rent wise in ada

[GENERAL] Name and surname of main applicant

fitsum shibeshi

[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

no

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

10

[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)

The solution is a platform that facilitates rent payments in ADA for homeowners abroad, using smart contracts for security, automatic currency conversion, and interest earning.

[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.”

my project has several essential dependencies. 

I need to establish partnerships with financial institutions for secure currency conversions and regulatory compliance. Access to blockchain development resources is crucial for building and maintaining the platform. 

Legal advisors will help navigate cryptocurrency regulations to minimize risks. Collaborating with real estate associations will enhance credibility and outreach to target users.

Additionally, a reliable user support system is important for addressing technical issues, and working with marketing professionals will help effectively promote the platform. These dependencies are critical for the project's successful delivery.

[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

I’ve chosen to make my platform open source for several key reasons. First and foremost, transparency is crucial in building trust with our users. By allowing anyone to access the code, we’re inviting scrutiny and collaboration, which helps ensure that our platform remains secure and reliable.

Additionally, an open-source approach fosters innovation. It encourages developers from around the world to contribute their ideas and improvements, which can lead to new features and enhancements that I may not have thought of alone. This community-driven development can accelerate our growth and adaptability in a fast-evolving space like cryptocurrency and DeFi.

Lastly, I believe in the principles of decentralization and inclusivity. By making the platform open source, I’m promoting a collaborative environment where anyone can participate, whether they’re seasoned developers or passionate newcomers. This aligns with my vision of creating a platform that not only serves users but also empowers them to take an active role in its development.

[METADATA] Horizons

Payments

[SOLUTION] Please describe your proposed solution

How do you perceive the problem you are solving?

I perceive the problem as a significant barrier for homeowners living abroad, who struggle with complex currency conversions and secure payment methods for rent collection. This challenge can lead to financial losses and increased stress for both landlords and renters.

What are your reasons for approaching it in the way that you have?

I’m approaching it by creating a platform that leverages Cardano’s blockchain for secure, transparent transactions. This method reduces costs, simplifies the process, and allows homeowners to earn interest on their ADA holdings, ultimately enhancing user experience and trust.

Who will your project engage?

The project will engage homeowners living abroad, renters seeking flexible payment options, real estate investors, and individuals interested in cryptocurrency and decentralized finance (DeFi).

How will you demonstrate or prove your impact?

I will demonstrate impact through user testimonials, transaction data showcasing reduced fees and increased security, and metrics such as the number of successful transactions and user growth over time. Additionally, conducting surveys to gather user feedback will help illustrate satisfaction and effectiveness.

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

The positive impact of my project on the wider Cardano community will be significant. By facilitating rent payments in ADA, it will encourage more users to engage with and utilize Cardano, driving demand for the cryptocurrency. This initiative will enhance the ecosystem's utility by demonstrating practical applications of Cardano’s smart contracts, particularly in real estate transactions, which can inspire further innovation within the platform.

Additionally, the project promotes financial inclusion by providing a seamless way for homeowners abroad to manage their properties, bridging the gap between traditional real estate practices and the crypto world. It will attract diverse users, fostering community engagement and collaboration as renters and homeowners share their experiences and best practices. 

Through educational resources and user guides, the project will also help demystify cryptocurrency for newcomers, contributing to a more informed and engaged community. Overall, the project aims to strengthen the Cardano community by promoting the adoption and utility of ADA while empowering users with innovative solutions for everyday challenges.

[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?

My capability to deliver this project with high levels of trust and accountability is anchored in a strong foundation of technical knowledge and a clear strategic plan. I have experience in blockchain technology and understand the intricacies of developing applications on Cardano. Collaborating with skilled developers and industry experts will ensure the platform is built with best practices in security, transparency, and user experience. Additionally, I will implement rigorous testing phases, including user acceptance testing, to validate the platform’s functionality and reliability before launch.

To validate the feasibility of my approach, I plan to conduct thorough market research to assess user needs and preferences. This will involve gathering feedback from potential users, industry stakeholders, and community members. Prototyping key features and running pilot programs will allow me to test assumptions in real-world scenarios. Additionally, I will leverage metrics and analytics to monitor user engagement and satisfaction, ensuring the platform evolves based on user feedback and changing market demands. Regular updates and transparent communication will further foster trust and accountability throughout the project’s development.

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

Market Research and Planning 

Design Phase and prototype

Development Phase

Integration and testing Phase

Launch Preparation 

Launch and Post-Launch Evaluation

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

My Role in the Project

As the sole creator and driving force behind this project, I am responsible for every aspect of its development. I begin by researching and understanding the challenges homeowners living abroad face with rent collection. This informs the design of a platform that leverages Cardano's blockchain technology to facilitate secure and transparent transactions.

I handle the technical development of the platform, ensuring that it is user-friendly and efficient. I also focus on creating educational resources to help users understand how to navigate cryptocurrency transactions.

In addition to technical work, I manage marketing efforts to engage my target audience, including homeowners, renters, and real estate investors. I actively seek feedback from users to continuously improve the platform and demonstrate its impact through metrics and testimonials.

Ultimately, I am dedicated to making this platform a valuable tool for easing the financial burdens of rent collection for homeowners abroad while fostering trust and security in transactions.

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

Budget & Costs Breakdown

-Development Costs: 30,000 ADA

• Platform Development: 20,000 ADA  

   (Frontend and backend development, smart contract implementation)

• UI/UX Design: 10,000 ADA  

   (Creating a user-friendly interface and experience)

-Blockchain Integration: 5,000 ADA

• Cardano Integration: 5,000 ADA  

   (Costs for integrating Cardano’s blockchain and ensuring secure transactions)

-Legal and Compliance: 2,000 ADA

• Legal Consultation: 2,000 ADA  

   (Ensuring compliance with regulations regarding cryptocurrency)

-Marketing & Outreach: 15,000 ADA

• Marketing Campaigns: 10,000 ADA  

   (Social media advertising, influencer partnerships, and outreach)

• Content Creation: 5,000 ADA  

   (Blog posts, educational materials, promotional content)

-Operational Costs: 6,000 ADA

• Web Hosting and Maintenance: 3,000 ADA/year  

   (Ongoing hosting costs)

• Customer Support Tools: 3,000 ADA  

   (Setting up support channels for users)

-Miscellaneous Expenses: 3,000 ADA

• Contingency Fund: 3,000 ADA  

   (Buffer for unexpected costs)

Total Estimated Budget: 71,000 ADA

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

Value for Money

In this project, I focus on delivering exceptional value for the Cardano ecosystem through several key aspects. 

First, by leveraging Cardano’s blockchain technology, I ensure that all transactions are secure and transparent. This not only builds trust among users but also encourages wider adoption of Cardano in real estate and rental markets. 

Second, the cost savings associated with lower transaction fees compared to traditional payment methods represent a significant financial benefit for both homeowners and renters. By utilizing ADA, users can avoid high bank fees and exchange costs, making the platform more attractive and accessible.

Additionally, the ability for homeowners to earn interest on their ADA holdings enhances the overall financial viability of their investments. This creates an incentive for more users to engage with the Cardano ecosystem, thus driving demand and potentially increasing the value of ADA.

Lastly, the educational resources I provide will empower users to understand and navigate cryptocurrency transactions confidently, promoting financial literacy within the Cardano community.

In summary, this project not only meets the immediate needs of users but also contributes to the long-term growth and sustainability of the Cardano ecosystem, making it a valuable investment for all stakeholders involved.