Please describe your proposed solution.
Context & Problems
Personal P2P asset trading (NFTs, Tokens, or ADA) will always have a space in a thriving community. The need to trade directly between 2 users is something most collectors in the space have experienced and we need the right tools for trading to ensure a healthy future for collectors.
For the most part, users have been using trust-based escrows, requiring a middle-man to facilitate the trades. These escrows not only charge a percentage of the trade, but they also require trust and act as a middleman.
This should be better, and that's why we developed Tent, a trustless p2p trading system that allows 2 wallets to connect and trade in real-time using any native Cardano Asset (NFTs, ADA, or any token), for a flat fee regardless of the trade content. We bootstrapped a working product within half a year and launched our beta at the start of this year. To date, Tent has been used to trade more than 3,000,000 ADA and more than 10,000 assets, with more than 7,000 trading rooms created.
Growing with the Space & The Need for Mobile Solutions
With the recent developments and the future we envision for Cardano, we think ease of access, mobile accessibility, and a general improvement in the user experience for Cardano Apps are of utmost importance to drive massive adoption of the Cardano Network in general. The future is mobile, and refined and well-designed experiences are the only thing regular users are expecting.
Because of this, we want to create a mobile-ready Tent as stated before, providing a first-class user experience and allowing a wider audience, regardless of whether on mobile or desktop to experience the power of the Cardano Blockchain through secure trading in a trustless environment.
Our Approach & Process
We already have a working product, which serves as a base for this development, but with Tent being a complex system with lots of moving parts, creating a smooth and seamless mobile experience is a challenge in itself.
Our approach and process are based on the Design Thinking process, based on emphasizing, defining, ideating, prototyping, and testing solutions. This is the industry standard process for any design and strategy-related problem.
When we apply that to create our mobile solution, it boils down to the following:
- Research & Analysis
- Brainstorming & Prototyping
- User Experience Design
- User Interface Design
- Testing And Optimization
- Development & Implementation
- Beta Testing
- Feedback Implementation
- Full Release
Benefits
- Well-designed experiences and a strong app ecosystem raise both the real and the perceived value for the whole Cardano ecosystem
- Ecosystem growth through a wider audience reach thanks to mobile accessibility
- Easy and accessible trustless and secure trading for everyone
- Scam mitigation through the use of a trustless platform
- No percentage-based cost for trading
- Network optimization through the use of single multi-signature transactions
Outputs
- A fully functional p2p trading experience for Cardano's mobile wallets respecting the implementation standards
Please describe how your proposed solution will address the Challenge that you have submitted it in.
We will develop mobile functionality and compatibility for Tent, using industry-standard practices and processes to ensure an accessible, easy-to-use, well-designed first-class user interface and experience.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Since we already have a working product and this catalyst proposal is just about making it better and more accessible for a wider audience, there are not many risks involved. We have been doing this for many years now, so we know the process and the requirements to bring a digital product to market.
Potential non-critical risks include delays because of unexpected issues during design or development time, and wallet-compatibility issues because of not following CIP standards.