Please describe your proposed solution

We are a very proactive team and we are projecting that the lack of stablecoin on Foreon Network will slightly hinder it's adoption.

Fiat-backed stablecoins provide a stable store of value, increased liquidity, broader appeal, reduced risk, and improved scalability for the DeFi ecosystem.

To address this shortcoming, the Foreon team is integrating the USDM stablecoin, a Cardano native token backed 1:1 with high-quality, liquid, transparent, and audited USD assets.

Please define the positive impact your project will have on the wider Cardano community

USDM on foreon network will offer a solution to the biggest problem facing cryptocurrencies: price fluctuations.

Because USDM tokens can be swapped for $1, they are far less volatile than $ADA, and offer similar benefits as cash.

As such, USDM will play an important role in increasing Foreon Network adoption as the markets will be much stable than basing it in $ADA.

What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

We have a track record of delivering clean and intuitive interfaces.

We have developed the order book prediction market smart contracts in collaboration with TXpipe and we have also in partnership with a Cardano development firm utilizing agile methodologies to ensure faster turnaround times.

What are the key milestones you need to achieve in order to complete your project successfully?

Milestone 1: Preparation Of $USDM Integration Documentation

A: Milestone Outputs

• Integration Requirements specced out.

B: Acceptance Criteria

• Proper Documentation of the integration requirements

C: Evidence of Milestone Completion

• Documented integration requirements
• A detailed report describing the integration process

Milestone 2: $USDM Integration

A: Milestone Outputs

• Integrate the $USDM Policy ID as the Base currency on Foreon Network contracts
• Ensure these features are fully compatible.

B: Acceptance Criteria

• Successful integration of USDM with the smart contracts, verified through comprehensive system testing.
• Platform should handle transactions and interactions in USDM without degradation in performance.

C: Evidence of Milestone Completion

• Test results and performance benchmarks confirming the robustness of new integration.

Final Milestone: Overall Project Review and Audit

A: Milestone Outputs

• Conduct a thorough audit of the entire integration to assess achievements against initial objectives.
• Prepare the Beta version for public release with complete documentation and support materials.

B: Acceptance Criteria

• Achieve a bug-free integration as confirmed by the final round of testing and quality assurance.

C: Evidence of Milestone Completion

• A comprehensive project report summarizing all outcomes, and user feedback.
• Release notes and version history documents.

Who is in the project team and what are their roles?

Toshi Cardanomoto - Biz Dev & Co-Founder

Daniel Nguyen - Product Manager

Leo Pelekh - Architecture Manager

Dominic - Community Manager

Insy Som: Front-End Developer:

Milan Cheung: Full Stack / Blockchain Engineer: https://twitter.com/cryptox427

Please provide a cost breakdown of the proposed work and resources

Budget Breakdown (Total: 15,500 ADA)

USDM Integration: 10,000 ADA

• Purpose: To integrate USDM as the base currency on Foreon Network.

Testing & Audit: 5,500 ADA

Purpose: To perform thorough security audits on all smart contracts involved in the project to ensure they are secure and free of vulnerabilities.

No dependency

How does the cost of the project represent value for money for the Cardano ecosystem?

The budget allocation of 15,500 ADA for the Foreon Network MVP proposal represents value for money for Foreon Network and the Cardano ecosystem in General.