Please describe your proposed solution.
My Solution is an answer to the question how people in the future will want to use the Blockchain.
Right now it is necessary to manually approve all actions on the blockchain by signing with a private key. Also a lot of assets are held in wallets, which are controlled from a users computer.
Now I want to change that by placing the assets into smart contracts, which have instructions how the assets are to be handled. For example this can be used to have an asset like ada be regularly paid to an over Adress, like a subscription fee or a credit payment.
Such an ability would be mandatory if blockchain systems should substitute the legacy financial system.
Yet something like a debit charge is not trivial on the blockchain. I can not take someones money with his consent.
So that is what I want to build along side more complex relations like rental and leasing.
Now to the technical bits:
To archive these functions an Asset is locked in a smart contract which can only be opened by the owner or under pre defined conditions by a specific program which is run in the cloud.
Thus I will build
- a set of smart contracts
- a cloud app to manage and access the smart contracts
- a frontend to control the system
Please describe how your proposed solution will address the Challenge that you have submitted it in.
My proposal targets the usability of Cardano for casual and professional users.
It falls under the many others category and it solves the challenge by enabling a host of essential services to be layered on the Cardano Blockchain.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Complexity
This project requires a very complex infrastructure to work and even more complexity to ensure security on the main net.
I will use visualizations to document the development process, this helps to focus on the most important Aspects.