Anastasia Labs X MoneyKit - Transaction Manifests & FinTech Platform Integration for Cardano

[GENERAL] Name and surname of main applicant

Michael Delmonte

[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)

Extend MoneyKit to support Cardano transactions data, providing enriched, user-friendly transaction manifests to enhance adoption in web2 finance.

[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 code responsible for transaction enrichment will be open-sourced. This scope of this code involves querying transaction data from the chain and producing a human readable description of the transaction (transaction manifest).

The financial auditing / accounting application will be fully open-sourced.

The modifications to the MoneyKit platform and backend will not be open-sourced due to proprietary technologies and the need to maintain a secure, stable, and controlled environment for financial data aggregation and processing. This ensures high standards of security, reliability, and compliance with financial regulations, which are critical in the fintech industry.

[SOLUTION] Please describe your proposed solution.

MoneyKit is an innovative and robust platform and SDK that empowers developers to create financial applications for both mobile and web platforms with unparalleled ease and efficiency. This cutting-edge solution offers a host of advantages that make it an invaluable asset for the financial technology ecosystem, and it is positioned to make a significant positive impact in the field.

MoneyKit's core strengths lie in its ability to streamline the often complex and time-consuming process of developing financial applications. It provides developers with a comprehensive toolkit that simplifies and accelerates the integration of financial data and services into their applications. This results in reduced development time, improved user experiences, and ultimately, a more competitive and successful financial application.

Right now, dozens of top apps are powered by MoneyKit on both IOS and Android. This enhancement will have a ripple effect, benefiting all the top apps currently powered by MoneyKit on both iOS and Android, ultimately strengthening Cardano's presence and utility within the broader financial technology landscape.

Our solution involves three key components:

1. Integrate Cardano as a data-source for MoneyKit: Currently, we allow users to connect to over 15K financial institutions and card accounts—over 7K more than any single aggregator. This will add Cardano as a data-source for MoneyKit, and thus also to all the financial applications that run on MoneyKit.
2. Transaction Enrichment: Similar to the transaction manifest from the Radix ecosystem. Developing open-source code that consumes serialized transactions and classifies them and convert them into human-readable transaction manifests. This will enable users and financial systems to easily understand the nature of the transaction. Using this tool, wallets will be able to describe in human readable terms exactly what are agreeing to when you sign a transaction (ie you are initiating a token swap or minting stablecoins).
3. Financial Auditing/Accounting Application powered by MoneyKit: An open-source application designed for auditing and accounting of addresses on the Cardano blockchain, leveraging the enriched transaction data from Cardano.

These elements will be integrated into MoneyKit, enhancing its capabilities to include and support Cardano transaction data, thereby facilitating broader adoption in web2 financial services.

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

The integration of Cardano into MoneyKit, through our project, will bring substantial benefits to the Cardano community by:

1. Integrate Cardano into every financial application powered by MoneyKit: Many financial applications are powered by MoneyKit. With this integration, all of these applications will have native access to query and display transaction data from the Cardano blockchain into traditional financial instruments and UI components.
2. Enhancing Visibility and Usability: Human readable transaction manifests will provide users with clear visibility into transaction details so they can see exactly what they are agreeing to before they sign the transaction.
3. Boosting Adoption: By facilitating Cardano's integration into mainstream financial services and applications, this initiative significantly expand Cardano's reach and adoption.
4. Supporting Financial Transparency: The MoneyKit Treasury Monitor App is set to address a critical challenge within the Cardano ecosystem: the lack of transparency regarding treasury expenditure and the absence of efficient accounting and tax management tools. The advanced onchain accounting capabilities offered by the Treasury Monitor App will be particularly invaluable for VCs, as it allows them to closely monitor treasury fund allocation, vested tokens, and spending patterns, enhancing confidence and trust within the ecosystem. Overall, this initiative significantly strengthens Cardano's infrastructure and attractiveness to a broader range of stakeholders, ushering in a new era of transparency and accountability.

[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?

Money Kit

Backed by top VCs and leadership from Robinhood, Cash App, Square, Coinbase, Venmo and Stripe. Our system, constructed on modern APIs, is tailored for conversion, stability, and a global scope. We maintain connections with over 15,000 banks and cards, indicating our broad network capabilities. Our dedication to privacy, portability, and security in financial data management highlights our commitment to user trust and safety. With our efficient and user-friendly world-class APIs and native SDKs, we ensure rapid deployment and ease of use. Our culture fosters innovation and excellence, vital for validating and executing feasible, trustworthy projects.

Anastasia Labs has rapidly established itself as a leading development firm within the Cardano Ecosystem.

Our team consists of highly skilled developers who have made significant contributions to various community projects, including Lucid, Agora, Liqwid-Plutarch-Extra. Our developers have had experience developing and publishing end-to-end DApps including production projects like WingRiders. Our auditing clients include Wanchain, Lenfi, Encoins, FluidTokens, Spectrum Finance, and Atrium. In addition to our project involvement, our team has been actively engaged in the developer experience domain. We have actively participated in educational panels focused on DApp Security Practices and Design Patterns, and our members have served as co-chairs of the IOHK developer experience working group.

Furthermore, our collaboration with Emurgo Academy has been instrumental in educating aspiring developers, with our team playing an essential role in this endeavor. We have also recognized and recruited the most exceptional talents from the academy's classes.

We have developed software development kits (SDKs) that facilitate the integration of existing dApps with other systems through off-chain code. Our team has also designed various protocols, including bridges and staking systems, while also actively contributing to open-source smart contract languages and their associated standard libraries.

With broad range of expertise within the Cardano Ecosystem we are a highly capable and versatile development firm

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

Transaction Manifest Tool

• Output: Code to classify Cardano transactions based on smart contract address and datum structure and produce human readable transaction manifests.
• Acceptance: Open-source code that can successfully produce transaction manifests for transactions on the top 20 DApp protocols.

Integration of Cardano transaction data with MoneyKit

• Output: Integrate live Cardano transaction data into the MoneyKit financial services API.
• Acceptance: Smooth and accurate transaction data flow within MoneyKit.

Development of Financial Onchain Accounting / Auditing Application powered by MoneyKit

• Output: A functional application for financial auditing of onchain wallet addresses using enriched Cardano transaction data.
• Acceptance: Efficient data processing and accurate financial reporting capabilities.

Beta Testing and Feedback Integration

• Output: A beta version of the integrated system.
• Acceptance: Positive feedback from a select user group and resolution of identified issues.

Final Documentation and Training Materials

• Output: Comprehensive documentation and training resources for end-users.
• Acceptance: Clarity, completeness, and usability of materials.

Official Launch and Promotion

• Output: Full launch of the Cardano integration for MoneyKit
• Acceptance: Successful deployment

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

Michael Del Monte

Co-founder & CTO of Quovo (Acquired by Plaid in 2019)

Head of Technology at Plaid

Serial founder and pioneer in data aggregation

Michael is the CTO and co-founder MoneyKit.

Kris Stipech

Founding team of Cash App & Head of Product Design

10 years scaling products and teams at Square

Helped launch the iPhone and other early IOS products.

Kris is the CEO and co-founder of MoneyKit

Compiler & Programming Language Research

Philip DiSarro

Philip is an expert in the field of Compiler Development & Programming Language Theory. He was the lead smart contract architect of many features on WingRiders DEX. Philip has also made significant contributions to the Cardano developer ecosystem. As a co-chair of the IOHK developer experience working group he worked to identify and resolve pain points that DApp developers experience in Cardano, and had an integral role in getting Lucid & Plutus Simple Model included in the Plutus Pioneer Program. He has a vast wealth of professional experience in smart contract security and auditing on Cardano. 

Philip is CEO and founder of Anastasia Labs and a senior Haskell developer on the XSY team, a consultant and lecturer for Emurgo.

Philip is responsible for introducing the new utility and convenience functions to Lucid and for assisting with general maintenance. Additionally, he will help create documentation for new features.

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

Total Requested Funds: 400,000 Ada

• Integration of Cardano with MoneyKit: 150,000 Ada
• Development and testing for integrating Cardano as a data source in MoneyKit.
• Transaction Manifest Tool Development: 100,000 Ada
• Creating open-source tools for human-readable transaction manifests for Cardano transactions.
• Financial Auditing/Accounting Application Development: 100,000 Ada
• Design and development of an open-source financial auditing application for Cardano, using enriched transaction data using the MoneyKit platform, SDK and UI components.
• Testing and Quality Assurance: 50,000 Ada
• Overseeing project progress, coordination among teams, and ensuring quality standards.

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

The project offers significant value for the Cardano ecosystem by:

1. Enhancing Cardano's Functional Utility: Making its transactions more accessible and understandable, increasing its practical use in financial applications.
2. Facilitating Wider Adoption: By integrating Cardano with MoneyKit, it opens up opportunities for Cardano's use in established web2 financial services, potentially increasing its user base.
3. Providing Tools for Transparency and Compliance: The financial auditing application will aid in ensuring transparency and regulatory compliance, key for institutional and large-scale adoption.

These outcomes justify the project cost by potentially increasing Cardano's market presence, usability, and trust within the broader financial community.

[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