ekival P2P marketplace.
• We will develop and integrate APIs that facilitate seamless payment transactions between buyers and sellers within the platform.
• Our team will establish connections with various payment service providers to enable secure and efficient payment processing.
• We will implement wallet connection functionality, allowing users to connect their wallets to the platform and securely manage their funds.
• Smart contract integration will be a key aspect of this task, enabling the execution of secure and transparent transactions on the blockchain.
• We will build transaction management capabilities, ensuring that all transactions on the platform are recorded and validated on the blockchain.
• Our team will implement secure and efficient mechanisms for verifying transactions, including confirmation of funds and address validation.
• Throughout the development process, we will conduct rigorous testing and debugging to ensure the reliability and integrity of the payment system and blockchain integrations.
• Task 2: Implementation of External APIs and Infrastructure Configuration
• In this task, we will focus on integrating external APIs, specifically payment system APIs, to enable seamless transactions within the Ekival P2P marketplace.
• Our team will identify and select the appropriate payment system APIs that align with our project requirements and integrate them into the platform.
• We will configure the necessary infrastructure and servers to support the main launch of Ekival, ensuring scalability, reliability, and security.
• The integration of payment system APIs will allow users to securely process transactions, including making offers and orders, and peer-to-peer transfers.
• We will implement necessary security measures, such as encryption protocols and two-factor authentication, to ensure the safety of user transactions.
• Infrastructure configuration will involve optimizing server performance, load balancing, and implementing caching mechanisms for efficient data retrieval.
• We will conduct thorough testing of the integrated APIs and infrastructure setup to ensure smooth functionality and seamless user experience.
• Task 3: Final Adjustment and Beta User Testing
• In this task, we will focus on making final adjustments and preparations for the Testnet launch of Ekival, a crucial step before the main launch.
• We will ensure that all components, including the back-end, front-end, and smart contract integrations, are thoroughly tested and functioning as planned and intended.
• Our team will deploy the platform on the Testnet environment and conduct comprehensive testing to identify any remaining bugs, issues, or performance bottlenecks.
• We will create a controlled environment for beta user testing, inviting a select group of users to test the platform and provide valuable feedback.
• User feedback will be collected and analyzed to gain insights into the user experience, identify areas for improvement, and address any usability issues.
• Based on the feedback received, we will make necessary adjustments, enhancements, and bug fixes to optimize the platform's performance and user satisfaction.
• The goal is to ensure that Ekival is stable, secure, and user-friendly before its main launch, taking into account the valuable insights from our beta testers.

Outputs:

• Deliverables:
• Development of Client Side of Payment System APIs and Blockchain Integrations
• Implementation of External APIs and Infrastructure Configuration
• Final Adjustment and Beta User Testing
• Documentation:
• Payment system API and blockchain integration documentation
• External API integration documentation
• Beta user testing reports and feedback analysis
• Expected results:
• Seamless payment system and blockchain integrations within Ekival P2P marketplace
• Successful integration of external APIs for enhanced functionality
• Optimized platform performance based on beta user feedback
• Measurement:
• Progress will be measured based on the successful implementation and integration of payment system APIs and blockchain functionalities.
• KPIs include the successful completion of transactions through the payment system, integration with external APIs, and positive user feedback from beta testing.

Final Evaluation and Project Closure

• Task 1: Conduct a final evaluation of project outcomes, comparing the achieved goals and objectives against the initial project plan and success criteria.
• Task 2: Prepare a comprehensive project closure report, including key findings, lessons learned, and recommendations for future projects.
• Task 3: Present the project closure report to Cardano community through Catalyst townhall, highlighting the achievements, impact, and lessons learned throughout the project.

Outputs:

• Deliverables:
• Final evaluation of project outcomes
• Comprehensive project closure report
• Presentation of project closure report to Cardano community
• Documentation:
• Final evaluation report
• Project closure report
• Presentation materials
• Expected results:
• Evaluation comparing achieved goals and objectives against the initial project plan
• Comprehensive project closure report with key findings, lessons learned, and recommendations
• Presentation of the project closure report to the Cardano community
• Measurement:
• Progress will be measured based on the completion of the final evaluation and project closure activities.
• KPIs include the alignment of achieved outcomes with the project plan, the quality of the project closure report, and the community's response to the presentation.

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

• Frédéric Samvura

Business Developer

Frédéric Samvura is an accomplished individual with a diverse range of experiences and skills. With an M.A. in Economics, he has a strong background in banking and public policy. As an entrepreneur, Frédéric has taken on leadership roles such as Wada Business Initiatives Lead and DRC Wada Coordinator. He has completed well-known programs like Plutus Pioneer and Atala Prism Pioneer, establishing himself as a skilled smart contract developer. Frédéric also serves as a Haskell and Plutus trainer in Wada and Gimbalabs Education programs. His passion lies in promoting equality of opportunities and financial inclusion for disadvantaged individuals, aiming to provide life-changing opportunities for all.

(https://www.linkedin.com/in/fr%C3%A9d%C3%A9ric-samvura-907aa53b)

• M. Ali Modiri

Smart Contract Developer

He is a versatile individual with experience in Mechatronic studies and a background in the Iranian young mathematics association. With a cybersecurity background as a malwares analyst and penetration tester, he excels at addressing digital threats. Ali's programming proficiency spans from low-level languages like Assembly and C to high-level languages like Golang and TypeScript. As a proud student of Gimbalabs, he specialized in Plutus smart contract development for blockchain projects. He contributes to the Cardano community as a member of the Cardano Certification Working Group and an author of CIP 96, while his ultimate passion lies in helping humanity transcend its current struggles.

(https://www.linkedin.com/in/m-a-modiri/)

• Reza Khaleghi Far

Back-End Developer

He is a Ph.D. student in Computer Engineering with a focus on network engineering. With over 12 years of programming experience across diverse projects and product development, he is a skilled DevOps specialist and full-stack developer. As the CTO of ArkaTec Co., Reza demonstrate his leadership abilities. He achieved a diploma in IT Software Solutions for Business at the WorldSkills Competition 2015. Additionally, Reza has a passion for teaching computer engineering, having taught for 6 years at the Iran Technical & Vocational Training Organization. His ultimate goal is to make technology more accessible and affordable for all.

(https://www.linkedin.com/in/reza-khaleghi-far/)

• Ali Khaleghi Far

Front-End Developer

He holds a BEngg degree in Computer Engineering, specializing in the IT field. With 7 years of programming experience across various projects, he is a talented full-stack developer, UI/UX designer, and motion graphist. As the founder of NullOne, a software development team focused on addressing environmental challenges, Ali showcases his commitment to sustainable solutions. With over 3 years as the Lead Project Manager at ArkaTec, he has demonstrated his leadership abilities. Ali's excellence in Web Design & Development was recognized at the WorldSkills Competition 2021, and he has also dedicated 2 years to teaching programming and graphics to school students. His passion lies in promoting green energy usage and eco-friendly technologies, aiming to reduce carbon footprints and create a healthy and clean environment for future generations through innovative technologies.

(https://www.linkedin.com/in/ali-khaleghifar-19b019205/)

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

Milestone 1:

Expected cost: 42,204 ₳

Resources needed :

Hardware :

• Server and Sysadmin [4,000 ₳]

Developers :

• Web3 frontend developer : 1 (34 ADA hourly ) [6,664 ₳]
• Web3 backend developer : 1 (45 ADA hourly ) [8,820 ₳]
• Smart contract developer : 1 (122 ADA hourly) [12,200 ₳]

Services :

• Legal Consultant : 1 (526 ADA hourly ) [10,520 ₳]

Milestone 2:

Expected cost: 19,484 ₳

Resources needed:

Hardware :

• Server and Sysadmin [4,000 ₳]

Developers :

• Web3 frontend developer : 1 (34 ADA hourly ) [6,664 ₳]
• Web3 backend developer : 1 (45 ADA hourly ) [8,820 ₳]

Milestone 3:

Expected cost: 28,284 ₳

Resources needed :

Hardware :

• Server and Sysadmin [4,000 ₳]

Developers :

• Web3 frontend developer : 1 (34 ADA hourly) [6,664 ₳]
• Web3 backend developer : 1 (45 ADA hourly) [8,820 ₳]

Services :

• Payment systems & other 3rd party APIs : 4 (In average 2200 ADA each) [8,800 ₳]

Milestone 4:

Expected cost: 10,016 ₳

Resources needed:

DevOps | Testers :

• DevOps : 1 (46 ADA hourly) [9, 016 ₳]

Public Relation:

• Documentation and Report: [1000 ₳]

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

In the case of our project within the Cardano ecosystem, we have carefully evaluated the costs involved and ensured that they align with industry standards and deliver tangible value to the community.

Cost Determination and Justification:

1. Industry Standards: The costs of our project have been determined based on industry standards and prevailing market rates for similar projects within the blockchain and software development domains. We have conducted extensive research and benchmarked our costs against industry averages to ensure that they are reasonable and reflective of the required expertise and resources.
2. Proportional to Average Wage and Freelance Rates: We have taken into account the average wage rates and typical freelance rates in the industry when determining the project costs. This ensures that the compensation provided to our team members and external contributors is fair and in line with prevailing market conditions, thereby promoting a sustainable and equitable ecosystem.
3. Expertise and Experience: The costs of the project are also justified by the expertise and experience of our team members. Each team member brings a unique set of skills and qualifications, including extensive knowledge of Plutus programming language, smart contract development, UI/UX design, and backend development. Their expertise adds significant value to the project, making it a worthwhile investment for the Cardano ecosystem.

Value for Money Considerations:

1. Long-term Benefits: The project's costs are justified by the long-term benefits it brings to the Cardano ecosystem. By providing a user-friendly platform for seamless conversions between cryptocurrencies and local currencies, our project empowers individuals in whole world especially in Africa, promotes financial inclusion, and contributes to economic growth. These long-term benefits far outweigh the initial costs incurred.
2. Economic Opportunities: Our project creates economic opportunities for individuals by enabling income generation through the P2P exchange section. By participating in the cryptocurrency market and earning commissions for their services, users can leverage digital assets to improve their financial situations. This demonstrates the value and potential returns associated with the project.
3. Tangible Impact: The project's value for money is reinforced by its tangible impact on the Cardano ecosystem. Through the enhanced accessibility and convenience provided by our platform, we aim to increase the number of active users, transaction volumes, and adoption among unbanked populations. These metrics, coupled with user satisfaction and feedback, will serve as indicators of the project's effectiveness and value.

[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