The Process of Checking The Development of The Proposal After Receiving The Money - The Cardano community needs to know if the funds sent to the projects help develop the Cardano ecosystem

over budget

The Process of Checking The Development of The Proposal After Receiving The Money - The Cardano community needs to know if the funds sent to the projects help develop the Cardano ecosystem

₳96,000.00 _Requested

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Community Review Results (1 reviewers)

Impact / Alignment

Feasibility

Value for money

Solution

We will work on creating a process to check the development of funded projects after receiving funds from Catalyst.

This process will help assess and measure the effectiveness of funding in Catalyst.

Problem:

Catalyst has 1155 funding proposals but to date only 567 proposals have been completed

Many projects after completing the proposal do not continue to develop their project anymore

Yes Votes:

₳ 126,130,969

No Votes:

₳ 71,945,037

Votes Cast:

816

Équipe

VCoinCheck

[IMPACT] Please describe your proposed solution.

Problem

Catalyst has funded 1155 proposals from fund 1 to fund 9. According to Catalyst's report on the number of completed proposals, only 567 proposals have been completed (only about 50% of the proposals have been completed). This is a big problem with the Cardano ecosystem. Because it shows that the effect of funding on the Cardano ecosystem is not commensurate with the amount of money that Catalyst has distributed.

Besides, there are many projects that just try to submit proposals and get Catalyst money (these proposals have been completed and fully received money from Catalyst) but then do not continue to develop the project. This also makes the development of projects on Cardano disproportionate to the amount of money that Catalyst has allocated to the projects.

Catalyst only has a process of checking project progress through Monthly Report. Catalyst does not have any process in place to track the development of projects after receiving funds from Catalyst (completed proposals).

Solution

We will work on creating a process to check the development of projects after receiving funds from Catalyst.

This process will include updating Catalyst's Monthly Report so that we can more closely check the proposal's team's progress. We will also create a process to track the development of projects after the proposal is completed. The results of these processes can be built to bring complete information about the funded project to the Cardano community.

This process will help assess and measure the effectiveness of funding in Catalyst.

All the results of this proposal will be published on our Gitbook so that the community can discuss and contribute ideas.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

Our project will answer the question "What research is required to advance the state of the art of Catalyst and allow Catalyst to serve the community's needs better?" of this category.

The Monthly Report check process is very important for the distribution of funds. Projects will only receive money when they complete the Monthly Report. We're improving Catalyst's Monthly reporting process to more closely check the results of projects at each milestone. This will help limit projects that are just trying to get money from Catalyst without really having a positive impact on the Cardano ecosystem.

In addition, we will research and innovate a process to check the development and benefits of projects for the Cardano ecosystem. This process will help the Cardano community see the impact Catalyst brings to the Cardano ecosystem. Catalyst can build trust in the Cardano community

[IMPACT] How do you intend to measure the success of your project?

We will be publishing all our work on gitbook. So everyone can track our work. Then we collect feedback from the community and continue to improve the process

The biggest success of this project is that Catalyst can apply this process to check the development of funded projects in Catalyst. It will help Catalyst funds be allocated more efficiently. This can help the Cardano ecosystem to have many good projects.

After applying this process to Catalyst,

The results of Catalyst will be transparent to community.

We are administrators of:

A Facebook group with 5,700 members: <https://www.facebook.com/groups/ada.holder>
A Facebook group with 46,500 members: <https://www.facebook.com/groups/cardanoviet>
And a Telegram group with more than 500 members: https://t.me/ADA_VIET

We will share Catalyst Monthly Fund's Gitbook to our communities and other Cardano communities.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

We are members of the Vcoincheck team that have 6 funded proposals in funds 7, 8, and 9, and all these proposals have been successfully completed.

Vcoincheck Annual report 2023

https://www.lidonation.com/en/catalyst-explorer/proposals?l=24&s=vcoincheck&t=p

<https://www.essentialcardano.io/glossary?sort=alphabetical>

We have a lot of products related to blockchain knowledge and Cardano:

Vcoincheck crypto project evaluation: Classifies projects by answering questions.
Vcoincheck library: Library to share basic knowledge about Cardano, blockchain (vcoincheck.io)
Vcoincheck training course: Knowledge training course or how to evaluate crypto projects.
Vcoincheck quiz: An extension of the knowledge library to serve readers with little time to spend on blockchain (vcoincheck.io)

We also have professors about Finance and Economics field. They have a lot of Experiences in Venture Capitals and Funds

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

We will be publishing all our work on gitbook. So everyone can track our work. Then we collect feedback from the community and continue to improve the process

After applying this process to Catalyst,

The results of Catalyst will be transparent to community.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Milestone 1 (2 months): Research proposals from fund 1 to fund 9 of Catalyst

Aggregate proposals that haven't completed
Aggregate information about completed proposals
Analysis of projects that have been successful and have a great impact on the Cardano ecosystem after receiving Catalyst funds
Researching the criteria shows that the project has a positive impact on the Cardano ecosystem. Are those impacts worth the money they get?

Milestone 2 (2 months): Complete the Monthly Report improvement

Monthly Report new form
Guidance for Challenge Team check the proposals
Public the Report to community every month process
Warning for proposals that do not implement the project as planned
Put projects that don't perform as planned to blacklist to notify the community

Milestone 3 (2 months): Complete the checking completed proposals process. We think Catalyst need to keep the last batch (final payment when the project is completed) until they can prove that their project will develop Cardano Ecosystem.

What are the requirements and processes for the project to receive the final payment
Form for completed proposals to keep track
The roles can check proposals after completed
Guidance to check completed proposals
Public the information about the development of the projects after receiving fund from Catalyst

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

Milestone 1 (2 months): Research proposals from fund 1 to fund 9 of Catalyst

Aggregate proposals that haven't completed
Aggregate information about completed proposals
Analysis of projects that have been successful and have a great impact on the Cardano ecosystem after receiving Catalyst funds
Researching the criteria shows that the project has a positive impact on the Cardano ecosystem. Are those impacts worth the money they get?

=> Deliverables: 

1 sheet Aggregate proposals that haven't completed
1 sheet Aggregate information about completed proposals
Our research and analysis will be published on gitbook

Milestone 2 (2 months): Complete the Monthly Report improvement

Monthly Report new form
Guidance for Challenge Team check the proposals
Public the Report to community every month process
Warning for proposals that do not implement the project as planned process
Put projects that don't perform as planned to blacklist to notify the community

=> Deliverables: 

Monthly Report new form (gitbook)
Guidance for Challenge Team check the proposals (gitbook)
Public the Report to community every month process (gitbook)
Warning for proposals that do not implement the project as planned process (gitbook)
Blacklist format + guide (gitbook)

Milestone 3 (2 months): Complete the checking completed proposals process. We think Catalyst need to keep the last batch (final payment when the project is completed) until they can prove that their project will develop Cardano Ecosystem.

What are the requirements and processes for the project to receive the final payment
Form for completed proposals to keep track
The roles can check proposals after completed
Guidance to check completed proposals
Public the information about the development of the projects after receiving fund from Catalyst

=> Deliverables: 

What are the requirements and processes for the project to receive the final payment (gitbook)
Form for completed proposals to keep track (gitbook)
The roles can check proposals after completed (gitbook)
Guidance to check completed proposals (gitbook)
Public the information about the development of the projects after receiving fund from Catalyst (gitbook)

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Our team has 5 experts who will research and discuss to provide specific guidelines in each phase and roles of Catalyst Monthly Fund. Therefore, the working time will be the total working time of all 5 people. For example 5 experts discuss and do the work for 5 hours, the total working time will be 5 x 5 = 25 hours

Milestone 1 (2 months): Research proposals from fund 1 to fund 9 of Catalyst

Aggregate proposals that haven't completed (working time: 5x10 = 50 hours)
Aggregate information about completed proposals (working time: 5x10 = 50 hours)
Analysis of projects that have been successful and have a great impact on the Cardano ecosystem after receiving Catalyst funds (working time: 5x20 = 100 hours)
Researching the criteria shows that the project has a positive impact on the Cardano ecosystem. Are those impacts worth the money they get? (working time: 5x20 = 100 hours)

Working time for this Milestone: 300 hours

Cost/hour: 120 ADA/hour (~30$/hour)

Total cost for this Milestone: 36,000 ADA

Milestone 2 (2 months): Complete the Monthly Report improvement

Monthly Report new form (working time: 5x10 = 50 hours)
Guidance for Challenge Team check the proposals (working time: 5x10 = 50 hours)
Public the Report to community every month process (working time: 5x5 = 25 hours)
Warning for proposals that do not implement the project as planned (working time: 5x10 = 50 hours)
Put projects that don't perform as planned to blacklist to notify the community

Working time for this Milestone: 200 hours

Cost/hour: 120 ADA/hour (~30$/hour)

Total cost for this Milestone: 24,000 ADA

What are the requirements and processes for the project to receive the final payment (working time: 5x25 = 75 hours)
Form for completed proposals to keep track (working time: 5x10 = 50 hours)
The roles can check proposals after completed (working time: 5x10 = 50 hours)
Guidance to check completed proposals (working time: 5x25 = 75 hours)
Public the information about the development of the projects after receiving fund from Catalyst (working time: 5x10 = 50 hours)

Working time for this Milestone: 300 hours

Cost/hour: 120 ADA/hour (~30$/hour)

Total cost for this Milestone: 36,000 ADA

[RESOURCES & VALUE FOR MONEY] Who is in the project team and what are their roles?

Mr. Jimmy Lee – Team leader

Leader of Vcoincheck team with 6 funded proposals in Catalyst
Admin of 2 Vietnamese Cardano facebook Community (helping over 40k followers) <https://www.facebook.com/groups/cardanoviet> and <https://www.facebook.com/groups/ada.holder>
Instructor of 2 “how to evaluate a crypto’s project) courses.
An Entrepreneur with 3 year experience in the blockchain field.
Has a deep knowledge in blockchain technology and blockchain projects.
Telegram: https://t.me/Jimmy_Lee01
Linkedin : linkedin.com/in/le-linh-813125117
He has a lot of experiences in Catalyst fund from fund 7.
He has contributed a lot of articles about DAO on Cardanospot

Mr. Thanh Ngo - Professor

He received my PhD in Economics at Massey University in 2015 and joined the School of Aviation (Massey University) since January 2017. My works involve efficiency and productivity analysis in banking and finance, universities, agriculture and manufacturing sectors, aviation and transportation economics.
His research papers have been published in Transportation Research part A, Annals of Operations Research, Transport Policy and International Journal of Managerial Finance, among others. I am a Editorial Board member for International Journal of Financial Studies and also review for many journals including Applied Economics, Pacific Accounting Review and Journal of Air Transport Management.
He has had 59 publications with 30,000 reads amd 500 citations: <https://www.researchgate.net/profile/Thanh-Ngo-14>

Mr. Tony Nguyen – Catalyst PA and vPA

4 years for Business manager of financial and banking solutions- FPT.FIS.Fis Bank
8 years for Founder, Branch Manager - Seatech HCM, Software Solutions for Banking and Public Finance
3 years of experience in Blockchain research & cryptocurrency investment, research and development of software products on blockchain platform
Telegram: <https://t.me/Trint2>

Mr. Quang Daniel – Catalyst Proposer

English Teacher & Translator in Viet Nam
He has 2 funded proposals in Fund 8 (completed)
Haskell Book Translation (Real World Haskell): https://cardano.ideascale.com/c/idea/62683. Book: https://bit.ly/Real-World-Haskell
Haskell Course for Beginner: https://cardano.ideascale.com/c/idea/62320. Course:

https://www.youtube.com/watch?v=wNWGXALGx2w&list=PL6XMhpnl2Hg_5mLk5Gv3os1HUcP1E1Rj6&index=1&t=92s- He has 2 funded proposals in Fund 9 (completed):

Haskell Book Translation (Learn You a Haskell): https://cardano.ideascale.com/c/idea/63881. Book: https://bit.ly/Learn-You-A-Haskell-Vietnamese
Haskell Course for Developers: https://cardano.ideascale.com/c/idea/63880. Course:

https://www.youtube.com/watch?v=v8EXjyX5gZs&list=PL6XMhpnl2Hg_f7N-pj3_eU5QMw8QXWuOv&index=1&t=131s- Telegram: https://t.me/quangtran289

=> He has a lot of experiences in Catalyst

Mr. Sang Nguyen - Catalyst PA and vPA

3 years of experience in cryptocurrency investment.
Working in stock exchange, forex in real life
Join Catalyst as PA in Fund 7,8,9
Telegram: <https://t.me/IlumNguyen>

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

With more than 800 hours of work and costs only about $30/hour. The Process of Checking The Development of The Proposal After Receiving The Money will bring many improvements to Catalyst such as:

Catalyst's Monthly Report has been improved to be able to check proposals more carefully
Analyze and evaluate Catalyst projects from fund 1 to fund 9 to take a closer look at the effectiveness of funding
Increased efficiency of funding in Catalyst for the Cardano ecosystem
Transparency of all information and project implementation results of funding proposals in Catalyst to the community
Minimizing the number of projects with no benefit to the Cardano ecosystem
Avoid wasting money on inefficient projects
Improved Proposal Management Processes in Catalyst

bookmarked!