Gasless Transactions for Cardano: Empowering Users with WalletX

[GENERAL] Name and surname of main applicant

Rohit Kundliwal

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

Entity (Not Incorporated)

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

6

[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)

A gasless smart wallet for Cardano users, allowing them to transact without worrying about gas fees. We will first create the solution for Cardano Milkomeda, and then natively on Cardano blockchain.

[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.”

Yes we use Biconomy paymaster.

[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

Ad-tech industry across blockchains could be worth billions of dollars, we would like to first identify the profitability and then incentivize our stakeholders first.

[METADATA] Horizons

Wallet

[SOLUTION] Please describe your proposed solution

Perception of the Problem:

The problem we aim to solve is the barrier of gas fees that often deters new users from engaging with DeFi platforms on the Cardano network. Users frequently face challenges in understanding and managing transaction costs, which can lead to frustration and reduced adoption. With WalletX, we recognize that by eliminating gas fees through gas abstraction, we can make Cardano more accessible to a broader audience.

Approach:

Our approach involves integrating an advertising layer within the WalletX ecosystem, which sponsors gasless transactions. By allowing users to view short advertisements in exchange for gasless transactions, we not only remove the cost barrier but also create a revenue stream for both WalletX and advertisers. This method is unique as it fosters a sustainable ecosystem that benefits all stakeholders involved.

Engagement:

WalletX will engage a diverse audience, including new users who are hesitant to enter the DeFi space due to gas costs, experienced Cardano users looking for a streamlined transaction experience, and advertisers seeking direct access to on-chain users. We aim to create a community of empowered users who can transact seamlessly and incentivize advertisers to reach targeted on-chain audiences effectively.

Demonstrating Impact:

To prove our impact, we will track user engagement metrics, such as the number of gasless transactions processed, user adoption rates, and advertiser engagement levels. By gathering data on how many users complete transactions using WalletX, we can measure the effectiveness of our gasless model and its influence on user retention and growth within the Cardano ecosystem.

Uniqueness and Importance:

WalletX stands out by combining a user-friendly interface with a sustainable business model that directly addresses the gas fee problem in a way that is easy for users to understand and use. By eliminating the gas fee barrier, we can drive higher user adoption, facilitate greater participation in the Cardano ecosystem, and support the network's growth objectives. This initiative is crucial for the long-term success of Cardano as it aims to broaden its user base, enhance user experience, and solidify its position as a leader in the blockchain space.

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

• Enhanced User Adoption:

WalletX aims to eliminate the barrier of gas fees, making it easier for new users to engage with the Cardano ecosystem. By offering gasless transactions, we can attract a wider audience, particularly those unfamiliar with crypto complexities. This will foster greater user engagement and retention, ultimately increasing the number of active users on the Cardano network.

• Increased Transaction Volume:

By providing a seamless experience for gasless transactions, WalletX can encourage more frequent interactions within the Cardano ecosystem. Higher transaction volumes will lead to increased activity on the network, which can positively influence the overall health and scalability of Cardano.

• Advertising Revenue for the Community:

Our model involves partnering with advertisers to fund gasless transactions. This creates a new revenue stream that not only benefits WalletX but also provides financial incentives for community projects. Advertisers will gain direct access to engaged Cardano users, leading to better conversion rates for their campaigns.

Measuring Impact:

• Quantitative Metrics:
• User Adoption Rate: We will track the number of new users who sign up for WalletX and engage in gasless transactions.
• Transaction Volume: Monitoring the total number of gasless transactions completed through WalletX will help us measure activity within the Cardano network.
• Advertiser Engagement: We will assess the number of advertisers who choose to utilize WalletX for their campaigns, along with the effectiveness of their ads through metrics like click-through rates.
• Qualitative Metrics:
• User Feedback: Gathering testimonials and feedback from users will help us understand their experiences and how WalletX has impacted their interactions with Cardano.
• Community Engagement: We will conduct surveys to gauge the community’s perception of WalletX’s impact on their ability to transact within Cardano.

Sharing Outputs and Opportunities:

• Reports and Case Studies: We will compile detailed reports on our findings and share them with the Cardano community through blog posts, social media, and community forums.
• Community Engagement: Regular updates via our Telegram and Discord channels will keep the community informed about WalletX’s progress and its impact on Cardano.
• Collaborations: Partnering with Cardano-focused initiatives and attending community events will provide a platform to share insights and foster discussions about the positive changes brought about by WalletX.

Conclusion

The success of WalletX will not only empower users by removing financial barriers but will also contribute to the overall growth and sustainability of the Cardano ecosystem. Through careful measurement of our impact and consistent communication with the community, we aim to create lasting value for all stakeholders involved.

[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?

• Team Expertise and Experience:

The WalletX team comprises professionals with over 20 years of combined experience in the Web3 ecosystem, showcasing a solid foundation in blockchain technology, financial management, and user experience design. Our previous success, including winning the Eth India hackathon and securing Gitcoin grants, underscores our capability to deliver innovative solutions and build trust within the community.

• Proven Track Record:

WalletX has successfully launched its platform, which is currently live on multiple chains. Our operational history and user engagement metrics demonstrate our ability to execute on our promises effectively. We actively gather user feedback to iterate on our product, ensuring we remain aligned with the community’s needs and expectations.

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

Milestone 1: Integration of Cardano Milkomeda in WalletX

• Timeline: Month 1
• Funding Utilization: ADA 30,000 for development and testing resources

Milestone 2: User Base Expansion and Engagement

• Timeline: Month 3-4
• Funding Utilization: ADA 15,000 for marketing efforts, community engagement activities, and partnership incentives.

Milestone 3: Integration on Cardano blockchain

• Timeline: Month 3
• Funding Utilization: ADA 30,000 for analytics tools, report creation, and video production.

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

We are a team of 8 based out of India

Backend Team:

Suraj Singla, Co-founder and CTO (https://x.com/surajsingla333)

Shakti, Co-founder and Dev (https://x.com/xhakti)

Arjun, Co-founder and Dev (https://x.com/itsarjn)

Chirag, Dev (https://x.com/imchiragkumar)

Frontend Team:

Rohit Kundliwal, Co-founder and CEO (https://x.com/cryptorohittt)

Sandeep Prajapati, Dev (https://x.com/web3sandyyy)

Non-tech:

Viky, BD and Partnership Manager (https://x.com/viky4web3)

Devon, Content (https://x.com/abhichaturved17)

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

Here’s the revised version with all amounts in ADA:

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Cost Breakdown for Proposed Work and Resources

Milestone 1: Integration of Cardano Milkomeda

• API Development Software (e.g., Postman, Swagger): ADA 1,500
• License for SDKs and libraries: ADA 2,000
• Professional Services:  

 Code auditing services for security: ADA 14,000

Total for Milestone 1: ADA 17,500

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Milestone 2: User Base Expansion and Engagement

• Marketing and Promotion:  

 Digital Marketing Campaigns (social media ads, content marketing): ADA 15,000

• Partnership Incentives:  

 Rewards for projects partnering with WalletX: ADA 8,000

• Community Engagement:  

 Events and Webinars: ADA 3,000

• Publicity Materials:  

 Design and production of marketing materials: ADA 5,000

Total for Milestone 2: ADA 31,000

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Milestone 3: Integration on Cardano blockchain

• Analytics Tools:  

 Subscription to analytics software (e.g., Google Analytics, Mixpanel): ADA 12,000

• Documentation and Reporting:  

 Professional writing and design for reports: ADA 9,000

• Video production for project outcomes: ADA 3562

Total for Milestone 3: ADA 24562

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

The total project cost of $70,000 for WalletX represents significant value for the Cardano ecosystem by focusing on the development of innovative solutions that enhance user experience, promote decentralized finance, and facilitate gasless transactions across multiple chains.

Justification of Costs

1. Competitive Development Costs: The costs associated with developing the API and expanding functionalities are in line with industry standards. The average rate for software development and blockchain integration in the tech sector varies widely, but freelance rates typically range from $50 to $150 per hour depending on expertise and location. According to Upwork's data, blockchain developers command an average hourly rate of approximately $90 . Our budget reflects these standards, ensuring we hire qualified professionals who can deliver high-quality work.
2. Market Demand for Gasless Transactions: As gas fees remain a significant barrier for users, WalletX aims to fill this gap by offering a sustainable model. A report by Coin Metrics shows that transaction fees can deter new users from engaging with decentralized finance (DeFi) platforms, limiting market growth . By reducing these barriers, WalletX supports Cardano's mission to foster broader adoption of blockchain technologies.
3. Potential Return on Investment (ROI): The projected user base of 10,000 within the next six months translates to potential revenue generation from advertisers and enhanced network effects for the Cardano community. With WalletX’s unique advertising model, we anticipate creating a sustainable revenue stream that benefits both users and advertisers, resulting in enhanced liquidity and engagement within the ecosystem.
4. Community and Ecosystem Growth: By partnering with Cardano, WalletX intends to build a stronger community around gasless transactions, attracting new projects and users. This aligns with Cardano's vision of becoming a leading platform for decentralized applications (dApps) and services. The initiative supports community growth by fostering innovation and collaboration, ultimately leading to a more robust ecosystem.