Please describe your proposed solution.
The problem we are solving: Goodwall is an impact social network, working alongside the United Nations, Fortune 500 companies and governments, with a mission to level the playing field for youth everywhere. Every year, Goodwall hosts hundreds of impact challenges and competitions for youth and as a result grants $100k+ in scholarships, prizes and rewards. That said, sending money to the global south is very complex and inefficient. Often, the prizes are around $100 or 250 ADA, which might seem small but locally in Nigeria, at 50'000 Naira corresponds to a full year of university tuition. That said, the transaction fees using services like PayPal or PaySend for cross-border international payments, with high commissions (5-10%), limits the minimum payments leading to fewer beneficiaires. Further the transactions are slow frustrating our youth beneficiaries.
Our approach: By creating the Goodwallet, an in-app payments/earnings interface, "Goodwallet", for youth to see their earnings and withdraw and store them in ADA thanks to an API integration with a Cardano Wallet:
- beneficiaires will immediately see their earnings and rewards instantly after they are announced as winners.
- beneficiaries will no longer be limited by minimum withdrawal limits
- Goodwall can offer micro-rewards as small as a $1 or 2 ADA which unlocks our ability to not just host competitions with large prizes, but also incentivize youth to complete impact tasks and incentivized surveys, for example:
- Plant a tree, earn 10 ADA
- Recycle a can, earn 2 ADA
- Complete a survey, earn 5 ADA
Proposed solution:
The idea is for the user to accumulate rewards into their Goodwall Wallet, and after some time (or minimum amount) be able to withdraw this amount through:
- Cardano Cryptocurrency (ADA) via Yoroi, Eternl or Yami
- (ADA) via Binance
- Chimoney (already implemented and automated)
- PayPal (greenlight for automated PayPal business given Dec 6)
To encourage the users to withdraw their rewards with the Cardano Cryptocurrency (ADA), we will need to create a journey for the user to select this option vs the others, understand the benefits and also to be clear and transparent about it. Additionally, users might get extra “points” or incentives if they withdraw the accumulated rewards with ADA.
1. Goodwallers earn via community challenges, entrepreneurship competitions, and completing impact tasks (ex: recycling bottles or planting trees), surveys and spreading the word via our ambassador program. By wallet on Goodwall, or "Goodwallet" we are essentially referring to the interface that helps members visualize their earnings. This would essentially be a gamified point system, not a store of value like a crypto wallet, but upon achiving certain thresholds, could be "withdrawn"/"exchanged" for currency, notably ADA.
2. Those earnings are held on Goodwall as GoodCoins until the member reaches a certain amount, at which point they are able to unlock the ability to withdraw
3. The Goodwall member has the choice to withdraw their earnings in the format of crypto (ADA via a recommended Cardano wallet) and alternatively in fiat via Paypal / Paysend. If he chooses to withraw it using ADA, the user can withdraw any amount and does not need to wait to reach a limit. We could offer the member a bonus if they chose to withdraw in ADA.
Goodwall will partner with a Cardano Wallet provider, probably Yoroi and integrate it with the Goodwallet. The reason we are leaning onYoroi is becauss Emurgo and Goodwall has a strong relationship and Yoroi's new API solution fits the Goodwallet objectives.The user gets a bonus for creating their ADA wallet.
Goodwall will also create a program or even a learning pathway called Introduction to Crypto 101 which leads to a final challenge for youth to create their own wallet (receive a bonus) once they do it. I.e upon proving they have their own wallet (taking a photo screenshot of their wallet ID) they receive X amount in their wallet as a bonus.
How will the Goodwallet help the user?
- Incentivized Impact Tasks and Actions: Micro-payments enabled by the Goodwallet and efficient payments via Cardano would allow us to pay users for each action they complete, i.e. recycling a bottle or planting a tree instead limiting ourselves to large prize competitions.
- Convenience and Accessibility: Users can centralize their accumulated rewards from activities within the app, incentivizing them and making it a one-stop solution for various transactions.
- Security: A digital wallet within an app can provide a secure way to store and manage funds until the user is able to withdraw. It may incorporate encryption and other security measures to protect user assets.
- Faster Transactions: Users can benefit from quicker transactions within the app ecosystem once they want to withdraw the accumulated rewards.
- Integration with Different Programs: Allowing users to easily earn and redeem points or rewards within the app. This enhances user engagement and encourages loyalty.
- Gamification and Engagement: The wallet will be integrated into gamified elements within the app. Users will earn points, badges, or other virtual rewards that contribute to a more engaging and enjoyable experience.
- Tracking of the Activity: Users will be able to track their activities in the app, checking what they’ve earned in different challenges, surveys and any other activity they have participated in and earned a reward. Users can receive insights into their habits in the app.
Cross-Border Transactions: For apps with a global user base, an in-app wallet can facilitate cross-border transactions more efficiently than traditional payment methods, reducing fees and processing times.
Impact & M&E: Post-concept, we will measure and demonstrate the impact of the project by measuring the number of youth reached through the Goodwallet initiative, incentivized impact tasks and surveys completed by youth, the amount of rewards disbursed and withdraw, the number of Cardano wallet accounts created and ADA withdrawn.