Tokenized Iqqub on Cardano

[GENERAL] Name and surname of main applicant

Miherteab Temesgen

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

Individual

[GENERAL] Co-proposers and additional applicants

Natnael Mohammed

Helen Tamirat

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

12

[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 propose a blockchain based platform on cardano to tokenize Iqqub enabling secure and decentralized rotating savings groups and fostering financial inclusion for unbanked Ethiopian communities.

[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 will not be open source initially to protect sensitive financial data, ensure security, and maintain control over the platforms development. We aim to prevent potential misuse or exploitation in the early stages.

[METADATA] Horizons

Tokenization

[SOLUTION] Please describe your proposed solution

Proposed Solution:

1. Tokenization of Iqqub:

• Digitizing the Iqqub system using Cardanos blockchain.
• Creating tokens that represent an individuals contribution to the rotating savings pool.
• Smart contracts ensure transparent distribution of funds among members at predefined intervals.
• The project will digitize the traditional Iqqub system where participants contribute a set amount of money regularly and the pooled money is allocated to one member each cycle.
• By using Cardanos blockchain the Iqqub contributions will be tokenized with each members contributions recorded on the blockchain for transparency and security.

2. Decentralized Financial Platform:

• Creating a decentralized app (dApp) to manage and operate the Iqqub system.
• This platform will allow users to join different Iqqub groups contribute funds and track their financial contributions in a transparent verifiable manner.

3. Cross Border Capabilities:

• Through Cardanos low cost scalable blockchain the tokenized Iqqub system could also help Ethiopians in the diaspora to participate in rotating savings groups with their families back home.

4. bile Interface:

• Developing an easy to use mobile interface in local languages enabling users to access and manage their Iqqub contributions via smartphones or basic mobile devices.

5. Smart Contracts for Automated Management:

• Smart contracts will automate the management of the Iqqub cycle ensuring fair and transparent fund distribution without the need for intermediaries.
• Participants will be able to join or leave an Iqqub group and payouts will be made automatically to the designated member of the cycle based on pre set rules.

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

IMPACT - Positive Impact on the Project:

1. Financial Inclusion:

• This project would provide access to a safe, reliable and transparent financial system for millions of Ethiopians especially those in rural areas without access to traditional banking services.

2. Economic Empowerment:

• Through transparent financial management Ethiopians can better plan and save for emergencies, businesses and personal goals which can lead to improved economic stability.

3. Diaspora Engagement:

• The platform can engage the large Ethiopian diaspora in supporting local economic activities fostering more direct financial relationships.

4. Women and Youth Empowerment:

• Since Iqqub is traditionally popular among women tokenizing it can help in increasing womens access to formal financial systems thus promoting gender equality.

5. Transparency and Trust:

• The use of blockchain ensures complete transparency in contributions fund allocations and payouts helping to build trust within communities that rely on informal savings mechanisms.

[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?

CAPABILITY & FEASIBILITY:

1. Team Expertise:

• The project team consists of developers financial experts familiar with blockchain technology and individuals with deep knowledge of the Ethiopian financial and social landscape.
• Blockchain expertise particularly with Cardano ensures the technical feasibility of the tokenized Iqqub platform.

2. Technical Implementation:

• By utilizing Cardanos secure scalable blockchain and smart contracts the project is feasible. Cardanos low transaction fees and high transaction throughput ensure that the platform remains affordable for everyday users.

3. Community Engagement:

• Partnerships with local community organizations, cooperatives and Ethiopian financial literacy groups ensure that the project is culturally adapted and socially acceptable.

4. Regulatory Compliance:

• The project will explore legal frameworks to ensure it complies with Ethiopian financial regulations ensuring sustainable long term operations.
• The project will work closely with Ethiopian regulators to ensure compliance with local financial laws especially regarding peer to peer savings and lending systems this will ensure the project’s long-term sustainability.

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

1.Project Milestones:

1. Phase 1: Research And Community Outreach (2 Months)

• Conduct a feasibility study on integrating traditional Iqqub systems with Cardano blockchain technology.
• Engage with local communities to assess user needs and financial literacy levels.
• Design the tokenization framework for Iqqub and develop the initial smart contract architecture.

2.Phase 2: Platform Development (3 Months)

• Develop the tokenization mechanism and dApp interface on the Cardano blockchain.
• Create and test smart contracts for Iqqub cycles.
• Mobile app interface development (both for smartphones and USSD systems for basic phone users).

3.Phase 3: Pilot Testing (3 Months)

• Conduct pilot tests in targeted Ethiopian communities to assess usability, financial inclusion impacts and transaction costs.
• Gather feedback and refine the platform based on real world usage.

4.Phase 4: Public Launch and Scaling (4 Months)

• Full public launch of the tokenized Iqqub platform.
• Scale operations across multiple regions in Ethiopia.
• Marketing and awareness campaigns to promote adoption.

Final Milestone: Scaling of the Full Platform (4 Months)

1.Public Launch:

. Launch the tokenized Iqqub to serve the public need in different areas in Ethiopia for real business purposes.

2.User Education & Onboarding:

.Promote awareness of the system and necessities of the world and dedicate efforts on dissemination of financial literacy training in the use of the dApp.

3.Marketing Campaigns:

.Intensify messaging and sensitize the public across the rural areas and any other regions were the diaspora Ethiopians are found.

4.Scale Operations:

.Addition of more Iqqub groups, increase the number of users, and touching up the diaspora features for border traversal.

5.Platform Optimization:

.Integrate what has been learned during the pilot phase, fine tune the user interface with existing or new consumers, increase the ways in which the platform can be utilized via mobile, and build additional improvements depending on user wants.

6.Regulatory Compliance Finalization:

.Conclude all related compliance issues with the Ethiopian financial laws and regulations and develop sustainable cooperation with the local bodies /authorities and the community in particular.

7.Reporting and Evaluation:

.Submit a comprehensive assessment of the project intervention, programmatic utilisation and enhancement of the financial inclusion in the target market and its replicability.

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

Miherteab temsgen- crypto invester and trader

Natnael Mohammed- Banker https://www.linkedin.com/in/natnael-mohammed-ftip%E2%84%A2-b53489249utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

Helen Tamitat-Digital banking officer https://www.linkedin.com/in/helen-tamirat-14b72b24a?utm_source=share&utm_campaign=share_via&utm_content=profile&utm_medium=android_app

Later on recuit -blockchain developers

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

BUDGET & COSTS:

1. Phase 1: Research & Community Outreach

• $5,000 (14072ADA) for feasibility studies, local community engagement and regulatory assessments.

2.Phase 2: Platform & App Development

• $30,000(84435ADA) for developing the dApp on the Cardano blockchain integrating tokenized Iqqub and smart contract deployment mobile app development (including USSD).

3.Phase 3: Pilot Testing

• $10,000(28145ADA)for operational costs, pilot testing in selected communities, data collection and technical support.

4.Phase 4: Public Launch & Scaling

• $5,000(14072ADA)for scaling the platform, marketing campaigns, user education and technical upgrades based on pilot feedback.

5.Miscellaneous:

• $3,000(8443ADA)for unforeseen contingencies, additional testing and further development.

Total Budget: $150,000(390,000ADA)

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

VALUE FOR MONEY:

1. Sustainable Financial Inclusion:

• The project provides long term financial benefits to unbanked and underbanked Ethiopians allowing them to participate in savings mechanisms with minimal fees compared to traditional banks.

2.Scalability:

• The platform can scale across Ethiopia and beyond creating a self sustaining ecosystem by integrating more users with minimal infrastructure costs and The system is scalable and can easily be expanded to other regions and user groups in Ethiopia and beyond. With its built in cross border capabilities it can engage the Ethiopian diaspora increasing savings and investment flows into local communities.

3.Efficiency And Transparency:

• Cardanos blockchain ensures transparency and security reducing fraud and inefficiency often seen in informal savings systems and Blockchain technology eliminates the risk of mismanagement, fraud or mistrust often associated with traditional Iqqub systems ensuring that contributions and payouts are handled fairly.

4.Low Transaction Costs:

• By leveraging Cardanos low fees the platform offers value for money compared to traditional financial institutions providing affordable and accessible financial services.