[IMPACT] Please describe your proposed solution.
The founding principle of the Algae Token protocol is to provide decentralized funding to support sustainable products and services. Algae Token is a native ADA token linked to physical assets which provides solutions to humanities food and nutrition shortages. The Project offers the only true answer to providing a sustainable global fuel supply and the process is a positive way to battle climate change. The project aims to bring physical sustainable nutrition and protein products to the blockchain, through Dapps and smart chain integration allowing for the development of a DAO.
The project creates a highly sustainable, circular economy, using solar power for operations and the production process provides environmental solutions to climate by reducing CO2 and creating Oxygen.
Onboarding this project to the blockchain requires attention to the following
- Governance
- Dapps and Smart Contract implementation
- Legal Framework
- Education and Marketing
- Cardano Onboarding
Governance
Algae token’s governance will begin at launch and be a completely on-chain experience for users to participate in the future of the Algae Token protocol.
Algae Token governance will be led by the scientific team experienced with the development of large scale production projects. This is advantageous to the public, having experts direct the project for optimal outcomes. The public is invited to vote on projects and lead in the direction of Algae Token with governance of token holders encouraged. Users that participate in building the protocol through governance will earn rewards for doing so.
Dapps and Smart Contracts
Integration of blockchain technologies will integrate financial, logistical and other internal system functionality, such as; Supply Chain Tracking and Quality Assurance.
Web3 website integration will allow token holders to interact with Dapps through the website, allowing product purchases, orders / logistics and governance voting.
Algae Token will create an on-chain marketplace allowing for purchases of health products, nutraceutical, plants based proteins and social services.
Legal Framework
This challenge will help funded projects to establish the legal and financial framework to operate successfully on the Cardano network. – Token Classification and the registration of a legal entity
Cardano Onboarding
This proposal includes the education of the health and environmental benefits of the products and the advantages of the usage of the blockchain, encouraging onboarding to the Cardano network by allowing purchasing through Web3 interactions. These benefits will be highlighted in educational videos and infographics.
[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.
The Challenge aims to empower humanity through a sustainable world, the Algae Token project is exactly that, with aims to create a Native token linked to physical sustainable social impact agricultural farming. The creation of healthy nutritional foods, a sustainable fuel supply and improve the climate through the reduction of CO2.
The challenge wishes to accelerate impact projects like Algae Token, a native Cardano impact token.
This project will create real world impact outcomes, which address world environmental issues with solutions to;
- Nutritional and health issues,
- Animal feedstock shortages,
- Humanities food securities,
- Wastewater treatment abilities,
- Depleting fuel supplies,
- Climate (CO2) reduction and
- Numerous other benefits.
This project will be ESG validated and allow Carbon Credit offsetting. All mentioned social impact benefits are backed by scientific research and peers reviewed journals.
The challenge aims to support social impact projects onboarding solutions to the blockchain which can provide measurable results, be traceable. Algae token provides strong scientific and analytical methodologies to evaluate and present data. This project is engineer and scientifically lead, with analytical methodologies standard practise.
Monetizing a Cardano native token (Algae Token) which is a social impact token, provides the opportunity to help the community and environment while remaining sustainable and expand through generated profits.
[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
There is a risk that if not implemented correctly smart contract and Dapp integration may cause supply chain and logistics errors, this will be overcome by careful application design, documentation and function testing.
There are risks with incorrect legal entity creation and token classification, to ensure the correct legal requirements are obtained a strong legal and financial team has been identified and planning has commenced.
The risk that the Cardano community is not supportive of a sustainable, profitable project. Support so far has been strong, support is expected to grow as educational videos and infographics highlighting the health and climate benefits, as well as the advantages of the project in Cardano reaching a net zero blockchain outcome.
[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.
An allocated five months for the establishment of a Cardano Native social impact Token with a marketplace where, physical products can be purchased. This timeframe allows for legal entities to be created, token classifications and the documentation, design and initial development of Dapps and smart contracts.
Algae Token is driven to education and informing people on the numerous benefits of Algae products and their climate reducing capabilities. This requires the creation of videos and infographics which outline the benefits of the products, the processes and how the use of the blockchain is valuable. This will also be effective in onboarding users to the Cardano ecosystem and outlining the capabilities of blockchains.
Education creates awareness to the Cardano community about alternative sustainable social projects which strive towards a net zero footprint for the Cardano ecosystem. Algae Token team have over 15 years commercial experience in delivering sustainable projects globally.
Legals
Token classification
Registration of the legal entities
Product Integration marketplace
Legalities
Registrations
API Interface
Website shop Web3 integration
Blockchain integration
Dapp and Smart contract development
Financial
Supply chain management
Quality control
Inventory
Logistics
Product authentication
Social Media engagement
Education
Marketing
Community Hubs
Community involvement
Social media platforms engagement
Scientific content creation
Month 1
Dapp and smart contracts
- Technical development identification of systems and design tools
- Web3 integration options
- Identify Governance
Identify internal DAO processing for smart contact engagement, this includes each business function as a smart contract to allow for streamlined business operations.
Legalities and registrations identification
- Token classification
- legal entities
Social Media
- Content research
- The streamlining of peer reviewed journal content
- Legal research and evaluation
- Communication activities
- Website architecture and design
- Mailing list
- Cardano community engagement
Month 2
Dapp and smart contract
- Identifying the social and environmental
- benefits of the project on the Cardano Blockchain.
- API choice
- Web 3 integration
Social Media – Education videos and info graphics
- Create educational videos (4-5 short educational videos)
- Sound recording music/audio
- Continued Communication activities
- Begin Community management
- Identify social media impacts
- Social media advertising
- Podcast / interviews
Identify all internal regions of business that have the opportunity to be incorporated into the DAO e.g. economics, supply chain tracking, scalability, business inputs, product quality parameters and incentives.
Month 3
Social Media Education
- Continuation of the creation of educational videos (4-5 short educational videos)
- Animation and image creation
- Community management - Moderators and affiliates
- Update web content
- Communicate outside the Cardano ecosystem to create awareness
Legal
- Submission of application for Legal entity
- Submission of application for Social Impact entity
Dapp and smart contract
- Blockchain Shop design and development
- Dapp and Smart
- Contract design
Months 4
Smart contract Coding
- Design, Architecture, description, initialisation
- Coding, implementation, documentation, and testing
- Testnet / server analyzing
Legal
- Application to register as legal entity
- Application to register as social impact entity
- Token classification completion
Social Media education
- Video and infographic publications
- Social media campaigns (Twitter, Discord, YouTube, website blogs)
Month 5
Social Media Education
- Identify social media growth
- Project reporting
- Community updates
- Validation on education video and infographics, views likes and comments
Smart contract testing continued and implementation
- Dapp and Smart contract implementation and authentication
Legal
- Creation of legal entity
- Creation of social impact entity
Time has been allocated by the team to complete proposed milestones for this project. The milestones operate in conjunction with other business processes which coexist with complementary functionalities of business operations, required to complete the entire blockchain project.
*Internal core team time allocation 1 day per week for 3 people over 5 months
[FEASIBILITY] Please provide a detailed budget breakdown.
The budget for this project is greater than the requested amount in this proposal, funds will be allocated to priority milestones, which include Project development, legal and social media education.
Project development by the internal core Algae Token Team: 24 hours per week for 5 months (480 hours at $40/h = $19,200)
- Business structure development - Dapp / Smart contact and Web3 integration
- Financial modelling
- Legal research and advise
- Project management and reporting
Specialised local legal advice & consultancy (40 hours at $100 = $4,000)
Tax and accounting advice & consultancy (10 hours at $75 = $750)
Animation media and educational expenditures ($4000)
- Educational Videos
- Infographics
- Social media engagement (Discord, Twitter and YouTube)
Total $27,950
[FEASIBILITY] Please provide details of the people who will work on the project.
Dylan Kreis <https://www.linkedin.com/in/dylankreis/>
Chemical Engineer
Bachelor of Information Systems
He has significant experience as a Chemical Engineer and Farm manager for a micro algae-based companies in Australia and as the Algae Energy Farm Manager for the University of Queensland. Consulting for microalgae companies in Australia and the middle east.
Dr. Skye Thomas Hall <https://www.linkedin.com/in/skye-thomas-hall-858a6639/>
PHD. Microbiologist
Dr Thomas-Hall has worked at the University of Queensland as Team leader of the Algae Biotechnology supervising a number of PhD, Masters, Honours and undergraduate students, all working on algae production/processing.
Skye has helped set up over 30 small scale projects in hatcheries, university operations and several larger companies, primarily based in northern America and Australia.
Dr. Swaminathan Detchanamurthy <https://www.linkedin.com/in/dr-d-swaminathan-5982b115/>
PHD. Microbiologist
Chemical Engineer
Dr D. Swaminathan serves in the Board of different microalgae cultivating companies which includes Seagrass Tech Pvt Ltd India. Glaukos Algae Technologies, India and Algae Australia
Cryptocurrency Lawyer
Ph.D. Digital Signatures and LL.B. (Hons)
A solicitor for 30 years having concentrated on IT law, and IT security law.
Presently advising on Blockchain technology.
Chartered Accountant
Cryptocurrency Accountant
Expertise includes accounting & tax, asset structuring, management reporting for business success and implementing cloud accounting systems.
[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.
Project intends to be self funded
[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?
The projects progress will be tracked with regular meetings with legal and accounting professionals to ensure progress and task completion. The majority of the measurable outcomes of the proposal are task orientated and progress is defined by registration of legal entities and completion of milestones.
- Creation of legally compliant business entity – registered legal entity
- Confirmed Token Classification
- Complying to legal responsibilities in local and international locations
Impact reports
- Reports and analysis from social enterprise experts – internal and external surveys
- Identify and implement regulatory needs and requirements – from legal and financial advisors
- Create time-based outlines to development structures – reporting software and project management software/methods
- A scientific approach to all business orientated operations – peer reviewed deliverables.
Feedback
- Social Media feedback / Offline governance and polls - For example the number of community onboarding, in Discord, Twitter, YouTube and social media outlets.
- GitHub comments and developer documentation and meeting feedback - regarding Dapp and Smart contact development
- Social media feedback and community growth, this includes comments by the public on the project through YouTube and discord and all third-party articles related to the project.
Milestone measurements; reports and completion vs budget costs
-
Development identification tracking – internal and external budgets
-
Goal completed vs outgoing expenses
-
Internal team reporting and budget reports
[AUDITABILITY] What does success for this project look like?
Success for this project is outlined in three sections
- Social Media response to education and marketing videos and infographic images
- The number of Discord community members onboarded
- Twitter comments and member numbers
- YouTube watches, likes and comments'
- Infographic comments and chares
- Interview and presentation feedback and questions
- Target marketing and surveys/questionnaires
Success is also the Cardano community adopting the project which will be calculated by the number of members onboarded to social media platforms, such as discord and twitter.
2. The legal ability to sell physical products through the blockchain, Web3 integration and an online blockchain marketplace.
- Legal entity and token classification registration
- Competition of internal logistical smart contracts
- Web3 integration to the website
Success of this proposal is the confirmed fully operational business entity and registered legal entity, coordinated by legal and financial experts. This includes;
- Token classification
- Social impact classification
- Business Entity registration
3. Deployment of Dapp and smart contract deliverables outlined in the proposal.
- Developer reports and documentation
- Internal smart contract design and completion
- Completed API interactions with smart contracts
- Code (contract and Dapp) Testing
- Execution and deployment of live code
Building sustainable businesses around circular economies (climate positive)
Allowing for the legal ability to allow on-chain purchases of physical products with ADA and or Native tokens and the and financial framework to maintain a sustainable business model.
[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.
New Project not previously funded
Sustainable Development Goals (SDG) Rating
This project is one of the most sustainable projects on the planet, providing solutions to Food, Fuel and Climate issues currently being faced worldwide. The education on these benefits must be brought into the public domain and we appreciate your support.
SDG goals:
End poverty in all its forms everywhere
End hunger, achieve food security and improved nutrition and promote sustainable agriculture
Ensure healthy lives and promote well-being for all at all ages
Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
Ensure availability and sustainable management of water and sanitation for all
Ensure access to affordable, reliable, sustainable and modern energy for all
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
Reduce inequality within and among countries
Make cities and human settlements inclusive, safe, resilient and sustainable
Ensure sustainable consumption and production patterns
Take urgent action to combat climate change and its impacts
Conserve and sustainably use the oceans, seas and marine resources for sustainable development
Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development
SDG subgoals:
By 2030, achieve the sustainable management and efficient use of natural resources
Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries
Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning
Promote mechanisms for raising capacity for effective climate change-related planning and management in least developed countries and small island developing States, including focusing on women, youth and local and marginalized communities
By 2020, sustainably manage and protect marine and coastal ecosystems to avoid significant adverse impacts, including by strengthening their resilience, and take action for their restoration in order to achieve healthy and productive oceans
By 2030, end hunger and ensure access by all people, in particular the poor and people in vulnerable situations, including infants, to safe, nutritious and sufficient food all year round
By 2030, end all forms of malnutrition, including achieving, by 2025, the internationally agreed targets on stunting and wasting in children under 5 years of age, and address the nutritional needs of adolescent girls, pregnant and lactating women and older persons
By 2030, ensure sustainable food production systems and implement resilient agricultural practices that increase productivity and production, that help maintain ecosystems, that strengthen capacity for adaptation to climate change, extreme weather, drought, flooding and other disasters and that progressively improve land and soil quality
Key Performance Indicator (KPI):
Proportion of agricultural area under productive and sustainable agriculture
Number of countries using ecosystem-based approaches to managing marine areas
Prevalence of undernourishment
Prevalence of moderate or severe food insecurity in the population, based on the Food Insecurity Experience Scale (FIES)
Prevalence of malnutrition (weight for height >+2 or <-2 standard deviation from the median of the WHO Child Growth Standards) among children under 5 years of age, by type (wasting and overweight)
SDG Goals 7, 8, 12 and 13 and sub goals 7.a, 8.1, 8.2, 12.1, 12.2, 12.3, 12.4, 12.7, 13 and 13.2
7 - Ensure access to affordable, reliable, sustainable and modern energy for all
7.a - By 2030, enhance international cooperation to facilitate access to clean energy research and technology, including renewable energy, energy efficiency and advanced and cleaner fossil-fuel technology, and promote investment in energy infrastructure and clean energy technology
8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
8.1 - Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 per cent gross domestic product growth per annum in the least developed countries
8.2 - Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labour-intensive sectors
12 - Ensure sustainable consumption and production patterns
12.1 - Implement the 10‑Year Framework of Programmes on Sustainable Consumption and Production Patterns, all countries taking action, with developed countries taking the lead, taking into account the development and capabilities of developing countries.
12.2 - By 2030, achieve the sustainable management and efficient use of natural resources
12.3 - By 2030, halve per capita global food waste at the retail and consumer levels and reduce food losses along production and supply chains, including post-harvest losses
12.4 - By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in accordance with agreed international frameworks, and significantly reduce their release to air, water and soil in order to minimize their adverse impacts on human health and the environment
12.7 - Promote public procurement practices that are sustainable, in accordance with national policies and priorities.
13 - Take urgent action to combat climate change and its impacts
13.2 - Integrate climate change measures into national policies, strategies and planning
