ADA to Mobile Money App

ABOUT :

There are several types of wallets that allow Africans to receive ADAs from anywhere in the world, however there is not yet an app that allows them to easily exchange ADAs in a local currency.

That why, we want to design a mobile application that could allow the exchange of ADAs received in a local currency from anywhere and the opposite, in Africa.

Thus, receiving ADAs will no longer be a problem for anyone as long as it is possible to exchange them in a local currency: Any African who receives ADAs could go through this application to transfer their ADAs and receive their equivalent using the stablecoin in local currency in his mobile money account.

The adoption of Cardano cryptocurrency continues to grow and African businesses will soon be required to provide convenient ways to convert cryptocurrency into local currencies to facilitate transactions at the local level. For example, salary payments received from abroad, transfers of funds from investors and sponsors or payments to a team of African developers working on a remote project. Unfortunately, none of the popular Cardano wallets that exist allow converting crypto to local African currency through mobile money. ADA to Mobile Money will convert the received cryptocurrency into a local currency thus facilitating use in countries that do not yet recognize cryptocurrency as usable currency.

The minimum transaction fee at Cardano is around 0.17 ₳. With a large number of payments to different addresses, this can be a significant amount. The fees depend on the amount of information sent in a transaction, typically around 300 bytes. The calculation of the transaction cost for Cardano is as follows: a base price is 0.155381 per transaction and 0.000043946 ₳ per byte transferred. The maximum size of a transaction is limited to 16 KB, which incurs a maximum fee of approximately 0.875 ₳. With the help of ADA to Mobile Money, these transactions from ADA to Africa will continue to multiply thanks to the possibility of conversion into local currency that may exist.

ADA to Mobile Money will allow any African to receive ADAs and convert them into local currency.

This platform will also be opensource to allow those who would like to integrate it into their systems, to use it as an API for conversions of ADA passing through a stable corner.

THE WORKFLOW :

The user logs into the CRYPTO MOB mobile application and adds their ADA wallet.

To convert the ADA received, the user must enter the application, enter the amount in ADA he seeks to convert. The application then uses a script that passes through the stable coin to give the USD equivalency and displays it to the user for confirmation of the conversion. By confirming the conversion, he must enter a receiving mobile money number which will allow the application to send back to the server a request which will play two roles: First, the request will retrieve the ADAs that the user wishes to convert to transfer them to the wallet central, Then it will retrieve the corresponding amount from our mobile money account to transfer them to the user's mobile money account.

The server will then save the history of each operation passing through the CRYPTO MOB API in the Blockchain.

CRYPTO MOB makes it possible to receive ADA crypto currency from anywhere by giving the possibility of going through any telecom operator for conversions in Mobile Money. In addition, the application optimizes the structure of conversions to keep fees as low as possible while opening its API to any developer who would like to integrate it for ADA to Mobile Money conversions.

Wallets :

We are going to integrate an ADA wallet which will allow each user to create an account there to be able to receive ADAs and convert them into local currency via Mobile Money.

The order of implementation :

We will start by creating our own ADA Wallet then we will implement the Mobile Money API (Airtel Monet and Orange Money).

The wallet that we will create does not require a lot of development time, it is transparent and does not require "trust" in sending funds to CRYPTO MOB wallets. We want to avoid any risk associated with holding clients' money. For this reason, we will ask customers not to store their funds on CRYPTO MOB, but to receive only the amount to be converted into Mobile Money. We hope popular wallets see the potential to convert received ADAs into local currency via mobile money.

Roadmap

Step 0 - Proof of Concept (up to 1 month of development) :

We want to provide a working proof of concept for Fund 7. For intensive testing by our developers and all members of the community, we will deliver a version that will work with the Cardano mainnet. You will be able to perform payment and conversion tests without having to spend your ADAs.

Stage 1 - Active development (up to 2 months) :

Creation of the CRYPTO MOB wallet with the possibility of sending and receiving ADAs.

Step 2 - Conversion solutions (up to 3 months of development) :

Stable Coin integration for converting ADAs to USD.

Integration of the API of the first mobile money payment mode.

Step 3 - Testing with internal users :

Conversion test of ADA into local currency using mobile money already integrated

You will find illustrative images attached.