Cardano-based DID for RWA and Tokenized Assets

[GENERAL] Name and surname of main applicant

Steven Geartner

[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)

3

[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)

A Cardano-based platform integrating decentralized identity (DID) for managing RWAs and tokenized assets, verifying origin, ownership, and sustainability.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[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.”

We rely on LCX (Liechtenstein Cryptocurrency Exchange) as a physical validator to set up the verification process, ensuring trust and authenticity in our system.

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

NA

[METADATA] SDG rating

To align Tiamonds on Cardano with the United Nations Sustainable Development Goals (SDGs), the SDG Proposer Tool was used to identify relevant goals, subgoals, and key performance indicators:

SDG Goal 8: Decent Work and Economic Growth

• Subgoal 8.3: Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity, and innovation.
• Key Performance Indicator: Growth rate of GDP per employed person.
• Relevance: Tiamonds on Cardano supports innovation and economic growth by leveraging blockchain technology for the diamond market, encouraging entrepreneurship and job creation.

SDG Goal 9: Industry, Innovation, and Infrastructure

• Subgoal 9.5: Enhance scientific research, upgrade technological capabilities, and encourage innovation.
• Key Performance Indicator: Research and development expenditure as a proportion of GDP.
• Relevance: Tiamonds on Cardano enhances technological capabilities and encourages innovation in the tokenization of real-world assets, contributing to advancements in blockchain infrastructure.

SDG Goal 12: Responsible Consumption and Production

• Subgoal 12.6: Encourage companies to adopt sustainable practices and integrate sustainability information into their reporting cycle.
• Key Performance Indicator: Number of companies publishing sustainability reports.
• Relevance: Tiamonds on Cardano promotes sustainable practices by ensuring ethical sourcing and transparent provenance of diamonds. Moreover, as tokenized diamonds do not leave the secure vault, there is no transportation or logistics involved, resulting in zero CO2 emissions during trading.

SDG Goal 16: Peace, Justice, and Strong Institutions

• Subgoal 16.6: Develop effective, accountable, and transparent institutions at all levels.
• Key Performance Indicator: Primary government expenditures as a proportion of the original approved budget.
• Relevance: Tiamonds on Cardano enhances transparency and accountability in the diamond market through blockchain technology, fostering trust and reducing fraud.

SDG Goal 17: Partnerships for the Goals

• Subgoal 17.7: Encourage and promote effective public, public-private, and civil society partnerships.
• Key Performance Indicator: Amount of United States dollars committed to public-private partnerships for infrastructure.
• Relevance: Tiamonds on Cardano aims to build effective partnerships with diamond certification authorities, insurance providers, and blockchain developers to ensure the successful migration and operation of the platform.

Diamond Sustainability, Origin, and Fair Trade

• Relevance: Tiamonds on Cardano ensures the tracing of diamond origins and adherence to fair trade practices. By certifying the provenance and ethical sourcing of diamonds, the platform supports sustainable and conflict-free diamond trade.

By integrating these SDGs, Tiamonds on Cardano aims to contribute to economic growth, innovation, sustainable practices, transparent institutions, and effective partnerships, aligning its migration to Cardano with global development priorities.

[SOLUTION] Please describe your proposed solution

We propose building a blockchain-based platform on Cardano that leverages decentralized identity (DID) to manage real-world assets (RWAs) and tokenized assets. The platform will provide a secure, transparent, and efficient system for verifying the origin, ownership, and sustainability of these assets. By integrating DID, the platform ensures that every asset's lifecycle is traceable and authenticated, enhancing trust and reducing fraud.

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

The project will enhance the Cardano ecosystem by providing a robust solution for managing RWAs and tokenized assets, promoting trust and transparency. This will attract more users and developers to the Cardano platform, driving adoption and fostering innovation. Additionally, the project will showcase Cardano's capabilities in handling complex real-world applications, strengthening its position in the blockchain industry.

[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 comprises experts in blockchain technology, decentralized identity, and asset management. We will leverage our experience and knowledge to develop and deploy the platform. To ensure feasibility, we will conduct thorough research, prototype development, and pilot testing with real-world assets. Regular audits and community feedback will further validate our approach, ensuring high levels of trust and accountability.

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

Research and Planning: Conduct comprehensive research on Cardano's capabilities and DID integration to inform platform development.

Platform Design: Develop a detailed design for the platform, including architecture and user interfaces, based on research findings and user needs.

Prototype Development: Build a functional prototype to demonstrate core features and validate initial concepts.

Pilot Testing and Full-Scale Development: Conduct pilot tests with real-world assets to validate the platform's functionality and iterate based on feedback before scaling up to full development.

Launch, Promotion, and Ongoing Support: Launch the platform within the Cardano community, promote its features, and provide continuous support and updates based on user feedback to ensure long-term success and adoption.

By following a structured approach of research, design, prototyping, testing, and continuous improvement, the platform can leverage Cardano's capabilities effectively, integrate DID seamlessly, and establish itself as a valuable asset within the community, fostering trust, security, and innovation in decentralized identity management.

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

Steven Gaertner - Director, Tiamonds

Oversees the overall project direction, strategic decisions, and stakeholder engagement.

Monty Metzger - CEO at LCX and Founder at Tiamonds

Provides leadership and strategic vision, ensuring alignment with LCX’s objectives and compliance with regulatory standards.

Anurag Verma - Director of Technology, LCX

Manages the technical aspects of the project, including integration with LCX systems and overseeing the development of smart contracts.

Rishabh - Business Development

Leads business development efforts, identifying potential partnerships and market opportunities.

Vikash - Project Manager

Manages project timelines, resources, and ensures all milestones are met. Coordinates between different teams to ensure smooth project execution.

Ritesh - Software Developer

Develops the software components required for the project, including backend systems and integration with the Cardano blockchain.

Dharmveer - Blockchain and Backend Developer

Focuses on developing and testing smart contracts on Cardano, ensuring security and efficiency.

Mrinal - UI/UX Designer

Designs the user interface and user experience for the Cardano-based Tiamonds platform, ensuring it is user-friendly and meets project requirements.

Ravinder - QA Tester

Conducts thorough testing of the platform to identify and fix bugs, ensuring the system is robust and reliable.

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

The project has a total budget of 200,000 ADA, with 100,000 ADA funded by Project Catalyst and 100,000 ADA from Tiamonds. The funds will be allocated for research and planning (10,000 ADA), design and initial prototyping (30,000 ADA), advanced prototyping and testing (25,000 ADA), presentation preparation for the Cardano Summit (20,000 ADA) and marketing (12,500 ADA) , with a 2,500 ADA contingency fund. Additional resources funded by Tiamonds include smart contract developers, security audits, marketing campaigns, community engagement, and legal services, ensuring comprehensive project support and successful delivery.

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

The project cost is justified by the value it brings to the Cardano ecosystem through enhanced security, transparency, and efficiency in managing RWAs and tokenized assets. By solving critical challenges and attracting more users and developers, the project will drive Cardano's adoption and growth, delivering long-term benefits and positioning Cardano as a leader in blockchain-based asset management.