Farmroll Bounties: A Decentralized Social Media Rewards System

[GENERAL] Name and surname of main applicant

Ivica Zafirovski

[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)

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)

We will create a decentralized bounty system on Farmroll, where users can offer rewards for social media engagement (for example likes, retweets etc) to boost visibility and growth for small projects.

[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?

No

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

Our project outputs will not be open source. We aim to maintain control over the bounty system's code and intellectual property to ensure a sustainable business model and protect user data. While we value community feedback and transparency, we believe that keeping the project proprietary will allow us to innovate more rapidly and respond effectively to market demands. We will share updates and insights with the community to foster collaboration and gather input without releasing the source code.

[METADATA] Horizons

Community Outreach

[SOLUTION] Please describe your proposed solution

We are addressing the problem of limited, costly social media engagement for small projects by creating a decentralized bounty system on Farmroll. This innovative platform allows users to post jobs or bounties, where they can offer rewards for social media actions such as likes, retweets, etc.

Perception of the Problem:

We recognize that small projects often struggle to gain visibility in a crowded market. Traditional marketing methods can be prohibitively expensive and ineffective, making it challenging for these projects to reach their target audience and achieve organic growth. Our solution is designed to democratize marketing efforts, enabling users to leverage their social media presence to earn rewards while supporting projects they believe in.

Approach:

Our approach focuses on community-driven engagement. By allowing users to create and fulfill bounties, we empower both job creators and participants to engage in a mutually beneficial ecosystem. This method not only incentivizes engagement but also fosters a sense of community and collaboration among users. We believe that as the engagement economy continues to rise, people will increasingly value their social interactions as a form of currency.

Target Engagement:

Our project will engage a diverse audience, including:

• Project Creators: Startups, NFT projects, and brands looking for affordable ways to enhance their social media visibility.
• Social Media Users: Individuals seeking to monetize their online engagement and earn rewards through simple tasks.
• The Cardano Community: Enthusiasts and users who want to participate in an innovative platform that supports decentralized initiatives.

Demonstrating Impact:

We will measure the success of our bounty system through:

• Engagement Metrics: Tracking the number of bounties created, tasks completed, and total rewards distributed.
• User Feedback: Gathering testimonials and case studies from both project creators and participants to highlight the benefits of using the platform.
• Social Media Analytics: Monitoring the increase in engagement metrics for projects that utilize our bounty system, demonstrating a clear link between our solution and enhanced visibility.

Uniqueness of the Solution:

What sets our solution apart is its focus on the engagement economy and its integration within the Cardano ecosystem. Unlike traditional marketing strategies, our bounty system offers a transparent, decentralized platform for users to interact and support each other. By utilizing smart contracts, we ensure that tasks are verified, and rewards are distributed fairly and securely.

Importance to Cardano:

Our project is important to Cardano as it aligns with its mission to promote decentralized innovation and community-driven initiatives. By fostering an environment where social media engagement can be monetized, we contribute to the growth of the ecosystem and the adoption of ADA. Additionally, our bounty system can drive more users to the Cardano platform, enhancing its visibility and appeal in the broader blockchain space.

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

Positive Impact on the Cardano Community

Our project will create a significant positive impact on the wider Cardano community by fostering engagement, enhancing visibility for small projects, and promoting the use of ADA as a utility in the emerging engagement economy.

1. Value to the Cardano Community:

• Empowerment of Small Projects: By providing a decentralized platform for bounties, we enable small projects and startups to gain visibility and traction without relying on costly marketing strategies. This empowerment can lead to increased innovation and diversity within the Cardano ecosystem.
• Monetizing Engagement: Our solution will introduce a novel way for users to use and earn ADA through their social media interactions, reinforcing the idea that engagement can be valuable. This shift can help change perceptions around social media activity and encourage more participation within the community.
• Community Building: The bounty system will foster a collaborative environment, encouraging users to support one another and engage with a variety of projects. This sense of community can enhance user loyalty and drive more activity on the Cardano platform.

2. Measuring Impact: We will assess the success of our project through both quantitative and qualitative measures:

• Quantitative Metrics:
• Bounty Creation: The number of bounties created on the platform.
• Engagement Rates: Tracking the likes, retweets, and shares generated by completed tasks.
• Funds Distributed: Total ADA distributed to participants completing bounties.
• User Growth: The number of new users and active participants on the Farmroll platform.
• Qualitative Feedback:
• User Surveys: Conducting surveys to gather feedback from both job creators and participants regarding their experiences and perceived benefits.
• Case Studies: Documenting success stories of projects that have gained visibility and engagement through our system, showcasing real-world impacts.

3. Sharing Outputs: To ensure transparency and community engagement, we will share our outputs and findings through various channels:

• Community Updates: Regular updates on social media platforms, forums, and newsletters to inform the Cardano community about the progress, success stories, and statistics related to the bounty system.
• Reports and Publications: Creating detailed reports summarizing the impact metrics, user feedback, and case studies, which will be published on our website and shared within 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?

Our team has a strong track record of delivering successful projects within the Cardano ecosystem, and we are confident in our ability to execute the proposed bounty system on Farmroll with high levels of trust and accountability.

1. Existing Capabilities:

• Proven Platform: Farmroll is already a working platform that has demonstrated its effectiveness in facilitating user interactions and engagement. Our existing user base and operational experience provide us with the insights necessary to implement new features efficiently.
• Technical Expertise: Our team consists of experienced developers and blockchain professionals who are well-versed in smart contract development, social media integrations, and decentralized application (dApp) design. This expertise enables us to build a robust and secure bounty system that can scale with user demand.
• Community Engagement: We have established a loyal community of users who trust our platform and are eager to participate in new initiatives. Our existing engagement channels allow us to gather valuable feedback and ensure that our solutions meet community needs.

2. Feasibility Validation: To validate the feasibility of our approach, we will undertake the following steps:

• Prototype Testing: Developing a prototype of the bounty system and conducting beta testing with a select group of users. This will help us gather insights on functionality, usability, and potential improvements before the full launch.
• User Feedback Loop: Implementing a feedback mechanism during the testing phase to ensure that user experiences and suggestions are integrated into the final product.

3. Trust and Accountability in Fund Management: We are committed to managing funds with transparency and accountability. Our steps include:

• Clear Budgeting: Providing a detailed budget breakdown in our proposal, outlining how Catalyst funding will be allocated across development, marketing, and community engagement efforts.
• Milestone Reporting: Establishing clear milestones and deliverables throughout the project lifecycle, which will be communicated to the community and stakeholders regularly. This ensures that funds are being used effectively and that progress is transparent.
• Auditing Mechanism: Engaging third-party auditors, if necessary, to review our financial management processes and ensure compliance with best practices for fund management within the Cardano ecosystem.
• Community Oversight: Encouraging community involvement in oversight by sharing regular updates on fund usage and project progress, allowing users to voice their opinions and concerns.

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

Milestone 1: Project Kickoff and Research (30 days)

Budget Allocation: ₳30,000

• Description: Initiate the project by assembling the team, defining technical specifications, and conducting market research to validate the engagement bounty concept.

• Acceptance Criteria:
• Completed team onboarding and role assignments.
• Detailed project roadmap and timeline established.
• Market research report outlining user demand, competitive landscape, and potential challenges.

Milestone 2: Prototype Development and Internal Testing (60 days)

Budget Allocation: ₳40,000

• Description: Develop a prototype of the bounty system, incorporating essential features for job creation, task verification, and reward distribution. Conduct internal testing to identify and resolve any issues.
• Acceptance Criteria:
• Functional prototype demonstrating core features.
• Completed internal testing with identified bugs documented and resolved.
• Initial user experience feedback collected from internal stakeholders.

Milestone 3: Beta Launch and User Feedback Collection (60 days)

Budget Allocation: ₳50,000

• Description: Launch the beta version of the bounty system to a select group of users. Gather feedback on functionality, user experience, and overall satisfaction.
• Acceptance Criteria:
• Beta version successfully deployed and accessible to selected users.
• Collection of user feedback through surveys and direct communication.
• Implementation of necessary adjustments based on feedback, with a documented report of changes made.

Milestone 4: Final Launch and Project Close-out (30 days)

Budget Allocation: ₳30,000

• Description: Officially launch the fully tested bounty system on Farmroll. Compile a project close-out report and create a video summarizing the project outcomes and impact.
• Acceptance Criteria:
• Successful launch of the bounty system, with user metrics tracked (e.g., number of bounties created, tasks completed).
• Comprehensive project close-out report detailing project achievements, challenges, and future recommendations.
• Informative video produced, showcasing project highlights, user testimonials, and impact on the Cardano community.

Total Budget Requested: ₳150,000

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

Project Team:

1. Anja - Co-founder, Art Director, Graphic and UX/UI Designer

• Role: Leading the design aspects of the project, including graphic design, user experience, and user interface, to create an appealing and user-friendly platform.
• LinkedIn: https://www.linkedin.com/in/anjanestorova/

1. Tome - Co-founder, CTO

• Role: Leading development efforts for the Farmroll platform and Dice Labs, responsible for implementing technical solutions and overseeing the development team.
• LinkedIn: https://www.linkedin.com/in/tome-ivanov/

1. Ivica - Co-founder, COO

• Role: Overseeing networking and marketing strategies to ensure effective outreach and community engagement.
• LinkedIn: https://www.linkedin.com/in/ivica-zafirovski-91546b262/

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

Budget & Costs Breakdown

Total Funding Request: ₳150,000

1. Project Kickoff and Research (Total: ₳30,000)

• Team Onboarding and Management: ₳15,000
• Salary for project manager and administrative support for 1 month.
• Market Research: ₳10,000
• External research firm to conduct user demand and competitive analysis.
• Miscellaneous Expenses: ₳5,000
• Communication tools, project management software, and other operational costs.

2. Prototype Development and Internal Testing (Total: ₳40,000)

• Development Costs: ₳30,000
• Salaries for developers (2 developers for 2 months) to create the prototype.
• Quality Assurance (QA) Testing: ₳5,000
• Contracted QA specialists for thorough testing and bug reporting.
• Software Licenses/Tools: ₳5,000
• Costs for necessary software licenses (e.g., development frameworks, testing tools).

3. Beta Launch and User Feedback Collection (Total: ₳50,000)

• Beta Testing Coordination: ₳10,000
• Community manager salary for coordinating beta testing and feedback collection.
• Marketing and Outreach: ₳25,000
• Promotion of the beta launch through social media, online ads, and community outreach efforts.
• Feedback Analysis: ₳5,000
• Costs for analyzing feedback, including potential use of external consultants.
• Adjustments and Improvements: ₳10,000
• Development costs for implementing user feedback and adjustments.

4. Final Launch and Project Close-out (Total: ₳30,000)

• Final Development and Launch Preparation: ₳15,000
• Additional development costs for final refinements and launching the system.
• Documentation and Reporting: ₳5,000
• Professional services for compiling the project close-out report and preparing documentation.
• Video Production: ₳10,000
• Costs for creating a high-quality project summary video, including scripting, filming, and editing.

Additional Costs (Optional or Contingency)

• Legal Services: ₳5,000
• For consulting on compliance, terms of service, and privacy policies (if needed).
• Accounting Services: ₳3,000
• For financial oversight and reporting on fund usage.

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

Value for Money

The proposed budget of ₳150,000 for the development and implementation of the bounty system on Farmroll represents significant value for money for the Cardano ecosystem for several key reasons:

1. Proportionality to Market Rates:

• Competitive Salaries: The salaries allocated for project management, development, and community engagement are aligned with industry standards. We have researched average wages for software developers and project managers in our region, and the rates used in our budget reflect the competitive landscape in the blockchain and tech sectors.
• Freelance Rates: The costs for external services, such as market research, QA testing, and video production, are based on typical freelance rates within the industry. This ensures we are engaging qualified professionals without overextending our budget.

2. Impact on the Ecosystem:

• Fostering Innovation: By enabling small projects to access affordable marketing through our bounty system, we will promote innovation within the Cardano ecosystem. This empowerment allows diverse projects to thrive, which benefits the entire community by enhancing the variety of offerings on the platform.
• Increasing Engagement: The introduction of a decentralized engagement economy will encourage more users to participate actively in the Cardano community. As users earn rewards for their engagement, we anticipate a rise in community interaction, which can lead to increased usage of ₳ and further development of the ecosystem.

3. Long-term Benefits:

• Sustainable Growth: Our project is designed to create a self-sustaining cycle of engagement. As users begin to see the value in participating in bounties, it will lead to increased adoption of the platform. This growth can attract more projects and users to Cardano, creating long-term benefits that far exceed the initial investment.
• Measurable Outcomes: We will track engagement metrics and community feedback, allowing us to demonstrate the tangible impact of our project. This commitment to accountability ensures that funds are utilized effectively and that stakeholders can see the direct benefits of their investment.

4. Strategic Use of Funds:

• Transparent Budgeting: Our detailed budget breakdown illustrates thoughtful planning and strategic allocation of resources. By clearly outlining costs associated with each project phase, we provide transparency and reassurance that funds will be used judiciously.
• Collaboration Opportunities: The project opens doors for partnerships and collaboration within the Cardano community, which can lead to additional funding avenues, shared resources, and broader engagement strategies, enhancing overall value.