USDM Integration On Foreon Prediction Market

[GENERAL] Name and surname of main applicant

Toshi Cardanomoto

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

Entity (Incorporated)

[GENERAL] Co-proposers and additional applicants

Daniel Nguyen - Product Manager

Leo Pelekh - Architecture Manager

Dominic - Community Manager

[GENERAL] Requested funds in ada

15500

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

2

[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)

Foreon Network is actively integrating USDM: A 1:1 USD licensed fiat-backed stablecoin with oversight, & decentralized reserves as a base currency on Foreon Network.

This will reduce volatility.

[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 dependency

[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 integration codes will be open sourced if funded by Catalyst.

[METADATA] Horizons

Marketplace

[SOLUTION] Please describe your proposed solution

We are a very proactive team and we are projecting that the lack of stablecoin on Foreon Network will slightly hinder it's adoption.

Fiat-backed stablecoins provide a stable store of value, increased liquidity, broader appeal, reduced risk, and improved scalability for the DeFi ecosystem.

To address this shortcoming, the Foreon team is integrating the USDM stablecoin, a Cardano native token backed 1:1 with high-quality, liquid, transparent, and audited USD assets.

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

USDM on foreon network will offer a solution to the biggest problem facing cryptocurrencies: price fluctuations.

Because USDM tokens can be swapped for $1, they are far less volatile than $ADA, and offer similar benefits as cash.

As such, USDM will play an important role in increasing Foreon Network adoption as the markets will be much stable than basing it in $ADA.

[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?

We have a track record of delivering clean and intuitive interfaces.

We have developed the order book prediction market smart contracts in collaboration with TXpipe and we have also in partnership with a Cardano development firm utilizing agile methodologies to ensure faster turnaround times.

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

Preparation Of $USDM Integration Documentation

A: Milestone Outputs

• Integration Requirements specced out.

B: Acceptance Criteria

• Proper Documentation of the integration requirements

C: Evidence of Milestone Completion

• Documented integration requirements
• A detailed report describing the integration process

$USDM Integration

A: Milestone Outputs

• Integrate the $USDM Policy ID as the Base currency on Foreon Network contracts
• Ensure these features are fully compatible.

B: Acceptance Criteria

• Successful integration of USDM with the smart contracts, verified through comprehensive system testing.
• Platform should handle transactions and interactions in USDM without degradation in performance.

C: Evidence of Milestone Completion

• Test results and performance benchmarks confirming the robustness of new integration.

Overall Project Review and Audit

A: Milestone Outputs

• Conduct a thorough audit of the entire integration to assess achievements against initial objectives.
• Prepare the Beta version for public release with complete documentation and support materials.

B: Acceptance Criteria

• Achieve a bug-free integration as confirmed by the final round of testing and quality assurance.

C: Evidence of Milestone Completion

• A comprehensive project report summarizing all outcomes, and user feedback.
• Release notes and version history documents.

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

Toshi Cardanomoto - Biz Dev & Co-Founder

Daniel Nguyen - Product Manager

Leo Pelekh - Architecture Manager

Dominic - Community Manager

Insy Som: Front-End Developer:

Milan Cheung: Full Stack / Blockchain Engineer: https://twitter.com/cryptox427

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

Budget Breakdown (Total: 15,500 ADA)

USDM Integration: 10,000 ADA

• Purpose: To integrate USDM as the base currency on Foreon Network.

Testing & Audit: 5,500 ADA

Purpose: To perform thorough security audits on all smart contracts involved in the project to ensure they are secure and free of vulnerabilities.

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

The budget allocation of 15,500 ADA for the Foreon Network MVP proposal represents value for money for Foreon Network and the Cardano ecosystem in General.