Please describe your proposed solution.
This is one phase of our main project FLORAS and we think Cardashift could be the best support to integrate our currency to CLAP. We are a start-up in UC Berkeley accelerator Skydeck. We apply Economics to currency interactions and focused on developing Monetary systems and Reward programs. We worked with Airlines for many years and learned a lot from them, they have the biggest currency in the world, Airmiles.
The Reward currencies are the same as any other currency, they have a supply, a demand, and a value.
Cardashift has good connection with Europe and in this case some European companies approached us to create a program that share the same reward currency: "Floras" under the same monetary program.
Like Airmiles, our solution involves two key actions: Earn currency and Redeem currency.
Earn:
Floras will be issued as rewards when customers buy products from the Coalition Green companies (electronics, food, travel, etc.). They are given to end customers under a ratio decided by the companies ( X Floras per dollar spent). The cost to purchase 1 Flora has been established to be 2 cents.
Example: Customer buys a $1000 fridge and earns 5% cashback in Floras ($50) deposited in his Floras' wallet.
Note that in this stage, the fridge manufacturer purchase $50 of Floras to be given to the end-user, in this case, $[email protected] per Flora issued = 2500 Floras to be deposited in his wallet.
With the wallet, the customers is able to manage the Floras balances and transactions.
Redeem:
Floras can be redeemed (spent) only at our certified sustainable projects that provide carbon credits. Customers will be able to choose from several projects (see www.Pachama.com) where to send their Floras to support the selected project and also get the Carbon Credits.
(A carbon credit is a kind of permit that represents 1 ton of carbon dioxide removed from the atmosphere. They can be purchased by an individual or, more commonly, a company to make up for carbon dioxide emissions that come from industrial production, delivery vehicles, or travel.)
Cardashift can help us in the tokenization phase to make sure we set up the program to be traceable and transparent.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Many companies are more open to send funds to impact projects and our solution will funnel a lot of funding to sustainable projects through the system and technology provided.
Cardano blockchain can provide transparency to the funds sent and received by the projects giving accessibility to all the parts to audit where money flows to.
This currency will have the capability to be traced from issuing to redemption.
Our business model have been proven for many years with millions of revenues generated by reward and incentive commercialization, but in this case with a great cause.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
The biggest risk is not find enough hours of developers to work on this technology since Haskell and Plutus is in high demand, but we are familiar with the community and we have the resources to mitigate this issue.