Mercury: Tokenomics Statements

[GENERAL] Name and surname of main applicant

Bhanu Pratap Jangid

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

Individual

[GENERAL] Requested funds in ada

74545

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

4

[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)

Design a tool that helps in processing and visualization of the Tokenomics intend & Vesting on day one against the on-chain Proof of actual Utilization and Vesting of the Tokens.

[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

All software and documentation developed under this proposal will be released under a Creative Commons 4.0 International Attribution License. Meaning that anyone is free to use the software in any way they see fit as long as they credit the original authors.

[METADATA] Horizons

Analytics

[SOLUTION] Please describe your proposed solution

Though we exist on Blockchain and run on an ethos of "Don't trust. Verify." But, when it comes to projects building and developing atop blockchain technologies we see the development of opaqueness, obfuscation, and confusion in relation to how project funds and tokens are managed, housed, and distributed.

When a project publish a Tokenomics, The Actual Tokenomics split and vesting schedules are only available on the site or white paper of the project or other non chain platforms, without any on-chain existence.

When someone want to collect the information it is difficult to access the current condition and actual utilization of token buckets,

In this project we will provide tooling for the Firms to report

1. The Initial Tokenomics
2. The Initial Vesting Schedule
3. The Utilization of the Tokenomics buckets resulting in current state of the Tokenomics,
4. Tool to visualize all the above and,
5. An on-chain method to prove the correctness of the above data.

Initially this tool will be used by projects to self report but with with sufficient pressure from their investors and stakeholders it can become compulsory requirements for projects.

This tool can lead to an existence of an the above information on blockchain, which can be fetched by the centralized information providers like CoinMarketCap and CoinGecko to publish an accurate data, as they currently rely on services like google form and these methods of information collection can be tempered with, or it can be used by on-chain platforms like Taptools.io or Xerberus.io

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

By utilizing on-chain published information through our tool under a shared document standard we can:

1. Minimize the difficulty in the discovery and listing of new tokens projects
2. improving the ease of analysis of a project
3. Cryptographically validate the authenticity (provenance) of the published information
4. Provide a set of open source software (OSS) tooling making it as easy as possible for third-party services to integrate Cardano token projects into their services.
5. Projects can benefit by having a template to follow for well-rounded financial disclosure and the community and third-party services can benefit by easily being able to consume, analyze, and report findings based on publicly published information.

All the above lead to

• Better Data Extraction and Visibility
• Efficient Decision-Making
• Improved Financial Management
• Proactive Risk Management
• Enhanced Investor Confidence
• Compliance and Reporting
• Integration with Information Reporters

[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?

Bhanu: Proposer & Project Lead

I hold a Masters in Commerce and a Bachelors degree in Law from the University of Rajasthan, India. My general interests and career experience are adequate in delivering this project, as throughout my career, I have gained extensive experience in preparing Financials, helping companies deal with changing accounting standards and reporting requirements and making tools for due diligence, financial planning, and reporting, with a strong passion for Blockchain technologies. I have also contributed to several open-source projects, including NEWM, DripDropz, and Xerberus.

1. NEWM: In the past two years I have worked with the financial department of NEWM and have helped them in matters relating to finance and accounting. My work with NEWM has led me to observe this lacuna in the blockchain accounting space and have been trying to implement a solution at NEWM for the same.
2. Xerberus: I am a member of the Xerberus Commission, which is a group of 5 people who review the reports by the Xerberus team before they are published, and have reviewed the FACT_WRT case of tokens sale. I am also a regular contributor to the discussions about the way forward.
3. DripDropz: Proposed a system improvement for their Referral reward system.
4. Grant Thornton: I have worked with Grant Thornton for 5 years from the inception of my career, working on large Financials of MNCs and other listed entities and an IPO.
5. Providing Tokenomics Consultancy to various projects on Cardano.

Cardano Mercury: Incubator & Advisors

The team at Cardano Mercury has agreed to incubate this project under the Mercury brand.

The Cardano Mercury team will provide advice and guidance to our team throughout the lifecycle of this product. Through shared branding, we can help raise awareness and adoption of this project as well as provide valuable accounting and financial feedback to other projects within the Cardano Mercury brand and create a mutually beneficial environment for collaboration.

The Cardano Mercury team consists of Adam Dean and Latheesan Kanesamoorthy who have a long track record of delivering open-source software solutions specifically targeted at business adoption and integration of Cardano.

• Adam Dean developed, manages, and maintains the Cardano Mercury for WooCommerce plugin for the WooCommerce ecosystem. Originally released as open source in July of 2021 the plugin has continued to be developed and evolve.
• Latheesan Kanesamoorthy is currently developing Mercury: Invoice (a Fund 11 Catalyst Proposal), an open source software solution for freelancers and others needing a simple invoice management solution that accepts Cardano ($ADA) and native assets as payment natively.

Feasibility assessment:

• Resource Availability: We possess ample determination and, with Catalyst funding we will secure the necessary resources including budget, time, technology, skills, and personnel for project execution.
• Team Capabilities and Budget Allocation: Our skilled team, including experienced developers and UI/UX resources, ensures efficient fund utilization.
• Iterative Approach: We will develop the Product Requirements Document (PRD) within the first Milestone to identify potential risks, challenges, and constraints affecting project implementation, and take proactive actions to keep the project on track. Establishing clear, measurable objectives aligned with proposal milestones. Make necessary adjustments to optimize project progress and outcomes.
• Informed and timely Decision Making: As a single proposer the decision-making will be concentrated with an individual leading to no conflict of interest the project will have timely and effective decision-making.
• Prototype Development: Initiate development of a prototype for the "Mercury: Tokenomics Statements" system, designing and implementing locally. This prototype serves as a foundation for the proof-of-concept, showcasing functional feasibility.
• Testing and Pilot Implementation: Conduct testing of the prototype around month three, validating the system with diverse user scenarios and projects. Gather feedback for refining and improving the system, enabling real-world performance evaluation and user insights.

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

PRD + UX/UI Design Draft (1 Month)

Milestone outputs

We will provide a file that will give the UX/UI Design Draft (Mock-ups): These mock-ups provide a visual representation of the Tool's functionality and appearance. This stage will have finalized UI/UX designs of Milestone 2 as to what the Tool will look like at the final stages, and serve as a reference to the Development side of the project.

We will also submit PRD.

Acceptance criteria

The submission of the PPT file where the reviewer can check the mock look of the Tool and how the Tool will function on a basic level will be enough.

Evidence of milestone completion

PRD & Submit the final designs as a Figma file.

Proof of Concept Development & Demonstration (2 Months)

Milestone outputs

A POC version of the tool will be available, which will demonstrate that the concept discussed in this proposal is feasible and has the potential to further develop. Users should be able to input a Policy ID, network address controlled by the entity and a page for identification of usage of the buckets.

Acceptance criteria

A working (self-hosted) prototype of the tool will be available which anyone can use.

Evidence of milestone completion

A Link (GitHub) to the tool will be provided.

Closeout

Milestone outputs

• Final close-out report
• Final closeout video

Acceptance criteria

• Final closeout report is publicly available
• Final closeout video is publicly available

Evidence of milestone completion

• Link to final closeout report
• Link to final closeout video

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

Project Lead: The project lead, in coordination with the project manager and graphic designer, defines project needs, and outlines UI/UX requirements, and scopes, refining the application experience, and user flow and oversees the work of the developers to ensure that a quality project is delivered.

Project Management: The project manager ensures that all Catalyst deliverables and milestones are submitted in a timely and correct fashion, and ensures team communication and coordination in the team to implement the proof of concept on both front and backends. 

UI/UX Designer: UI/UX designer will help in developing and enhancing the user interface and experience, create wireframes and prototypes, based on feedback and direction from the project lead..

Developer (Frontend & Backend): The team will hire developers experienced in the Cardano ecosystem. The developers will help in delivering the final project in line with the UI/UX design and under the supervision of the Project Lead and Project Manager.

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

The budget is prepared based on prudent financial principles while taking the ADA price to be 33 Cents.

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

The requested budget of 74,545 ADA is very reasonable for the scope of work outlined, which includes designing, building, and launching an open-source POC financial Visualization tool over 4 months. The breakdown shows efficient use of funds, with the majority going towards development. Operational costs after launch are also budgeted.

This proposal offers a cost-effective solution to create an easy-to-use tooling for Tokenomics Disclosure and reporting on the Cardano blockchain strengthening the narrative of high assurance and a secure environment for conducting business in the Web 3.0 ecosystem. This fosters increased adoption and user acceptance among the general public, supporting the long-term relevance and success of Cardano and the projects intending to prepare financials.