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dMAH - dMetaverse Auction House

$155,070.00 Requested
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Problem:

There is no automation, transparent, and honest Auction service to actively find the exact bid winner for an auction and care until the job is done. No one accepts bid deposits in cryptocurrency.

Challenge: Dapps, Products & Integrations
not approved Requested 1.975% of the fund.
Proposal Assessor Reviews:
4.3 (45)
Yes Votes:
₳ 19,007,137
No Votes:
₳ 110,232,673
Unique Wallets:
207

Experience

  1. Tuan completed his Ph.D. with many publications and led a team with 15+ years of experience in software development.
  2. Hanh is a government-authorized Auctioneer & CEO of Lac Viet Auction House for 15+ years.
  3. We built successfully the largest government-authorized auction platform.

Solution

Build and integrate a Cardano-based smart contract into our current centralized auction platform. It accepts bid deposits in cryptocurrency via a partnership with the no.1 auction house in Vietnam.

  • Video cover image
  • Video cover image
  • Quick
    Pitch

[IMPACT] Please describe your proposed solution.

<u>1) Introduction</u>

Digital transformation is a must-have battle for auction houses, it helps them keep up with emerging customer demands and therefore survive in the face of the future.

One of the main goals of digital transformation is to transform products/services to create value and benefits for the community, reducing costs &amp; time for society and risks for investors by integrating technologies like blockchain and metaverse into the current centralized systems. This is also the direction of the Cardano Foundation, Lac Viet Online Auction - the no.1 Vietnam Auction House and our technical team - the owner of the first patented and government-authorized SaaS auction platform in Vietnam.

In recent years, blockchain has gained widespread attention as an emerging technology for decentralization, transparency, and immutability in advancing online activities over public networks. A recent scientific study has shown that when the blockchain meets the auction industry has some challenges that need to be solved as <u>1) Cryptocurrency payment 2) Auction fraud</u>

<u>2) Auction industry market status and Problems</u>

According to recent reports and academic research shows that:

  • The Cardano ecosystem has few dApp in terms of both volume and quality, lacks active users, does not keep up the trend, and may lose its competitiveness with the other crypto ecosystems such as Ethereum, Solana, BSC, Polygon, EOS, and WAX.
  • The online auction market value is set to grow by USD 1.90 billion, progressing at a CAGR of 9.7% from 2021 to 2026.
  • The worldwide market value of around USD 300 billion in 2021.
  • The ease of bidding is notably driving the market growth and the emergence of new technology as blockchain and AI-based online auctions will be a key trend in the market
  • The concerns related to fraudulent activities impede the market growth
  • 70% of bidders often worry that they aren’t paying a fair price and the result was cheated.
  • Two main obstacles are blocking the mass adoption of cryptocurrencies. 1) there is no enabling environment for cryptocurrencies to use in real life and 2) complexity of using cryptocurrency.
  • 40% of 18 to 35-year-old people in 11 countries want to use crypto for payments.

These problems show the huge need for a next-generation of auction platform in real life. This is why the Decentralized Metaverse Auction House( dMAH*) is proposed.*

<u>3) Proposed Solution</u>

To solve the above problems, we proposed to integrate Cardano blockchain into our current centralized online auction platform. It is a functioning connection platform called Decentralized Metaverse Auction House( dMAH) that sits in between licensed auction houses and auction participants ( Users, Bidders, Sellers) for auctioning rare, extraordinary tangible items and assets belonging to the government.

dMAH is a place to attract more users to Cardano by focusing on converting non-crypto users to crypto users. Non-crypto users will be given incentives in both ADA and B2E tokens. We encourage them to use/hold tokens to earn more incentives on the next bidding.

To retain crypto users, we are partnering with a licensed auction house to accept deposit payments in cryptocurrency (ADA and stablecoin) and help them to earn more by proposing a Bid-to-Earn business model.

<u>System architecture and main modules</u>

<u>a. The architecture of the current (legacy) centralized platform</u>

Image File

The existing auction service is deployed based on the Client-Server model. It is network centralized and poses many weaknesses as fully controlled by an auction house and requires auctioneers to operate the auction,…

<u>b. The architecture of the proposed decentralized platform</u>

Image File

The proposed dMAH contains off-chain code that runs on Microsoft Azure infrastructure and on-chain code runs on the Cardano blockchain network.

The architecture includes:

Backend REST APIs and 03 web frontend apps, 04 mobile apps ( 02 on iOS and 02 on Android), and the deployed smart contract on Cardano. Detail as below:

  • Backend REST APIs &amp; smart contract off-chain code.
  • The deployed smart contracts on the Cardano blockchain network.
  • Frontend web on PC for:
  • Partners ( Auction houses)
  • Bidders
  • Sellers
  • Mobile apps on Android for:
  • Bidders
  • Sellers.
  • Mobile apps on iOS for:
  • Bidders
  • Sellers.

<u>4) How does dMAH work?</u>

<u>The world's first Bid to Earn model ( B2E)</u>

dMAH operates as a generated sales of rare &amp; extraordinary assets platform that stays in between auction participants ( users, bidders, sellers) and auction houses ( ex: Sotheby's and Christie's Auction houses).

When dMAH drives users to bid and completed an auction on the platform, the auction house will pay a sales commission. dMAH takes a part of this money to share with the bid winner ( buyer) as a reward. The rewards will be converted into ADA or B2E tokens (a utility token released by dMAH ), and added to the consumer's wallet as an incentive, encouraging users to discover the crypto space. It can be transferred to any crypto wallets on CEX and DEX exchange for trading &amp; earning.

Currently, we have been partnering with Lac Viet Auction House - the largest government-licensed auction house in Vietnam to get a great percentage of sales commissions. dMAH will accept ADA and Stablecoins as Coti payments for deposits. We also built a staking pool for Cardano, the deposited tokens ( ADA, Coti) will be staked in the pool to earn interest as income. The earning interest will be converted to a B2E token and shared with the bidders as rewards. The shared percentage for bidders from earning interest will depend on the amount of B2E token holding, amount of ADA, and period in staking.

<u>dMAH </u><u>business model</u>: <https://bit.ly/3ysDG9T>

<u>5) Impacts</u>

<u>Impact on the auction industry</u>

Accelerating the digital transformation in the auction industry

  • Eliminate auction frauds: Auctions without auctioneers, automated find the exact bid winner and guarantee the transparency and honesty of auction results. It helps market growth.
  • Automated care of auction participants until the auction is finished. Example: The bidders are automatically refunded the deposit. The auction house is automatically informed who is the auction winner to directly transfer the rare &amp; extraordinary assets. It creates values and benefits for the industry, reducing costs &amp; time for auction participants and risks for investors.
  • With the power of smart contract, it ultimately solves problems in which legacy auction platform as Sotheby's, Christie's, and our existing auction platform are impossible to do.
  • Decrease the auction fee.

<u>Impact on users</u>

  • dMAH will simplify and automate the auction process, eliminating auctioneers and the concerns related to fraudulent activities.
  • Users can easily access the auction services from anywhere, at any time, on any device. It is notably driving the market growth.
  • dMAH creates values and benefits for the auction participants by reducing costs &amp; time for auction participants and risks for investors.
  • The auction results are transparent and honest.
  • Users are encouraged to hold tokens ( ADA and B2E) to earn more.

Impact on Catalyst project and Cardano community

Drive adoption of Cardano

Impact on the Vietnam government

  • Eliminate auction frauds:
  • Typically, an auction involves three parties: the bidder, the seller, and the auctioneer. Each party can collude with anyone on the opposite side or on its own side in a variety of manners. The most common auction fraud activities include collusive bidding and shill bidding. The proposed Auction platform has no auctioneer, it automated finds the exact bid winner and guarantees the transparency and honesty of auction results.
  • It helps the government develop a public and transparent auction market.

Direct or indirect bMAH's success will benefit ADA holders, the Cardano ecosystem, the Vietnam government and the Auction industry.

<u>6) Source code</u>

The source code of the system will be available at a given Github account - which will be announced on the Pitching desk ( <https://bit.ly/3OHzuIq>) after the project is funded, any user with technical knowledge can audit it themselves to ensure that the system is built completely transparent, bug-free, and there is no backdoor.

<u>7) Reference URLs</u>

<https://www.youtube.com/embed/gw2LLUKw1Fo>-

  • Project homepage: <https://lacvietauction.vn/dMAH>
  • Patent: <https://bit.ly/3HVEMhs>
  • Auction house license: <https://bit.ly/39W51rk>
  • Business registration: <https://bit.ly/3OuFaps>
  • No. of registered users on the existing auction platform: <https://bit.ly/3bvFRAk>
  • International scientific publications on 3D and Metaverse: <https://bit.ly/39Xs31b>
  • Our auction platform on newspaper:
  • <https://bit.ly/3A9oFed>
  • <https://bit.ly/3a25VT9>
  • <https://bit.ly/3xSmhG0>

<u>8) Connect to the project team</u>

  • Tuan Le., PhD, [email protected] / CTO &amp; Co-Founder / Novatic JSC

  • Hung Nguyen, [email protected] / CEO / Lac Viet Online JSC

  • Do Thi Hong Hanh, [email protected] / CEO / Lac Viet Auction House

  • Anh Phung, [email protected] / Head of Business Development &amp; Partnership

    [IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

In this proposal, we are focusing on solving the following challenges in the Cardano ecosystem:

<u>1) Differentiate from the other blockchain competitors</u>

According to DappRadar, there is no dApp for auctioning rare &amp; extraordinary tangible items and assets belonging to the government. Well-known auction houses such as Sotheby's and Christie's are focusing on NFT &amp; Ethereum-based digital-only artwork. The online auction platforms belong and are still fully controlled by the auction houses.

We build dMAH platform on Cardano, it is a fully decentralized auction platform for auctioning rare, extraordinary tangible items and government assets. It belongs to the community. The licensed auction houses such as Lac Viet Auction (<https://lacvietauction.vn >) and Vereb.vn are just dropshipping partners and pay us the sales commission to return to the bid winner as an incentive.

By separate auction house and auction process based on smart contract. The bid results are seamless, transparent and honestly, it does not depend on the auction house's reputation anymore.

<u>2) Providing a better alternative over the current centralized provider</u>

By utilizing the power of Cardano Escrow smart contracts, a next-generation auction platform is born. Few main advantages over the current centralized platform as below:

  • Decentralization, transparency, and immutability in advancing online activities over the auction process.
  • Eliminating auction fraud
  • Accept cryptocurrency payment

<u>3) Drive more adoption</u>

<u>a) Bring partner's current users to the Cardano ecosystem</u>

By partnering with auction houses, we bring auction house's ten-thousands current users to the Cardano, convert them to be crypto users &amp; keep them in the crypto space via token rewarding &amp; incentive programs on smart contracts. Cardano users will grow day by day when we are partnering with the coming auction house as Vereb auction house and the others.

<u>b) Bring new users to the Cardano ecosystem</u>

Co-marketing campaigns with partners (Auction houses) to encourage users ( both none and crypto users) to download the dMAH mobile apps or visit the website. dMAH brings new users to the crypto space (Cardano ecosystem) by automatically creating a crypto wallet when opening an account. The rewarding crypto will be added to the created wallet when they completed a transaction as a bid deposit.

c) Enabling environment for cryptocurrencies ( ADA &amp; COTI) to use in real life

There is no auction platform that accepts bid deposits in cryptocurrency. We partner with the licensed auction house to accept bid deposits in ADA &amp; COTI. The bid deposits will be sent to dMAH's stake pool to earn interest.

<u>4) Keep users stay longer in the Cardano ecosystem</u>

dMAH is a metaverse auction platform that focuses on people's experiences (users, bidders, sellers, partners, and investors). We keep people at the center of business, so we can connect with them 1:1 at scale ( personalized engagement). It will improve end-user experience, and keep them staying longer with dMAH and the Cardano ecosystem To retain users, we are focusing on the following actions.

<u>a) Mobile-first design</u>

According to a report from CNBC, today, more than two billion people access the internet from their smartphones only. By 2025, that number is expected to jump to 72.5%. Therefore, if you are not designing for mobile, your users are more likely to have a less than amazing experience.

We focus to build mobile applications on both iOS &amp; Android platforms and a mobile web that aims to create better user experiences by beginning the design process with mobile devices in mind first, often prioritizing the smallest of screens.

<u>b) Build a 360-Degree user profile &amp; view</u>

The 360-degree user view is the idea that all user touchpoints can be aggregated inside a single profile. This allows dMAH to get a clear picture of all user interactions with the whole platform by giving them a broader context across multiple touchpoints in a single view. The 360-degree user view enables to perform deep analyses across the entire auction participant's experience or set up complex marketing automation scenarios. It helps the Cardano community have a holistic view of users in dMAH, which should lead to informed decisions spanning from improving customer experience to increasing profitability.

This is an example of a 360-degree view &amp; profile of a user: <https://bit.ly/3QZaoXC>

We are working with Destined (a Platinum Salesforce Consulting Partner) to build the strategy for user engagement and user 360 profile ( auction participants profile) and an actionable plan.

<u>c) Bid-to-Earn business model:</u>

It encourages bidders to use cryptocurrency for bid deposits and stake ADA/B2E tokens to be shared with higher percentages of commission and earning interest. Please refer to (4) in the previous section for detail.

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

Below are the main risks that prevent us from delivering the project successfully and our proposed solutions

<u>1) Legal</u>

  • Risk

In general, the laws of Vietnam do not recognize cryptocurrencies as legal means of payment. So there is no official crypto payment processor. However, there are 6.1% of Vietnam’s total population currently own cryptocurrency ( 5.9 million) and they need a place to use it.

  • Solution

A legal entity called Novatic Singapore Pte (NSP), which owns the Decentralized Metaverse Auction House platform will be set up in Singapore to issue utility tokens as B2E and receive the bid deposit payment. At this time, NSP has been collaborating and will be signed with limited partners ( the online auction house Lac Viet Online JSC) to accept cryptocurrency ( ADA and COTI) as a bid deposit payment.

  • Risk

License for the auction service provider is mandatory in Vietnam.

  • Solution

Our strategic partner ( Lac Viet auction house) has been licensed and government-certified since June 2022.

<u>2) Development phase</u>

  • Risk

Lack of Cardano smart contract developers in the market

  • Solution

Actively attend the Cardano Vietnam community to hire developers

Dedicate 2 senior developers in our team to learn and develop dApp on Cardano

<u>3) Marketing &amp; Delivery phase</u>

  • Risk

Lack of budget for marketing leads to a lack of users

  • Solution

A co-marketing plan and shared budget with partners will be proposed to acquire new users. A reciprocal marketing strategy is applied to bring current users to the new system.

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

We aim to build a Minimum Viable Product version of the dMAH and bring at least 10.000 non-crypto users from our strategic partner and 5000 new users on board the Cardano ecosystem via the 02 mobile applications on Android &amp; iOS and mobile website.

The dMAH has 3 phases (Requirements gathering and design, Build, Testing and Go live)

Overview of phases (total 8 months):

  • <u>Phase 1: </u><u>Requirements gathering and design - 2 months</u>

All elements of the scope will be clarified and will gather the data required to start the design and build. This will include processes, data requirements, and much more.

Main Tasks:

- Design: Getting the look and feel right ensuring the most important information is where we need it.

- Setup an entity in Singapore.

- Agreed on sales commission and incentive with the strategic partner ( Lac Viet auction house)

- Design tokenomics and how to control the B2E token dilution

- Co-marketing &amp; Reciprocal plan with the strategic partner

- Design non-crypto and crypto auction participants' journey

  • <u>Phase 2: </u><u>Build - 4 months</u>

This is the largest part of the project getting everything built-in

Main Tasks:

<u>Front-ends: </u>

02 mobile apps on iOS &amp; Android for users &amp; bidders

02 mobile apps on iOS &amp; Android for sellers &amp; partners

01 responsive website for auction participants

<u>Back-end:</u>

Off-chain code runs on Microsoft Azure infrastructure

On-chain code runs on the Cardano blockchain network.

<u>User 360-degree view &amp; profile:</u>

Built on the Salesforce platform

<u>Integration:</u>

Integrate user 360-degree view &amp; profile into the dMAH

Integrate smart contracts into the current auction platform

Staking pool setup and integration

  • <u>Phase 3: </u><u>QA Testing and Go live - 2 months</u>

Main Tasks:

- System testing and bug fixing.

- Getting user's &amp; community's feedback and making changes

- Training document, userguide &amp; Go live

[FEASIBILITY] Please provide a detailed budget breakdown.

Below is our proposed rate card:

  • 40$/hour for backend &amp; database developer
  • 45$/ hour for a mobile application developer
  • 40$/hour for a smart contract developer
  • 30$/hour for QA/QC, UI, UX designer
  • 60$/hour for Salesforce consultant &amp; development

1) Software development cost: $99.570

*/ Infrastructure &amp; Data Design: (Sever system, network, security, cloud services, customer data,..)

~ 100h x ($30/h) = $3.000

*/Core Design: (customers journey, dataflows, tokenomics..)

~ 70h x ($45/h) = $3.150

*/Web and Mobie app graphics: (UI, UX, Items drawing ..)

~ 120h x ($35/h) = $4.200

*/Co-Marketing: (Airdrop community, marketing plan, pay the advertiser …)

~ 64h x ($30/h) = $1.920

*/Frontend Dev: (Web and App coding ..)

~ 120h x ($45/h) x 5 ( 02 apps on iOS &amp; Android for users &amp; bidders, 02 apps for sellers &amp; partners and a responsive website ) = $27.000

*/Build user 360 view &amp; profile and engagement &amp; : (Salesforce consultant, Salesforce developers ..)

~ 720h x ($60/h) = $43.200 //Pay to Salesforce implementation partner

*/Backend Dev: (Coding API, Database query, blockchain system, monitoring, backup system ..)

~ 180h x ($45/h) = $8.100

*/Blockchain developer: (Build code, Token, integrated in-platform, staking, framing ..)

~100 x ($60/h) = $6.000

*/QA &amp; Testing: (Test core coding, testing web &amp; app, unit test, security testing ..)

~ 100 x ($30/h) = $3.000

/* Tax(10%) but 0% for now, our government support IT StartUp.

<u>2) Microsoft Azure infrastructure cost: 6.000$</u>

(Servers 500$/month for 1 year. This cost will pay to Microsoft or the Cloud service provider)

<u>3) License Tool &amp; Resources cost: 35.000$</u>

(Salesforce license for Sales and Marketing Cloud for user engagement, Art tools, Dev tools, …This cost will pay to Salesforce)

<u>4) Training material &amp; User guide:</u> 1.500$

(Multimedia and document)

<u>5) Project management cost:</u> 8.000$

(1 person at 1000$/month in 08 months)

<u>6) Staking pool setup, infrastructure, and integration cost</u>: $5,000

The total cost of the project to request: $155.070$ - One hundred fifty-five thousand and seventy US dollars.

[FEASIBILITY] Please provide details of the people who will work on the project.

1<u>) CEO</u>

Tuan Le: (Email: [email protected]) <https://www.linkedin.com/in/minh-tuan-le-9210448>

  • Tuan completed his Ph.D in South Korea with many international publications in 3D &amp; Virtual Reality and led a technical team with 15+ years of experience in software development. Building successfully the first authorized auction platform and Online to Offline ticketing system for Landmark 81, the tallest building in Vietnam.
  • Lead the mobile app ecosystem for Nokia and Microsoft. The smartphone market share reached 24% in 2014 (Vietnam, no.1 in the world).
  • Former CIO of Vincom Retail, the largest shopping mall chain in Vietnam with 70 malls
  • Group CIO &amp; Head of Digital Transformation of TMS Group - Vietnam's leading private multi-sector group.
  • 5 years of experience in blockchain
  • Vietnam Managing Director for MediaMonks ( Salesforce Platinum Consulting Partner), an expert in driving digital change and building digital business for Retail, Banking, Financial Services, Education and Real Estate companies in Vietnam.

The other links

<https://www.slideshare.net/QuangAnh3/vietnam-mobile-day-2012-developer-opportunity-nokia>

<http://fit.mta.edu.vn/news-toctcklaptrinhwindowsphone2013.htm>

<https://giaoduc.net.vn/giao-duc-24h/lap-trinh-the-he-ke-tiep-di-dong-mang-xa-hoi-dien-toan-dam-may-post55188.gd>

<u>2) CMO &amp; Auction industry advisor</u>

Do Thi Hong Hanh ( Email: [email protected])

  • CEO &amp; Founder of Lac Viet Auction, the no.1 Auction house in Vietnam
  • Government-authorized &amp; certified auctioneer since 2007
  • Expert in the field of Auction and Justice, with more than 15+ years of experience
  • Experience in organizing and operating hundreds of large and small auctions, many of which have been recorded in the Vietnam Guinness Book of Records.

Roles:

  • Consultancy in the auction business
  • Marketing strategy &amp; action plan

<u>Ms. Hanh on official media</u>

<https://www.youtube.com/embed/fZrTutq1tCw>- <https://baodauthau.vn/nhin-lai-mot-nam-hoat-dong-cua-he-thong-dau-gia-truc-tuyen-lac-viet-post108434.html>

  • <https://baodautu.vn/doanh-nhan-do-thi-hong-hanh-nguoi-dan-ba-dau-gia-d58672.html>

<u>3) CTO</u>

Hung Nguyen: (Email: [email protected]atic.vn) <https://www.linkedin.com/in/nguyen-trong-hung/>

  • Expert in software development, with more than 8 years of experience in building, operating and managing information technology systems.
  • Design, build and operate the leading centralized auction platform in Vietnam.
  • Experience in developing backend/frontend and mobile software
  • Blockchain and algorithmic application development

Roles:

  • System development
  • Database design
  • Project management

<u>4) Head of Design &amp; Customer Experiences</u>

Tran Huu Minh: ( Email: [email protected]) <https://www.linkedin.com/in/minhtran2311/>

Portfolio: <https://1drv.ms/b/s!Ash0Ys3V1p43kII2v8pdv4CnE4I6mA?e=C5fDwp>

  • Expert in the field of UI/UX design with more than 10 years of experience.
  • Design experience for many large software systems.
  • Experienced in designing UI/UX for the online auction platform

<u>5) Head of Business Development &amp; Partnership</u>

Phung Tuan Anh: ( Email: [email protected]) <https://www.linkedin.com/in/anh-phung-tuan-31834924/>

  • Former Sales &amp; Business Development Director for Oracle, IBM, Huawei, Microsoft, Intel, HP and Dell with 20+ years of experience

<u>Managing workload:</u>

  • We decided to skin in the game with Catalyst and Cardano ecosystem

  • 3/5 members ( CEO, CTO, Head of Business &amp; Partnership) of our core team have stopped their permanence job, we are full-time focused on delivering Catalyst's projects.

  • Dedicated 2 senior developers from Dept. of Erp &amp; CRM in our team to learn and develop dApp on Cardano and are hiring 2 more mobile app developers.

  • If the project is funded, the Head of Design &amp; Customer Experiences would leave his job to a full-time focus on delivering Catalyst's projects.

  • Our core team has experience in driving the digital transformation journey, running many software development projects at the same time.

    [FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

Digital transformation is a must-have battle for auction houses, it helps them keep up with emerging customer demands and therefore survive in the face of the future.

The goal of digital transformation is to transform products/services to create value and benefits for the community, reducing costs &amp; time for society and risks for investors by integrating emerging technologies like blockchain and metaverse into the current system. This is also the direction of the Cardano Foundation, Catalyst, and our team. It is a journey never ends. We will promote and return to Catalyst in a later round.

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

<u>1) Product development</u>

We will measure the progress of the project by tracking no. of completed tasks in time. We will measure it by publishing monthly material &amp; reports for each task to the community, a task will be marked "Done" if it is completed in time and meet a level of quality. This will show the progress in product development.

Phase 1 - Requirements gathering and design - the next 2 months after approved

  • Release photo of discovery workshop and report
  • Release contract between dMAH ( Novatic Singapore Pte) and strategic partner ( The Lac Viet auction house)
  • Release document of tokenomics
  • Release co-marketing marketing plan with strategic partner
  • Release document of non-crypto and crypto auction participant's journey
  • Release backend technical documentation
  • Release UI/UX design documents

Phase 2 - In the next 6 months after approved

  • Development servers ready
  • Release 02 Android apps for users and sellers on Google Play
  • Release 02 iOS apps for users and sellers on Apple Store
  • Release version of web project &amp; backend project
  • Release document of user360 profile &amp; user engagement on Salesforce
  • Release developed software on the Salesforce platform

Phase 3 - In the next 8 months after approved

  • Release Blockchain technical documentation
  • Release test reports of the web version
  • Release test reports of the Android version
  • Release test reports of backend
  • Announce community to join bug bounty program
  • Go live with the MVP of dMAH with at least 1 strategic partner

The source code of the project will be public at a given Github address. Anyone can access and check the objectivity and transparency of the system.

<u>2) Drive Cardano adoption</u>

We will measure the level of adoption in dMAH platform. We will measure it by :

  • Percentage of the current users on the legacy platform moving to the new system. It shows whether interest is moving to a decentralized platform or staying on the centralized platform. We are targeting to bring 80% of them to the Cardano ecosystem.
  • No.of newly registered users. It shows that people want to try a new thing.
  • No.of active users in 30 days. It shows that people engage with the platform.
  • No.of bid deposit user in cryptocurrency. It indicates whether interest in crypto payment.

Comparing these metrics each month will show that people are moving in and are interesting in our new platform

[AUDITABILITY] What does success for this project look like?

1) Product development

  • Go live on time ( 8 months)
  • Front-end, UI, UX
  • Android version: 10.000 downloads, rating 4+ stars
  • iOS version: 5000 downloads, rating 4+ stars
  • Responsive web: 20.000 unique visits.

<u>2) Drive Cardano adoption</u>

  • 80% of the current users on the centralized auction platform moving to the new one.

  • Bring at least 10.000 non-crypto users from our strategic partners on board the Cardano ecosystem via the dMAH mobile application and website.

  • No.of 30 days active crypto users reached 2000 users

  • 200+ crypto users deposit ADA for auctioning per month ( 6 months after go-live)

    [AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

This is an entirely new proposal.

Sustainable Development Goals (SDG) Rating

SDG goals:

End poverty in all its forms everywhere

SDG subgoals:

Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable

Key Performance Indicator (KPI):

The proportion of population covered by social protection floors/systems, by sex, distinguishing children, unemployed persons, older persons, persons with disabilities, pregnant women, newborns, work-injury victims and the poor and the vulnerable

Universal Human Rights Index (UHRI):

#proposertoolsdg

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Community Reviews (15)

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The idea of the proposal is to create an auction platform that uses blockchain technology to directly link sellers and auctioneers without depending on a third-party intermediary system. And based on the impact that this idea will have on the Cardano ecosystem such as increasing the number of new users, keeping users in the Cardano ecosystem longer, etc. I think this proposal fits the goal of the challenge. The risks and their solutions are listed and broken down into logical categories. But in my opinion, the risky part of the license to operate the auction in Vietnam listed here is not very good. Because this is not necessarily considered a risk but a mandatory procedure if you want to do business in auction services. I think it would be better if it was written in the introduction to enhance the reputation of the proponent through a licensed Lac Viet partner. But overall, this is still not a big deal so I still do not subtract points here. The writing style of the proposal is clear and logical. All information and arguments are cited so that the reader can easily check the evidence of the arguments. And the proponent also uses a diagram to help readers better visualize the current centralized auction system and the decentralized auction system. The arguments for impact are comprehensive. From macro-level impacts such as the Vietnamese government, the auction industry, etc. to micro impacts like the Cardano ecosystem, auctioneers, etc. In short, the proponent did well in this part, and the idea fits the challenge.

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z_assessor_4045
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11
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This proposal meets the challenge presented by Fund 9. The proponent clearly presented the lack of transparency of the traditional auction model and the great benefits of building a blockchain-powered auction system. If the project is successful, it will give the Cardano ecosystem a large number of new users who were previously traditional auction participants, while eliminating fraud that adversely affects auction participants. However, I am not giving a maximum score because the business product of this proposal is rare tangible items and assets, especially belonging to national governments. While now very few countries accept digital currency in general, as well as Ada in particular as a legal payment currency, this is a huge barrier to expanding project development.

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z_assessor_3623
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4
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This proposal successfully addresses their challenges to improve the current auction system, bring out new use cases for secure auctions, and improve its usability.

The impact that this proposal will make might lead to fixing a good amount of problems. Some of them concern fraudulent activities and the ease of bidding by relieving many concerns from the bidders by implementing AI-based infrastructure within the ecosystem. However, this is where the proposal may not seem to define their problems. They use words such as fraud, AI, blockchain, and cryptocurrency complexity, but fail to explain in what way they hinder the current system in place. While the Cardano ecosystem's lack of dApps may be concerning, the auction market is not set to having a big enough user base in terms of physical products. The problem might not be fixated with identity, but rather the number of listings and users that utilize auction-based selling.

Lastly, the proposal cites the complexity of using cryptocurrency and its constantly growing market to further appeal to this proposal which is addressed through marketing campaigns and user-friendly design. This is an appreciative core feature for most crypto-related technology as it encourages more and more non-crypto native users to get involved with Cardano. However, the lack of explanation for use cases and implementation seems to sway me away from agreeing with the addressed challenge, but they do seem to capture the benefits and the general good in a well-researched manner.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3454
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5
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This is a very great proposal, I think and it absolutely consistents with the requirement of challenge. The proposer has the idea of integrating Cardano blockchain into current centralized online auction platform, Lac Viet Online Auction - the no.1 Vietnam Auction House also, the first patented and government-authorized SaaS auction platform in Vietnam. This platform is called Decentralized Metaverse Auction House (dMAH), if executed successfully, it will bring many positive changes and benefits to the auction industry, users, Catalyst project, Cardano community and Vietnam government that was analyzed very clearly by the proposer. This is a really promising project.

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z_assessor_3246
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8
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The proposal matches the requirements and criteria of the challenge. Proposal to partner with Lac Viet Auction House - a largest government-licensed auction house. I went throught the profile of this organization on website and saw the network of Lac Viet Auction House a big company with high professional expertise on multi asset auctions. If the team can retain the crypto users by combining with Lac Viet Auction House i believe the speed of cardano awareness and blockchain adoption will increase rapidly. I also see the bright future that a decentralized auction flatform can change and make the auction completely transparent. Successfully operating the auction flatform on cardano will help cardano apply more to life. In addition, this also gives businesses more confidence when adopting the cardano platform to operate their businesses, which will attract more businesses to join the cardano network.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3182
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5
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This is a pretty good proposal and close to life, especially in auction activities. Through research from previous Funds, there is no proposal to use ADA payments in auction activities, so this proposal will clearly contribute to the overall value of the Cardano ecosystem. Applying smart contract to auction activities will definitely solve the problems of transparency and honesty, as well as save costs for the parties involved. The solutions for the auction operation have been listed and presented quite clearly by the proponent, however, the user group and the approach to the user group need to be presented in more detail. For other types of land auctions or other specific types of products, where disclosure of the owner's information is required, the proponent should take a closer look at the legal and regulatory issues. of each particular country. In the future when Blockchain technology is popularized, this dApp will surely attract a large number of users to participate, thus enhancing and adding value to the Cardano ecosystem.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3170
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6
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The team proposes to build a decentralized auction online platform on metaverse. I think it is a great idea because it will improve current centralized auction systems which are often expensive, lack transparency and honesty. The proposal team is operating an online auction company, therefore they are able to understand the problems happening with the present centralized auction systems. Blockchain technology, especially Cardano platform provides them a good chance to build a better auction system for global users. In addition, this project will run on metaverse, which might deliver amazing virtual reality experience to users. The success of this project would bring many more new users to Cardano and help them to be more familiar with cryptocurrency world. It also increases the amount of transactions on Cardano network, thus the proposal's goals and purposes are well-aligned with this Challenge. The proposers have also identified the main risks of the project, including workload, legal issues and crypto adoption. Personally, I have several concerns for the project, especially with the business model: (1) The necessity and value of B2E tokens in the project is not high because all transactions (payment, deposit incentives) inside the application can be paid by ADA or Djed instead of B2E tokens; (2) It is unfair and a bit confused for the users if the their staking rewards for deposited ADA will be automatically converted to B2E tokens. I suggest that it should be optional and users will choose between ADA and B2E tokens to receive as rewards; (3) The proposal has not mentioned about the KYC procedures before auctions which is very important to avoid any financial risks. I recommend that the team should add a professional KYC service to the application in order to increase the security of the project.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3168
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3
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The proposal to build a Dapp on decentralized auctions and auction activities is carried out using Smart contact using the ADA for payments and deposits. The idea is not really in line with the challenge setting, auction is a form of transaction through a third party (auction house) that detracts from the "decentralization" affecting Cardano's goal. The solution is to place the decentralized Metaverse Auction House (dMAH) operational connection platform between licensed auction houses. The author argues that the solution offers to attract users to Cardano and has an impact on them. However, the fact that participants who want to auction assets will have to buy cryptocurrencies to pay for the assets is difficult to do, on the contrary, they may not participate in the auction because of concerns about the legal issues of cryptocurrencies in Vietnam. Clauses 6 and 7 of the Government's Decree No. 101/2012/ND-CP of November 22, 2012 on non-cash (https://luatvietnam.vn/tai-chinh/nghi-dinh-80-2016-nd-cp-chinh-phu-106671-d1.html) payments when purchasing assets in cryptocurrencies are not legal. The author made the establishment of Novatic Singapore Pte (NSP) in Singapore to issue utility tokens in the form of B2E and receive a tender deposit. The NSP is the third organization to hold the auction participants' money. The activities of depositing auction money and registering to buy auction dossiers all have state-regulated taxes to pay, these taxes will be declared based on cryptocurrencies are not valid, I would like the author to have a solution to this tax. Vietnamese law does not regulate cryptocurrency trading and does not protect users when losing cryptocurrencies. This is a high risk when auction participants may lose their money and property. Rating: 1

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z_assessor_3144
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7
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This proposal is within the challenge target, because it can improve the adoption of the cardano blockchain, and at the same time promote digital transformation, the digital economy. This proposal is written and clearly demonstrated on the experience and commitment of the team, ensuring the solidity of professional knowledge in the field of auction, solving the problem of transparency in auction activities, agreeing It brings many remarkable benefits to users, such as anonymity, convenience in transactions.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3107
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6
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Basically, this is a wonderful and interesting project because it is in line with the spirit and direction of the blockchain community in particular and Cardano in general. Bringing the traditional form of the auction to the Decentralized platform with transparency by using smart contracts and not publicizing the auctioneer. The coherence of the project comes from clearly solving each problem of the traditional auction: First, there is no transparency, then there is the barrier of technology as well as the difference between the project with other auction projects. Another price point is paying attention to customer experience. Agreeing on UI UX in this project is very important because if the website, as well as the platform, is not good enough users will hesitate in receiving it. If this project is successful, it will solve that problem well, especially for those who are new to the blockchain as well as Cardano, which proves the ability to understand user insights as well as the thoroughness and professionalism of those who do project. If this project is successful, it will certainly attract many new people, businesses as well as individuals to participate. And those who already have items on the metaverse are also excited about ensuring both financial and transparency. The concern is whether this project will be completed well or not because with the auction, their product only needs to have problems a few times, users will be suspicious and refuse to use it right away.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3096
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5
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The idea of ​​building and integrating a Cardano-based smart contract into a centralized auction platform is quite new and exciting. Your proposal is presented very carefully from the introduction, the status, the problem to the description of the solution. How dMAH works and its effects are also covered in great detail. Creative illustrated diagrams are also a plus point for this proposal. You have shown what challenges the proposal will solve in the Cardano ecosystem. Legal, development and marketing and delivery risks are also listed, and you can also suggest solutions to address them. This is a good presentation and a thorough preparation. Indeed, this project appealed to me.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2997
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6
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I see 2 problems raised in this proposal. The first is that there is no automated, transparent and honest Auction service to proactively find the correct bid winner for an auction. The 2nd is "Nobody accepts crypto-currencies deposit". The scale of the impact is relatively large. Auctions are an important industry in the global economy. The online auction market is growing rapidly. However, there are still many limitations on transparency, there is still a lot of fraud, and it is purely centralized. Technology is increasingly developing, decentralization is what we want to aim for. Blockchain technology in particular has an impact on many industries. The auction industry cannot be ignored. The two main obstacles to the mass adoption of cryptocurrencies are the absence of an environment that allows the use of cryptocurrencies in real life and the complexity of using cryptocurrencies. The proposed solution has solved the above 2 problems. The reasoning method is clear and reasonable. The solution here is to integrate the Cardano blockchain into a centralized online auction (dMAH) platform. The platform will be completely decentralized and accept payments in cryptocurrencies (ADA and stablecoins) through a licensed auction house (Lac Viet Auction House). The author describes the solution in great detail, uses drawings to describe the system structure and modules, and provides auction video tutorials for easy visualization. The author has presented a logical layout and a strong argument. Give examples and include links. This solution will impact the auction industry, users, the Cardano ecosystem and the Vietnamese government. This proposal responded to the "Dapps, Products & Integrations" challenge as it created a platform (dMAH) on Cardano, attracting more users and keeping users longer in the Cardano ecosystem. The author has mentioned many risks that may be encountered in the implementation process in 3 issues: legal, development stage and Marketing & Delivery phase. The author has also stated the solution for each of those risks.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2956
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7
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This is an auction project on the Cardano blockchain platform. The proposal has given a solution that takes advantage of the transparency and anonymity of blockchain to solve the problems of traditional auction very well. In addition, perfecting good UI/UX is extremely important to attract and retain users in the internet space. This project can positively impact the Cardano ecosystem, helping to bring blockchain technology closer to the real world by solving real-world problems. In addition to creating an additional transparent auction floor for both sellers and buyers, the project can also attract new entrants to the Cardano ecosystem.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2922
Total QA Ratings
6
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The team's proposal with the name appealed to me, it's what auction organizations and auctioneers have been looking for for a long time. It's a decentralized auction. This application is developed on the Cardano blockchain platform. For me, this proposal is really attractive. It has a pretty big impact on the Cardano ecosystem, where decentralization stands out for everyone. If the proposal is put into practice and has good results, I think it is completely possible to scale up to solve the challenge in the future. But first of all, we all see that the proposal can solve the goal set out in the Challenge. The team also mentioned the fact that so far the auction has existed in a centralized form, without an automatic, transparent, and honest auction service. If developed in a decentralized form, it will become more public, more transparent, and much better for the community of auction participants and auction organizers. So compared to offline auctions, online auctions have advantages and disadvantages. You have stated quite clearly about this advantage and superiority. In my personal opinion, this is a good idea that will come to life. Specifically, bidding actions are performed using smart contracts using the ADA algorithm on the Cardano blockchain platform. Cryptocurrencies are used in the bid deposit. This is considered great progress in the current auction in the world (the current auction market in the world has many problems that need to be solved - especially transparency and honesty). With this proposal, it can solve that problem. I vote 5 stars.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2552
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8
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This is an auction development application through smart contract integration on cardano into the existing centralized auction platform. (app named dMAH). This proposal comes from a leading auctioneer in Vietnam, showing the prestige of this project. It is Lac Viet Online Auction company - the owner of the first SaaS auction platform that is patented and authorized by the government in Vietnam. As we all know, auction is an activity that requires transparency and instant price updates. This is the feature that the cardano blockchain can provide through smartcontract integration. Moreover, their old platform already has a good reputation in the auction market, is recognized by the government, and they also represent to trade a lot of rare government treasures. Therefore, if this project is implemented, it will change people's perception of blockchain applications in practice. A project with great potential.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2217
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4
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Feasibility

4.3 / 5
15 Reviews

Given experience and plan presented is likely that this proposal will be implemented successfully?

Community Reviews (15)

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The project plan has been divided into 3 phases by the proponent and will last for 10 months. Each stage has a short description of it and a list of the main tasks. The goal of the project is also made clear in the first part of the plan to bring at least 15,000 users (non-crypto and crypto) to the Cardano ecosystem. The Budgets are also transparently shown such as hourly wages and total hours worked, license tool costs in terms of resource costs, etc. The information about each project participant is also provided well with a short description of related experiences, Linkedin, and related articles. In short, the proponent did a great job on this part.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_4045
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11
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The project team has extensive experience in the technology industry and the traditional auction industry. The budget is presented in detail and properly allocated. Besides that, I have a few suggestions for the team:

  1. You should make 1 copy of CMO Hong Hanh's proof of work and achievements on Linked for better evaluation by the foreign community.
  2. To put off-chain data on on-chain, do you need to use an oracle? Please elaborate on this if your answer is yes
  3. The number of participants in each process should be included in this proposal
  4. My biggest question is how would you guys auction valuable government items in countries where their governments don't accept cryptocurrencies?

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3623
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4
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It seems to me that the team involved has extensive experience with auction houses. Mainly with Hanh as a government-authorized auctioneer and has been CEO of Lac Viet Auction House. Similarly, Tuan is also well experienced in software development and has a Ph.D. in CS (LinkedIn). The team itself shows a great amount of interest in implementing the auction house. However, issues can arise with the gathering of supporters of the product as there is no reliable source for bringing the "10,000 non-crypto users" onto the Cardano ecosystem. The plan presented is laid out in an efficient manner with variable details and timeline presented

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3454
Total QA Ratings
5
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I strongly believe in the feasibility of this proposal. For the roadmap, the proposer has made a very clear plan with targeted goals, which is devided into 3 phrases for 8 months in total. In each phrases, we know exactly what they would do, main tasks and how long it takes to complete which is consistent with their plan. For budget part, it shows very clearly how it is calculated. I know the exact hourly rate for each type of jobs (technical or non-technical), the total hours for each task, total required expenses,..I'm more convinced about the ability of this project as they are all from a very well-know company in Vietnam with high positions that the company has different departments: CEO, CMO&advisor, CTO, Head of design&Customer experiences, Head of Business development&partnership in carrying out this project well. Community could find out more about them and their company via provided links. After all, will all the clear and detailed information, I think, this project shows a very high feasibility.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3246
Total QA Ratings
8
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All team members of the group are people who have a lot of long-term experience in the digital crypto field. So we feel confident that the team will execute the proposal well. But the risks always exist beside the progress in which it should be researched continuously to find the best solution. Such as mentioned solution that marketing strategy goes with fund increasing to attract more new users. How can you call for bidders? .There are some items the buyer needs to see offline so how can make them come to your auction flatform. In general, the key milestones have been proposed in details with the timeline for 8 months into 3 phases gave us more understanding about the operation of the group in the upcoming time. We see the feasible part breakdowns the budget clearly and reasonably. and i agree with the later round for further funding as the author wrote that it is a journey never ends.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3182
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5
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The team divided the project into 4 phases with each item listed very specifically for solving technical problems. I have visited the bidding website and see that you have had successful transactions. I am really impressed with the team members involved in your group. You have gathered the top faces in Vietnam in related fields, from application developper, financial expert, auction expert, Blockchain technology expert. Le Minh Tuan is a person who has participated and succeeded in many Blockchain projects, he is also an expert in distributed database solutions. Each work item and required funding is explained in detail, reasonably, easily for voters to trust and make voting decisions. In Fund8, your suggestions have been highly appreciated, I believe that in this Fund 9, you will get positive results.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3170
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6
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The proposers have prepared a comprehensive plan with concrete jobs and clear milestones in each phase. I appreciate that the bug bounty program is added on the timeline because security testing is very important for applications, especially for the apps related to financial areas like this one. The timeline and amount of work for each phase is clear and achievable. The budget are also reasonable and fair for every single work in the proposal. However I worder why the bug bounty money is nowhere to be seen in the proposal budget. The team is maintaining a big online auction company so I believe they have full experience in most needed areas of the project. There is also a team member who has worked on projects in previous Catalyst funds which could increase the chance of success for this proposal. Overall, I am pretty sastisfied with how the proposes carefully

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3168
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3
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The members who make the proposal have clear information that they are good experts in the auction fields. The missing member is a legal expert who provides important opinions in the implementation of the proposal. The author provided wedsite, documents on the online asset auction being developed by the State of Vietnam, which is true. It is not legal to use cryptocurrencies to trade in Vietnam, when holding an online auction, is this registered with the local authorities? Fake contracts use smart contracts so how the assets when transferred to the winning auctioneer will issue invoices, and the taxes will be calculated in terms of ADA value or Fiat money. I would like the author to have a detailed plan for the registration of the auction and the settlement of the invoices as well as the prescribed taxes. The proposed solutions and plans would make sense if we opened a Dapp on the Cardano platform with a different goal. I have an opinion that the author should aim to auction NFT on the platform and that it pays with an ADA, which will have a great impact on the Cardano community. Rating: 1

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3144
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7
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This is a group of highly qualified and capable experts, with expertise and experience in all aspects of this project, including experts in the field of auction, blockchain, software development, etc. . The solution presented in the project is very clear and complete, meeting the goals that this project has set.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3107
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6
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Personally, being a Vietnamese from the same country as the founders of this project, I know the reputation and experience of those who implement it. They are quite successful with their work on auctions. The best thing about this project is that the participants all have their own expertise in each area for example auction management, technology, UI UX and are all people with many years of experience. However, I am still quite worried about the possibility of success on a very new platform and how well they will work together? Firstly, because of the huge amount of work they have to do on the product side in all areas from technology and products to communication and marketing plans. But at least their plan mentioned the problems so at least they thought about the amount of work they were doing. Second, as a marketer, I am also interested in whether the marketing plan is excellent enough to draw users to and trust their form in the context of Decentralized transaction insights. There are many doubts in Vietnam. However, the founders are those who have a background related to communication and promotion, hoping that they will have really thorough and professional plans for users to approach and get acquainted with the product.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3096
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5
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You have presented a very specific and clear roadmap. Before presenting the roadmap, you also mention the goal of the project. According to your roadmap, the project will be conducted in 8 months, including 3 phases (Requirements gathering and design, Build, Testing and Go live). Each stage refers to the time and main tasks. Your budget breakdown is extremely detailed. There is no doubt about the transparency of this budget breakdown. I am really impressed with the profiles of the members participating in this project. They are so excellent. Overall your presentation is really good. The project is highly feasible and very convincing.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2997
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6
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This proposal has a clear roadmap. DMAH was implemented in 8 months, divided into 3 phases (Requirement Collection and Design, Build, QA Test and Live Streaming). This plan is very detailed and has a specific timeline. This budget analysis is clear and detailed. The proposed budget is only 1.98% of the total budget for Challenge. This amount has been divided into 6 parts, each part is allocated in detail for respective expenses. The author has detailed explanations for each cost and has outlined the basis of calculation (calculated according to the average cost of 1 hour and the total number of working hours). The project team consists of 5 people. The members' information is described very fully, with a link to their personal profile for easy identity verification. They are all experienced and competent in the field of auctions, software development, UI/UX design..etc.

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z_assessor_2956
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I am really impressed with the project team, they are the leading experts in the auction industry in Vietnam and very quickly moved from the traditional auction on the blockchain platform. The project team is a combination of tradition and experts in technology, communication and marketing. The proposal detailed the solution and detailed implementation plan. Expenses are also given and allocated appropriately. The project team has also foreseen the risks and preventive measures. The fact that the founding team has people with a background in traditional business and auction, I believe that the project will attract both sellers and buyers to participate in the auction on the blockchain platform. However, it takes a lot of time for users to switch from a traditional auction to a blockchain platform, especially for those who have no knowledge of blockchain & crypto. Moreover, in order to conduct auctions on the blockchain platform, auction participants need to convert from fiat to crypto and vice versa. This will be a huge barrier for many participants.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2922
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Through the proposal, I found that the team consists of members with extensive experience in the field of real estate, business administration, and software development, some members are doctors and leaders of the business. This makes me more confident in the feasibility of the proposal. In particular, all the members reveal their identities via social networks (Linkedin). That also speaks to the transparency of the proposal. In terms of budget, the budget has been broken down by the team into categories and I find it very reasonable for the team to focus on using the budget for the development of the auction platform. The cost is calculated on an hourly basis (I strongly agree), and a variety of related costs: Software development, infrastructure, training, etc… in which marketing costs play an important role. It's important to let the community know about this great auction floor. I am very impressed with the current auction system of the team, the members are most interested in developing an auction system to provide tools for users on the Cardano blockchain platform, implemented on Metaverse. The items applying for funding have been analyzed in detail, mostly, it is the application of advanced technology to create an unprecedented decentralized auction tool in Vietnam. I see now that the auction tool system in society is at a general level, with no specific development. But I believe that if the fund is granted, the situation will be much more concretized. Therefore, in terms of practical application, I think this proposal will be brought to life when given enough time. The plan and implementation method have been outlined quite specifically by the team. However, I have a question, is the team planning to issue tokens for this project? My advice is that you should issue tokens with the condition that the management is open and transparent. Because the token helps the community know more about the project and then they participate more in the project. Also, I have a question to clarify a bit more, do you know if there is a decentralized auction in addition to this project? I believe it is true to what you say, this is the world's first bidding model and has a lot of impact on the government. I think your project is of great significance in pioneering the construction of a decentralized auction platform at least on a national scale. Its pioneering nature will help it attract more and more community interest in online auctions. But I would like to note the legal issue, which is that the auctioneer must be licensed and have their license to practice, surely you know this well? You've built a government-authorized auction platform initially, which is great. On the technical side, I acknowledge you have used very new technology related to blockchain 3.0 Cardano, do - very good, very creative. But whether it still exists a technological barrier because it forces auction participants to perform technology-related operations. For example, creating a wallet, manipulating real money to buy ADA… are these suitable for the actual environment of a developing country in Vietnam with the people's intellectual level? This is also related to the risk when applying the proposal in practice, that is, for older people, technology and manipulation of online auctions is a difficult thing for them. It is only convenient for young people to participate in online auctions. To overcome this, I think that you must build a communication system, especially the communication on the user manual, which is very detailed and clear so that everyone can easily use it. . I would like to mention another reason that is the legality when implementing the project, have the authorities and agencies allowed the project to be implemented or not? What do you guys have to prove its legitimacy? Although the team has already covered the proposal, I would still like to get further clarification from you. However, I always believe that this project will soon be licensed for implementation because it brings great benefits to society, especially to the product auction industry. Recently, some of my comments have been added. In summary, at the moment I appreciate the feasibility of the proposal and completely agree. I vote 5 stars.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2552
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They presented a very detailed plan for each phase (~8 months in total). The plan focuses on developing an auction application on both websites, iOS, and Android, allowing users to use cryptocurrency to deposit / pay for the purchase of treasures. Many features are designed for the convenience of users as well as partners. They also issue their own tokens and build tokennomics to drive the project to work that benefits more parties. The proposed budget is reasonable for each job, consistent with the previous plan (calculating the detailed working hours 30-60$/1 working hour depending on the nature of the work, listed in detail) total amount $155,070$). About the working team, there are 5 people listed and publicly identified via linkedin or facebook. All information is consistent and clear enough detailed enough to receive 5*.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2217
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Auditability

4.3 / 5
15 Reviews

Does the proposal provides sufficient information to assess and audit progress and completion?

Community Reviews (15)

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"The project measurement part is divided into 2 parts. In the first part, the project progress measurement criteria for all 3 phases are listed clearly and logically with the plan presented above. But in my opinion, in this part, the proponent should give an approximate time for each criterion to make it easier to evaluate and track progress. For example, in the first criterion in phase 1, the proponent might say that they need a week to start a photo and report discovery workshop. But I also understand the main purpose of the proponent here is to provide timelines for monitoring and pre-visualization of the project. So it is understandable that there is no specific time. And in the second part, which is the Cardano adoption, the proponent gave clear criteria and included specific quantifiable goals such as bringing 80% of users to switch from the legacy platform to Cardano's decentralized platform. The successful picture of the project is described very clearly by specific numbers such as 10,000 downloads and 4+ star rating on Andoird, or 5000 downloads and 4+ stars on iOS. In summary, this audit part is very well presented."

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Documents and reports released as proposed are important proof-of-work so that the community can track whether the project is meeting its KPIs or not. For me, these metrics are enough. In addition, I suggest the team upload the reports on the website, medium, or youtube channel for visual introduction videos about ios, android applications.

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This proposal seems to address the issues and lay out the plan for their implementation seemingly effectively. However, this proposal lacks heavy structure and clarity when it comes to feasibility and predicting the success of the project.

The first main reason is that this project seems to address non-existent issues in the real world with a very heavy budget ($155,070). The proposed pay for the developers seems way too out of the mark considering the cost of living in Vietnam (where they propose to build their infrastructure at). The payscale seems to be their biggest drain for the budget and it needs to be adjusted based on the cost of living and the post hiring process needs. Other costs such as the Salesforce are not really needed until the product has been fully developed, but it is understandable since it does come under the budget breakdown.

Overall, it is a innovative and structural idea to build a safe place for auctions. However, with the more mainstream auctioning sites (one known as OpenSea), this project may seem extensive and unnecessary for Cardano's ecosystem at this stage.

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z_assessor_3454
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5
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The auditability part is perfect. I think, community has many ways to keep track of the progress of this project. First, based on the release of each item of product development in their public monthly material and reports, community could know what tasks are done, what tasks are going, and what tasks are not done. Moreover, by checking the given Github link of the product code, anyone could access and check the objectivity and transparency of the system. Also, based on the quantitative analysis such as the percentage of users moving to decentralized platform, the number of newly registered users, the number of active users in 30 days, the number of bid deposit user in cryptocurrency. By comparing these indicators each month, we could know their interest in new platform. Besides, the proposer has a very detailed success outlook for this project as presented clearly in the script. After all, I think it is absolutely possible for community to follow this proposal.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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Proponent shows the roadmap which is very professional, well-prepared and highly complete. This is sure about the auditability managed well. To drive more cardano adoption, the project success is measured by suggesting the target of 80% of the current user on the legacy platform moving to the new system. These metrics is strongly proposed with sustainable development goals rating mentioned make us feel confident and eager to follow the project.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3182
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The author has provided full information on the progress and successful implementation of the proposal. Each work item to the extent of detail has been logically listed in four stages. I also found the required budget to be clearly divided and appropriate for each work category. Technical issues are clearly presented, KPIs are included. SDG rating has met the requirements of sustainable, diversified and tectonic economic development. I believe the community will easily audit your project when you open source code on Github. I support and wish you will be funded

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3170
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The roadmap of this proposal is transparent, divided into specific tasks with suitable milestones. The KPIs are very clear which will help the community easily monitors and checks the progress and achievement of the project. The proposers commit to publish the source code to Github and all the project reports for the community to verify the credibility and security of the project. Overall, I am pretty satisfied with how carefully the team assemble the proposal, though there are few details they should consider to improve.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3168
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3
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The proposal has set out a roadmap for implementation with appropriate timelines for the implementation of the plan, indicators / KPIs can measure to determine the work that is being carried out. However, determining whether the proposal has been successful is very difficult, a lot of unresolved work revolves around the main issue "Vietnamese law regulates payments in cryptocurrencies". We can see that the proposal is difficult to implement in the territory of Vietnam. Evaluating this section I do not agree the proposal will be successful. Rating: 1

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3144
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Roads and milestones are provided in full detail. Each stage has a clear, auditable list of deliverables.

The project's budget is relatively reasonable, allocated in a clear and detailed way, but this budget may not be high enough compared to the level of the project team.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3107
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I am quite impressed with your reasonable and clear spending steps in this proposal, which proves that you have put a lot of time, dedication and professionalism into this project. The numbers given for the phrases are quite specific and reasonable given the market price for each spending item. The way you guys allocate and use the $102,984 is very transparent and clear. The number of KPIs you give for each goal is also quite specific and detailed according to each item. However, the project is quite large, so measuring KPI will be relatively slow and take a long time.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_3096
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I want to find a missing point of the project but can't really find it. Everything is presented perfectly. In this AUDITABILITY section, in addition to product development metrics, you also provide metrics on driving Cardano adoption. The progress will be reported monthly to the community. The success of the project is also described in two aspects: product development and drive Cardano adoption. Criteria, KPIs and specific numbers are also given as goals for success. This is a potential project, indeed. I really like your careful preparation. A perfect proposal.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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The author has described how to measure project progress in a very specific way, easy to check and shows high transparency. For product development the project measures by publishing documentation and monthly reports for each task to the community, a task will be marked as "Done" if it is completed on time. time and quality level. The project's source code will be publicly available on Github for the community to check for objectivity and transparency. For Cardano adoption, it will be measured with specific metrics, such as the percentage of existing users on the old platform moving to the new system, the number of newly registered users and the number of users Auction deposits in cryptocurrency. The success of the project is easy to determine and easy to check through the specific KPI that the author has presented in 2 aspects. Those two aspects are product development (Android version: 10,000 downloads, 4+ star rating, iOS version: 5000 downloads, 4+ star rating, Responsive Web: 20,000 hits) and drive Cardano adoption (80% of existing users on centralized auction platform move to a new platform, at least 10,000 new non-crypto users, reach 2000 active users in 30 days, 200 people use ADA deposit cryptocurrency)

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Auditing is an essential part of determining the success of a project. The proposal has provided a relatively detailed and complete set of KPIs for each phase, both in terms of product development and Cardano adoption. Corresponding to each phase is to focus on a core issue: phase 1 is Design, phase 2 is product building, Phase 3 is Testing and Go live. The project has also clearly defined its goals and success. However, this is a completely new project, there have not been any successful initial trials. I suggest that the project should trial an auction on the Cardano platform first by their product first. If it is successful, the project could go to the public.

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Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

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z_assessor_2922
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6
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A clear roadmap and milestones are what I see in the proposal. I'm interested in the product development stages - very clear. The numbers on promoting Cardano adoption say that the team is very focused on developing the Cardano blockchain ecosystem, thereby scaling the use of cryptocurrency through the decentralized auction application. This greatly helps in proving auditability and transparency. It benefits the Cardano blockchain society and community. KPI criteria have been listed for each period and milestone. Along with that are the criteria for evaluating the success of the proposal. I am especially impressed with this, the team company did it very well. It helps the community and PA to evaluate auditability easily and publicly. From start to finish and recommendations. The problems were described in a very clear and easy-to-understand manner and there were solutions to solve them. This is something that not all proposals can do well. I hope all proposals from Vietnam will do as well as the team's suggestions. However, I have more questions to contribute to transparency. The question is related to the auction tool (an important factor in online auctions): Is the auction tool censored and appraised to determine the input quality of the products be auctioned? In my opinion, the team should pay attention and clarify the steps related to this question so that the community has more confidence that the proposal is full of transparency and auditability. I wish the team well funded. I vote 5 stars.

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As for the progress report, they will issue the report monthly and through their website. They also commit to release relevant documents such as: cooperation contract with partner Novatic Singapore Pte, documents on tokenomics, marketing plan… Their goal is specific in numbers: 10,000 newcomers to cardano, more than 200 crypto users deposit ADA to auction every month, 80% of existing users on the old platform move to the new system . These are all feasible goals for 6-8 months after the application goes live. This is a project with a clear profile, a company that has registered its business in Vietnam and has a known brand. And this piece of content is in sync with the content of the previous two parts, so I give the maximum score.

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4
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