Enabling current accounts in urble

[Proposal setup] Proposal title

Please provide your proposal title

Enabling current accounts in urble

[Proposal Summary] Budget Information

Enter the amount of funding you are requesting in ADA

40000

[Proposal Summary] Time

Please specify how many months you expect your project to last

3

[Proposal Summary] Translation Information

Please indicate if your proposal has been auto-translated

No

Original Language

en

[Proposal Summary] Problem Statement

What is the problem you want to solve?

Native wallets have limited functionality when accounting for current account use cases. There is no native support for recurring payments and fund recovery if seed phrase is lost.

[Proposal Summary] Supporting Documentation

Supporting links

• https://urble.io

[Proposal Summary] Project Dependencies

Does your project have any dependencies on other organizations, technical or otherwise?

No

Describe any dependencies or write 'No dependencies'

No dependencies

[Proposal Summary] Project Open Source

Will your project's outputs be fully open source?

No

License and Additional Information

urble will be distributed as a mobile application and the source of the app will stay proprietary. The on-chain smart contract code will be fully open-sourced and audited. Any reusable Cardano libraries developed during the project will be fully open-sourced.

[Theme Selection] Theme

Please choose the most relevant theme and tag related to the outcomes of your proposal.

Smart Contracts

[Campaign Category] Category Questions

Describe what makes your idea innovative compared to what has been previously funded (whether by you or others).

The Brick Towers team has a traditional finance background and has dealt with savings and current account architecture involving scalable ways to manage money flows between accounts. We are bringing this expertise to the urble platform now for on-chain savings. As such, a programmable way to deal with current accounts, from which savings will be contributed, is crucial for the operational excellence of such a solution. We are building smart contract-based current accounts, allowing for recurring payments based on pre-defined rules, and fund recovery based on user-defined requirements.

Describe what your prototype or MVP will demonstrate, and where it can be accessed.

An urble current account will show how recurring contributions can be set up given a currency, amount, frequency and a target savings account to which such contributions will be made.

Secondly, the urble user can setup a dead-man switch for his current account, defining another urble user or a custody provider as the one taking over control of his current account, should he not interact with the current account on a regular basis (e.g. at least annually).

The code of the smart contracts will be made accessible on GitHub.

Describe realistic measures of success, ideally with on-chain metrics.

1. Recurring payments: A defined recurring payment schedule is successful if based on the defined rules, the recurring payment can be executed without the necessity of the user who set it up to execute such payments manually.
2. Fund recovery: After a certain time has elapsed (e.g. for test purposes 1 day or 1 week), the nominated user's public key gains control of the users current account and can send funds to another account from there.

[Your Project and Solution] Solution

Please describe your proposed solution and how it addresses the problem

In conventional wallet setups, there is no native way to enable recurring payments without demanding from the owner of the wallet to sign a dedicated transaction for each transfer from him to the destination.

In urble, we want to be able to automate this for self-custodial wallets, as only then the real benefits of savings plans and the enablement of long-term savings can be reaped.

As such, a smart-contract based current account is required, to allow the user to set up recurring payments from his wallet into savings plans, without having to manually sign each such transaction.

This will be achieved by an allowlist management where the user allows specificall for the management of such payment plans from his current account to be executed by a managed account (this will be from Brick Towers).

The user sets up the frequency, amount and currency and the allowed account can then initiate transactions on behalf of the user's current account to fulfill the contract terms of his recurring payment plan.

The user can at all times change the details of the payment plan or even cancel it.

For the dead-man switch, the user entitles an urble friend or Brick Towers (acting as a certified custodian) as recipient of the right to control his current account, should the user not interact with his current account at least every so often.

This management of who is entitled and who is not can and for how long the dead-man switch shall last until getting into effect can also be managed and changed by the user at all times.

[Your Project and Solution] Impact

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

urble’s ambition is to become the de-facto standard for global self-sovereign private savings solutions. Cardano is unique in its approach to combining innovation with valuable components from other blockchain ecosystems, based on rigorous academic and technical validation and verifiability. urble aims to make people think about their priorities over long-term benefits from saving rather than short-term monetary gratification and thus spans over multiple decades. As such, the approach towards development and adoption will be very similar to Cardano’s. As such, Cardano will be validated as the go-to platform for high-value, sustainable, and critical next-generation savings infrastructure.

urble will have to use many other service providers in the Cardano ecosystem, leading to joint efforts and, hopefully, increasing adoption while driving greater demand for block space. In summary:

• Increased Adoption of Cardano Technology: urble’s use of Cardano's native tokens and wallet infrastructure ensures that users interact directly with the Cardano blockchain, which increases its usage and overall adoption. Additionally, urble's automation of contrbutions to savings plans will further enhance the Cardano ecosystem's appeal for automation and operational excellence.
• Sustainable and Long-Term Solutions: urble emphasizes long-term, sustainable savings, which aligns with Cardano's vision of building a robust financial infrastructure. This long-term focus, which spans multiple decades, mirrors Cardano's approach, providing value by positioning it as the go-to platform for innovative financial products like savings and pensions.
• Joint Ecosystem Collaboration: The urble platform's need for services like fiat on-/off-ramps, stablecoins, KYC and AML processes, debit card usage and DeFi interactions (outside of this specific proposals, but forms part of urble's roadmap) creates opportunities for collaborations with other projects in the Cardano ecosystem. This cross-collaboration strengthens the ecosystem and leads to joint efforts that improve both adoption and technical capabilities.

[Your Project and Solution] Capabilities & 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?

Brick Towers consists of 4 co-founders (2 business/product, 2 full-stack engineers) who have combined expertise in traditional finance and blockchain-based technology and products. Before co-founding Brick Towers, we delivered regulated accumulation, decumulation, one-off, and accumulation-decumulation savings products at Leonteq (first IPOed FinTech in Switzerland) for the Swiss and European insurance and banking market, together with some of the largest Swiss insurance companies and banks (Helvetia, Mobiliar, Raiffeisen, Glarner Kantonalbank). In the blockchain and Web3 industry, the Co-Founders have worked with and delivered key solutions for Pillar Project, Digital Asset and Noumena Digital. With Brick Towers, we build a global savings platform to access and make digital assets yielding. Our non-custodial staking service is SOC 2 Type II certified. We can now combine the knowledge and expertise to build a suitable and scalable global savings solution based on Cardano (and later Midnight for privacy concerns). This builds a valid cross-border alternative to existing public savings and pension solutions.

[Milestones] Project Milestones

Milestone Title

Recurring payments for urble current account

Milestone Outputs

Smart contract allowing management of recurring payment plans for urble savings accounts.

The contract involves definition of token, payment frequency, amount and destination address. The contract can be invoked only by an allowed address.

Acceptance Criteria

Smart contract with all parameters accessible on GitHub repo for review and inspection. A deployed smart contract on preprod network can be used to verify the correct behaviour of the contract when called from external.

Evidence of Completion

We will record a video of the product demo showing how the contract is executed from an allowed account.

Delivery Month

1

Cost

10000

Progress

30 %

Milestone Title

Fund recovery for urble current account

Milestone Outputs

Smart contract allowing management of dead-man switches for urble current accounts.

The contract involves definition of duration of dead-man switch and the urble friend or external party to grant access to the current account.

Acceptance Criteria

Smart contract with all parameters accessible on GitHub repo for review and inspection. A deployed smart contract on preprod network can be used to verify the correct behaviour of the contract when called from external.

Evidence of Completion

We will record a video of the product demo showing how the contract is executed from an allowed account.

Delivery Month

2

Cost

10000

Progress

60 %

Milestone Title

Audit for current account contracts and integration into urble mobile app

Milestone Outputs

urble smart contracts must be audited before they can be used on mainnet.

This milestone captures the smart contract audit and the subsequent integration of current accounts into the urble mobile app.

Acceptance Criteria

1. Smart contract audit with all results accessible on GitHub repo for review and inspection.
2. A recurring pament plan can be created from urble current account in the mobile app
3. A recovery plan for a current account can be set up from the urble mobile app

Evidence of Completion

We will record a video of the product demo showing how to set up a recurring payment and a recovery plan from the urble mobile app on preprod.

We will provide the project-closeout report.

Delivery Month

3

Cost

10000

Progress

100 %

[Final Pitch] Budget & Costs

Please provide a cost breakdown of the proposed work and resources

Milestone 1: Recurring payments for urble current account

Total Duration: 30 Days

Specification and Design: 5,000 ADA

Implementation: 5,000 ADA

Total: 10,000 ADA

Milestone 2: Fund recovery for urble current account

Total Duration: 30 Days

Specification and Design: 5,000 ADA

Implementation: 5,000 ADA

Total: 10,000 ADA

Milestone 3: Audit for current account contracts and integration into urble mobile app

Total Duration: 30 Days

Smart contract auditor: 10,000 ADA

Mobile App Developer: 5,000 ADA

Backend Developer: 2,500 ADA

Business validation: 2,500

Total: 20,000 ADA

[Final Pitch] Value for Money

How does the cost of the project represent value for the Cardano ecosystem?

The urble project represents significant value for the Cardano ecosystem by addressing a crucial gap: creating a global, self-sovereign savings platform that operates beyond traditional banking infrastructures, being a killer app for crypto. By leveraging Cardano's decentralized and secure blockchain, urble offers a unique value proposition—empowering users to create personalized savings solutions for themselves and their loved ones.

Western countries with advanced pension systems, such as Switzerland, are facing increasing management costs for pension solutions. Additionally, aging populations pose significant challenges to existing pension schemes. urble, as a decentralized savings solution, provides a global, accessible alternative at a much lower cost, directly benefiting savers. With decades of experience in traditional finance, particularly in structuring innovative savings solutions, the Brick Towers team focuses on delivering solutions that enhance accessibility and cost-efficiency for the Cardano ecosystem and its users.

The proposed milestones follow a lean and transparent development process, which ensures a cost-effective implementation of the project. By focusing on core MVP functionalities, the proposal ensures that resources are efficiently utilized to deliver real, impactful results.

[Required Acknowledgements] Consent & Confirmation

Terms and Conditions:

Yes