Sfero: Biometric Payments Bridging Traditional and Crypto

[GENERAL] Name and surname of main applicant

Vachtangas Babunasvili

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

Entity (Incorporated)

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

7

[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 create a decentralized biometric payment system that bridges traditional and crypto transactions, enabling users to pay with both fiat and digital currencies seamlessly in everyday purchases.

[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.”

Sfero depends on external providers for the supply of POS hardware and seamless payment processor integration. These partnerships are essential to ensure that biometric payment terminals function effectively in retail environments. Additionally, we rely on third-party infrastructure for cloud storage, which supports data accessibility and security. These dependencies are critical to deliver a reliable, scalable payment solution. We hold the necessary licenses and permissions to integrate these technologies into our platform.

[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

N/A

[METADATA] Horizons

Payments

[SOLUTION] Please describe your proposed solution

Sfero aims to solve the challenge of integrating cryptocurrency payments into everyday transactions, making digital currencies more accessible for both consumers and merchants. The traditional payment landscape often lacks a seamless connection to the growing world of digital currencies, creating barriers for users unfamiliar with crypto. By leveraging biometric payment technology and a user-friendly interface, Sfero enables consumers to use digital currencies alongside traditional payment methods in physical retail environments. Our approach focuses on building a decentralized network of biometric point-of-sale (POS) terminals, allowing users to make purchases effortlessly using just a palm print or a simple tap on a screen. This innovative method simplifies the payment process and enhances both security and convenience, fostering broader adoption of cryptocurrency in daily transactions. Sfero will engage a diverse audience, including retailers, e-commerce platforms, hospitality businesses, and tech-savvy consumers eager to explore crypto payments. Our impact will be measured through key metrics, such as the number of merchants onboarded and transaction volumes processed, while user feedback will help us continually improve our platform. What distinguishes Sfero is our unique combination of biometric technology and seamless integration with existing payment infrastructures. By focusing on the Telegram platform, which boasts over 900 million active users, we provide a tailored payment processing solution for the Cardano ecosystem. Our solution empowers users to access the DeFi ecosystem, bridging traditional finance with the future of payments, driving innovation, and fostering adoption within the Cardano community.

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

Sfero aims to transform the Cardano community by seamlessly integrating cryptocurrency into everyday transactions, thus fostering wider adoption among consumers and merchants. Our innovative biometric payment solution will enhance accessibility and convenience, allowing users to pay using just a palm print. By bridging the gap between traditional payment methods and digital currencies, we expect to onboard a significant number of retailers and users, resulting in increased transaction volumes within the Cardano ecosystem. The success of Sfero will be measured through key metrics, including the number of active users and merchants utilizing our platform, as well as transaction volumes processed. We will gather qualitative feedback from users to continuously improve the experience. Our findings and progress will be shared through regular updates on social media and detailed reports to the community. We will engage with local merchant networks and the wider Cardano community to highlight success stories and best practices. By facilitating easy crypto transactions, Sfero will drive innovation and investment, contributing to the overall growth of the Cardano ecosystem. Ultimately, our project will empower users and merchants alike, making cryptocurrency a viable option for everyday payments.

[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?

Sfero is backed by a highly experienced team with over 15 years in fintech and blockchain development, having successfully built payment solutions for various sectors. Our Co-Founder and CEO, Vachtangas Babunasvili, has a proven track record in creating core banking services that cater to global financial institutions, ensuring our project is founded on solid expertise in payment processing and regulatory compliance. To ensure transparency and accountability, we will implement robust financial management practices, including regular audits and detailed reporting on fund allocation and expenditures. Our use of established technologies and partnerships with trusted platforms will further validate the feasibility of our solution. We plan to pilot our biometric payment terminals in select retail locations, allowing us to gather real-world data and user feedback. This will help us refine our approach before full-scale deployment. Additionally, we will engage with the Cardano community and potential users throughout the development process, ensuring their needs and concerns are addressed. By leveraging our experience, maintaining clear communication, and adhering to strict governance practices, we will foster trust and demonstrate our commitment to delivering a successful project.

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

Milestone 1: Payment Processing Infrastructure on Cardano

Specific Objective:

Establish a robust payment processing infrastructure on the Cardano blockchain to enable seamless, low-cost crypto transactions within the Sfero ecosystem.

Description:

This milestone focuses on building the core payment processing module that allows users to transact using cryptocurrencies on the Cardano network. Leveraging Cardano's unique features will enable Sfero to offer efficient and low-fee transactions, which is crucial for effective currency conversions during payments.

Planned Activities:

• Development of Core Payment Processing Module: Build and implement the foundational infrastructure for processing crypto transactions on the Cardano blockchain.
• Integration of Cardano Features: Utilize Cardano's native tokens and smart contract capabilities to optimize transaction efficiency and user experience.
• Testing and Optimization: Conduct comprehensive testing to ensure system stability and efficiency. Early user feedback will be used to refine the system before broader rollout.

Expected Duration: 1 month

Budget Allocation: 15,000 ADA

Milestone 2: Web Application Platform with On/Off-Ramping

Specific Objective:

Develop a comprehensive web platform that supports on/off-ramping services, enabling seamless conversion between fiat and cryptocurrencies while providing detailed dashboards for merchants.

Description:

This milestone involves building a user-friendly web platform that integrates on/off-ramping services, allowing users to convert between fiat and crypto effortlessly. The platform will provide merchants with tools for managing transactions, accessing detailed reports, and optimizing their payment infrastructure.

Planned Activities:

• Web Platform Development: Design and develop the front-end and back-end functionalities of the web platform, ensuring it is user-friendly and efficient.
• On/Off-Ramping Integration: Implement on/off-ramping capabilities to facilitate smooth conversions between fiat and crypto, meeting both merchant and retail user needs.
• Merchant Dashboard Development: Create detailed dashboards for merchants, allowing them to manage transactions and view reports.
• Testing and Feedback: Conduct extensive testing with a broader user base and refine the platform based on user feedback.

Expected Duration: 2 months

Budget Allocation: 32,500 ADA

Milestone 3: Multi-Chain POS Terminal Development

Specific Objective:

Implement and deploy multi-chain POS terminals with integrated biometric payment solutions, supporting diverse payment methods and enhancing security.

Description:

This milestone focuses on the development and deployment of physical POS terminals that support multi-chain payments, allowing merchants to accept a variety of cryptocurrencies. The integration of advanced biometric technologies will enhance transaction security and user convenience.

Planned Activities:

• Multi-Chain POS Terminal Development: Design and develop POS terminals capable of processing payments across multiple blockchains, ensuring compatibility with Sfero’s payment infrastructure.
• Biometric Technology Integration: Incorporate advanced biometric technologies into the POS terminals to provide secure and convenient payment options.
• Deployment to Merchants: Roll out the POS terminals to selected merchants, offering training and support for effective utilization.
• Merchant and User Feedback: Collect and analyze feedback from merchants and users to refine the POS terminal features and functionality.

Expected Duration: 3 months

Budget Allocation: 45,000 ADA

Final Milestone : Project Close-out Report and Video

Specific Objective:

Prepare a comprehensive project close-out report and an engaging video summarizing the project's achievements, impact, and future outlook.

Description:

This milestone involves compiling a detailed project close-out report that documents all project activities, outcomes, challenges faced, and lessons learned throughout the Sfero project on the Cardano blockchain. Additionally, a professional video will be produced to visually showcase the project’s journey, highlight key milestones, and present the benefits to the Cardano community. This documentation will serve as a valuable resource for stakeholders and potential future collaborators.

Planned Activities:

• Compile Final Project Metrics and KPIs: Gather and analyze data on project performance, including financial expenditures, user engagement, and overall impact to provide a quantitative assessment of success.
• Draft and Finalize the Project Report: Document all aspects of the project, including objectives achieved, stakeholder engagement, challenges faced, and lessons learned, ensuring clarity and thoroughness.
• Produce and Publish the Project Summary Video: Create a visually engaging video summarizing the project’s journey, key achievements, and testimonials from users and merchants, then distribute it across relevant platforms.

Expected Duration: 1 month

Budget Allocation: 45,000

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

Team

• Vachtangas Babunasvili – Co-Founder & CEO
• Extensive experience building crypto and fintech companies, including founding a core banking platform for high-profile clients like Crypto.com.
• https://www.linkedin.com/in/vachtangasbabunasvilis/
• Lior Kocas – Co-Founder & COO
• Over a decade of experience in infrastructure management, network engineering, and operations.
• https://www.linkedin.com/in/lior-kocas/
• Alexander Bokhenek – CTO
• Expertise in hardware development and blockchain technology.
• https://www.linkedin.com/in/alexander-bokhenek-9701a2176/
• Deimante Butke – CMO
• Skilled in strategic digital marketing, SEO, and team leadership in digital health and wellness sectors.
• https://www.linkedin.com/in/deimant%C4%97-butk%C4%97-phd-cand-23446775/
• Mark Cleary – Business/Partnerships
• Nearly a decade of experience in business development within the crypto and fintech space.
• https://www.linkedin.com/in/mark-cleary-3804a167/
• Dan Krivko – Product Manager
• Focus on product management in fintech and crypto, with experience in licensing, compliance, and scaling startups.
• https://www.linkedin.com/in/daniel-krivko-87950990/
• Corentin Cadieu – Web 3 Advisor & Serial Entrepreneur
• https://www.linkedin.com/in/corentincadieu/

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

The total budget request for the Sfero project is 125,000 ADA. For Milestone 1, establishing the payment processing infrastructure on Cardano, the budget allocation is 15,000 ADA, which covers development costs (10,000 ADA), testing and optimization (3,000 ADA), and miscellaneous expenses (2,000 ADA). Milestone 2, focusing on the web application platform with on/off-ramping services, has a budget allocation of 32,500 ADA, encompassing development costs (20,000 ADA), merchant dashboard development (7,500 ADA), and testing and feedback (5,000 ADA). Milestone 3, which involves the multi-chain POS terminal development, is allocated 32,500 ADA for development costs (20,000 ADA), deployment and training (7,500 ADA), and feedback collection (5,000 ADA). The final milestone for the project close-out report and video has a budget of 25,000 ADA, covering compiling final project metrics and KPIs (5,000 ADA), drafting and finalizing the project report (10,000 ADA), and producing the project summary video (10,000 ADA). Additionally, 5,000 ADA is set aside for marketing and community engagement efforts, along with 5,000 ADA for third-party legal or professional services. A contingency fund of 5,000 ADA is also included for any unforeseen expenses.

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

The total cost of 125,000 ADA for the Sfero project represents exceptional value for the Cardano ecosystem by delivering a comprehensive payment solution that integrates innovative technology to meet user and merchant needs. Each milestone is strategically designed to create measurable impact and long-term benefits, with a budget that reflects industry-standard costs for skilled development and implementation. For instance, the payment processing infrastructure and multi-chain POS terminals will utilize Cardano's low transaction fees and smart contract capabilities, enhancing transaction efficiency and reducing costs for end-users. Additionally, the allocation for extensive testing ensures that the final products are robust and secure, providing peace of mind for all stakeholders. The final project report and video will document the achievements and insights gained, promoting transparency and knowledge sharing within the community. By investing in the Sfero project, the Cardano ecosystem stands to gain increased user engagement, improved transaction efficiency, and a thriving environment for cryptocurrency transactions. This investment not only enhances user adoption but also strengthens Cardano's reputation as a leader in blockchain technology. Overall, the project costs are justified by the anticipated positive impact on the Cardano community, making it a prudent investment for the ecosystem's growth and sustainability.