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Djangui: Local Savings Account Mgmt

$12,000.00 Received
$24,000.00 Requested
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Problem:

收费员为当地商户组织非正式的日常储蓄,但在资金管理方面不提供透明度,使用户面临欺诈。

挑战: F7: Boosting Cardano's DeFi
funded Awarded 4.8% of the fund.
Proposal Assessor Reviews:
4.8 (9)
Yes Votes:
₳ 114,706,446
No Votes:
₳ 10,407,538
Unique Wallets:
829

经验

我们有两个日常收集的老手与和田的软件开发人员和架构师团队合作,在Cardano上创建这个解决方案。

解决方案

建立一个分散的平台来管理收款活动,重点是:透明度和所收资金的所有权。

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Detailed Plan

Understanding the context:

In Cameroon, as in many other African countries, most merchants (especially those selling in open markets) do not like to deal with official banks. This has lead to the creation of informal community banking to create alternative systems to address things such as savings accounts and insurance. Collectors play a key role in this whole system. Collectors act as middle men between local merchants and banks (usually microfinance institutions). Their main job is to collect some amount of daily funds from local merchants (who are looking for assistance putting aside some savings). On both sides, they usually record this collection history on paper based registries. The merchants give away their money which is then funneled into a microfinance institution aggregated into one account exclusively owned by the collector (who has full control on all of this). After a certain period of time often around to 1-3 months, the merchants can start to withdraw some of their savings. At the point that merchants start withdrawing, the collector retains a certain percentage for him or herself based on their initial contract. This brings about several obvious problems but let's be specific:

  1. The whole system is based on trust in the collector. Unfortunately, it is common for these collectors to disappear after collecting significant amounts of money from local merchants.
  2. Timely withdrawals are virtually impossible. (if you would like to request a withdrawal you need to coordinate with a real person who will need to schedule time around
  3. Micro-financial Institutions themselves are very unstable often closing unexpectedly due to bankruptcy or even burglary
  4. The collector is the only person to benefit from any appreciation of value due to the investment mechanism he or she is using. (essentially exploiting the people who are willing to give their money away)
  5. The money being saved is essentially locked away and true owners cannot use their own savings as collateral

Solution:

Create a decentralized platform (dApp) to oversee this activity and protect merchants as well as facilitate the digitizing of collection activities for the collectors. We will be working in partnership with banking establishments to initially create a digital currency pegged to the Franc CFA (XAF) and then develop mechanisms for exchanging digital currency with physical currency. Each collection operation will correspond to a conversion of physical currency (from the merchant) to digital currency (of the collector).

Example: The collector will go to the bank purchase digital XAF, he will then go through the market collecting funds from merchants (as physical cash) for whom he has already helped create accounts in the system. He will then credit the merchant's account with whatever value of physical currency collected, factoring in a small commission for himself. This money will then sit in a digital wallet and each merchant will have full control and visibility. The merchant will have several option to recover physical XAF when needed: Microfinance institution and street call box agents (that are already doing this exact service for mobile operators such as MTN with Mobile Money and Orange with Orange Money). We will then in the subsequent phases leverage the digital wallet to allow peer to peer transactions and also implement a borrowing and lending platform once we have a good user base and a considerable liquidity in the system.

The last extension will include what's called in the local context Tontine or Djangui. A group of people in the community with some common interest (employees at same company, merchants selling common goods …etc) get together and decide a certain amount to contribute individually to a pool. A winner is either picked randomly or selected based on a need and then can collect all the funds that were pooled. This process repeats every month (or at whatever frequency is agreed upon) such that all participant have their turn.

Roadmap:

  1. Create a native token pegged to local currency (inspired by Djed stable coin model on Cardano)
  2. Leverage Atala Prism DID Platform to implement a DID solution for the users, hence allowing peer to peer transactions in future iterations of our solution
  3. Build partnership with microfinance businesses in order to secure an exchange mechanism from physical currency to digital assets
  4. Build mobile and web app that integrate a wallet interface and a module to aggregate savings
  5. Next Phase -> Leverage all these saving to create a lending and borrowing DeFi system made for the African context of insurance (Tontine/Djangui).

Core Team & Roles:

Wada Cameroon Hub

  • Manfo: Cameroon Team Co-Lead, Senior software architect & developer, 12+ year of experience programming, 3+ years in functional programming paradigm (F#, Haskell, Elm), Multilingual (French, English, Italian, Ngiembo)
  • Nkalla: Senior software architect & developer, 12+ year of experience programming, 3+ years in functional programming paradigm (Haskell), Mathematics teacher (Education Systems Engineering), Multilingual (French, Italian, English, Mbo)
  • Arcel: Senior Software developer in Closure 7 + years experience, Project manager, Multilingual (French, English)
  • Megan: Cameroon Team Co-Lead, Central Africa Coordination Lead, Wada core team member (Education and Event Lead), Math & Physics teacher, bilingual (French & English)

Wada Network

  • Wada Devs: this will be one of the projects which will be lead through the Cameroon Hub but will also leverage our network of Wada Devs that we will be training in Plutus and Haskell to support the development of our dApp. Also we will be creating a solution together with many inputs from the different Wada hubs making a pathway for this dApp to be implemented in other countries within our network as well.
  • Wada Marketing Team

Feasibility:

Reference (Past Successes):

Wada has already established active hubs in: Ivory Coast (French), Ghana (English), Nigeria (English), Cameroon (French & English) and Democratic Republic of Congo (French). Through our Cameroon hub we are launching a Haskell and Plutus training initiative that will be leading project based learning throughout our hubs. This project is an example of one of the projects we wish to work through as a learning journey for our aspiring devs.

See related proposal for Scale-UP Cardano Community Hubs: Spread Plutus through Africa https://cardano.ideascale.com/a/dtd/Spread-Plutus-through-Africa/381332-48088

Budget:

  • Partnerships: $2000
  • Developer team motivation: (3 devs * 500 * 12) : $18000
  • Marketing & Advertisement: $3000
  • Logistics(Dev enviroment, hosting, Certificates…etc): $1000

Auditability:

What success looks like:

  • Launch of MVP Dapp with 6 months post funding
  • Dapp fully designed, implemented and deployed and being used by hundred of users within 12 months
  • An increasing number of collector agent singing up
  • An increasing number of merchant signing up

Key Metrics:

  • 3 partnered micro finance institutions

  • 500 accounts created within first 12 month after launch

  • 10000 (merchant-collector) transaction within 12 months

Risk Management:

The main risks we foresee are: The local context not accepting and therefore not adopting the digital stable coin model. We plan to mitigate this risk by running intensive marketing awareness and education campaigns that focus on showing the multidimensional benefits (from ownership to availability) of digital stable coins to merchant. This is linked to our wider Wada initiatives to spread understanding and adoption of blockchain technology throughout Africa.

社区顾问评论

Addresses Challenge

5 / 5
3 评论

Does the proposal effectively addresses the challenge?

社区评论 (3)

Commenter gravatar

This proposal fits very well with the main objective of the challenge, because it intends to create dApp to oversee activities and protect merchants as well as facilitate the digitizing of collection activities for the collectors in Africa. Providing a solution that works in both the developed/developing contexts will have an even greater impact and positive effect for the community at large.

Assessment Quality Assurance

Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

Assessor ID
z_assessor_669
Total QA Ratings
18
QA Rating Outcome
Good
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The influence the proposal could have on the Defi ecosystem is immense. The proposed solution of addressing the current drawbacks of the local financial systems available for the local merchants. The involvment of financial institutions along with the project will bring in confidence amongst the locals and improve the adoption of Cardano for Defi applications. This proposal will bring in a lot more traffic to the ecosystem and also resilince to its capabilities. The footprints the proposal can leave will be set off the spread of Cardano and Blockchain across various African countries when the majority of the community is concentrated in Europe and North America at the moment.

Assessment Quality Assurance

Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

Assessor ID
z_assessor_751
Total QA Ratings
20
QA Rating Outcome
Excellent
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Relation to personal qualifications: As a year-long activist in both party-politics and non-party related political (grassroots) groups I know how important decentralisation can be for economic empowerment. However, it is important that DeFi projects have good accessability and also enable to bank the unbanked instead of just beeing an elitist project. I have done some personal research on both DeFi and microlending especially with a focus on Global and social justice and hope to bring in a valuable perspective on accessability for poorer people with my reviews in this challenge. The proposal identifies a problem in just this area and presents an excellent solution to this: tackling sometimes fradulent tendencies in microfinance and presenting a good, transparent solution to it that everyone dependent on microfinance will benefit off and that will greatly boost the DeFi capablities of the Cardano ecosystem. The key metrics and goals of the proposal align excellently with the outlined challenge settings. Since WADA is a great multiplicator and keeps establishing, and the related business seems serious and credible, it can sure be said that the proposal is able to scale to address future challenges.

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Feasibility

5 / 5
3 评论

Given experience and plan presented is likely that this proposal will be implemented successfully

社区评论 (3)

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I completely believe that given the experience and plan presented here that it is highly likely this proposal will be implemented successfully. The level of detail and thought throughout this proposal exemplifies the preparedness and background of the proposers. The roadmap as presented is clear with each stage building on the next, though timeline (Q1/Q2/ eg 2022) is recommended to support the roadmap.

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WADA are a really active and established part of the Catalyst community. Without a doubt they and their project partners will be able to successfully implement this proposal. The proposers know the type and number of team members required to implement the proposal and basically have a large group as their support network. The budget is outlined clearly and broken down into identifiable items and is reasonable to achieve the set goals. The proposal offers a realistic timetable and roadmap to complete the work and a very detailed, rationable and transparent implementation plan. It describes the resources used and every imaginable detail is shown. This is a great example of a good, feasible proposal.

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The team has shown to have enough skills and experience in the field to bring this project live. The amount of research and work already done by the team shows their passion and will to make this proposal a success. The team also has put up a detailed plan of how they plan to get this done and the milestones look doable. The team has also made a note of the possible risks it could face in gaining the trust of locals and instilling a sense of reliability in them. However, the proposal seems to lack in one particular area of how the proposed application could rectify the vulnerabilities and the constant hacks of the already existing Defi applications on the Ethereum and Binance network. Provided that the team can provide their approach to minimize these susceptible hitches, this proposal will be a perfect way to tap into the immense potential the African communities could add to the ecosystem and the adoption of Cardano for Defi. The chances of the proposal being a success are quite high given the team has active hubs already established despite a few areas where more information is required to draw conclusive decisions. Hence, I justify the feasibility with a score of 5 out of 5.

Assessment Quality Assurance

Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

Assessor ID
z_assessor_751
Total QA Ratings
20
QA Rating Outcome
Excellent
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Auditability

4.3 / 5
3 评论

Does the proposal provides sufficient information to assess and audit progress and completion?

社区评论 (3)

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All the information provided in this proposal is sufficient to be audited for progress and success. The team provides a suite of objectives, marketing challenges and risks, and deliverables in the proposal. Each is well thought out and articulates what voters can expect for the money being spent. If my understanding is right, the main concern here is how do we educate the collectors to actually use this protocol and not the latter (which gives him more benefit) since there is still a middle men between the exchange and the merchants.

Assessment Quality Assurance

Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

Assessor ID
z_assessor_669
Total QA Ratings
18
QA Rating Outcome
Good
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Well-defined, detailed metrics and an auditable roadmap are presented that define the success of the proposal. A clear, understandable problem description is accompanied by a very detailed, auditable description of a solution.

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The team mentions the milestones one could use to track its progress. However, there is no detailed plan with when the desired outcomes of the project can be expected to reach. However, the team does provide a list of final metrics one could use to audit its final goals and its success. The team also provides a brief break up of the budget which is plausible and practical. The proposal's objective of increasing the sign-ups and transactions at the end of 12 months time is competent. But a detailed game plan and time horizon along with metrics that show how the decentralization of the local financial systems are happening and how reliable this Defi application is compared to the existing applications on other coins will make the audit more meaningful and easier. Hence, I believe a score of 4 out of 5 for the auditability does justice.

Assessment Quality Assurance

Assessment Quality Assurance is an offered role to veteran in the Cardano Project Catalyst Community. The purpose is to review PA assessments of proposals, providing a second layer of Quality Assurance.

Assessor ID
z_assessor_751
Total QA Ratings
20
QA Rating Outcome
Excellent
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Monthly Reports

We have not yet officially launnched this project, however we have defined our initial roadmap and plan to hire a few interns over the next month to officially launch the project.

Disbursed to Date
$12,000
Status
Launched
Completion Target
3/1/2023

-Continued research on Stable coin model that will best fit the local context -Started selection process for developer interns to work on the project

Disbursed to Date
$12,000
Status
Still in progress
Completion Target
1/4/2022
  • Hired first 4 interns that will work on the project.
  • Orientation meetingfor interns tomorrow 5/24
  • First day of training June 1. Practice in Haskell will be geared towards this project and others being ran Cameroon Hub.
  • Stable coin research: settled on one potential model that we feel will fit local context (based on “monnai libre ocitanie” in France)
Disbursed to Date
$12,000
Status
Still in progress
Completion Target
4/1/2023

-Intern training program launched june 1 -Practice in Haskell will be geared towards this project and others by the Cameroon Hub.

Disbursed to Date
$12,000
Status
Still in progress
Completion Target
1/4/2023
Attachment(s)

no

Disbursed to Date
$12,000
Status
Still in progress
Completion Target
5. After 1 year
Attachment(s)

Please accept this report for August.

Disbursed to Date
$12,000
Status
Still in progress
Completion Target
5. After 1 year

Our intern training program continues to advance. See attached report for more details.

Disbursed to Date
$12,000
Status
Still in progress
Completion Target
5. After 1 year