Using Cardano (ADA) Cryptocurrency to Buy and Sell Goods in Ethiopia's Local Market

[GENERAL] Name and surname of main applicant

Fraol Reta

[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)

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)

Financial inclusion and streamlining transactions within the community

[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 project outputs, including transaction platforms and educational materials, will be fully open source and accessible to the community for transparency and collaboration.

[METADATA] Horizons

Financial Services

[SOLUTION] Please describe your proposed solution

Problem Perception:

Ethiopia's local market faces challenges such as limited access to financial services, reliance on cash transactions, and inefficiencies in the traditional banking system. Additionally, there is a low adoption rate of cryptocurrencies like Cardano (ADA), which hampers the potential for streamlined digital transactions and financial inclusion.

Approach and Reasons:

To address these issues, the project proposes the integration of Cardano (ADA) as a medium of exchange for buying and selling goods in Ethiopia's local markets. This involves:

1. Platform Development: Creating a user-friendly platform that allows merchants and consumers to transact using ADA.
2. Education and Training: Conducting workshops and creating educational content to inform users about the benefits and usage of ADA.
3. Partnerships: Collaborating with local businesses and financial institutions to facilitate the adoption of ADA in everyday transactions.
4. Incentives: Offering incentives for early adopters to encourage the use of ADA in the marketplace.

Engagement:

The project targets Ethiopian merchants and consumers who are interested in leveraging cryptocurrency for transactions. By providing the necessary tools and knowledge, the project aims to foster a community of users who actively participate in the local economy using ADA.

Demonstrating Impact:

Success will be measured by the increase in ADA transactions within the local market, the number of merchants adopting ADA, and the overall growth in ADA usage among consumers. Feedback from users and partners will also be collected to assess the project's effectiveness.

Uniqueness and Benefits:

This solution is unique in its localized approach, specifically targeting Ethiopia's market needs. By enabling ADA transactions, the project promotes financial inclusion, reduces transaction costs, and enhances the efficiency of the local economy. Additionally, it aligns with Cardano's vision of creating a more inclusive and sustainable financial system.

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

Value Addition:

• Community Growth: Expanding ADA usage in Ethiopia contributes to Cardano's global adoption and strengthens its presence in Africa.
• Economic Empowerment: Facilitating digital transactions empowers local businesses and consumers, fostering economic growth.
• Innovation: Showcasing a successful implementation in Ethiopia can serve as a model for other regions, driving further innovation within the Cardano ecosystem.

Impact Measurement:

• Transaction Volume: Tracking the number and value of ADA transactions in the local market.
• User Adoption: Monitoring the number of active users and merchants utilizing ADA.
• Engagement Metrics: Analyzing user feedback, platform usage statistics, and community growth indicators.

Output Sharing:

All project outcomes, including platform developments, educational materials, and impact reports, will be shared on the Cardano Forum, GitHub repository, and through social media channels to ensure transparency and encourage community involvement.

[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?

Trust and Accountability:

• Cardano Ambassador: As an official Cardano Ambassador, I possess the necessary expertise and commitment to drive this project forward.
• Technical Proficiency: Equipped with state-of-the-art technology and experience in platform development and community engagement.
• Local Insights: Understanding of the Ethiopian market dynamics ensures tailored and effective solutions.

Feasibility Validation:

• Pilot Testing: Implementing a pilot program to test the platform's functionality and user acceptance.
• Feedback Loops: Continuously gathering user feedback to refine and improve the platform.
• Partnerships: Establishing collaborations with local stakeholders to ensure the project's alignment with market needs.

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

Platform Development and Initial Setup (Month 1)

• Develop the ADA transaction platform tailored for Ethiopian markets.
• Establish partnerships with local merchants and financial institutions.
• Launch educational campaigns to introduce ADA to potential users.

Milestone 2:

Platform Launch and User Onboarding (Month 2)

• Officially launch the ADA transaction platform.
• Conduct workshops and training sessions for merchants and consumers.
• Begin initial ADA transactions and monitor system performance.

Expansion and Optimization (Month 3)

• Expand the platform to include more merchants and a broader range of goods.
• Optimize the platform based on user feedback and transaction data.
• Prepare and publish a comprehensive impact report detailing the project's outcomes.

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

Team Composition:

• Project Lead: Myself, an official Cardano Ambassador with expertise in cryptocurrency integration and community engagement.

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

Video Production and Platform Development:

• Platform Development: $1,000 worth of ADA
• Educational Content Creation: $700 worth of ADA (7 videos * $100 each over 3 months)

Promotion and Marketing:

• Social Media Promotion on Twitter/X: $4,500 worth of ADA ($1,500 per month for 3 months)
• Workshops and Training Sessions: $2,000 worth of ADA

Total Budget:

$8,200 worth of ADA

Budget Justification:

• The costs are competitive compared to similar initiatives in regions with lower operational costs, ensuring maximum value for the Cardano ecosystem by promoting ADA adoption in an emerging market.

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

Cost Efficiency:

Implementing this project in Ethiopia leverages the lower cost of operations compared to regions like Dubai or Greece. By utilizing local resources and digital platforms, the project ensures that funds are used effectively to achieve significant impact without unnecessary expenditure.

Economic Benefits:

Facilitating ADA transactions in Ethiopia can lead to increased economic activity, reduced transaction costs, and enhanced financial inclusion, thereby providing substantial value to both the local community and the broader Cardano ecosystem.