Cardano Ekub: A mobile Platform for Community Savings and Investment Pools

[GENERAL] Name and surname of main applicant

Muluken Menberu

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

Entity (Not Incorporated)

[GENERAL] Co-proposers and additional applicants

Nebiyu Feleke: nebyufeleke8@gmail.com

[GENERAL] Requested funds in ada

120000

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

9

[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)

We will create a decentralized system using Cardano to modernize Ethiopia's Ekub system, offering secure, transparent, trustless, and global community savings with ADA and tokenized collateral.

[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.”

Fanos Crypto will support this project as an Advisor. Fanos Crypto is the largest crypto and blockchain education community in Ethiopia, led by senior crypto investors and blockchain enthusiasts. They have educated over 50,000 people about blockchain and cryptocurrency for free. Their involvement is essential for the project's success as they will help us reach a wider audience, particularly in the Ethiopian community, and assist with user onboarding and education about the platform. We are excited to partner with Fanos Crypto to leverage their expertise and network to ensure smooth implementation and adoption of Cardano Ekub.

Twitter: https://x.com/FanosCrypto

Telegram: https://t.me/FanosCryptoChannel

website: https://fanoscrypto.com/

[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

Our project will be fully open source throughout its entire lifecycle. We intend to use the MIT License for our open-source outputs, which allows for wide accessibility, modification, and redistribution. The entire codebase, including the platform’s core functionality (smart contracts, user interface, and backend integration), will be made available through a public GitHub repository. This ensures transparency, encourages community contributions, and allows developers to collaborate or adapt the solution for other use cases.

By making all aspects of the project open source, we aim to foster innovation and community trust, as well as ensure that the project remains sustainable and adaptable over time. The repository will be updated regularly as the project progresses, and we welcome contributions from the global community to enhance the platform’s features and security.

[METADATA] Horizons

Financial Services

[SOLUTION] Please describe your proposed solution

Problem Perception:

The problem we aim to solve is the limited financial inclusion, particularly in underserved communities and those without access to formal banking services. Ethiopia's traditional Ekub system addresses these financial challenges through a community-based savings model, but it remains confined to physical communities and lacks modern security, transparency, and scalability features. Additionally, as many Ethiopians migrate abroad, they lose access to this essential financial and cultural institution.

Approach:

The Cardano Ekub platform proposes a novel approach by leveraging blockchain technology to digitize and globalize the traditional Ekub. We see Cardano as the ideal blockchain for this project due to its focus on security, transparency, low fees, and the support of a decentralized financial (DeFi) ecosystem. By integrating ADA payments, tokenization, and smart contracts, the platform will allow participants worldwide to engage in Ekub while ensuring trust through immutable, on-chain records.

Engagement and Target Audience:

Our project will engage the following groups:

1. Ethiopian Communities: Both in Ethiopia and abroad, who want to continue participating in Ekub while benefiting from a secure, modernized platform.
2. Blockchain Enthusiasts: Interested in decentralized financial tools and who are seeking innovative savings systems.
3. Underserved Populations: People in developing regions lacking access to traditional banking services.
4. Global Users: Seeking community-driven savings models as an alternative to conventional finance.

Unique Aspects of the Solution:

What makes Cardano Ekub unique is its combination of cultural preservation with cutting-edge technology. By introducing a tokenized system backed by ADA and EKB tokens, Ekub groups will operate in a decentralized, secure manner, accessible across borders. Our solution enhances the traditional system by:

• Blockchain-Backed Trust: Using smart contracts for lottery draws and ADA payouts ensures fairness and transparency without human intervention.
• Collateral Mechanism: Locking EKB tokens as collateral reduces the risk of defaults, maintaining the integrity of the system.
• Financial Inclusion: Individuals without access to traditional banking can now engage in a globally trusted savings model, accessible with a smartphone and a Cardano wallet.

Demonstrating Impact:

Our solution will be impactful because it transforms a longstanding cultural practice into a decentralized financial tool accessible to millions. We will track and prove our impact by:

1. On-Chain Records: Every transaction, lottery, and payout will be publicly visible and verifiable on the Cardano blockchain.
2. User Growth: We will monitor adoption rates within Ethiopian communities and globally.
3. Economic Empowerment: Financial data will show how the platform fosters savings, improves financial discipline, and reduces default risks, particularly among underserved users.

The Cardano Ekub project is important to Cardano because it showcases a practical, culturally rooted application of blockchain technology. It addresses financial inclusion, builds trust in decentralized systems, and expands Cardano’s presence in emerging markets where traditional banking is underdeveloped. By preserving the essence of Ekub, we align with Cardano’s mission of providing fair financial solutions to the world.

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

The Cardano Ekub project will significantly enhance the Cardano community by attracting a diverse user base and promoting engagement with the Cardano blockchain through the following avenues:

1. Attracting New Users

By modernizing the traditional Ethiopian Ekub system into a blockchain-based platform, we will attract individuals who may not have previously engaged with cryptocurrencies. This includes:

Primary Audience:

• Ethiopian Communities (Local and Diaspora): Ethiopians seeking a digital solution to engage in the cultural Ekub system while benefiting from modern, secure financial tools.
• Underserved Populations: Individuals in regions with limited access to traditional banking services, looking for a transparent and trustless savings system.
• Blockchain Enthusiasts: Individuals interested in decentralized finance (DeFi) tools and who are seeking innovative, community-driven savings systems.
• Global Users: People seeking alternative financial systems that emphasize community engagement and collective savings over traditional banks.

Secondary Audience:

• Crypto Investors: Those looking to invest in a platform that bridges cultural traditions with blockchain technology.
• Developing Nations: Populations in other developing regions that may look to adopt the Ekub model as a culturally resonant, decentralized financial solution.

2. Increasing Participation in Cardano

As users engage with the Ekub platform, they will need to create Cardano wallets and conduct transactions in ADA, directly increasing:

• Wallet Creation: An influx of new users will lead to more Cardano wallet creations, enhancing the ecosystem's overall activity.
• ADA Transactions: Increased transactions within the Ekub app will drive demand for ADA, benefiting the overall network.

3. Building Community Engagement

The communal aspect of the Ekub system fosters trust and collaboration, encouraging users to participate in group savings. This engagement will:

• Strengthen Community Bonds: As users interact and manage their savings collectively, they will cultivate a stronger sense of belonging within the Cardano community.
• Promote User-Driven Initiatives: Users can vote on group matters and contribute to discussions, enhancing democratic participation and shared decision-making within the platform.

Measuring Impact

To gauge the impact of the Cardano Ekub project on attracting users to the Cardano ecosystem, we will implement the following measures:

1. User Growth Metrics: Track the number of new users, wallet creations, and active participants in Ekub groups.
2. Transaction Volume: Monitor the volume of ADA transactions conducted within the app, including deposits, withdrawals, and lottery payouts.
3. Community Engagement Levels: Evaluate participation in group activities, such as contributions and voting on group matters.

Sharing Outputs and Opportunities

We will actively share the results of our efforts with the Cardano community through:

• Community Updates: Regular updates via Cardano forums and social media about user growth and transaction metrics will keep the community informed about our impact.
• Webinars and Community Events: Hosting events to showcase user testimonials and success stories will promote further engagement and interest in both Ekub and Cardano.
• Collaborations with Cardano Influencers: Partnering with influencers will help amplify our message and attract more users to the platform.

In summary, Cardano Ekub aims to draw a diverse range of participants to the Cardano ecosystem while preserving the cultural essence of the Ekub system. By fostering a sense of community and providing accessible financial tools, we will significantly enhance Cardano's user base and engagement levels.

[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?

The Cardano Ekub project is designed with a strong emphasis on trust, accountability, and transparency, critical factors for ensuring user confidence and the overall success of the platform. Our approach incorporates established practices, technical expertise, and community engagement, which are essential for delivering this innovative solution effectively.

1. Existing Capabilities

• Team Expertise: Our team comprises professionals with experience in blockchain technology, software development, and community management. We have a proven track record of delivering successful projects in the cryptocurrency and fintech sectors, demonstrating our capability to navigate the complexities of the Cardano ecosystem.
• Blockchain Development Skills: Our technical team is proficient in developing smart contracts on the Cardano blockchain. We have experience with secure contract deployment and management, which will ensure that all financial transactions within Ekub are handled transparently and safely.
• Cultural Understanding: Our deep understanding of the traditional Ekub system and its cultural significance allows us to design a platform that resonates with users, ensuring higher adoption rates and community trust.

2. Feasibility Validation

To validate the feasibility of our approach, we will undertake the following steps:

• User Research and Feedback: Conduct surveys and focus groups within the Ethiopian community and potential users to gather insights on their needs and expectations. This will help us refine our platform features and functionalities.
• Prototype Development: Create a Minimum Viable Product (MVP) that incorporates core features of the Ekub system. We will gather feedback from early adopters to assess usability, functionality, and appeal.
• Pilot Testing: Implement a pilot phase with a select group of users to test the platform in real-world conditions. Their feedback will help identify any issues and inform necessary adjustments before the full launch.

3. Steps to Manage Funds Properly

We will implement several measures to ensure trust and accountability in managing funds:

• Transparent Fund Management: All financial transactions, including contributions and payouts, will be recorded on the Cardano blockchain. This immutable ledger will provide transparency, allowing users to verify transactions at any time.
• Multi-Signature Wallets: Funds will be managed using multi-signature wallets, requiring approval from multiple parties for significant withdrawals. This added layer of security helps prevent unauthorized access and mismanagement of funds.
• Regular Audits: We will conduct regular audits of the platform’s financial activities and smart contracts by independent third-party security firms. This will ensure compliance with best practices and build trust within the community.
• Clear Communication: We will maintain open lines of communication with users, providing regular updates on project development, financial activities, and any issues encountered during the project's lifecycle. This transparency fosters trust and accountability.

Conclusion

With our team's expertise, a commitment to transparency, and a well-defined strategy for validation and fund management, we are well-equipped to deliver the Cardano Ekub project. Our approach will not only ensure accountability but also build trust among users, establishing a solid foundation for this innovative platform.

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

Milestone 1: Research and Design Phase (1 Month)

• Objective: Conduct user research to gather requirements and create detailed wireframes and user flow diagrams.
• Acceptance Criteria:
• Completion of at least two user research sessions with target users.
• Submission of a comprehensive report detailing user insights and requirements.
• Delivery of wireframes and user flow diagrams approved by stakeholders.

Milestone 2: Prototype Development (month 2-3)

• Objective: Develop a Minimum Viable Product (MVP) that incorporates core functionalities of the Ekub platform.
• Acceptance Criteria:
• Functional MVP demonstrating key features: group creation, contribution management, and lottery mechanism.
• Feedback collection from a selected group of early adopters, with a minimum of 20 users participating.
• Documentation of user feedback and planned iterations based on findings.

Milestone 3: Pilot Testing and Refinement (Month 3-4)

• Objective: Implement a pilot phase to test the platform in a real-world setting and gather additional feedback for improvements.
• Acceptance Criteria:
• Completion of pilot testing with at least 50 active users participating in live Ekub groups.
• Identification and resolution of at least 75% of issues reported during the pilot phase.
• Submission of a pilot testing report detailing user experiences, feedback, and proposed changes.

Milestone 4: Security Audits and Final Development (Month 5-7)

• Objective: Conduct thorough security audits and finalize development based on feedback from the pilot phase.
• Acceptance Criteria:
• Successful completion of security audits by an independent third-party firm, with no critical vulnerabilities remaining.
• Implementation of all recommended changes and improvements.
• Final development of the platform, ready for public launch, with comprehensive user documentation.

Milestone 5: Public Launch and Marketing (Month 8)

• Objective: Launch the Cardano Ekub app on iOS and Android, accompanied by a marketing campaign to attract users.
• Acceptance Criteria:
• Successful deployment of the app on both the App Store and Google Play.
• Execution of a marketing strategy with at least three outreach activities (e.g., social media campaigns, community events).
• Achievement of a minimum user sign-up goal of 500 users within the first month post-launch.

Final Milestone: Project Close-out Report and Video (month 9)

• Objective: Compile a comprehensive project close-out report and create a video summarizing the project journey and outcomes.
• Acceptance Criteria:
• Submission of a detailed project close-out report, including lessons learned, user feedback, and future recommendations.
• Creation and publication of a video that highlights key project milestones, features of the app, and testimonials from users.

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

Muluken - Lead Developer

LinkedIn: https://www.linkedin.com/in/mulukenm/

Github: https://github.com/mulukenmenberu

Role: Overseeing the overall project development, coordinating the team, and ensuring the project aligns with the proposed vision and goals.

Natnael Derese: Backend developer:

Role: Works as a backend developer.

Nebiyu Feleke- Project Manager and Front end developer

Role: Manages the project and participate in frontend development. Expert in Traditional Equb with over half a decade in experience, Crypto enthusiasts since 2020 Nebyu has been working in merkato ( the largest market in africa) for the past 4 years. He is a best fit to the job.

Fanos Crypto as an Advisor

Fanos crypto is one of the biggest Ethiopian crypto media outlet. With their robust and extensive knowledge, we can help make our idea a reality.

Twitter: https://x.com/FanosCrypto

Telegram: https://t.me/FanosCryptoChannel

website: https://fanoscrypto.com/

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

Cost Breakdown for 120,000 ADA

Team Salaries & third party services 70,000 ADA

• Advisor Payment and Team salaries
• Smart Contract Auditing :
• (Auditing the security and functionality of smart contracts)

Tools and Software Licenses  (3,200 ADA)                                                                                                           

• Design Software License:
• (Figma or Adobe Suite for UI/UX design)
• Project Management Tools:
• (Asana or Trello for project tracking)

Marketing and Community Engagement (35,000 ADA)

Social Media Ads:

• Targeting Ethiopian communities, blockchain enthusiasts, and underserved populations.

Influencer Marketing:

• Collaborating with key influencers in the blockchain and Ethiopian diaspora communities.

Referral Program Incentives:

• Rewards for users who refer others to the platform.

Educational Content Creation:

• Blog posts, videos, and webinars focusing on the benefits of Cardano Ekub and financial inclusion.

Launch Event & Promotional Materials:

• Hosting the virtual launch event and creating high-quality promotional materials.

Documentation and Reporting (11,200 ADA)

• Documentation Preparation:
• (Creating user manuals, technical documentation)
• Reporting to Community:
• (Monthly progress reports and updates)

Funding Request Justification

• Team Salaries (Essential for Project Delivery):
• The majority of the budget should cover the team’s salaries, as their expertise is critical for the project's success. Since we have a highly skilled team, it's essential to incentivize them adequately.
• Third-Party Services:
• Smart contract auditing is vital to ensure the security of the deployed contracts, which builds trust within the community and is a requirement for any blockchain project.
• Tools and Software Licenses:
• Necessary tools for effective project management and design are essential for efficient workflow and quality output.
• Marketing and Community Engagement:
• Effective outreach is crucial for the success of the project, helping attract users to participate in the Ekub investment model.
• Documentation and Reporting:
• Proper documentation and consistent reporting will keep stakeholders informed and ensure accountability throughout the project's lifecycle.

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

The Cardano Ekub project represents significant value for money for the Cardano ecosystem by modernizing a traditional savings and investment system and facilitating community participation in blockchain-based financial solutions. Here's how the costs contribute to this value:

1. Impact on the Community

• Accessibility: The project will make financial tools accessible to a broader audience in Ethiopia, potentially increasing the adoption of Cardano among users unfamiliar with cryptocurrency.
• Community Engagement: By leveraging the existing Ekub system, we can engage communities in a familiar context, fostering trust and encouraging participation in the Cardano ecosystem.

2. Cost Justification

• Team Salaries:
• The proposed salaries for team members are competitive and reflect the skill level required for this project. In Ethiopia, the average wage for software developers and engineers ranges from 3,000 to 6,000 ADA per month, depending on experience. Our salaries align with this range, ensuring we attract and retain skilled professionals who can deliver high-quality work.
• Third-Party Services:
• Investing in smart contract auditing is critical for ensuring the security and reliability of our system. This cost is comparable to industry standards, where auditing can range from 5,000 to 20,000 ADA based on complexity.
• Tools and Software Licenses:
• The costs associated with design and project management tools are necessary for maintaining productivity and collaboration. Tools like Figma and Trello are industry standards, with subscription costs generally falling within the proposed budget.
• Marketing and Community Engagement:
• Allocating budget for community outreach is a strategic investment aimed at maximizing user adoption and engagement. Given that marketing plays a crucial role in user acquisition, this budget reflects the potential returns through increased participation in the Ekub system.
• Documentation and Reporting:
• Proper documentation and regular reporting are vital for transparency and accountability, fostering trust within the community and ensuring stakeholder buy-in. The proposed budget for documentation is modest and ensures that we maintain a high standard of communication.

3. Supporting Evidence

• Market Research: Research on software development costs and salaries in the region indicates that the proposed salaries are competitive and necessary to ensure quality work. Additionally, freelance rates in the industry often mirror these salary estimates, supporting the rationale behind the budget allocations.
• Historical Data: Previous projects within the Cardano ecosystem have highlighted the importance of investing adequately in quality assurance and community engagement. By following these best practices, we aim to mitigate risks and maximize the project's success.

4. Long-Term Benefits

• The project is not merely a one-time investment; it aims to create a sustainable ecosystem for community savings and investments. As the Ekub model integrates with the Cardano blockchain, it will not only help modernize financial practices but also drive long-term user retention and engagement within the Cardano ecosystem.
• Ultimately, the project's success could lead to increased transaction volume on the Cardano network and enhanced visibility, further contributing to the ecosystem's growth.

Conclusion

The costs outlined in the project budget are strategically aligned with the project's goals and the need for high-quality outputs. By ensuring that we invest in skilled professionals, secure reliable services, and engage effectively with the community, the Cardano Ekub project will deliver substantial value for money, promoting the adoption and use of the Cardano blockchain while fostering economic growth in the target communities.