Detailed Plan
<u>Project Title</u>
Cardano Savings & Loan - Proof of Concept
<u>Description</u>
We will develop a Cardano smart contract that allows ADA holders to deposit their cryptocurrency and receive interest. The contract will also allow for borrowers to request loans. In other words, the smart contract will function in the same way that a traditional bank does.
We have determined that it would be impossible for a bank to be fully decentralized and have all transaction components determined by the smart contract itself. The main challenge for this proposal is developing a contract that allows the contract owner to manually review loan requests and set deposit requirements. We will need to establish standard procedures so that loan requests can be underwritten and either approved or denied.
<u>Budget</u>
We are requesting $10,000 in funding for this proposal. We will utilize these resources to compensate our team as they build our smart contract, front-end, and develop the associated policies.
<u>Development Team</u>
- Chris - Lead developer who will write the code for the smart contract and build the front end.
- Jack - Project manager who will develop the procedures for loans and deposits.
<u>Timeline</u>
We intend to spend three months developing the smart contract and building a basic front-end to allow users to deposit ADA and open loan requests. If we are able to establish a viable product then we will seek additional financing in a future fund to open the bank to the public and start accepting customer funds.
