Unique Username based Cardano Wallet that Removes wrong Address Transaction

[GENERAL] Name and surname of main applicant

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

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

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We will develop a wallet that lets users use a unique username for easy transactions and has a real-time receipts address analysis system to prevent dead/burned address transaction.

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

[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?

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

The project will be released under the MIT License, ensuring transparency and granting developers the freedom to use, modify, and distribute the code without restrictions. The code will be hosted on GitHub, providing an open and collaborative platform for engagement with the community.

[METADATA] SDG rating

Our application aligns with the sustainable development goals(SDGs) of the UN. It addresses

SDG 1: No Poverty, Our project can contribute of SDG 1 by providing a financial inclusion and access to digital asset for individuals who may be underserved or excluded from the traditional banking service. It offers a user friendly cryptocurrency wallet, especially to those in a region with limited access to financial infrastructure, Our project helps empower people economically and reduce the risk of financial exclusion. 

SDG 8: Decent Work and Economic Growth: Our project supports SDG 8 by fostering economic growth through the adoption of blockchain technology and facilitating secure transactions. By enabling individuals to participate in the digital economy and access financial services, our project contributes to creating opportunities for decent work, entrepreneurship, and sustainable economic development.

SDG 9: Industry, Innovation, and Infrastructure: Our project promotes innovation and supports SDG 9 by introducing new solutions for financial services and infrastructure. By leveraging blockchain technology to develop a user-friendly cryptocurrency wallet, our project contributes to advancing digital innovation, improving infrastructure resilience, and promoting inclusive and sustainable industrialization.

SDG 10: Reduced Inequalities: Our project addresses SDG 10 by reducing inequalities in access to financial services and empowering individuals from diverse backgrounds. By providing a platform that facilitates secure and accessible transactions, regardless of geographical location or socioeconomic status, our project helps bridge the digital divide and promote greater equality in financial inclusion.

SDG 16: Peace, Justice, and Strong Institutions: our project aligns with SDG 16 by promoting transparency, security, and accountability in financial transactions. By offering a secure and reliable cryptocurrency wallet, your project contributes to building trust in financial systems, reducing the risk of fraud and corruption, and strengthening governance mechanisms within the digital economy.

[SOLUTION] Please describe your proposed solution

In the rapidly growing ecosystem of cryptocurrency, one of the persistent issues that happens is sending transactions to the wrong addresses. This issue not only make a financial loss but also creates a fear to the crypto user community. Recently there was a 68 million dollar worth token loss happened in the crypto industry by sending to incorrect address. This was just one transaction. Imagine how many millions of dollar is lost annually. It is becoming common to see people asking on how they could recover their tokens after sending to the wrong addresses.

Problem Statement

The traditional cryptocurrency transaction method relies on sending to of crypto currency from sender to receiver by copying the wallet address of the receiver which is consist of strings of alphanumeric characters sending to it from the sender. This complexity of the large address mostly causes a significant barrier to new user adoption and it increases the likelihood of human error, resulting in irreversible losses when transactions are sent to incorrect addresses.

Moreover the Cardano ecosystem’s adoption of large-digit wallet address increases this challenge, causing a considerable issue for users attempting to transfer tokens and causing fear. Users may send to wrong address or even users may panic while sending thinking if they sent to the correct address. 

Solution

Our proposed solutions aims to solve the issue mentioned above by introducing a Cardano wallet that prioritizes user convenience, security and users error prevention. The key features of our wallet includes

1. Username integration: Users have the option to create a unique usernames associated with their wallet, simplifying the transaction process. Now, Users instead of struggling with the lengthy wallet address, users can seamlessly send tokens to their colleagues using their unique user name.
2. Address Verification: Our application implements a fast and robust address verification mechanisms to ensure the accuracy of the transaction. Before the users finalize a transaction, they would receive a real-time feedback on the status of the recipients address, mitigating the risk of sending funds to a dormant or incorrect address.
3. Dead address detection: Our wallet application continuously monitors recipients addresses for inactivity. If an address remains unused for a certain period of time, users will be alerted if they try to send their funds to the address, Preventing a potential loss of funds.

So, when we come to implementation, this is the starting main structure of the application. From the normal wallets this method separates our wallet. Beside the normal functions of a wallet. Our app will have a data base that stores hashed unique usernames with their address. This database stores hashed value of the usernames because it is supposed to be a one-way method. Meaning that no one, even the dev team can know whose username is connected to which address. Beside this our app has a real time security service. by using AI tools, we implement security scan of the receipts address to check if the address is dead/ burned or has suspicious things.

Who will your project engage?

Our project aims to engage the entire cryptocurrency community, particularly users of the Cardano blockchain. This includes both experienced crypto enthusiasts and newcomers who may be deterred by the complexity of traditional wallet addresses. By offering a user-friendly and secure solution, we seek to attract a wide range of users and promote adoption of our wallet application.

How will you demonstrate or prove your impact?

We will measure our impact through various metrics, including

• user adoption rates
• transaction volume
• user feedback.
• Additionally, we will conduct surveys and gather testimonials from users to assess their satisfaction and experience with our wallet application.

By tracking these metrics and continuously improving our product based on user feedback, we will demonstrate the effectiveness of our solution in addressing the challenges of sending transactions to incorrect addresses and fostering confidence in the Cardano ecosystem.

In Conclusion, We are planning to revolutionize the way transactions are conducted on the Cardano blockchain by introducing a user name based transaction methods. By prioritizing simplicity, security, and user experience. Our wallet aims to mitigate the risks associated with sending transactions to incorrect addresses, ultimately fostering widespread adoption and confidence in the Cardano ecosystem. 

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

1. Enhance User Experience: Users can now send funds to each other by using unique usernames, removing a fear of sending to a wrong wallet addres
2. Error prevention: With built-in address verification and dead address detection, our wallet app minimizes the risk of sending funds to incorrect or inactive addresses, safeguarding users from potential los
3. Increased Confidence: By offering a more intuitive and secure transaction experience, Our app gives greater confidence among users, fostering trust and adoption of the Cardano Community.

[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?

I am a full stack blockchain developer with a very good experience in developing decentralized applications(Dapps) for years, I have a good track record of delivering solutions with a focus on trust, security and accountability. Additionally, I am supported by a highly skilled team of professionals who bring diverse expertise to the project.

I have successfully completed numerous projects in the blockchain space, ranging from decentralized finance (DeFi) platforms to supply chain management solutions, all of which have been delivered with high levels of trust and accountability.

Furthermore, I plan to diversify our team by hiring another seasoned Cardano developer, complementing our existing expertise and broadening our skill set. This would help our team to tackle the problems in different perspectives.

To ensure the reliability and security of our project, we employ rigorous quality assurance and testing practices throughout the development lifecycle. This includes comprehensive unit testing, integration testing, and end-to-end testing to validate the functionality and robustness of our application. Additionally, we conduct regular code reviews, security audits, and compliance checks to uphold the highest standards of quality and integrity.

In summary, our project benefits from a wealth of experience, a dedicated team of professionals, and a rigorous approach to quality assurance and feasibility validation. I am confident in our ability to deliver the project with high levels of trust and accountability while ensuring that our approach is feasible and well-validated.

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

Project Initiation and Planning (Duration: 1 month)

Outputs:

• Define project scope, objectives, and requirements.
• Develop UI/UX wireframes and prototypes for the application.
• Hire senior developer(s) to augment the team.
• Structure the project architecture and establish development workflows.

Acceptance Criteria:

• Clearly defined project documentation
• Finished UI/UX design
• Project architecture design

Development Phase (Duration: 2 months)

Outputs:

• Implement frontend and backend components of the application based on UI/UX designs.
• Integrate blockchain functionalities for wallet creation, transaction processing, and address verification.
• Develop secure authentication and authorization mechanisms.
• Implement features for sending/receiving tokens, managing user accounts, and accessing transaction history.
• Conduct regular code reviews and iterations to refine and optimize codebase.

Acceptance Criteria:

• Provide a demo application
• Video showcasing the application working
• Clean open source GitHub code 

Testing and Quality Assurance (Duration: 2 months)

Outputs:

• Conduct comprehensive testing of the application, including unit tests, integration tests, and end-to-end tests.
• Perform security audits and vulnerability assessments to identify and address potential risks.
• Test application performance under various load conditions and optimize for scalability.
• Gather feedback from beta testers to identify usability issues and functional improvements.
• Iterate on codebase based on testing results and feedback to ensure a robust and reliable product.

 Acceptance Criteria:

• Provide the found issues while testing
• Working application for Demo
• Video showcasing the application working

Deployment and Launch (Duration: 1 month)

Outputs:

• Prepare for production deployment, including configuring servers, setting up databases, and deploying application code.
• Finalize documentation, user guides, and support materials for users.
• Develop marketing strategies and promotional materials to generate awareness and attract users.
• Launch the application to the public and promote through social media, forums, and industry events.
• Monitor user feedback and performance metrics post-launch and make adjustments as necessary to optimize user experience and drive adoption. 

Acceptance Criteria:

• Deployed application
• A video showing how the application works
• Social media campaigns to promote the application

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

1.Fraol Bereket , Senior blockchain developer and lead developer

• LinkedIn : https://www.linkedin.com/in/fraol-bereket-bekele/
• Github : https://github.com/fraolb
• Website : https://fraol-portfolio.vercel.app/
• Email : fraolbereket@gmail.com

2.Kidus Abebe , Senior Fullstack developer

• LinkedIn : https://www.linkedin.com/in/kidusabebe101/
• Github : https://github.com/kidus101/kidus--portfolio-website
• Website : https://kidus-portfolio-website-live.vercel.app/
• Email : kidusabebe101@gmail.com

3.We will hire one senior Cardano developer to diversify our team and to finish our project based on the time given.

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

Milestone 1: Project Initiation and Planning ( 20000 ADA)

• UI/UX design = 10000 ADA
• 3 Developer(1400 USD = 3000 ADA Monthly) = ( 3 * 3000 ADA * 1 month) = 9000 ADA
• Infrastructure (Hosting, Amazon Quantum Ledger Database (QLDB) for storing username hash data)= 1000 ADA

Milestone 2: Development Phase (18000 ADA)

• 3 Developers(3000 ADA Monthly)= ( 3 * 3000 ADA * 2 month) = 18000 ADA

Milestone 3: Testing and Quality Assurance (38000 ADA)

• Testing activities(including unit tests and beta tests) = 10000 ADA
• Security audits and vulnerability assessments (working with blockchain auditors) = 10000 ADA
• 3 Developers(3000 ADA Monthly)= ( 3 3000 ADA 2 month) = 18000 ADA

Milestone 4: Deployment and Launch (24000 ADA)

• Social Media Campaign - 10000 ADA
• 2 Developers(3000 ADA Monthly)= ( 2 * 3000 ADA * 1 month) = 6000 ADA
• Post-launch monitoring and adjustments = 2000 ADA
• Documentation and user guides = 3000 ADA

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

On the Infrastructure, we expected to buy hosting and the AWS DB for annual use. Plus it includes some risk reserves.

The cost for developers is assumed based on freelancers average salary. 

We have 3 developers getting 1400 USD ~ 3000 ADA monthly. When we break it down. 

8 hour work daily 5 days per week 4 weeks per month = 160 hours

So the hourly rate of developers is around 8.75 USD which is the average salary for blockchain developers. 

For the testing purpose we are aiming to have many beta testers that will participate on using the application with some reward.

For security and audit, we are going to hire Auditor company to audit our application.