SmartContract Custodian for Junk Native Tokens - Freeing your wallet's locked UTXO

[GENERAL] Name and surname of main applicant

Amir Azem [HAWAK]

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

Individual

[GENERAL] Co proposers and Additional applicants

OPEN for Joint Collaboration on this project

[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)

Overall, this project aims to provide a SC to be the custodian of all the unwanted native tokens outside of their wallet. To simplify their main wallet and consolidate these tokens into one UTXO.

[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 source code will be put in GitHub and can be audited and used by the cardano community

[SOLUTION] Please describe your proposed solution.

Develop a smart contract on the Cardano blockchain that allows users to streamline their UTXOs.

Define a mechanism for consolidating small UTXOs into larger ones, which reduces the number of inputs required for each transaction and lowers fees.

The smart contract would monitor the user's UTXOs and identify any small UTXOs that meet the consolidation threshold.

Users can then execute a transaction that consolidates the identified UTXOs into larger ones, resulting in reduced transaction fees.

Users are responsible for paying all transaction fees associated with UTXO consolidation.

Develop a smart contract that allows users to transfer worthless tokens into a vault and exchange them for a specified amount of another token, such as "Hosky," once a minimum threshold is reached.

Define a mechanism for depositing worthless tokens into the vault and maintaining a record of the total balance.

The smart contract would allow users to request the exchange of tokens for the specified amount of "Hosky" tokens once the threshold is reached.

The smart contract would automatically exchange the tokens for the specified amount of "Hosky" tokens at a predefined exchange rate and transfer the tokens to the user's wallet address.

Users are responsible for paying all transaction fees associated with the token dump and exchange.

Overall, this project aims to provide users with mechanisms for streamlining their UTXOs and dealing with worthless tokens that clutter their wallets. The UTXO consolidation part reduces transaction fees by consolidating small UTXOs into larger ones, while the Kitchen Sink Garburator provides a means of getting rid of worthless tokens and exchanging them for another token.

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

The SINK project is a Cardano-based initiative focused on reducing, reusing, and recycling unwanted tokens on the blockchain. The SINK token will serve as a store of value, collecting all the dumped tokens and preventing them from cluttering up the Cardano network.

The project consists of two main components: UTXO consolidation and the Kitchen Sink Garburator NFT contract. The UTXO consolidation feature allows users to consolidate their UTXOs locked by worthless tokens into a single transaction, saving on transaction fees and reducing clutter. The Kitchen Sink Garburator contract allows users to dump their unwanted tokens into the contract and earn rewards and NFTs based on the rarity of the tokens dumped.

The rewards and NFTs system is based on a formula that rewards users who dump multiple tokens simultaneously, with larger market cap tokens receiving higher rewards. Additionally, the system includes diminishing returns for dumping a single token with a very large value to prevent gaming of the system.

The SINK token is a native Cardano token and will serve as the store of value for the dumped tokens. The project aligns with Cardano's proof-of-stake system and emphasizes the three R's of reduce, reuse, and recycle.

Stakeholders and users who may positively impact the project include holders of wallets with many UTXOs locked due to worthless tokens, SPOs running pools, and projects with worthless tokens. Competing projects and DEXs may also benefit from the increased liquidity and reduced clutter on the Cardano network.

Potential abusers of the system could include those attempting to game the rewards system by dumping single tokens with very large values or spamming the system with low-value tokens.

Overall, the SINK project aims to reduce clutter on the Cardano network while also providing rewards and unique NFTs to users who participate in the system.

[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?

HAWAK is a long stadning SPO that is a member of various cardano communtiy headlines (xSPA, SSPA, Bare metal, F2LB)

We also participated in many exiting projects such as Hosky, DripDropz, Vending Machine, Minswap, WingRiderz.

Our team is open to collaboration and the us of other main cardano developpers to ensure this SC is running securily.

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

Milestone 1: Smart contract development and testing (3-4 weeks)

Objective:

The primary goal of Milestone 1 is to develop and thoroughly test the smart contracts that will form the core functionality of the Junkyard Jewels project. This milestone is crucial for ensuring the security, reliability, and efficiency of the platform's underlying blockchain technology.

Key Activities:

1. Requirements Gathering (Week 1):

• Detailed discussions with stakeholders to gather and finalize the technical requirements for the smart contracts.
• Define the specifications for UTXO consolidation, the Kitchen Sink Garburator, and NFT minting.

1. Smart Contract Architecture (Week 1-2):

• Design the architecture for the smart contracts, including the logic for UTXO consolidation and token exchange.
• Establish the data structures and functions needed to support the project's goals.

1. Programming Development (Week 2-3):

• Implement the smart contracts in the Aiken, Marlow or Haskell programming language, adhering to the defined architecture and specifications.
• Regular code reviews and collaboration among the development team to ensure code quality.

1. Internal Testing (Week 3-4):

• Conduct rigorous testing of the smart contracts in a controlled environment to identify and address any bugs or vulnerabilities.
• Create test cases that cover various scenarios, including UTXO consolidation, token exchange, and NFT minting (Consider using NMKR, or other existing services).

1. Security Audits (Week 4):

• Engage external security experts or conduct internal audits to identify and mitigate potential security risks.
• Address any vulnerabilities or weaknesses discovered during the auditing process.

1. Documentation (Ongoing):

• Document the smart contract code, explaining the purpose of each function and providing clear instructions for future reference.
• Prepare developer documentation to facilitate future updates and modifications.

Deliverables:

• Completed and tested smart contracts for UTXO consolidation, Kitchen Sink Garburator, and NFT minting.
• Documentation outlining the architecture, functions, and usage of the smart contracts.
• Test reports highlighting the results of internal testing and security audits.

Success Criteria:

• Smart contracts operate as intended, enabling UTXO consolidation and token exchange securely and efficiently.
• All identified bugs and vulnerabilities are addressed.
• Documentation is comprehensive and accessible to the development team for future reference.

Milestone 2: Launch of the SINK Token and NFT Minting Platform on Cardano Mainnet (4-6 weeks)

Objective:

Milestone 2 focuses on the successful deployment of the Sinkcoin (SKC) token and the NFT minting platform on the Cardano mainnet. This milestone marks the transition from development and testing to the live implementation of the Junkyard Jewels project, allowing users to interact with the platform.

Key Activities:

1. Finalization of Smart Contracts (Week 1):

• Ensure that the smart contracts developed in Milestone 1 are finalized and ready for deployment.
• Confirm that all security audits and testing have been completed satisfactorily.

1. Token Deployment (Week 2):

• Deploy the Sinkcoin (SKC) token on the Cardano mainnet.
• Verify and test the token's functionality on the live blockchain.

1. NFT Minting Platform Integration (Week 2-3):

• Integrate the NFT minting platform with the Cardano mainnet.
• Test the minting process to ensure users can create NFTs based on dumped tokens.

1. User Interface Integration (Week 3-4):

• Integrate the developed smart contracts with the user interface (UI) to create a seamless and user-friendly experience.
• Conduct thorough testing to ensure proper functionality and responsiveness.

1. Security Checks and Audits (Week 4):

• Perform additional security checks to ensure the live deployment is secure.
• Conduct final audits to identify and address any potential vulnerabilities.

1. Launch Preparation (Week 5):

• Prepare for the official launch, including communication plans, user guides, and support channels.
• Set up monitoring tools to track the performance of the platform after launch.

1. Launch (Week 6):

• Officially launch the Junkyard Jewels platform on the Cardano mainnet, making the Sinkcoin (SKC) token and NFT minting platform accessible to users.
• Monitor the launch closely for any issues and address them promptly.

Deliverables:

• Deployed Sinkcoin (SKC) token on the Cardano mainnet.
• Integrated and live NFT minting platform accessible to users.
• User interface (UI) integrated with smart contracts and tested for usability.
• Security checks and audits completed with documented results.
• Launch documentation, including user guides and communication plans.

Success Criteria:

• Successful deployment of the Sinkcoin (SKC) token and NFT minting platform on the Cardano mainnet.
• Users can interact with the platform without encountering significant issues.
• Security measures are effective in protecting user assets and data.

Milestone 3: Implementation of User Interface and Testing (2-3 weeks)

Objective:

Milestone 3 focuses on the development and integration of the user interface (UI) for the Junkyard Jewels platform. This phase aims to provide users with an intuitive and engaging interface, ensuring a seamless experience when interacting with the smart contracts, Sinkcoin (SKC) token, and NFT minting platform.

Key Activities:

1. UI Design and Prototyping (Week 1):

• Finalize the UI design based on user experience (UX) principles and project requirements.
• Create interactive prototypes to visualize the platform's look and feel.

1. UI Development (Week 1-2):

• Develop the actual user interface based on the finalized design.
• Ensure responsiveness and compatibility across various devices and browsers.

1. Integration with Smart Contracts (Week 2):

• Integrate the UI components with the previously developed smart contracts.
• Implement functionalities that allow users to interact with UTXO consolidation, token exchange, and NFT minting.

1. Testing (Week 2-3):

• Conduct comprehensive testing of the integrated UI and smart contracts.
• Test user interactions, data input validation, and error handling.
• Perform usability testing to ensure a smooth and user-friendly experience.

1. Iterative Feedback and Refinement (Ongoing):

• Gather feedback from internal and external stakeholders, including potential users.
• Iterate on the UI design and functionality based on feedback to improve the user experience.

1. Documentation (Ongoing):

• Document the UI implementation, design decisions, and any specific functionalities for future reference.
• Provide user guides or tooltips within the UI for users' understanding.

Deliverables:

• Completed and integrated user interface for the Junkyard Jewels platform.
• UI components seamlessly interacting with smart contracts and backend functionalities.
• Test reports highlighting the results of UI testing, including any identified issues and resolutions.
• Documentation detailing the UI design and implementation.

Success Criteria:

• The user interface is visually appealing, intuitive, and aligns with the project's branding.
• Users can easily navigate and interact with the platform features.
• Comprehensive testing ensures that the UI functions correctly and provides a positive user experience.

Milestone 4: Marketing and Promotion Strategy Development (2-3 weeks)

Objective:

Milestone 4 is dedicated to the development of a comprehensive marketing and promotion strategy for the Junkyard Jewels project. This phase is crucial for creating awareness, attracting users, and establishing a strong presence within the target audience and the broader cryptocurrency community.

Key Activities:

1. Market Research (Week 1):

• Conduct in-depth research on the target audience, competitors, and current market trends in the blockchain and cryptocurrency space.
• Identify potential opportunities and challenges that may impact the marketing strategy.

1. Brand Messaging and Positioning (Week 1-2):

• Define and articulate the core messaging for the Junkyard Jewels project.
• Establish a unique selling proposition (USP) and position the project within the market.

1. Target Audience Identification (Week 2):

• Identify and profile the project's target audience, including demographics, interests, and behaviors.
• Tailor marketing messages and channels to effectively reach and engage the target audience.

1. Channel Selection and Planning (Week 2-3):

• Select marketing channels based on the target audience and project goals. This may include social media, community forums, influencer partnerships, and more.
• Develop a detailed plan for each selected channel, outlining content creation, posting schedules, and engagement strategies.

1. Content Creation (Ongoing):

• Create engaging and informative content that aligns with the brand messaging.
• Develop a content calendar for consistent and strategic communication across various channels.

1. Community Engagement (Ongoing):

• Plan and execute community engagement activities, such as AMAs (Ask Me Anything), giveaways, and contests.
• Foster a sense of community among early adopters and potential users.

1. Collaborations and Partnerships (Ongoing):

• Explore collaboration opportunities with influencers, blockchain communities, and industry partners.
• Establish partnerships that can help amplify the project's reach.

1. Metrics and Analytics Setup (Ongoing):

• Set up analytics tools to measure the performance of marketing efforts.
• Define key performance indicators (KPIs) and regularly analyze data to make informed adjustments to the strategy.

Deliverables:

• Documented marketing and promotion strategy.
• Defined brand messaging and positioning.
• Identified target audience profiles.
• Detailed channel plans and content calendars.
• Engaging and informative marketing content.

Success Criteria:

• Increased awareness of the Junkyard Jewels project within the target audience.
• Growing community engagement and positive sentiment.
• Measurable increases in relevant social media metrics and user interactions.

Milestone 5: Platform Launch and User Acquisition (Ongoing)

Objective:

Milestone 5 marks the official launch of the Junkyard Jewels platform on the Cardano mainnet and focuses on ongoing user acquisition strategies. The goal is to attract users, encourage adoption, and foster a vibrant community around the project.

Key Activities:

1. Launch Preparation (Week 1-2):

• Finalize all preparations for the platform launch, ensuring that all components are ready and operational.
• Conduct final checks to verify the stability and security of the platform.

1. Launch Event (Day 1):

• Execute a coordinated launch event to create buzz and excitement around the Junkyard Jewels platform.
• Utilize social media, press releases, and community channels to announce the launch.

1. Community Engagement (Ongoing):

• Continue and expand community engagement efforts to keep users informed and involved.
• Encourage user-generated content, such as tutorials, reviews, and feedback.

1. User Onboarding (Ongoing):

• Develop and implement an efficient onboarding process to guide new users through the platform's features.
• Provide tutorials and educational materials to help users understand and navigate the platform.

1. User Support and Feedback (Ongoing):

• Establish channels for user support, such as a helpdesk, community forums, or chat platforms.
• Actively collect and respond to user feedback to address concerns and improve the user experience.

1. Marketing Continuation (Ongoing):

• Sustain marketing efforts to maintain visibility and attract new users.
• Monitor and analyze marketing metrics to optimize strategies based on performance.

1. Partnerships and Collaborations (Ongoing):

• Continue seeking and nurturing partnerships with influencers, communities, and industry stakeholders to expand the project's reach.

1. Metrics and Analytics (Ongoing):

• Regularly analyze platform metrics and user behavior to gain insights into user engagement and areas for improvement.
• Adjust strategies based on data-driven decisions.

Deliverables:

• Successful platform launch on the Cardano mainnet.
• Ongoing user acquisition and community growth.
• Continued marketing campaigns and community engagement.
• User support infrastructure and resources in place.

Success Criteria:

• Positive user feedback and growing user base.
• Increased activity on the platform, including UTXO consolidations, token exchanges, and NFT minting.
• Achieving and surpassing user acquisition targets.

Final Milestone: Security, Testing, and Adaptability (Ongoing)

Objective:

The final milestone encompasses continuous efforts to ensure the security, reliability, and adaptability of the Junkyard Jewels platform. This includes ongoing security measures, thorough testing, and the ability to adapt the platform based on evolving requirements and user feedback.

Key Activities:

1. Security Audits and Updates (Ongoing):

• Conduct regular security audits to identify and address any new vulnerabilities or emerging threats.
• Implement updates and patches promptly to maintain a secure environment for users.

1. Continuous Testing (Ongoing):

• Implement continuous integration and continuous deployment (CI/CD) pipelines to automate testing processes.
• Conduct regular testing of smart contracts, the user interface, and overall platform functionality.

1. User Feedback Integration (Ongoing):

• Actively gather and analyze user feedback on the platform's features and performance.
• Use user input to make iterative improvements and address any issues promptly.

1. Scalability Planning (Ongoing):

• Monitor platform usage and plan for scalability as the user base grows.
• Assess and optimize infrastructure to handle increased demand.

1. Regulatory Compliance (Ongoing):

• Stay informed about regulatory changes in the cryptocurrency and blockchain space.
• Ensure ongoing compliance with relevant regulations and legal requirements.

1. Documentation and Knowledge Transfer (Ongoing):

• Maintain updated documentation for developers, users, and any relevant stakeholders.
• Facilitate knowledge transfer within the team to ensure continued support and development.

Deliverables:

• Regularly updated security protocols and patches.
• Automated testing procedures integrated into the development pipeline.
• Iterative platform updates based on user feedback and changing requirements.
• Scalability assessments and enhancements.
• Compliance documentation and adherence to relevant regulations.

Success Criteria:

• No major security incidents affecting user funds or platform integrity.
• Platform maintains high levels of user satisfaction and engagement.
• Successful adaptation to changes in user behavior, market trends, and regulatory landscape.

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

Amir Azem - Founder and lead project manager

Aiken OR Marlow OR Haskell developers to develop and test the smart contracts

UI/UX designers to create an intuitive user interface for the platform

Marketing specialists to develop a marketing and promotion strategy

Blockchain experts to ensure the platform is secure and scalable

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

1. Development Costs (40%): $40,000

• Marlow / Cardano / Haskell Developers:
• Estimated Hours: 400 hours
• Blockchain Experts:
• Estimated Hours: 200 hours

1. UI/UX Design (20%): $20,000

• UI/UX Designers:
• Estimated Hours: 250 hours

1. Marketing (20%): $20,000

• Marketing Specialists:
• Estimated Hours: 200 hours
• Advertising and Promotion:Budget for advertising platforms, social media, etc.

1. Token and NFT Minting (20%): $20,000

• Smart Contract Deployment:
• Estimated Hours: 200 hours
• Quality Assurance (Testing):
• Estimated Hours: 250 hours

These estimates are based on typical hourly rates for professionals in the respective fields. The actual rates may vary, so it's recommended to research and get quotes from potential team members or contractors.

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

Overall, the SINK project aims to reduce clutter on the Cardano network while also providing rewards and unique NFTs to users who participate in the system.

In addition to the benefits outlined above, the Sinkcoin project aims to create a more sustainable and environmentally-friendly blockchain ecosystem by reducing the number of UTXOs cluttering the blockchain, thus decreasing transaction fees and energy consumption.

The Sinkcoin token will be a native token on the Cardano blockchain, and will be used to collect and store the dumped tokens. Users will be able to dump their unwanted tokens into the Worthless Token Dump smart contract, and in return they will receive Sinkcoin tokens. The more tokens dumped, the more Sinkcoin tokens will be rewarded.

The Junkyard Jewels NFT collection will be generated based on the types and quantity of tokens dumped into the smart contract. These NFTs will be categorized as Common, Rare, Epic, Legendary, and Unique, with each category having a different theme and level of rarity.

The rewards formula for the Junkyard Jewels NFTs will take into account the quantity and market capitalization of the dumped tokens, as well as any multi-token dumping. This will ensure that users are incentivized to dump larger quantities of tokens, as well as more valuable tokens.

While the Sinkcoin project presents a unique opportunity for Cardano users to dispose of their unwanted tokens in an environmentally-friendly way and earn rewards in the form of NFTs, there are also potential risks and drawbacks to consider. Some users may attempt to game the system by dumping large quantities of low-value tokens, while others may try to exploit any vulnerabilities in the smart contract. It is important for the Sinkcoin team to implement robust security measures and continually monitor the system for any potential risks or threats.

Overall, the Sinkcoin project presents a unique and innovative solution for reducing UTXO clutter on the Cardano blockchain, while also providing a sustainable and rewarding platform for users to dispose of their unwanted tokens.

 

In order to ensure transparency and fairness, the NFT minting process will be audited by a third-party firm. Additionally, a portion of the revenue generated by the SINK token will be allocated towards community initiatives such as education, environmental conservation, and charitable causes.

Overall, the Sinkcoin project aims to address the issue of UTXO cluttering and incentivize users to dispose of worthless tokens in a sustainable manner, while also providing a unique opportunity for users to obtain valuable and rare NFTs. By doing so, the project aligns with the principles of the Cardano blockchain and contributes to the overall sustainability of the ecosystem.

In conclusion, the Sinkcoin project offers a unique and innovative approach to addressing the issue of UTXO cluttering and promoting sustainability on the Cardano blockchain. The project incentivizes users to dispose of worthless tokens in a sustainable manner while also providing an opportunity for users to obtain valuable and rare NFTs. With the support of the Cardano community, the Sinkcoin project has the potential to make a significant positive impact on 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