FarmXic Token (FXT) as a Digital Utility

[GENERAL] Name and surname of main applicant

Nancy Omonhiboloria

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

Entity (Not Incorporated)

[GENERAL] Requested funds in ada

107000

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

8

[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)

FXT token solution streamlines agricultural transactions through blockchain technology, ensuring secure, transparent trading, enabling smart contracts, and facilitating direct farmer-to-consumer sales

[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

FXT can use the MIT License for its open-source project, ensuring flexibility and wide adoption.

[METADATA] Horizons

Tokenization

[SOLUTION] Please describe your proposed solution

FarmXic Secure Payment (FXT) and Traceability Solution on Cardano

FarmXic leverages blockchain technology on the Cardano platform to offer a secure and transparent payment and traceability system designed to empower urban farmers and stakeholders across the agricultural supply chain. The solution integrates blockchain’s decentralized architecture to ensure trust, security, and transparency.

Key Components:

FXT Token (FarmXic Token)

• Secure Payments: FXT is a Cardano-based native token that facilitates seamless, low-cost, and secure payments within the FarmXic ecosystem. Farmers, suppliers, and consumers use FXT to conduct transactions with confidence, free from intermediaries or delays.

• Incentives and Rewards: Farmers can earn FXT tokens for adopting sustainable farming practices, while consumers can use the tokens to purchase FarmXic’s eco-friendly products and services.

• Cross-border Transactions: With FXT, users can make cross-border payments at lower fees, streamlining the global supply chain and reducing the financial burden on farmers.

Blockchain Traceability:

• End-to-End Tracking: Every product in the FarmXic ecosystem—from seeds and fertilizers to harvested produce—is assigned a unique digital identity on the Cardano blockchain. This allows stakeholders to track the product’s journey from the farm to the consumer, ensuring transparency.

• Immutable Records: Each stage of the farming and distribution process is recorded on the blockchain, ensuring that data like farm inputs, environmental conditions, and harvest details cannot be tampered with or falsified.

• Consumer Trust: By scanning a QR code, consumers can view the entire journey of their product, including the farming methods used and certifications for sustainability. This boosts consumer confidence in the quality and authenticity of FarmXic products.

Smart Contracts:

• Automated Payments: Smart contracts automate payment processes, ensuring that farmers receive payments upon the fulfillment of agreed conditions, such as delivery of produce. This reduces delays and ensures fairness.

• Decentralized Financing: Farmers can access decentralized financing options using smart contracts, which disburse funds automatically based on key farming milestones like planting and harvesting.

Sustainability Certification:

Verification of Sustainable Practices: The blockchain tracks the use of sustainable inputs and eco-friendly farming methods. Certifications for organic or eco-friendly farming practices are embedded into the blockchain, providing a transparent way for consumers and regulators to verify claims.

Data Security & Privacy:

Decentralized Data Storage: Farm data is stored securely on the Cardano blockchain, protected from centralized control or manipulation. Sensitive data, like financial records, are encrypted and shared only with authorized parties.

Benefits of FarmXic’s Blockchain Solution:

• Transparency: Ensures full visibility into the farming and supply chain process for all stakeholders, reducing fraud and enhancing product authenticity.

• Security: Cardano’s secure and scalable blockchain ensures that transactions and data records are safe from tampering or breaches.

• Efficiency: Automated payments via smart contracts reduce transaction times, while FXT tokens eliminate the need for costly intermediaries.

• Sustainability: By promoting and rewarding eco-friendly farming practices, FarmXic contributes to a more sustainable and resilient agricultural ecosystem.

This blockchain-powered system offers a new era of trust, transparency, and financial empowerment for farmers, suppliers, and consumers in the urban farming sector.

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

The FarmXic Secure Payment (FXT) and Traceability Solution on the Cardano blockchain has the potential to create a significant positive impact on the wider Cardano community. Here are several key areas of impact:

1.⁠ ⁠Enhanced Trust in Transactions

• Transparency and Accountability: By leveraging blockchain’s immutable ledger, the FarmXic solution fosters transparency in agricultural transactions. This instills confidence among consumers, investors, and stakeholders within the Cardano community, promoting trust in digital and agricultural markets.

2.⁠ ⁠Support for Sustainable Agriculture

• Promoting Eco-Friendly Practices: The solution incentivizes farmers to adopt sustainable farming methods through token rewards and certifications. This aligns with Cardano’s broader goals of sustainability and responsible development, fostering a culture of environmental consciousness within the community.

3.⁠ ⁠Financial Inclusion and Empowerment

• Access to Decentralized Financing: The integration of smart contracts enables farmers, particularly smallholders, to access microloans and financing without intermediaries. This democratizes financial opportunities, allowing more individuals to participate in the economy and contribute to the growth of the Cardano ecosystem.

4.⁠ ⁠Economic Growth and Job Creation

• Stimulating Local Economies: By empowering urban farmers with secure payment systems and traceability, the FarmXic solution can enhance local food systems, leading to job creation in agriculture, distribution, and retail sectors. This economic upliftment contributes to the overall growth of the Cardano community and its ecosystem.

5.⁠ ⁠Innovation and Technological Advancement

• Showcasing Blockchain Use Cases: The implementation of the FarmXic solution serves as a valuable case study for other sectors on how blockchain technology can improve traditional systems. By demonstrating successful applications of Cardano’s technology in agriculture, it encourages further innovation and attracts developers and entrepreneurs to explore new use cases.

6.⁠ ⁠Strengthening Community Engagement

• Building a Collaborative Ecosystem: The FarmXic project encourages partnerships among farmers, suppliers, consumers, and the broader Cardano community. This collaborative approach fosters a sense of community, where stakeholders can share knowledge, resources, and best practices to improve agricultural productivity and sustainability.

7.⁠ ⁠Educational Opportunities

• Knowledge Transfer and Training: The initiative can promote educational programs focused on blockchain technology, sustainable farming, and digital finance. This enhances the community’s knowledge base and empowers individuals with skills relevant to the evolving agricultural and digital landscapes.

8.⁠ ⁠Global Impact and Market Reach

• Connecting Local Farmers to Global Markets: By integrating a secure payment system and traceability features, FarmXic can help local farmers access global markets. This opens opportunities for international trade, benefiting both farmers and consumers within the Cardano ecosystem, and creating a more interconnected economic landscape.

In summary, the FarmXic Secure Payment (FXT) and Traceability Solution not only benefits urban farmers but also contributes positively to the wider Cardano community by promoting trust, sustainability, innovation, and economic growth. By addressing critical challenges in agriculture through blockchain technology, the initiative aligns with the values of the Cardano ecosystem and enhances its overall impact.

[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?

The capabilities of FarmXic’s founder, Nancy Omonhiboloria, to deliver the FarmXic Secure Payment (FXT) and Traceability Solution with a high level of trust and accountability can be defined through several key attributes and experiences, along with a structured validation approach to ensure feasibility:

Founder’s Capabilities:

Industry Knowledge and Experience:

• Agricultural Background: Nancy’s understanding of the agricultural sector, including urban farming challenges and practices, equips her to develop relevant solutions that meet farmers’ needs effectively.

• Previous Experience: Any prior ventures, projects, or roles that involve agricultural technology, supply chain management, or blockchain implementations add credibility and insight into operational requirements.

Technical Proficiency:

• Blockchain Expertise: Familiarity with blockchain technology and its applications allows i and my team to navigate the complexities of implementing the Cardano platform, ensuring the solution is built on a solid technical foundation.

• Partnerships with Experts: Collaborating with blockchain developers, agricultural technologists, and supply chain specialists can enhance the project’s technical robustness and credibility.

Commitment to Sustainability:

Focus on Eco-Friendly Practices: A strong commitment to sustainable agriculture and community empowerment reflects the ethical foundation of the project, reinforcing trust among stakeholders who value environmental responsibility.

Strong Network and Relationships:

• Community Engagement: Establishing connections with local farmers, agricultural organizations, and blockchain communities fosters collaboration and ensures that the solution aligns with real-world needs.

• Investor Relations: Building relationships with potential investors and partners can provide financial support and resources needed to execute the project.

Transparency and Communication:

• Open Communication Channels: Regular updates and transparent communication with stakeholders about project progress, challenges, and milestones can enhance trust and accountability.

• Feedback Mechanisms: Establishing mechanisms for stakeholder feedback ensures that the solution evolves based on community needs and concerns.

Validation Approach:

Market Research and Analysis:

• Identify Market Needs: Conduct thorough research to understand the pain points of urban farmers and potential users of the FXT solution. This helps ensure that the solution addresses real issues in the market.

• Competitive Analysis: Analyze existing solutions in the market to determine gaps and opportunities that FarmXic can leverage, thereby validating the need for the proposed solution.

Pilot Program:

• Small-Scale Implementation: Launch a pilot program with a select group of farmers to test the FXT and traceability solution in real-world conditions. Gather data on usability, transaction efficiency, and overall satisfaction.

• Iterative Feedback: Use feedback from pilot participants to refine and improve the solution before a wider rollout.

Partnerships with Research Institutions:

• Collaboration for Validation: Partner with agricultural research institutions or universities to conduct feasibility studies on the proposed solution’s technical and operational aspects.

• Expert Evaluations: Engage experts in blockchain technology and agriculture to assess the project’s viability and provide recommendations for improvement.

Community Engagement:

• Workshops and Focus Groups: Host workshops or focus groups with stakeholders, including farmers and consumers, to gather insights and validate the solution’s relevance and effectiveness.

• Surveys and Questionnaires: Conduct surveys to gauge interest in the FXT solution and gather data on user expectations and preferences.

Technology Testing:

• Prototype Development: Create a prototype of the blockchain system to test its functionalities, including payment processes and traceability features. This will help identify potential technical challenges early on.

• Security Assessments: Conduct security assessments and audits to ensure that the system meets industry standards for data protection and transaction security.

By leveraging the capabilities of my team members and i and following a structured validation approach, FarmXic can effectively deliver a trustworthy and accountable secure payment and traceability solution, ensuring it meets the needs of the agricultural community while fostering confidence among all stakeholders.

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

Here are five key milestones that FarmXic needs to achieve to successfully complete the Secure Payment (FXT) and Traceability Solution on the Cardano blockchain platform:

⁠Tokenomics Development and FXT Token Launch

• Objective: Design the economic model for the FXT token, ensuring it meets the needs of the ecosystem.

• Key Deliverables:

• Define the total supply, distribution mechanism, and utility of the FXT token within the FarmXic ecosystem.

• Deploy the FXT token on the Cardano blockchain and establish a secure wallet infrastructure for users.

• Create a user-friendly interface for buying, trading, and utilizing FXT tokens in transactions.

Timeline: 3 months.

Smart Contract Development for Payment Processing

• Objective: Develop and deploy smart contracts to automate payment processing and ensure secure transactions.

• Key Deliverables:

• Create smart contracts that facilitate secure payments between farmers, suppliers, and consumers based on pre-defined conditions (e.g., successful delivery of goods).

• Test smart contracts to ensure they function correctly and securely.

• Integrate the smart contracts with the FXT token to enable seamless transactions.

Timeline: 4-6 months.

⁠Traceability System Implementation

• Objective: Establish a comprehensive traceability system to monitor the journey of agricultural products from farm to consumer.

• Key Deliverables:

• Develop unique digital identifiers (e.g., QR codes) for each product to be tracked on the blockchain.

• Create a user interface for farmers and consumers to access traceability information easily.

• Implement data collection mechanisms for recording critical information at various stages of the supply chain (e.g., sourcing, production, and distribution).

Timeline: 5-7 months.

⁠Pilot Program and User Testing

• Objective: Conduct a pilot program to test the FXT payment and traceability solution in a real-world environment.

• Key Deliverables:

• Identify a group of early adopters (farmers and consumers) to participate in the pilot program.

• Gather feedback on user experience, transaction efficiency, and system usability.

• Use insights from the pilot to make necessary adjustments and enhancements to the solution before full-scale launch.

Timeline: 6-8months.

Marketing and Community Engagement Launch

• Objective: Develop and execute a marketing strategy to promote the FarmXic solution and onboard users.

• Key Deliverables:

• Create educational content and resources to inform potential users about the benefits of the FXT payment and traceability system.

• Conduct workshops and webinars to engage with the agricultural community and stakeholders.

• Launch a marketing campaign targeting farmers, suppliers, and consumers to drive adoption and utilization of the solution.

Timeline: beyond 8 months following pilot program completion.

By achieving these milestones, FarmXic will establish a solid foundation for its Secure Payment (FXT) and Traceability Solution on the Cardano platform, ultimately fostering trust, transparency, and efficiency in the agricultural supply chain.

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

FarmXic project team comprises experienced professionals with diverse expertise.

1. Nancy Omonhiboloria, founder/Agronomist of FarmXic, overseeing the project execution and ensuring milestones are met, managing the budget and timeline for the project. Linkedin: https://www.linkedin.com/in/nancy-omonhiboloria-84370b107
2. Anderson Omorogbe, a blockchain developer, will lead blockchain integration for secure transactions and smart contracts.
3. Abah Gandoki, a UI/UX designer and front end developer, designing the visual layout and branding elements for Propitek. LinkedIn Profile: https://www.linkedin.com/in/abah-gideon/
4. Precious Igbokwe, a software engineer, will oversee the development of the AI-driven property search algorithm and the web application. LinkedIn - www.linkedin.com/in/ijeoma-igbokwe-55a441198

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

Here’s the comprehensive cost breakdown for the FarmXic Secure Payment Gateway, FXT, and Traceability Solution on the Cardano Blockchain, with an asking fund of 100,700 ADA:

Total project budget: 100,700 ADA

The proposed budget is structured at 20,140 ADA per month, with the project expected to take approximately five months to complete, totaling 100,700 ADA. To demonstrate good faith and accountability, the budget for the first milestone will be up 50%, ensuring that sufficient funds are available to successfully deploy the solution and deliver results.

Milestone 1: FXT Tokenomics and Initial Documentation

• Budget: 24,140 ADA + 50% = 36,210 ADA (36% of the total budget)

• Estimated time: 4 weeks

• Description: Develop the FXT tokenomics model, including supply, distribution, and utility. Create initial project documentation to outline goals and implementation strategies.

Milestone 2: Smart Contract Development for Secure Payments

• Budget: 24,140 ADA (24% of the total budget)

• Estimated time: 5 weeks

• Description: Develop and deploy smart contracts for secure payment processing using FXT, ensuring seamless integration with the Cardano blockchain.

Milestone 3: Traceability System Design and Integration

• Budget: 24,140 ADA (24% of the total budget)

• Estimated time: 5 weeks

• Description: Design and implement a traceability system that incorporates digital identifiers for agricultural products, ensuring transparency in the supply chain.

Milestone 4: Pilot Testing and Feedback Gathering

• Budget: 24,140 ADA (24% of the total budget)

• Estimated time: 5 weeks

• Description: Conduct a pilot program with select farmers to test the FXT solution, collect user feedback, and make necessary adjustments to enhance the system.

Milestone 5: Project Close-out Report and Marketing Materials

• Budget: 5,000 ADA + 16,875 ADA = 21,875 ADA (21.7% of the total budget)

• Estimated time: 1 week

• Description: Prepare a project close-out report detailing outcomes and lessons learned. Develop marketing materials to promote the FXT solution and engage the community.

This structure ensures clarity in funding allocation for the FarmXic Secure Payment Gateway, FXT, and Traceability Solution project, focusing on delivering measurable results while maintaining accountability throughout the project duration.

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

The asking fund of 100,700 ADA represents a quantitative value for money on the Cardano ecosystem by showcasing a detailed allocation plan that maximizes resources for project development, community engagement, and sustainability. Here’s how this funding can be justified with a case study of numbers:

• Web Application Development: Allocating 50,000 ADA to build a robust platform that integrates essential features. This cost is competitive compared to industry standards, where similar applications often require upwards of 100,000 ADA on other platforms.

• Smart Contract Implementation: 25,000 ADA for developing and auditing smart contracts to ensure security and functionality, significantly lower than typical costs, which can range from 40,000 to 70,000 ADA elsewhere.

• Marketing Campaigns: Investing 15,000 ADA in targeted marketing initiatives to build awareness and user engagement. With a projected reach of 10,000 potential users, this translates to a cost of 1.5 ADA per user, which is efficient compared to other projects that spend up to 5 ADA per user.

• Educational Workshops: Using 5,000 ADA to host workshops and webinars, directly engaging the agricultural community and fostering user adoption. This investment can yield a high return on community trust and user base expansion.

• Feedback Mechanism Implementation: 5,700 ADA allocated to create a feedback system for continuous improvement based on user input. This iterative process increases user satisfaction and retention, demonstrating long-term value for the project.

Summary of Value for Money

With the allocation of 100,700 ADA, the project aims to achieve significant milestones at a cost-effective rate, ensuring that every ADA spent contributes directly to creating a sustainable and valuable ecosystem. The quantitative value of this investment is evident in the projected user engagement, development quality, and community trust, which are crucial for the success of the FXT token within the Cardano ecosystem.