Cardano-Powered Machine-to-Machine (M2M) Economy Platform

[GENERAL] Name and surname of main applicant

Yoseph

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

Individual

[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

No

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

We will develop a Cardano-based platform enabling IoT devices to autonomously trade resources and services using secure smart contracts, creating a decentralized M2M economy.

[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

The Project will be made available under the MIT License, providing full transparency and allowing developers the freedom to utilize, alter, and share the code without limitations. This code will be hosted on GitHub, offering a clear and open platform for collaboration and engaging the community.

[METADATA] Horizons

Infrastructure

[SOLUTION] Please describe your proposed solution

Our project aims to create a Cardano-powered Machine-to-Machine (M2M) Economy Platform, where IoT devices can autonomously trade resources and services through secure smart contracts. Current IoT systems lack a decentralized marketplace that enables devices to transact without human intervention. This limitation hinders the full potential of IoT networks and creates inefficiencies in resource utilization and data exchange.

Our platform addresses this issue by developing a decentralized, blockchain-based marketplace, allowing IoT devices to interact securely and autonomously. Using Cardano’s smart contract capabilities, we will ensure transparency, security, and efficiency in transactions, empowering devices to make autonomous decisions in real-time.

Key Aspects of Our Solution:

1. Decentralized Marketplace for IoT Devices: We provide a marketplace for devices to trade resources like computational power, storage, and data, enabling a frictionless M2M economy.
2. Smart Contract Integration: Utilizing Cardano’s Plutus smart contracts to manage device transactions, automate resource trading, and handle payments without centralized control.
3. User-Friendly Platform Design: Our intuitive interface will simplify device registration, resource management, and transaction monitoring, making it accessible for both developers and device owners.
4. Scalable Infrastructure: Our backend architecture will be designed to scale as the number of connected devices grows, ensuring consistent performance and reliability.

Target Audience:

• IoT Device Manufacturers: Empower devices with autonomous trading capabilities.
• Developers: Build innovative M2M applications using our platform’s APIs and SDKs.
• Businesses: Optimize IoT device utilization and automate resource exchanges.

Impact and Benefits for Cardano:

This project will expand Cardano’s ecosystem into the IoT domain, showcasing the power of blockchain for automating machine interactions. It will attract new developers and businesses to build on Cardano, increase on-chain activity, and demonstrate the blockchain’s utility in real-world applications beyond traditional finance.

Our solution is unique as it creates a fully automated, decentralized economy for IoT devices, driving adoption of Cardano in the rapidly growing IoT sector. By providing a platform that simplifies interactions between machines, we enable new use cases and establish Cardano as a leader in the next-generation digital economy.

Why Cardano?

Cardano’s advanced smart contract capabilities, scalability, and focus on security make it the ideal blockchain for this project. Our M2M platform will leverage these strengths to deliver a robust and reliable solution that can handle the demands of the IoT ecosystem.

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

Our project will unlock new opportunities for Cardano by enabling the blockchain to serve as the backbone for a decentralized Machine-to-Machine (M2M) economy. This will not only expand Cardano’s ecosystem into the rapidly growing IoT sector but also pave the way for innovative applications that utilize smart contracts for automated machine interactions.

Key Positive Impacts:

1. Expansion of Use Cases: Demonstrating how Cardano can be applied to IoT automation will attract developers and businesses to build innovative solutions on Cardano, boosting ecosystem growth.
2. Increased On-Chain Activity: Our platform will contribute to increased on-chain transactions, improving the overall network activity and utility of the Cardano blockchain.
3. Developer Engagement: We will release APIs, SDKs, and documentation, enabling developers to build on top of our platform and encouraging the creation of new M2M applications.

Measuring Impact:

We will use both quantitative and qualitative metrics to assess the impact of our project:

1. Number of Connected Devices and Transactions: Track the number of IoT devices registered on the platform and the volume of transactions executed through Cardano smart contracts.
2. Developer Adoption and Engagement: Monitor the number of developers using our APIs and SDKs, as well as contributions and feedback in our GitHub repositories.
3. User Feedback and Satisfaction: Gather qualitative feedback from device owners, businesses, and developers using the platform to identify areas of improvement and gauge satisfaction.

Sharing Outputs and Opportunities:

1. Open-Source Development: We will publish our smart contracts, APIs, and documentation on GitHub to ensure transparency and foster community collaboration.
2. Educational Content and Tutorials: Create detailed guides, blog posts, and tutorials to help developers and businesses understand and use our platform.
3. Community Engagement: Regularly share progress, updates, and opportunities on Cardano forums, social media channels, and during Catalyst town hall meetings.

By building an open and collaborative platform, we aim to establish a strong foundation for the Cardano community to explore and expand the potential of the M2M economy. Our success will bring value to the wider Cardano community by demonstrating the utility of blockchain in a new and growing industry, while providing tools and opportunities for further innovation.

[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 proven track record of successfully delivering blockchain and IoT projects. We have deep expertise in smart contract development, backend infrastructure, and UI/UX design. Our experience working with decentralized applications and IoT systems ensures that we have the necessary skills and knowledge to execute this project efficiently.

Key Team Capabilities:

• Smart Contract Development: We have developed and deployed multiple smart contracts on the Cardano blockchain and have in-depth knowledge of Plutus and Marlowe.
• Backend and Frontend Development: Our team has expertise in building scalable backend systems and interactive frontends using technologies like React, Vue.js, Node.js, and Python.
• IoT Systems Integration: We have experience in integrating IoT devices with blockchain networks, enabling secure data exchange and autonomous interactions between machines.

Team Credentials and Experience:

• Our team members have backgrounds in software engineering, machine learning, and blockchain development, with experience in organizations like iCog Labs and various AI and IoT projects.
• Previous projects include developing IoT-based smart contract solutions and participating in blockchain hackathons and research initiatives, demonstrating our capability to deliver complex technical projects.

Approach to Feasibility and Validation

We have developed a structured approach to validate the feasibility of our solution:

1. Technical Feasibility Study: Conduct an initial study to assess the technical requirements and potential challenges in integrating IoT devices with Cardano smart contracts.
2. Prototyping and Testing: Develop a basic prototype to validate key functionalities, such as autonomous transactions between devices and resource trading using Cardano smart contracts.
3. Stakeholder Feedback: Gather feedback from IoT device manufacturers, developers, and the wider Cardano community to refine and optimize the solution.

Trust and Accountability:

We prioritize transparency and accountability throughout the project. To ensure the proper management of funds and deliverables, we will:

1. Detailed Milestone Planning: Break down the project into clear, measurable milestones, with associated deliverables and timelines.
2. Regular Reporting and Updates: Provide regular updates on our progress through the Catalyst platform, social media channels, and community meetings.
3. Open-Source Development: All code will be shared publicly on GitHub, allowing the community to review and provide feedback on the development process.
4. Financial Transparency: Provide detailed budget breakdowns and expenditure reports at every major milestone to demonstrate responsible fund management.

Conclusion:

With our team’s technical expertise, structured approach to project validation, and commitment to transparency, we are confident in our ability to deliver this project with high levels of trust and accountability.

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

UI/UX Design

• Create wireframes, mockups, and visual designs for the platform.
• Define user flows and ensure that the design is user-friendly and intuitive.

Frontend Development

• Implement the UI designs into a functional web interface using HTML, CSS, and JavaScript frameworks like React or Vue.
• Develop pages for device registration, resource management, and transaction history.

Backend Development

• Develop the server-side logic and APIs for handling data from IoT devices.
• Implement authentication, data storage, and interactions with smart contracts.

Smart Contract Development

• Write Cardano smart contracts for executing transactions, resource trading, and managing payments.
• Ensure contracts are secure and optimized for on-chain transactions.

MVP Development and Integration

• Finalize integration of frontend, backend, and smart contracts.
• Conduct end-to-end testing and deploy the MVP for initial user testing and feedback.

Project closeout report

Project closeout video

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

1: Yosef Daniel: Software Engineer | Technical Lead

• Experienced in programming languages such as Plutus, Haskell, Lucid, Mesh and Marlowe to build and deploy smart contracts.
• Cardano Blockchain Certified Associate (CBCA)
• Experience: Proficient in server-side programming languages, database management, and API integration.
• Responsible for backend development and platform integration.

Responsibilities:

• Linkedin Profilel: Linkedin
• Responsible for smart contracts and blockchain related technology's.
• Proficient in server-side programming languages.
• Experienced in database management and API integration.

2: Naod Ararsa: Full-stake developer

• Programming Language: JavaScript, C, C++, Typescript, python, and haskell
• Library’s and Frameworks: Plutus, Node js, Fastify, Express js, hardhat, React Js, Flask
• Databases: Mongodb and MySQL
• ORM and ODM: mongoose, Drizzle and sequelize
• Linkedin
• Github

3: Meheret B.: Project Manager/Technical Lead

• Cardano Blockchain Certified Associate (CBCA)
• Email: anulomeheret@gmail.com
• Role: Oversees project execution, manages resources, and ensures timely delivery.

Our team has actively participated in numerous projects closely related to this endeavor. Each team member is fully committed to executing this idea, drawing from our collective experience in implementing similar projects to a high standard of excellence

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

UI/UX Design: 15,000 ADA

• Create wireframes, mockups, and visual designs for the platform.
• Define user flows and ensure that the design is user-friendly and intuitive.

Frontend Development: 20,000 ADA

• Implement the UI designs into a functional web interface using HTML, CSS, and JavaScript frameworks like React or Vue.
• Develop pages for device registration, resource management, and transaction history.

Backend Development: 25,000 ADA

• Develop the server-side logic and APIs for handling data from IoT devices.
• Implement authentication, data storage, and interactions with smart contracts.

Smart Contract Development: 30,000 ADA

• Write and deploy Cardano smart contracts for executing transactions, resource trading, and managing payments.
• Ensure contracts are secure and optimized for on-chain transactions.

MVP Development and Integration:25,000 ADA

• Finalize integration of frontend, backend, and smart contracts.
• Conduct end-to-end testing and deploy the MVP for initial user testing and feedback.

Total: 115,000 ADA

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

Our project is designed to provide high value to the Cardano ecosystem by opening up new use cases and increasing on-chain activity through an automated Machine-to-Machine (M2M) economy. The proposed budget will be efficiently utilized to deliver a robust and scalable platform, making it a worthwhile investment for several reasons:

1. Unlocking New Use Cases:
2. By enabling IoT devices to autonomously interact and trade resources on the Cardano blockchain, we are demonstrating a unique application of smart contracts in the IoT space. This will attract developers and businesses from diverse industries, driving innovation and adoption within the Cardano ecosystem.
3. Increased Network Utility and Activity:
4. The M2M economy will generate on-chain transactions as devices autonomously execute smart contracts, resulting in increased transaction volume and network activity. This helps to validate and stress-test the Cardano blockchain, contributing to its overall robustness and scalability.
5. Developer Tools and Ecosystem Growth:
6. The APIs, SDKs, and documentation that we provide will make it easier for developers to build additional M2M applications on Cardano, fostering an active developer community and expanding the ecosystem.
7. Efficient Use of Resources:

• Our budget is structured to maximize output, covering crucial areas like UI/UX design, frontend and backend development, and smart contract implementation.
• By leveraging existing open-source tools and frameworks where possible, we can reduce development time and costs without sacrificing quality.

1. Potential for Future Expansion and ROI:
2. The platform we are building can serve as a foundation for future cross-chain integrations and more complex IoT interactions. As more devices and stakeholders join the M2M economy, Cardano’s visibility and adoption will grow, leading to long-term value for the community.

Conclusion:

The cost of the project is justified by the significant benefits it brings to Cardano through network activity, new use cases, and developer engagement. By strategically using the allocated budget, we aim to deliver a high-impact solution that propels Cardano into a leading position in the IoT space, making the project a valuable investment for the ecosystem.