Cardano-Based Microfinance Platform

[GENERAL] Name and surname of main applicant

sisay solomon

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

Individual

[GENERAL] Requested funds in ada

150000

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

8

[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)

Develop a decentralized microfinance platform using Cardano that connects small-scale entrepreneurs in Hawassa with investors looking to fund local businesses.

[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

This project will be fully open source, with the code hosted on a public repository (e.g., GitHub). An open-source license, such as MIT or GPL, will allow others to use and modify the software while ensuring proper attribution.

Comprehensive documentation, including setup instructions and user guides, will facilitate engagement from developers and users. Community contributions will be encouraged through a structured process for submitting issues and feature requests.

Version control practices will maintain stability while allowing for updates based on feedback. A governance model will enable contributors to participate in decision-making, promoting transparency.

[METADATA] Horizons

Connected Community

[SOLUTION] Please describe your proposed solution

The Cardano-Based Microfinance Platform connects local entrepreneurs in Hawassa with investors, providing a decentralized and transparent funding solution. Key features include:

• Decentralized Lending: Uses smart contracts on the Cardano blockchain to automate and secure the lending process.
• Smart Contracts: Ensures funds are disbursed only when specific conditions are met, minimizing risk for investors.
• Transparent Fund Management: Records all transactions on the blockchain, enhancing trust through real-time visibility of fund usage.
• Community Rating System: Allows borrowers to build reputations based on repayment history, aiding investors in decision-making.
• Educational Resources: Offers financial literacy resources to help borrowers manage funds effectively.
• Mobile Accessibility: Provides a user-friendly mobile app for easy access to loan requests and funding tracking.

This platform addresses funding gaps for entrepreneurs while fostering economic growth and innovation in the community.

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

• Increased Adoption: Attracts new users and developers, boosting overall adoption of Cardano.
• Demonstration of Use Cases: Showcases practical applications of Cardano in decentralized finance and social impact.
• Community Engagement: Encourages collaboration and knowledge sharing among developers and stakeholders.
• Enhanced Ecosystem: Promotes responsible financial practices and innovation through educational resources.
• Support for Local Economies: Empowers entrepreneurs, inspiring similar initiatives globally and expanding Cardano's influence.
• Feedback Loop for Improvement: User interactions provide valuable insights for enhancing both the project and the Cardano protocol.

Overall, the project strengthens the Cardano community by highlighting its potential for real-world applications and social impact.

[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?

To make sure my Capability to Deliver with Trust and Accountability

• Transparent Development: I will maintain an open-source codebase for community review and contributions, fostering trust.
• Smart Contract Audits: I plan to engage third-party experts to audit smart contracts, ensuring security and reliability.
• Community Involvement: Encouraging feedback and contributions will create a sense of ownership and strengthen trust.
• Regular Updates: I will provide progress updates and engage with the community through forums and social media.

Feasibility Validation

• Market Research: I will conduct surveys and interviews with potential users to validate demand for the platform.
• Prototype Development: Creating a minimum viable product (MVP) will allow testing of core functionalities and gathering feedback.
• Pilot Program: I plan to run a pilot with a small user group to assess usability and gather insights for adjustments.
• Iterative Testing: I will use agile methodologies to refine the platform based on user feedback.

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

Development and Prototyping (Months 1-4)

• Conduct initial research and planning to identify user needs.
• Create wireframes and design the user interface.
• Develop the minimum viable product (MVP) and build the backend infrastructure, including smart contracts.

Testing and Launch Preparation (Months 5-6)

• Perform thorough testing, including unit tests and user acceptance testing (UAT).
• Incorporate feedback from beta users to finalize the platform.
• Prepare marketing materials and strategies for the official launch.

Official Launch and Post-Launch Support (Months 7-8)

• Launch the platform to the public and begin onboarding users.
• Provide ongoing support, gather user feedback, and implement enhancements.
• Foster community engagement and encourage contributions for future growth.

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

Project Lead (me: sisay solomon)

• Role: Overall project management, vision setting, and strategic planning. Responsible for coordinating team efforts, ensuring milestones are met, and maintaining communication with stakeholders.

Blockchain Developer (abel kasahun)

• Role: Design and implement smart contracts on the Cardano blockchain. Responsible for backend development, ensuring security and functionality of the decentralized lending system.

Frontend Developer (dawite hile)

• Role: Develop the user interface for the platform. Focus on creating a user-friendly experience and ensuring the application is responsive and accessible on various devices.

UI/UX Designer( veronica dana)

• Role: Design the overall look and feel of the platform. Conduct user research to ensure the interface meets user needs and enhances usability.

Community Manager (kidus alenlachu)

• Role: Engage with the user community, gather feedback, and promote the platform. Responsible for maintaining communication through forums, social media, and events.

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

Total Budget: 150,000 ADA

• Budget Breakdown

Development Costs: 80,000 ADA

Blockchain Development: 40,000 ADA

Frontend Development: 25,000 ADA

UI/UX Design: 15,000 ADA

• Testing and Quality Assurance: 15,000 ADA

QA Testing: 10,000 ADA

User Acceptance Testing (UAT): 5,000 ADA

• Marketing and Community Engagement: 30,000 ADA

Marketing Campaigns: 20,000 ADA

Community Management: 10,000 ADA

• Operational Costs: 15,000 ADA

Hosting and Infrastructure: 5,000 ADA

Miscellaneous Expenses: 10,000 ADA

• Contingency Fund: 10,000 ADA

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

Innovative Technology Use: Leverages Cardano’s blockchain for a practical microfinance application, demonstrating utility and encouraging adoption.

Community Empowerment: Provides local entrepreneurs with funding access, fostering economic growth and job creation, aligning with Cardano's mission of social impact.

Enhanced Ecosystem Engagement: Promotes collaboration and involvement, attracting more developers and users to the Cardano community.

Showcase of Capabilities: Serves as a proof of concept that can inspire other projects, enhancing Cardano’s appeal.

Long-Term Sustainability: Focuses on responsible lending and financial education, leading to sustainable practices among borrowers.

Scalability Potential: A successful model can be replicated in other regions, expanding Cardano’s global impac