PropBid - Integrate Cardano for Online Property Auction Platform

[GENERAL] Name and surname of main applicant

PropBid Property Auction Platform

[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

150000

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

6

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

Yes

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

Utilize Cardano blockchain for secure guarantee deposits, ensuring user confidence in bid records through on-chain signature verification, and delivering a trustworthy process.

[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

All materials would be on (an) open source Github repo(s) with Apache-2.0 license.

[METADATA] Horizons

Real Estate

[SOLUTION] Please describe your proposed solution

Mission statement: Transforming property auction landscape in China by embracing Cardano to enhance the trust level

Why we want to solve that and impacts

• Market value: HKD221B transaction volume assuming 1% of market share.
• Industry value: Expanding market exposure, Improving market efficiency, Promoting transparent and on-chain property data
• Physical only auction and 3rd party notary required, due to low trust level of digital auction. 

Current Web2 platform pain points

• Fail to ensure the auction time countdown cannot be revised once listed.
• Fail to ensure the bids cannot be manipulated or hacked
• Collection, Custody of deposits is not friendly and Costly to offshore users out of Hong Kong
• Low trust level to new form of auction

Solutions to solve Web2 pain points

• Bids: All Bids will require wallet signature, and record on-chain. 
• PorpBid website: on-chain info from Maestro API to show Bid History.
• HKD1,000 guarantee fee can be replace by USDM / USDA
• Wallet login and deposit guarantee into staking contract.
• Register with own wallet
• Properties Profile: PorpBid create a listing ID on-chain with listing details on datum, smart contract to enforce the auction time

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

Contribution to Cardano community:

• Our bidding fee can be paid in ADA/ USDM/ USDA
• Our Advertisement fee will be charged by ADA staking during the advertisement period
• Implement staking smart contract to enforce staking rewards for PropBid
• All on-chain bids and properties listing can increase the transaction volume
• Propbid is a licensed property agency in Hong Kong and strong partnership with Hong Kong Cyberport, and China's property agency. It is a excellent demonstration to show Cardano's application to the traditional Real Estate player in Greater China.

[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?

PropBid(https://www.propbidhk.com/en/home)

• We are Hong Kong's first online property auction platform with property listed in Hong Kong, Zhuhai, Macau and Taipei, in a total of >300MM property valuation.
• We are licensed(C-100582) and regulated by Hong Kong Estate Agents Authority. We have strong sales network with developers
• Award-wining company(all the awards are stated in X: https://x.com/PropBid_hk and IG)
• HK Digital Asset Society(Top 15 team)
• CyberPort Creative Micro Fund(Winner)
• FoundFast (Championship)
• More partnerships can be found on X(https://x.com/PropBid_hk) and our website.

Feasibility

• We are the Champion team of Fund 11:Cardano Hong Kong Developer Series, the concept has been examined by Hong Kong FinTech Committee Chairman(https://ftahk.org/), Waffle Capital and Professor of Practice of PolyU.
• Technical feasibility is approved by SIDAN Lab in the Fund11: hackathon process. Hackathon results and comments is presented in Sidan's X.

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

Milestone 1: Preparation and Project Management Setup (1 Month)

Objective: Lay a robust groundwork for the project through the establishment of essential infrastructure, collaboration of the Cardano engineers and current Web2 engineers, and delineation of project management methodologies.

Activities:

1. Implement technical and administrative structures.
2. Secure core project manager and Cardano engineers.
3. Identify project management tools and identify suitable technical way -out.

Acceptance Criteria & Evidence:

• Written memorandum of technical and administrative structures. 
• Public disclosure of core project manager and Cardano engineers.
• Implementation of project management sub-target and feasibility studies of technical way-out.

Milestone 2: Technical Architecture Design (1 month)

Activities:

1. Outline user interaction workflows transition and adjustment required for moving web2 service to Cardano
2. Create initial architectural diagrams of on-chain bidding

Acceptance Criteria & Evidence:

• Completion of initial architectural diagrams of on-chain bidding
• Finalized user workflow diagrams and Web2 migration analysis

Milestone 3: Develop and design prototype-level smart contracts (2 months)

Activities:

1. Design, develop, and test smart contracts that fulfill the core business logic of Propbid, including:

• Bids and winner confirmation
• Enforce auction closing time
• Guarantee slashing mechanism when the bidder does not complete the bid

Acceptance Criteria & Evidence:

• Smart contract (validators) basic specification outlining all related script actions and checks.
• Aiken smart contracts source code with unit testing.
• Provision of relevant public GitHub links

Milestone 4: Prototype Deployed on Preprod Testnet (2 months)

Objective: Landing the PropBid on the Cardano network and implementation of smart contracts

• Develop the off-chain code in MeshJS
• Develop frontend component Trial run and API to chain explorer
• Marketing of the creation of the first on-chain property auction house in Hong Kong and promote the Cardano community
• Summarize the research findings and prepare the close-out report

Acceptance Criteria & Evidence:

• A public website with wallet connect, placing property auction on-chain with status visualization
• Provision of GitHub link for the frontend repository
• Public marketing and close-out reports

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

Experienced founding team

• Founder & Director
• IVY YEH (https://www.linkedin.com/in/yehfanhei/)
• Researcher in HSBC
• Ex-BlackRock PE Analyst
• Ex-Swire
• Chief Marketing Advisor
• Garrick Tang
• COSMO Real Estate Director at HK Film
• Hong Kong Digital Asset Society executive committee

Elite Technical Support

• Sidan Lab(https://www.sidan.io/)
• Technical advisor of the Cardano implementation
• A Hong Kong based blockchain think tank, specializing in Cardano technology. We build open source toolings, and operates the SIDAN stake pool. SIDAN Lab is composed of professional expertise from the ecosystem. The team is assembled of mixed skills and Interdisciplinary experts.
• X(https://x.com/sidan_lab)

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

Milestone 1: Preparation and Project Management Setup

Activities budget:

• ADA 3750 - [Activity 1]
• ADA 30000-[Activity 2]
• ADA 3750 - [Activity 3]

Total Milestone Budget: ADA 37500

Milestone 2: Technical Architecture Design

Activities budget:

• ADA - 18750 [Activity 1]
• ADA - 18750 [Activity 2]

Total budget: ADA 37500

Milestone 3: Develop and design prototype-level smart contracts

Activities budget:

• ADA 9375 - [Activity 1]
• ADA 9375 - [Activity 2]
• ADA 9375 - [Activity 3]
• ADA 9375 - [Activity 4]

Total budget: ADA 37500

Milestone 4: Prototype Deployed on Preprod Testnet (2 months)

Activities budget:

• ADA 15000 - [Activity 1]
• ADA 15000 - [Activity 2]
• ADA 7500 - [Activity 3]

Total Milestone Budget: ADA 37500

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

• Propbid is a regional award winning company with a total of >300MM property valuation on sales and have strong a industry network with developers. The project is an excellent demonstration to show to the traditional Real Estate player in Greater China and promoting the community.
• Propbid is funded by HK Cyberport, a government hub supporting digital start-ups. The project will be presented to HK Cyberport as a pilot case of Cardano application and increase the community exposures.
• Demonstrate Cardano use case for real-world business and act as an enabler to innovate the traditional industry.
• Onboard a group of chain-agnostic users to Cardano as Propbid will promote the use of Cardano wallet to existing users and partners.
• All on-chain bids and properties listing can increase the transaction volume.