Summarize your solution to the problem
Create a DAO token which will be pegged to Consumer Price Index, treasury would be invested in Defi and share profits with holders & humans.
Summarize your relevant experience
15 years in Web 2.0, currently a software architect at a silicon-valley startup, experience in Engineering, Product and Customer Success. This includes 6 years at Instacart as a Sr. Solutions Architect working with complex enterprise, payment systems, high throughput Web apps.
Website/GitHub repository (if relevant) https://www.linkedin.com/in/abhiroop-sharma Requested funds in USD 29500 [IMPACT] Please describe your proposed solution.
This proposal outlines a reserve currency protocol which would be pegged to the Consumer Price Index via on-chain oracles. The DAO will be open-source and a non-profit organization. The DAO will use its treasury to earn yield in various defi protocols by providing liquidity, staking (ve) tokens, yield farming in multiple chains via multi-sig wallets. The income from those investments would be distributed between the token holders and ubi recipients. A mobile app would be developed which would tie the human to the UBI wallet via Atala Prism. The token holders will be able to vote on investments as well as earn bonuses for sharing yield strategies with the protocol.
The tokenomics will be similar to OlympusDAO on Ethereum, and it is an inspiration for this protocol. The rebase rate of the currency will be pegged to cpi data from on-chain oracles like Wolfram Alpha and Chainlink. This would be updated once a month and the token holders vote on the data source. This creates a reserve currency which is looking to counter inflation while also providing those a potential source of supplemental income.
The mobile app will implement Atala Prism for identity, and by partnering with payment solutions like ADAPay be able to execute one tap payment directly from the mobile app to the supporting grocery stores. The payment to the UBI wallet would be periodic and would expire if unused, this creates an incentive to spend which is the entire purpose of the protocol.
As the treasury grows over time, the procotcol can provide more and more consistent basic income to all participants. We would look to tie up with communities and governments in Africa where Cardano is very active at first. With other projects like WMT looking to bridge the internet divide this could create a perfect storm of opportunity for a decentralized, transparent and open-source protocol to attempt to provide universal basic income using the Cardano blockchain.
Please describe how your proposed solution will address the challenge?
The following are the metrics from the challenge page, and also how the proposal aims to help meet them for Catalyst
The sum of realized production pilots or launches in 2022 : The DAO will launch in 2022
Discovery of repeatable patterns in use-cases : One-touch payments with Atala prism could unlock many retail and B2C interaction patterns
The number of issuers, holders, and verifiers : The mobile app will be free to download and try and would look to pay out periodically, this should see a huge adoption with correct marketing and outreach programs.
4. The number of verifications performed on credentials in production : There would be multiple retail transactions per month requiring authentication to pay for goods and services at stores.
What main challenges or risks do you foresee to deliver this project successfully?
Crypto is inherently volatile, and this adds risk of token value fluctuating and leading to a bad user experience. This could be mitigated partially by adding a stablecoin to the ecosystem in the future.
Legal / Tax hurdles for users accepting basic income based on local / country regulations
Treasury not being large enough to pay any significant amount of basic income to a large number of holders due to not enough interest in a cpi-pegged reserve currency
[FEASIBILITY] Please provide a detailed plan and timeline for delivering the solution.
The DAO backlog will be worked in quarterly phases, here is the current plan
Phase 0 | Q2 2022:
Pick DAO Name: everCrypt is a placeholder name, please suggest a name for the DAO! Join our discord
Finalize Proposal & Litepaper
Find more collaborators - Please join and help this DAO become a reality
Design Work and Static Website
Phase 1 | Q3 2022:
Core reserve currency protocol implementation :This will be most of the work in this phase, ensuring we have a solid foundation for the future of the protocol. Having access to existing open source projects will help speed up the protocol design
DApp : Build out the core DApp to interact with the protocol and integrate with the static website.
Basic DAO Governance implementation: Discord Bot based voting and user verification
Audit, Certification & KYC : Big risk in meeting timelines as it involves external firms.
Legal formalities : DAO must be registered legal entity before launch
Testnet release by end of Q3
Phase 2 | Q4 2022:
Mainnet release by early Q4
Basic Income Android App launch with Atala Prism
Formation of independent, multi-sig working groups that manage specific aspect of the platform.
Investment Treasury partial automation - Daily data harvesting automation as well as yield strategy suggestions. Voting on investments by token holders
Phase 3 | Q1 2023
Partnerships with Payment Providers
Partnership Retail Chains \ Grocery Stores
Grass roots adoption work in identified regions like Africa
Protocol integration with Stablecoin
Phase 4 | Q1 2023
Bond NFTs - Long term bonds which can be traded in secondary markets
Lending/Borrowing using bonds as collateral
Low interest micro-lending with partial ( or no ) collateral to UBI holders
Further decentralization of governance
Cross-chain Treasury partial automation
Please provide a detailed budget breakdown.
The aim is to reach self-sufficiency by the end of Phase 2 and current estimates are based on a rate of $70 / hour for Builders ( Developers ) and $35 / hour for Supporters.
Full Stack Developer - 200 hours - $14,000
Android App Developer - 100 hours - $7,000
Community Manager \ Marketing - 100 hours - $3,500
Administration and Hosting expenses - $5,000
Treasury Liquidity Bootstrap - at the discretion of Catalyst, this would really help start the investment and income cycle faster helping onboard more users.
Please provide details of your team members required to complete the project.
I am looking for co-proposers and contributors who would be willing to work on this with me. Please join our discord https://discord.gg/NUwDwueD
[AUDITABILITY] Please describe how you will measure the progress and the development of the project?
I have experience as a Product Manager and I am hoping to use a simple Agile backlog to manage the deliverables in sprints of 2 weeks. User stories will be written ahead of sprint start and will be sized to be consumable in 1 sprint ( as much as possible ).
What does success for this project look like?
Become the most downloaded crypto mobile app on Android play store
Rebase rate never de-pegs from agreed CPI index
Provides basic income ( to some degree ) to atleast 1 million humans across multiple countries
Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.
SDG Rating SDG rating
Goal 2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
Goal 3. Ensure healthy lives and promote well-being for all at all ages
Goal 5. Achieve gender equality and empower all women and girls
Goal 8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Goal 9. Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
1.2 By 2030, reduce at least by half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions
1.4 By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance
2.1 By 2030, end hunger and ensure access by all people, in particular the poor and people in vulnerable situations, including infants, to safe, nutritious and sufficient food all year round
8.1 Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries
Key Performance Indicator (KPI):
1.1.1 Proportion of the population living below the international poverty line by sex, age, employment status and geographic location (urban/rural)
1.2.1 Proportion of population living below the national poverty line, by sex and age
8.1.1 Annual growth rate of real GDP per capita
1.4.1 Proportion of population living in households with access to basic services
1.2.2 Proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions
2.1.2 Prevalence of moderate or severe food insecurity in the population, based on the Food Insecurity Experience Scale (FIES)
2.1.1 Prevalence of undernourishment\n\n\n\n\n\n