Automated funding catalyst projects

[IMPACT]

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.

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.

• 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.

[FEASIBILITY]

i. After 2 months:

• Research and learn the process of evaluating the completion of the project according to the progress of the project.
• Find out how Catalyst's current funding (ADA) transfers to projects.
• Advice on the optimal method of assessment
• Structure the smart contract program for the project.
• Create conditions for smart contracts.

ii. After 4 months:

• Smart-contract Automated funding Coding
• Running smart contract on Testnet
• Running Bug Bounty program

iii. After 6 months

• Running smart contract on Mainnet

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

Team:

Tien Nguyen Anh @tienna,

• Founder of the VILAI stake pool, computer science experts, working in the Cardano/Crypto space since 201
• LinkedIn: https://www.linkedin.com/in/tienna
• Twitter: https://twitter.com/tiennganh
• Telegram: t.me/tiennguyenanh

Hieu Nguyen Van @nvhieu

• Founder of HADA stake pool, member of Plutus Pioneer Program, Lead Technical Support at many successful startups.
• Telegram: t.me/nvhieu1978
• Linkedin: https://www.linkedin.com/in/nguyen-van-hieu-b4410121b

Cao Duc Thinh:

• Senior developer with a 7-year experience of working in the information technology and services industry. Skilled in Data Analysis, Databases, Applications with Python, R, C++, C#. Strong engineering professional with a Ph.D. degree focused in Computer Science from Nagaoka University of Technology.
• 
  
• Email: thinh.caoducvn@gmail.com
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• Github: https://github.com/KennyTC
• 
  
• Linkedin: https://www.linkedin.com/in/thinh-cao-93350b18

[AUDITABILITY]

i. After 2 months:

• 01 document of current funding mechanism
• 01 design for smart contract funding
• Release a plan to create "Smart-contract Automated" funding

ii. After 4 months:

• 03 versions of Smart-contract Automated funding released
• Running smart contract on Testnet for a month
• Public and Run 01 Bug Bounty program

iii. After 6 months

• Release MVP on mainnet

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

This original proposal was submitted in fund7. It met the criteria for approval. Unfortunately, the budget exceeded the remaining treasury funds. Click here for the detailed CA rating in F7