Last updated 2 years ago
Reputano is building the future of DeFi scoring & reputation on Cardano
Problem
Challenges in DeFi:
- Lack of reliable credit scoring mechanisms in Cardano DeFi
- Difficulty in assessing on-chain creditworthiness and risk
- Traditional credit systems incompatibility with DeFi
Total to date
This is the total amount allocated to Reputano is building the future of DeFi scoring & reputation on Cardano.
About this idea
[GENERAL] Name and surname of main applicant
Joseph Thompson[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)
Entity (Not Incorporated)[GENERAL] Co proposers and Additional applicants
niall@reputano.com
ben@reputano.com
andre@reputano.com
[GENERAL] Requested funds in ada
298745[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)
Reputano allows you to bring credentials from web2 to web3, making it easy to trust each other while collecting new reputations in DeFI
[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
We are building and committing code to our GitHub, which we will announce and make open source in the coming two weeks.
Previously, for other companies we have built, we have open sourced all our DID components as well maintaining everything in accordance to the W3C Digital ID standards body.
[METADATA] SDG rating
SDG Target 16.9 - To give everyone a digital ID by 2030
Our CEO, Joseph Thompson, is the United Nation's SDG Pioneer for Blockchain Globally
https://unglobalcompact.org/sdgs/sdgpioneers/2017/joseph-thompson
[SOLUTION] Please describe your proposed solution.
Reputano bridges the gap between web2 credentials and web3 self-sovereign identity by combining the best of both worlds and bringing it to DeFi.
Having a solution that knows who you are in a privacy-protected way enables you to take advantage of DeFi services like never before. The Reputano platform is pioneering the integration of trade, lending, and borrowing data to construct comprehensive trust scores. We look forward to a future where a user will own all their data in a wallet and provide their true identity to shop for loans, participate in governance, and invest, switching between anonymity and humanity as the user sees fit.
We are confident about our Digital ID (DID) approach as we build on a solid foundation. The Team and Organisation behind Reputano have created successful DID solutions on other blockchains recognized by international organizations like the World Wide Web Consortium (W3C). This experience places us at the forefront of ID infrastructure development. We choose to build our next solution on Cardano, aiming to gradually expand the Cardano user alongside untapped new potential user groups. Our goal is to create a platform that web2 users see and immediately recognize as easy to use and valuable for their activity without necessarily realizing that they moved to web3. Thus enabling a radically new user segment, enabling them to effortlessly navigate between their web2 and web3 financial interactions.
The success of our project will be measured by daily active users (DAUs), and the volume of transactions brought on-chain linked to individual wallet addresses. Notably, users will be able to choose between public and private visibility of their transactions, ensuring user control and privacy.
In summary, Reputano is not just building a platform; we are shaping the future of on-chain financial reputation, making it accessible, versatile, and user-centric. And most importantly, we have done it before.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community.
- User Growth: Reputano primarily targets users unaware of Cardano at this moment. By integrating our solution with service providers, Reputano will bring a new user segment to the community, enlarging the pool of users for all dApps.
- By targeting another service provider outside of the crypto ecosystem, we will also build a reputation for Cardano in new industries such as sports, entertainment, and charity. Building Cardano's recognition in new sectors is another benefit we bring to Cardano.
- Sharing new technology: we have been working with ZK technology before and deployed it as part of other solutions. Using ZK for a based solution or sharing some of our code base will set new standards and enable other builders on Cardano to move faster.
[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?
The Reputano Team has been in Crypto since 2015, and its first company is AID: Tech. AID:Tech products have over 500K users across blockchains like Algorand. The AID:Tech company is valued at over $100,000,000 and has worked with giants such as Visa, Mastercard, Amazon, Home Depot & Walmart. Our new venture, Reputano, is backed by Emurgo, demonstrating our sincere and professional approach to building for the Cardano Community.
These credentials are critical because they show that we can conceive innovative solutions and build and scale them while being accountable to our investors and running a successful business with oversight.
As a core team, we understand how to build technical precast people will use on the backend, but it is easy to use on the front end, with a great UX badly needed in web3. Additionally, our backing from Emurgo gives us excellent access to Cardano development resources.
Our vision is to build Reputano in the fashion of a true Cardano project because we love how genuine the Cardano community is. We aim to make Reputano a community-owned project.
[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?
Milestone 1: W3C DID Method for Reputano
- Description: Enhance and develop DID method, including the integration with the Cardano blockchain.
- Output(s): DID Method Developed
- Acceptance Criteria: DID Method published and accepted by W3C
Milestone 2: Smart Contract Development for Reputation Scoring
- Description: Development of the initial set of smart contracts in Plutus for Reputano Score calculation.
- Output(s): Deployable smart contract code and documentation.
- Acceptance Criteria: Code audited for security and functionality, and successfully deployed on a testnet with documentation verified by developers.
Milestone 3: Data Aggregation and Analytics Engine
- Description: Create the backend engine that aggregates on-chain data and applies machine learning algorithms for score computation.
- Output(s): A functional data aggregation system and analytics engine.
- Acceptance Criteria: System able to aggregate data from multiple sources and generate a preliminary Reputano Score, validated with test data.
Milestone 4: Wallet Integration and Front-End Interface
- Description: Develop the wallet integration solutions and user interface for accessing Reputano Score.
- Output(s): User interface for the platform and wallet integration tools.
- Acceptance Criteria: Successful wallet connection and display of Reputano Score on user interface, with positive feedback from user experience testing.
Milestone 5: Prototype Deployment and Testing
- Description: Launch a fully functional prototype of the platform on the Cardano testnet for live testing.
- Output(s): A deployed prototype with testnet transactions and scoring.
- Acceptance Criteria: Successful operation of the prototype with at least 95% uptime and positive user feedback from test transactions.
Milestone 6: Security Audit and Compliance Verification
- Description: Conduct a comprehensive security audit and ensure compliance with relevant regulatory standards.
- Output(s): Security audit report and compliance documentation.
- Acceptance Criteria: No critical issues found in the security audit, and confirmation of compliance with Cardano blockchain standards and regulations.
[RESOURCES] Who is in the project team and what are their roles?
Joseph Thompson, CEO: https://www.linkedin.com/in/josephthompson11/
Niall Dennehy, COO: https://www.linkedin.com/in/niall-dennehy-bb311016/
Ben Cessa, CTO: https://www.linkedin.com/in/ben-cessa/
André Manning, Dir fo Engineering: https://www.linkedin.com/in/andremanning/
We have been previously backed by Emurgo. So we are working closely with them and Cardano Spot.
Here's a recent interview between Joseph (CEO) and Emurgo: https://www.linkedin.com/posts/emurgo_io_cardano-cardano-emurgo-activity-7138152896507875329-OzR4
And we have engaged deep technical conversations with the ID folks at the Cardano Foundation to help us understand how our technical roadmaps can align.
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.
Budget Breakdown for Project Milestones (Total: 298,745 ADA)
Milestone 1: W3C DID Method for Reputano
- Development : 20,000 ADA
- Technical Advisory Services: 10,000 ADA
Total for Milestone 1: 30,000 ADA
Milestone 2: Smart Contract Development for Reputation Scoring
- Development Costs (Smart Contracts): 30,000 ADA
- Code Auditing Services: 10,000 ADA
Total for Milestone 2: 40,000 ADA
Milestone 3: Data Aggregation and Analytics Engine
- Backend Development: 50,000 ADA
- Machine Learning Model Development: 25,000 ADA
- Data Acquisition and API Costs: 10,000 ADA
Total for Milestone 3: 85,000 ADA
Milestone 4: Wallet Integration and Front-End Interface
- Frontend Development: 25,000 ADA
- Wallet Integration Tools: 15,000 ADA
- User Experience Testing: 5,000 ADA
Total for Milestone 4: 45,000 ADA
Milestone 5: Prototype Deployment and Testing
- Testnet Deployment: 10,000 ADA
- Testing and Quality Assurance: 10,000 ADA
Total for Milestone 5: 20,000 ADA
Milestone 6: Security Audit and Compliance Verification
- Security Auditing: 20,000 ADA
- Compliance and Legal Services: 10,000 ADA
Total for Milestone 6: 30,000 ADA
Additional Budget Elements
- Project Management: 15,000 ADA
- Community Engagement and Marketing: 10,000 ADA
- Documentation and Reporting: 23,745 ADA
- Total for Additional Elements: 48,745 ADA
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
- Alignment with Cardano's vision
Our project, focused on DeFi Credit Scoring and On-chain Reputation, aligns perfectly with Cardano’s mission to revolutionize finance through blockchain technology. By investing in our project, the Cardano ecosystem gains a critical tool that enhances trust and security in DeFi transactions, thereby attracting more users and developers to the ecosystem.
2. Cost Justification:
- Development Costs: The budget allocation for development is justified by the complexity and technical expertise required to build on the Cardano blockchain. We have benchmarked these costs against industry standards for blockchain development, considering the specialized skills needed for working with Cardano’s Plutus smart contracts.
- Third-Party Services: Costs for services like code auditing and legal compliance are in line with market rates. These services ensure the security and legal robustness of the platform, which are non-negotiable in the financial sector.
- Project Management and Community Engagement: These are essential for maintaining transparency with the community and ensuring the project stays on track. The allocation here is modest but critical for the project’s success.
3. Market Rates Comparison:
The costs are proportional to the average wage and typical freelance rates in the blockchain development industry. We have conducted a thorough market analysis to ensure our rates are competitive and reasonable. This analysis includes comparing rates across multiple geographies since our team is international, ensuring we are in line with global standards.
4. Long-Term Benefits:
Investing in our project is not just about the immediate development but also about the long-term benefits to the Cardano ecosystem. The Reputano Score will:
- Enhance user trust and security in DeFi.
- Open up new avenues for credit and financial products on Cardano.
- Attract a broader user base, including those underserved by traditional finance.
5. Efficient Use of Resources:
We are committed to efficient resource management. This includes:
- Leveraging open-source tools and technologies where appropriate.
- Keeping overhead costs low.
- Ensuring every ADA spent is directly contributing to project milestones.
6. Scalability and Sustainability:
The project’s design focuses on scalability and sustainability, ensuring that the initial investment continues to yield benefits as the Cardano ecosystem grows. Our platform is designed to adapt and expand, providing ongoing value.
7. Expert Team:
Our team’s expertise in blockchain technology and DeFi ensures that the project will be executed efficiently and effectively, maximizing the return on investment for the Cardano community.
