Automated funding catalyst projects

Our proposal aims to use smart contract for Catalyst funding. Dapp is designed to release ADA per certain period of time with conditions

We are SPO, The member of Plutus Pioneer Program,Blockchain tech-savvies,Eastern Townhall moderators/co-hosts.

a. Problem statement:

The Project Catalyst is a very good governance foundation for the Cardano. it is one of the keys to long-term and sustainable development. However current funding process is very manual and takes a lot of time. it may lead to a delay in project development time.

Our solution is to change this funding by using the smart contract. Based on the project plan and the percent of completed work, a certain pre-set value (ADA, stable coin, other tokens) could be released to the proposer's wallet.

b. Deliverables:

We will write a dApp that allows disbursement in stages with pre-set conditions. Dapp will allow easy scaling with the number of projects increasing after each fund. Dapp also enables fast disbursement, easy audit, and enables transparency of decisions.

c. Benefits to Cardano Ecosystem:

The funding team takes less time to disburse as projects increase. Allow them to focus on creative tasks and creating products that serve the ecosystem

d. The team:

We are members of the project that is receiving funding at catalyst Fund6.

*(*https://cardano.ideascale.com/a/dtd/Bring-Smart-Contracts-to-Vietnam/367834-48088/ )

1. Nguyen Anh Tien, founder of the VILAI stake pool, computer science experts, working in the Cardano/Crypto space since 2018.

Deploying many payment systems for major banks, financial institutions, and telecommunications in Vietnam

• Twitter: https://twitter.com/tiennganh

• Email: tienna@gmail.com

• Telegram: t.me/tiennguyenanh

• Facebook: https://www.facebook.com/tiennguyena

2. Nguyen Van Hieu, founder of HADA stake pool, member of Plutus Pioneer Program, Research at Vietnam Academy of Science and Technology.

Working in the field of electronics and computers from 2000, Lead Technical Support at a successful startup, such as Solar LED Flood Lights, Solar LED Street Lights... 

• Email: nvhieu1978@gmail.com

• Telegram: t.me/nvhieu1978

• Linkedin: https://www.linkedin.com/in/nguyen-van-hieu-b4410121b/

• Facebook: https://www.facebook.com/hieu.nguyenvan.794628

e. Definition of success:

i. After 3 months:

- Research and learn the process of evaluating the completion of the project according to the progress of the project.

- Find out how to transfer funds (ADA) for projects.

- Advice on the optimal method of assessment

- Structure the smart contract program for the project.

- Create conditions for smart contracts.

ii. After 6 months:

- Smart-contract Automated funding Coding

- Running smart contract on Testnet

- Running Bug Bounty program

iii. After 9 months

- Running smart contract on Mainnet

f. Use of Funds

Salary for a Blockchain DevOps in 6 months: $4,000 per month x 6 months=$24000

dApp Architech labor cost: $4,300

Project Management (PM): 2 hours per week, project will run in 9 months= 40 weeks. so total PM time is 80 hours. Hour rate=$60/hours  => PM labor cost is 80*$60=$4800

Total: 33,100 USD

g. Risk Estimate:

 - We might un-foreseen any issue all challenges we might have in moving the current funding mechanism to a smart-contract base. 3-month terms to study current funding could take a half month longer. we will add more resources in the next months or do extra work.

- We are committed to delivering transparency internally and with the community. We will keep track of all project activities and expenses in "https://github.com/cardano2vn" when the project is funded.