Last updated a month ago
Cardano lacks a decentralized reputation scoring system that enables dApps to provide personalized features such as uncollateralized lending, dynamic interest rates and an enhanced user experience.
This is the total amount allocated to Nucast: Introducing Un-Collateralized Loans, Sybil Resistance and trust-based environment using Decentralized Reputation Protocol and SBTs for Cardano Wallets. 0 out of 3 milestones are completed.
1/3
Initiation
Cost: ₳ 22,500
Delivery: Month 1 - Sep 2024
2/3
Technical Architecture
Cost: ₳ 22,500
Delivery: Month 2 - Oct 2024
3/3
Project Closure
Cost: ₳ 30,000
Delivery: Month 3 - Nov 2024
NB: Monthly reporting was deprecated from January 2024 and replaced fully by the Milestones Program framework. Learn more here
A self-sovereign reputation system for Cardano wallets, enabling collateral-free loans, enhanced voting influence, and improved token allocations for reputable users over random wallets.
No dependencies.
The project will be open source under MIT License. This will allow anyone to do whatever they wish with the original code, as long as the original copyright and license notice is included either in the distributed source code or software.
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
17 - Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development
SDG Subgoals
17.19 - By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement gross domestic product, and support statistical capacity-building in developing countries
9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all
9.b - Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities
Our proposed solution is the Cardano Reputation Protocol, designed to integrate self-sovereign on-chain reputation scoring infrastructure on the Cardano ecosystem. This will enhance the user experience and increase engagement significantly. Here’s how we approach the problem and plan to implement our solution:
Perception of the Problem
In the current Web3 landscape, interactions and transactions are often impersonal and lack the nuance of real-world engagements due to the absence of a reputation system.
This gap leads to challenges like inefficient user targeting, rampant Sybil attacks, and underutilized DeFi and ecosystem offerings such as collateral-less lending, buy now-pay later, enhanced voting influence, and improved token allocations for reputable users over random wallets due to lack of a trust-based ecosystem.
By addressing these issues with our proposed solution we aim to create a more personalized, inclusive, and engaging digital environment.
Our Approach
Comprehensive Reputation Scoring:
Personalization: We analyze over 30 parameters including wallet balance, transaction volume, and wallet age to assign a Reputation Score from 0 to 100. This score allows for enhanced personalization and user-specific Web3 experiences.
Engagement: By using these scores, users can access tailored rates, special rewards, and improved engagement opportunities, reflecting the complexity of real-world reputations and Credit Score.
Inclusivity and Access:
Decentralized Society (DeSoc): Our protocol facilitates a DeSoc where users can use their on-chain reputation to engage with DAOs, unlock special voting power, and gain access to communities without traditional barriers like KYC.
Through non-transferable Soulbound Tokens (SBTs), we ensure that reputations are immune to manipulation, fostering a trust-based environment.
Economic Opportunities:
and many more...
Dynamic Updates:
Users can update their Reputation Score on-chain to reflect real-time changes, ensuring that their digital identity remains accurate.
NMKR Infrastructure: We will be using NMKR for minting and managing SBTs. Their soul bound token would be one of important addition that would immutably link reputations to the wallet and also be used to quickly inspect for reputation based use cases
Impact on the Cardano Community
The Cardano Reputation Protocol (CRP), will significantly enhance the Cardano ecosystem by introducing a robust, self-sovereign reputation scoring infrastructure. This protocol will transform user interactions, making them more secure, personalized, and inclusive.
Value to the Cardano Community:
Measuring Impact:
Sharing Outputs and Opportunities:
By following this approach, the Cardano Reputation Protocol will not only enhance the user experience but also strengthen the entire Cardano ecosystem, promoting a more connected and responsive digital economy.
Proven Track Record:
Our team has deployed blockchain solutions that required meticulous planning and robust technical implementation, recognized for their innovation and impact. Our previous Projects can be found at nucastlabs.com
Development Team: Our developers have extensive experience in blockchain development, particularly on the Cardano platform. They have contributed to successful Cardano-based projects and are proficient in cardano dapp development.
Strong Partnerships:
We have established relationships with key platform operators, service providers, developers, ensuring the solution is well-positioned for adoption and scalability.
Community Engagement:
Our team actively contributes to the Cardano community, demonstrating our commitment to the ecosystem’s growth and values.
Validating Feasibility:
To ensure the solution is feasible and effective, we will focus on a practical PoC
Adjustments Based on Prototype Piloting Results: Insights from these pilots will guide necessary adjustments to the reputations and . We aim to fine-tune functionality, enhance user experience, and ensure seamless integration with partner systems.
Budgeting and Financial Reporting:
We will maintain a transparent budget and provide for the community according to the catalyst guidelines. Regular updates on our progress, challenges, and milestones will be shared with the Cardano community via forums and social media. We will actively seek and incorporate community feedback.
A: Milestone outputs
B: Acceptance criteria
C: Evidence of milestone completion
A: Milestone outputs
B: Acceptance criteria
C: Evidence of milestone completion
A: Milestone outputs
B: Acceptance criteria
C: Evidence of milestone completion
Sricharan Ganta, CEO @ Nucast
Sricharan is a successful entrepreneur and business development strategist with over seven years of experience in business-driven roles and over four years of experience in the web3 domain. He has a successful track record of delivering innovative products on the Cardano Blockchain. As the CEO of Nucast, Charan is extremely passionate about community building and pioneering solutions. He currently leads a dynamic team of 15+ professionals at Nucast Labs. Additionally, he holds a Masters in Computer Science from the University of Central Missouri, USA.
Sam Jeffrey M, CTO @ Nucast
Building tech on Cardano for 3+ years. Midnight Pioneer 1st Cohort. Worked as Plutus Consultant at Gimbalabs. Awarded the Presidential Award for Innovation 2021 by the Government of India.
Nucast Labs : Successfully built various scalable Cardano dapps. Nucast is proud to host a highly skilled and experienced development team of 15+ members with over 30 years of combined industry experience.
Milestone 1
Total Duration: 30 Days
Total: 35000 ADA
Milestone 2
Total Duration: 30 Days
Total: 30000 ADA
Final Milestone: Launch and Reporting
Total Duration: 20 Days
Total: 10000 ADA
Direct Benefits: By enhancing user personalization and engagement, the Cardano Reputation Protocol directly contributes to increased innovation and growth within the Cardano ecosystem.
Economic Opportunities: The protocol enables new economic models like reputation-based lending and personalized DeFi services, which can attract more users and developers to Cardano, enhancing the overall value of the ecosystem.
Enhanced Security and Trust: By improving the trust framework within Cardano, CRP helps reduce fraudulent activities and enhances the overall security posture of the network, which is invaluable for user confidence and long-term sustainability.
We adopt a lean development approach, prioritizing MVP development and improvements based on partner and community feedback, which ensures cost-effective use of funds. Our strategic use of a geographically diverse across US, Singapore and India team enables us to optimize our development costs while maintaining high standards of quality and efficiency.
This approach, combined with our commitment to transparency and strategic budgeting, ensures that project provides excellent value for money, enhancing the Cardano ecosystem's capabilities and appeal in the competitive blockchain space.