HYDRA-Auction Platform on Cardano

[GENERAL] Name and surname of main applicant

Do Anh Ba

[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

Phan The Thao

Nguyen Duc Thuan

Vu Tung Linh

[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

Yes

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

A blockchain-based auction platform enables users to list and auction their assets. Participants can place bids on listed assets in a decentralized, secure,and transparent environment with lowest cost

[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

We will open source the smart contract under Apache 2.0 license

[METADATA] Horizons

Business Services

[SOLUTION] Please describe your proposed solution

The solution is to build an auction platform using Cardano and Hydra. Actions like listing auction items and registering participants will be handled on L1 with smart contracts for validation. L2 will manage auction transactions, validate product values, and participants using smart contracts to ensure secure and transparent bidding. Once the auction period ends, the results are sent from L2 to L1 through smart contracts, allowing the winning bidder to redeem the asset at the final auction price.

このソリューションは、CardanoとHydraを使用してオークションプラットフォームを構築することです。オークションアイテムのリスト作成や参加者の登録などのアクションは、L1上でスマートコントラクトを使用して検証されます。オークションの取引はL2で管理され、商品の価値や参加者がスマートコントラクトを使用して検証され、安全で透明な入札が確保されます。オークション期間が終了すると、結果はL2からL1にスマートコントラクトを通じて送信され、落札者が最終的なオークション価格で資産を引き換えることができるようになります。

La solución es construir una plataforma de subastas utilizando Cardano y Hydra. Acciones como listar artículos para subasta y registrar participantes se gestionarán en L1 con contratos inteligentes para su validación. L2 se encargará de las transacciones de la subasta, validará los valores de los productos y los participantes utilizando contratos inteligentes para garantizar una puja segura y transparente. Una vez que finalice el período de subasta, los resultados se enviarán de L2 a L1 a través de contratos inteligentes, lo que permitirá al postor ganador canjear el activo al precio final de la subasta.

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

Promoting Technology Adoption: By successfully deploying projects on the Cardano L1 and Hydra L2 blockchain platforms, we demonstrate the soundness and usefulness of the technology. This inspires developers to explore similar projects, contributing to the knowledge base and innovation within the Cardano community. At the same time, our platform encourages other projects to apply blockchain technology to real-world use cases, promoting an increasingly developed and useful Cardano product ecosystem.

Enhanced Cost-Effectiveness and Accessibility: By utilizing Hydra L2 to collect and aggregate responses, we reduce transaction fees, making large-scale auctions more accessible for a wide range of clients, auction organizers, and users. Promoting more auctions on the Cardano platform

技術採用の促進: Cardano L1およびHydra L2ブロックチェーンプラットフォーム上でプロジェクトを成功裏に展開することで、その技術の健全性と有用性を示します。これにより、開発者は同様のプロジェクトを探求するインスピレーションを受け、Cardanoコミュニティ内の知識ベースとイノベーションに貢献します。同時に、私たちのプラットフォームは他のプロジェクトがブロックチェーン技術を実際のユースケースに適用することを促進し、ますます発展し、役立つCardano製品エコシステムを推進します。

コスト効率とアクセスの向上: Hydra L2を使用して応答を収集および集約することで、取引手数料を削減し、大規模なオークションをより幅広いクライアント、オークション主催者、ユーザーにとってアクセスしやすくします。これにより、Cardanoプラットフォーム上でのオークションの普及を促進します。

Fomento de la adopción tecnológica: Al desplegar con éxito proyectos en las plataformas blockchain de Cardano L1 y Hydra L2, demostramos la solidez y utilidad de la tecnología. Esto inspira a los desarrolladores a explorar proyectos similares, contribuyendo a la base de conocimiento e innovación dentro de la comunidad de Cardano. Al mismo tiempo, nuestra plataforma fomenta que otros proyectos apliquen la tecnología blockchain a casos de uso del mundo real, promoviendo un ecosistema de productos Cardano cada vez más desarrollado y útil.

Mayor rentabilidad y accesibilidad: Al utilizar Hydra L2 para recopilar y agregar respuestas, reducimos las tarifas de transacción, haciendo que las subastas a gran escala sean más accesibles para una amplia gama de clientes, organizadores de subastas y usuarios. Promoviendo más subastas en la plataforma de Cardano.

[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?

With many years of experience developing products on the Cardano platform, including complex projects such as Danogo and Tempo, we have the capacity and expertise to successfully deploy this project. In addition, we had one invested project in Fund 11 and three invested projects in Fund 12. We always adhere strictly to milestones in all our committed projects, which demonstrates our capability and responsibility to the entire Cardano community

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

Project Management Setup and Architectural Design (Duration: 1 month)

Output:

Completed project management plan on GitHub, and Architecture design, UX/UI documents

Acceptance Criteria:

- Project milestones, tasks are fully described on GitHub

- Link Architecture document on project's GitHub repository

- Public UX/UI Figma link

Develop Frontend and Backend (Duration: 3 months)

Output:

User interface use APIs with mockup data, includes the following functions:

- Create auction session

- Bid

- Auction result notification

Acceptance Criteria:

- The frontend version works correctly with mockup data

Develop Smart Contract (Duration 3 months)

Output:

Complete the development of the smart contract.

Acceptance Criteria:

Publish all smart contracts on the GitHub repository, and ensure all core functions work correctly with the smart contracts without major issues.

Project Completion Report and Video (Duration: 1 month)

Output

Summary video and report detail showcasing project process and results.

Acceptance Criteria:

• Public summary video and report detail on Github Repo

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

1 Do Anh Ba, Engineering Manager (https://www.linkedin.com/in/ba-do-anh/)

Leads performance optimization efforts to enhance project efficiency

Oversees software development processes and product delivery

Assists in project outreach and seamless integration of technology solutions

2 Nguyen Duc Thuan , Solution Architect (https://www.linkedin.com/in/thuannguyen1259/ )

Designs and executes solutions tailored to meet infrastructure and project requirements

Brings extensive experience as a Solutions Architect and software engineer to the team

Proficient in DevOps practices and skilled in Smart Contract development

3 Vu Tung Linh, Blockchain Leader (https://www.linkedin.com/in/tunglinhvu90/ )

Brings extensive experience Blockchain architect to the team

Experience skilled in Smart Contract development

4 Phan The Thao, Senior Full Stack Developer (https://www.linkedin.com/in/thaopt191/ )

Drives innovation in developing comprehensive solutions for both frontend and backend requirements

Demonstrates creativity and expertise as a software engineer with a growing portfolio of successful projects.

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

Milestone 1: Set up project management and architecture design

• Set up project management, define roles and responsibilities.
• Design system architecture, ensure connectivity between Cardano L1 and Hydra L2.

Cost: 20,000 ADA

Milestone 2: Develop Frontend & Backend

• Complete implement off-chain functions include frontend and backend APIs

Cost: 28,500 ADA

Milestone 3: Develop Smart contract

• Develop smart contract
• Integrate between on-chain and off-chain, and testing

Cost: 38,000 ADA

Milestone 4: Report

• Produce summary video
• Prepare written report

Cost: 10,000 ADA

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

Frontend : ~18,000 ADA

Backend & Smart contract: ~48,500 ADA

Testing : ~20,000 ADA

Management: ~10,000 ADA

Total: ~96,500 ADA

In addition, we estimate the infrastructure cost to deploy within 1 year with a monthly cost of $500. This estimate may be lower than the actual cost of deployment, we consider investing more in the project ourselves to demonstrate our responsibility and dedication to the project