Extension of Onchain Social Payment directory to Cardano addresses

[GENERAL] Name and surname of main applicant

Gregor Arn

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

Entity (Incorporated)

[GENERAL] Requested funds in ada

300000

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

4

[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)

TransferMole connects social media usernames to crypto addresses and bank accounts, enabling global P2P payments to social usernames without the exchange of any transfer details or payment knowledge.

[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.”

TransferMole uses social media usernames as global payment aliases. During onboarding, ownership of these usernames needs to be authenticated. This happens either through social authentication services like Auth0 or directly via APIs like Meta’s APIs for Instagram and Whatsapp.

[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

All smart contracts and code associated with the Cardano blockchain will be made open source via Github repositories once complete and tested.

[METADATA] SDG rating

SDG goals:

• Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
• Reduce inequality within and among countries

SDG subgoals:

• 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
• Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets

Key Performance Indicator (KPI):

• Proportion of small-scale industries in total industry value added

[SOLUTION] Please describe your proposed solution

TransferMole is a payment directory and routing network. It maps social media profiles to crypto addresses, bank accounts, and e-wallets, enabling convenient payments to social media usernames that automatically resolve to receiving accounts, without requiring any additional details. The embedded routing engine replaces manual cross-chain and on-/off-ramp steps, reducing a complex and time-consuming task to a convenient experience that can be completed on the go. 

The product has been soft launched for payments on Ethereum, Polygon, and Avalanche. TransferMole is now preparing a tokensale and deploying its social payment directory on Base. Extending the payment directory to Cardano’s ecosystem will enable Web2 users to receive crypto assets on Cardano directly with their social username.

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

Value to the Cardano community:

TransferMole aims to bring Web2 users onchain through the abstraction of their Web2 social media username as a payment address. Extending support for Cardano means that people can receive Cardano assets with their Instagram, X/Twitter, Google, and other social media usernames. 

In addition, we also plan to collaborate with Cardano projects interested in reaching Web2 users through engaging campaigns (similarly to Galxe, the ability to send crypto assets to social media usernames is a great way to get attention among non-crypto natives).

In the long term (Phase 2), we will deploy payment widgets and caller contracts so that DApps can easily tap into the routing network and facilitate cross-chain and crypto-fiat transfers using social media usernames.

Measuring impact:

Quantitative: 

• We will track the number of users onboarded with a Cardano wallet attached to their social media username
• We will track the transaction volume received to a Cardano wallet via social media username

Qualitative:

• We will collaborate with other Cardano projects who wish to engage non-crypto natives through Web2 channels

Sharing output:

The payment directory will be publicly available and provide key metrics on payment-ready social media usernames, transaction volume, etc. In addition, we will extend our Ambassador program to increase awareness and gather feedback from the community, for the 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?

Our team has built multiple payment ventures with real-world use cases over the past 10 years. We started off in traditional payments, building one of the first social payment apps in Southeast Asia in 2015 (Cheers App) and then turned it into a wallet-as-a-service provider (Wallet Engine). In 2020, we were approached by clients asking about Web3 compatibility, which triggered our interest in blockchain. We share a common passion for social finance and together with our experience from peer-to-peer payments around real-world use cases, we are well equipped to build this onchain payment directory, allowing anyone to send and receive Cardano assets using nothing but a social media username.

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

Milestone 1 - Integrate Cardano to TransferMole’s onchain directory

Scope:

• Integrate one/two of existing popular wallets supporting Cardano blockchain into TransferMole application
• Utilize one of existing account abstraction solutions to implement user wallets with one-click user onboarding and gas sponsoring.

Delivery month: August 2024

Milestone budget: ₳100,000

Acceptance criteria: Ability to create a new Cardano wallet (or attach an existing one) as termination account for funds received on social media username. 

Milestone 2 - Add routing support for stablecoins to/from Cardano

Scope:

• Integrate cross-chain bridge to connect Cardano users with the rest of TransferMole’s ecosystem

Delivery month: September 2024

Milestone budget: ₳100,000

Acceptance criteria: Social media usernames with Cardano addresses as termination accounts will be able to accept fiat payments from cards and crypto payments from non-cardano chains. Funds are automatically on-ramped or routed cross-chain.

Milestone 3 (Final) - Deploy caller contract on Cardano for DApps

Scope:

• Develop and deploy smart-contract providing access to TransferMole’s social directory and payments for existing Cardano dApps

Delivery month: November 2024

Milestone budget: ₳100,000

Acceptance criteria: Dapps can use the TransferMole contract to initiate payments to social media usernames. Transactions will be automatically on-/off-ramped or transferred cross chain, depending on the recipient’s termination account.

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

Gregor Arn, CEO - https://twitter.com/rogerg8001, https://www.linkedin.com/in/gregorarn/

Previously built wallet infrastructure for super apps in Asia and launched Verso, one of the first DeFi projects on the Avalanche blockchain. Prior Accenture.

Ivan Loboda, CTO - https://www.linkedin.com/in/ivan-loboda-0bb23145/

Full-stack engineer with 10+ years of experience in developing fintech + blockchain solutions in high-load environments.

Carina Couillard, CMO - https://www.linkedin.com/in/carina-couillard/

Seasoned marketing and community lead for Web3 projects, DeFi and Launchpads. 

Barry Hurley, COO - https://www.linkedin.com/in/bahurley/

Built the first wallet for a telecom operator in the 90s and scaled it to 3.5 million users. 20 years of experience in payments and financial service regulation.

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

Milestone 1 Budget (Total ₳100,000)

• UI adjustments (₳20,000)
• Cardano wallet integration (₳20,000)
• Backend adapters for Cardano-specific account abstraction and transaction (₳60,000)

Milestone 2 Budget (Total ₳100,000)

• Cross-chain bridge integration (₳60,000)
• B2C campaign across Web2 social (₳20,000)
• Incentives for existing Cardano users to sign up with TransferMole (₳20,000)

Milestone 3 Budget (Total ₳100,000)

• Develop smart contract in Haskell (₳40,000)
• Smart contract audits (₳60,000)

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

1) Expansion of Cardano wallet base and usage

Our project will expose a significant number of Web2 social media users to Web3 infrastructure in an effortless seamless manner. In issuing a Cardano wallet to each new user we have the capability to provide significant new user acquisition for the Cardano platform as a whole.

2) Amplifying reach

Traditionally, the effort involved in onboarding a new user, setting up their first Web3 account, including sending and receiving, learning about gas, security, etc, was significant. By abstracting their Web2 social media username as a payment address on the Cardano network, we remove all of those hurdles faced by first time Web3 users. We have the ability to reach Web2 users without crypto knowledge, thereby expanding the envelope of the ecosystem.