Trustless and Self-Custodial Crypto Inheritance Dapp - GenWealth

[GENERAL] Name and surname of main applicant

Rafael Cardoso

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

Entity (Not Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

7

[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 Trustless Dapp that allows you to define rules and beneficiaries to claim your crypto after you’re gone, and create a system to recover your crypto assets if you lose the seed phrase.

[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 want to open-source our Smart Contracts in the future after launching on Mainnet and getting some adoption and traction for the Dapp.

This is because more than just building a product, we are trying to build a business that can keep on developing more solutions in this area. However, our budget is limited and mostly invested in development, and as such we are exposed to the risk of someone copying our code, and getting much more traction by investing considerably in marketing.

To minimize that risk we will keep it close source initially and do a security audit, and open source it after getting some traction and having first movers advantage.

[METADATA] SDG rating

SDG Goals

1 - End poverty in all its forms everywhere -> Focus on assuring there is a way to pass your wealth to your loved ones. Crypto Inheritance donation mechanisms for charities focusing on fighting poverty.

8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all -> Providing inclusive financial solutions for inheritance.

Providing technology that allows for the recovery of billions of dollars in assets

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation -> Development of transparent, trustless and decentralized financial infrastructure for asset management and estate management.

[SOLUTION] Please describe your proposed solution

GenWealth is creating a Trustless Inheritance Dapp, that allows you to leave your crypto to your loved ones and even establish a system to recover your crypto in case you lose access to your seed phrase.

Our goal is to make sure your crypto won’t just stay locked in a wallet forever, and that you have a way to leave a legacy, one that is secure, trustless, and affordable.

As we can see from the image above, this is a huge problem and need for every blockchain. For example, a considerable amount of Bitcoin is estimated to be lost forever, and this is a problem that affects all Blockchains.

We want to avoid a similar fate to ADA and ADA Native tokens, and we want Cardano to be the first blockchain with a safe and trustless solution, running on chain to recover your crypto for yourself and also to leave it to your family when the time comes.

And in fact, this is a worry shared by many users on Cardano as we can see by these community posts: https://forum.cardano.org/t/lost-phrase-lost-crypto-forever-really/58003/14 

https://www.reddit.com/r/cardano/comments/mbx09a/what_if_i_die_with_ada_and_nobody_knows_how_do_we/ 

This is something you need to think about as well if you hold your crypto in self-custody ( the safest way to hold crypto).

We have created the smart contracts, tested them, and we are working on developing the front end, to be able to take it to the Testnet. The funding from this proposal would allow us to get the necessary professionals to ensure maximum quality in the delivery of this Protocol.

How the Dapp Works:

With our Dapp, you can connect your wallet and create your own unique vault. When you create a vault, you establish a deadline to prove you are alive, that you can postpone.

This vault holds your assets and allows you to do anything you can do with your wallet, and in the future, we are looking to integrate with Dapps on Cardano so you can use them directly from our website.

However, the vault has additional capabilities, as you can subdivide your assets into sections called “pockets” and provide your heirs with a key token.

Once you can no longer prove you're alive by updating the deadline, your heirs are able to connect their wallets and recover the assets in their pocket, as long as they have the key token and the deadline has elapsed.

You no longer need to share your seed phrase with anyone, and the process is completely trustless, all done leveraging the Cardano blockchain and with the rules you have defined.

Your crypto will be safe while you are alive, as you are the only one with custody of your funds and possession over your seed phrase.

As stated previously, you can also use this protocol to recover your crypto, by creating multiple safety wallets, that you give the permission to claim all your assets earlier than any of your beneficiaries.

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

We will provide the Cardano Community with a Trustless and Decentralized solution, leveraging blockchain technology for you to be able to recover your Cryptocurrencies and to leave them to your loved ones once you’re gone.

By doing this we give you more control over your cryptocurrency. With this Dapp you decide what should happen to your crypto once you’re gone, your wishes are respected by a smart contract, and you can also leverage this Dapp to protect yourself against the possibility of losing your seed phrase.

This is a Billion-dollar problem, one that has not been solved by any blockchain, and where Cardano can be the first chain presenting an actual solution through GenWealth.

If you were just starting to invest in cryptocurrency, would you prefer to have the peace of mind of using a blockchain where you know that you and your family can easily and safely recover their assets, or one with no clear or safe way to do that?

This is a solution that is crucial to ensure the decentralization of blockchain and guarantee the adoption of blockchain technology without requiring intermediaries and centralization. It’s a problem that every blockchain will have to solve if we want to keep the custody of our own funds because it’s not sustainable to have so much ADA locked and lost forever in a wallet.

This proposal empowers self-custody and decentralization, because with the vaults you’re able to store your tokens safely under your own custody and without third-party risks, and still have the peace of mind of knowing that you and your family can recover this crypto. All this while removing the risks associated with sharing your seed phrase, because you will no longer need to do that.

This is an issue that has been raised by community members and it’s an issue you need to be worried about. Death is inevitable, we never know when it might come, and losing your seed phrase is not as hard as it might seem, unexpected things happen so we should definitely be prepared.

The funds from this proposal are not only helping to create a completely new product that is needed, solves a real problem and it’s innovative, but you’re also supporting a new project (GenWealth) that shares the goals of decentralization and financial empowerment that started Cardano.

We’re a team that has many more ideas on how to provide a complete inheritance service besides this product, and for more products leveraging this architecture. Meaning, that this proposal will have continuity and an investment with a long time span of Return on Investment, even after the completion of this proposal.

These are the impact metrics we intend to measure and share with the community over time:

• TVS - Total Value Stored -> Value of Assets Stored in the Protocol
• TVT - Total Value Transacted -> Cumulative Value of Assets that have gone through the platform.
• TVR - Total Value Recovered -> Value of Assets Claimed by Beneficiaries or Owners
• AVR - Average Value Recovered -> Average value of assets claimed by Beneficiaries or Owners

[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?

We have been developing GenWealth since October 2023.

Besides developing our Business Model, and creating plans, processes, and the necessary infrastructure, we have created the Smart Contracts, tested them, and worked with a UI - UX Expert. As you can see by our roadmap, we’ve been delivering and investing our own money because we believe in this project, its feasibility, and the impact it could have in the lives of many blockchain users.

We’ve done our market discovery and customer research, to make sure we are a solution for a problem and not a solution in search of a problem. As a company, our goal is to keep improving by working closely with the community, listening to their needs, and creating solutions for them.

We know the project is feasible because we have developed smart contracts successfully, the most innovative part and the basis of our Trustless Inheritance Protocol.

As far as the rest of the proposal, we have the team and the necessary skill sets and experience working on other protocols in Cardano to deliver successfully.

Our team is also the right one for the Job, our CEO has 5 years of experience in Web2 startups and in Leadership roles and has been preparing for such a role, our CTO has been developing on Cardano for the last 2 years, one of the projects he created was a deadman’s switch contract featured on awesome-aiken, that inspired the creation of GenWealth, while our Front-end has the experience working with some of the biggest projects on Cardano such as Fluid tokens.

We will keep everyone updated on our progress, through our website, and socials such as Twitter and Discord, besides the updates we will provide on Catalyst.

We will also be involving the Community in the whole process, through the marketing initiatives we will launch, and with our special Testnet reward program.

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

Front-End Development -> We have the smart contracts, and designs for the Dapp already created and with this milestone, we intend to develop our Dapp’s Interface for Testnet. It will allow us to pay professionals for top-quality work.

Acceptance Criteria/ Evidence -> Code for the front-end and off-chain of the protocol developed and working. Show Demo

Timeline: 3 months

Cost: 39 334 ADA

Marketing -> Create Brand Guidelines and a Marketing Plan. Initiate a Marketing Campaign to Attract more potential users and community members to GenWealth. The goal is to increase Brand awareness and start building a community on Discord and Twitter, to prepare for launch on Testnet.

Acceptance Criteria/ Evidence -> Brand Guidelines Document, Marketing Plan, and Marketing Campaign initiated across social media. Giveaways and Contests. Increase in Social Media Followers (Twitter) and Community Members (Discord).

Timeline = 2 months

Cost = 26 752 ADA

Testnet Launch -> Launch of the GenWealth Dapp on Testnet and Launch Campaign. This includes all the hosting infrastructure to run the Dapp, and an incentivized Testnet with bug bounties and rewards for feedback and completing tasks.

Acceptance Criteria/ Evidence -> Launch Public Cardano Testnet. Have a Testnet campaign with a bug bounty and feedback reward program. Create a Demo video of the Testnet. Final report and close-out video for the Proposal.

Timeline: 2 months

Cost: 33 392 ADA

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

Rafael - https://www.linkedin.com/in/rafael-cardoso-2b03ba146/

• Experience - 5 years of tech startup experience in the Web2 world. Was exposed to and worked on all of the business-related areas of the project (Business Development, marketing, Strategy, Product, HR). Led teams and projects inside the startup, for the last 3 years where he had to manage independent budgets to achieve KPIs. Previous experience Leading Marketing for Will Easy, and Online Will Creation Platform. Experience and knowledge about blockchain, Web3, and Cardano, researches web3 companies and creates content on the Cryptocurrency YouTube channel Decentralized Nation. Core Team Member in Web3 project  Deep Funding Academy, a Project Based Learning, onboarding platform for Deep Funding.

• CEO - Responsible for Business Development and Marketing

Ariady Putra - https://www.linkedin.com/in/ariady/

• Experience - has been developing its Cardano Smart Contract skills for the past 2 years. Created the morbid, a deadman’s switch smart contract as featured in Awesome-Aiken.

• Developed the GenWealth Smart Contracts.

• Participated in Cardano Developer courses held by Emurgo and Dapp360.

• Responsible for the Technological Development of the Protocol - CTO

• Certifications:
• Cardano Developer Professional - https://www.credly.com/badges/d40bc004-8d8d-4249-9cd3-cfd79c55f5ac
• Cardano Developer Associate - https://www.credly.com/badges/16206ae2-a403-4751-8efb-2694e2a89d8b
• Others - https://www.credly.com/users/ariady-putra/badges?sort=-state_updated_at&page=1

Anastasiia -> https://www.linkedin.com/in/anastasia-polozova-021686136/ 

• Senior Frontend developer
•  3+ years Experience in FinTech
•  5+ years Experience in Frontend development
• Experience in front-end development for Cardano projects such as Fluid Tokens.

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

Our budget was calculated with ADA= $0.45, as it was the price at the date we wrote this budget.

1 - Front-end development-> Timeline: 3 months

Cost per month = 5900$

Total Cost = 5900$ x 3= 17 700$

Cost: 39 334 ADA

More Info - We are able to get this very competitive rate for our entire front-end development team (2 members). This is inferior to the lower band rate for a front-end developer of the average rate of 65 000£( 81600$) per year according to McKinley, who would make 6800 $ per month (https://www.morganmckinley.com/uk/salary-guide/data/front-end-developer/london).

2 - Marketing -> Timeline 2 months

Cost Marketing Manager -> 5019$ x 2 months= 10038$

Responsible for Brand and Guidelines creation, creation of visuals preparation, and initial execution of a Marketing Plan and Strategy, to attract users and community members.

The average Salary of Marketing manager in London is £48 000( https://www.glassdoor.com/Salaries/london-marketing-manager-salary-SRCH_IL.0,6_IM1035_KO7,24.htm ), equivalent to $60230 US Dollars per year, and 5019$ per month.

Budget for Giveaways, Campaigns, and events = 2000$

Total Cost= 12 038$

Cost in ADA = 26 752 ADA

3 - Testnet Launch -> Timeline: 2 months

Prepare and pay for infrastructure to launch on Testnet and create a reward system for the Cardano Community to participate in the Testnet. We will have rewards to be distributed across the Cardano community for participating in the Testnet and helping us find bugs.

Hosting, API’s, and Infrastructure = 4576$

Bug and Feedback Bounty (Operations and rewards) = 10 000$ 

Total Cost = 14 576$

Cost: 33 392 ADA

The Infrastructure cost takes into account the complexity of our Dapp and Services we need to pay and use, it was created considering a significant amount of users during testnet. The rewards will go to the community members participating in the process of finding bugs and giving feedback whenever the Testnet is launched

Total Budget for the Proposal -> 99 478 ADA

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

With GenWealth, we are building crucial infrastructure for Blockchain technology, infrastructure that is needed, solves a real problem, and that no Blockchain has yet found a solution, and with this proposal, Cardano could be the first to do that.

In terms of budget, we’ve done our due diligence, contacted professionals to get the most competitive quotes, and planned and researched to make sure we have a competitive budget that allows us to execute successfully and with high-quality deliverables. All the professionals have a great track record, and with this budget we can deliver a high-quality proposal, attract a lot of community members, establish the foundations for our long-term success, and have a successful Testnet that helps stress test the product.

Considering that in total what we’re building has the potential to solve a billion-dollar problem, and that is a service that would solve a need and a problem for the entire Cardano Blockchain, this proposal has great value for money. ADA has a total supply of 45 Billion tokens, at today's price of 0.45$ it represents 20,25 Billion dollars that GenWealth could help transfer in a trustless manner for the next Generation. All this while empowering individuals to keep custody of their funds, and empowering them to be able to leave a legacy leveraging the decentralization of the Cardano Blockchain, without having to rely on Intermediaries.

We empower self-custody, the safest way to hold your crypto and provide a tool to remove trust and intermediaries in the process of crypto inheritance. With this proposal, everyone can create a mechanism to safeguard/ recover their crypto in case of losing the seedphrase.

In addition, we’ve already invested thousands of dollars and hours to make this Dapp come to life, and this grant can actually make all that money worth it by allowing us to deliver a high-quality Dapp on Testnet, and ultimately, taking us much closer to the goal of launching on Mainnet.

Furthermore, we do have a business plan, and ideas of how we can become sustainable as a business, so that we can keep building in the future, leveraging our own funds.

On top of that, if in the process of delivering the proposal, the price of ADA appreciates, we will use the additional amount to keep financing the development of this project and business on Cardano. We have other ideas to develop this product and similar products to solve issues we've detected on Cardano

Our values are aligned with the Cardano core values, as we are focused on building decentralized and trustless technology that empowers individuals financially, and providing this grant to GenWealth means financing a business that aims to spread this vision, and create products that help it become a reality.