Short Story

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Ideascale link

Challenge question :

How can we create an environment for seamless (no fee/delay) integration b/w ADA and FIAT?

Why is it important?

For Cardano to become a World FinOS, the integration b/w ADA and FIAT must be seamless. InExchange will jumpstart this, for charity too.

How does success look like?

Wide user adoption of InExchange, LiveSpending ADA at stores, broader unbanked audience served, Profit rewards set for charity.

Key Metrics to measure

Monthly user transaction volumes, Number of users onboarded monthly, Monthly ADA Treasury increase/decrease, how many new ADA users are arriving through payment services side promotion, number of accounts, number of international transactions issued monthly, monthly rewards collected,

Challenge brief

I want to clarify that “How can we create an environment for seamless (no fee/delay) integration b/w ADA and FIAT?” is the Community Choice challenge up for vote in Fund 3.
The solution aspect (InExhange via API Framework b/w Cardano and Payment Services) is a preview for Fund 5. What good is it to say “Save the Whales” but fail to inform people that we need to stop whaling to achieve this?

 

InExchange: Ada Card(ano) Cat(alyzer) is an interoperation of Cardano and CeFi Digital Payment Services that will allow for seamless (No Fees) integration between $ADA and FIAT utilizing an online not-for-profit financial custodian as an intermediary, allowing users to buy, sell, and LiveSpend $ADA (using a debit functionality) without fees using their preferred payment service. All three transaction types will be proxy transactions mediated by an autonomous transaction oracle, as they will all be initiated off-chain and bottleneck through the InExchange custodian. Buy/Sell $ADA will be initiated through the online interface and LiveSpend $ADA will be initiated at Point of Sale, each with on-chain exchange of $ADA between user wallets sub-delegation and Treasury Reserve with corresponding FIAT transactions.

 

***There are three main components to the system
1.PoS Sidechain: InExchange stakepool will host Live Stake, $ADA Treasury Reserve as stake, and user wallets deposit sub-delegations. All rewards from pool will be collected by InExchange and used to offset transaction fees, maintain treasury and charity. “X” $ADA in each wallet will be token locked as a deposit amount to ensure pool saturation and account use. Proxy transactions will be used to move ADA to and from user wallets to Treasury Reserve, depending on transaction type.
2. InExchange custodian and Ada Card. Cat. Web API Framework services module will run an SQL database, online interface, Payment Service Integration Socket hosting transaction oracle, and a Cardano node that will use modified settings for Cardano wallet back-end APIs and transactional metadata to act as a hub between Payment Services, InExchange PoS Sidechain, SWIFT Master FIAT account, and user accounts hosting user data, ie- Wallet, User, Payment Services type, etc. User account has a companion app and debit card, which will allow for debit to LiveSpend $ADA or clone debit Payment Services balance. User accounts will hold no FIAT balance. Sale, purchase, and LiveSpend of $ADA will be facilitated via Master FIAT Account and user’s Payment Services account.
3. User Payment Services account- ie PayPal, GooglePay, Venmo, CashApp, ApplePay, etc.

 

***InExchange’s feedback (Return on Intention) to Cardano ecosystem.
1. First case use for PoS sidechain on Cardano
2. First case use of interoperability for live spending $ADA utilizing a DeFi and CeFi web sync
3. ?First case use of Cryptocurrency being sold as a usable commodity?
4. Allows account holders to buy, sell, and live spend $ADA without paying fees (offset by pool rewards)
5. Establishes $ADA as a digital inter-currency standard (not a stablecoin)
6. Establishes a not-for-profit precedence for the sidechain
7. Promotes token migration
8. Donated profits to the Cardano Coalition Trust will be held in wallet(s) that will be staked alongside the Treasury Reserve
9. Integration with payment services will allow $ADA to become more accessible to lower income (first, second, and third world) peoples
10. Case use for token locking in commercial application (deposit)
11. Increases functional value of network and $ADA, in turn.
12. Sets (first?) case use for proxy transactions on Cardano that utilize metadata to initiate off chain FIAT transactions and vice-versa.
13. Gives users a vote in how charity funds are used.
14. Solves “Philippines” problem if sender and receiver are InExchange account users.
15. First case use of a transaction oracle using metadata to execute smart contracts.

 

***Basic examples and resource for Cardano back-end
https://docs.cardano.org/en/latest/getting-started/3rd-party-integration/index.html
https://input-output-hk.github.io/cardano-wallet/api/edge/#operation/joinStakePool
https://input-output-hk.github.io/cardano-wallet/api/edge/#operation/putWallet
https://docs.cardano.org/projects/cardano-serialization-lib/en/latest/getting-started/generating-transactions.html
https://docs.cardano.org/projects/cardano-serialization-lib/en/latest/getting-started/metadata.html
https://github.com/input-output-hk/cardano-wallet/wiki/TxMetadata
https://input-output-hk.github.io/adrestia/docs/common-use-cases/how-to-make-a-transaction/
https://input-output-hk.github.io/cardano-wallet/api/edge/#operation/postExternalTransaction
https://input-output-hk.github.io/cardano-wallet/api/edge/#tag/Settings
https://input-output-hk.github.io/cardano-wallet/api/edge/#tag/Proxy
https://input-output-hk.github.io/cardano-wallet/api/edge/#operation/postTransaction
https://github.com/input-output-hk/cardano-wallet/tree/master/specifications
https://input-output-hk.github.io/cardano-wallet/api/edge/#operation/getNetworkInformation
https://input-output-hk.github.io/cardano-wallet/api/edge/#operation/getNetworkClock
https://input-output-hk.github.io/cardano-wallet/api/edge/#operation/postTransactionFee
* Some operations will need modification (postTransactionFee) and some may be redundant or superfluous. Ada value at time of transaction per NetworkClock/synced clock will need to be added to online interface. *

 

Not-For-Profit: All annual profits will be collected and staked as ADA with the Cardano Coalition Trust wallet on InExchange. Each InExchange member will use their token locked deposit to vote on which 3rd world infrastructure projects take priority per X period.
We have the opportunity to step in as a community and say this new financial instrument type shouldn’t be a capitalist war-horse but a Pegasus of peace and prosperity for the 3rd world.
How different would the world be, if the money-changers always helped the poor. Let’s change this…
The Cardano Coalition will consist of a Chair, Council, and members consisting of InExchange users.
All of this will be done with full transparency and involvement of the Cardano Foundation.

 

Rich Kopcho has agreed to be my business/Financial consultant on this. His LinkedIn is here:
https://www.linkedin.com/in/kopcho/
and his company website is here: https://lodestudio.com/

 

Overview here:
https://cdn.discordapp.com/attachments/782432163379281970/800976153850019840/overview3.pdf

Challenge budget in USD. Only use numbers! No symbols, letters, fractions. 400000

Which of these definitions apply to you? Other/Prefer not to say, Teacher

Want to register as a community advisor? Confirm all following statements are true: I want to serve as a community advisor. I did not submit a funding proposal for Fund3. I am not affiliated with any proposing team in Fund3. I commit to provide fair and thoughtful reviews. One or more of the above statements are false.

DeFi/CeFi Cardano& Payment Services

Goal: $400,000.00
318 Campaigns | 0 Loved campaigns

Story

Cardano Wallet Backend API DocumentationSwagger-generated API Reference Documentation for Cardano Wallet Backend API

Cardano Wallet Backend API DocumentationSwagger-generated API Reference Documentation for Cardano Wallet Backend API

GitHub

input-output-hk/cardano-walletHTTP server & command-line for managing UTxOs and HD wallets in Cardano. – input-output-hk/cardano-wallet

How to make a transactionusing cardano-wallet Difficulty: beginner Requires: 📦 cardano-wallet >= v2020-04-01 Assuming you have already created a wallet, you can send a transaction by using the following endpoint: POST /v2/byron-wallets/{walletId}/transactions Behind the scene, the wallet engine will select necessary inputs from the wallet, generate a change address within the wallet, sign and submit the transaction. A transaction can have multiple outputs, possibly to the same address. Note that in Byron, addresses are necessarily base58-encoded (as an enforced convention).

Cardano Wallet Backend API DocumentationSwagger-generated API Reference Documentation for Cardano Wallet Backend API

Cardano Wallet Backend API DocumentationSwagger-generated API Reference Documentation for Cardano Wallet Backend API

Cardano Wallet Backend API DocumentationSwagger-generated API Reference Documentation for Cardano Wallet Backend API

Cardano Wallet Backend API DocumentationSwagger-generated API Reference Documentation for Cardano Wallet Backend API

GitHub

input-output-hk/cardano-walletHTTP server & command-line for managing UTxOs and HD wallets in Cardano. – input-output-hk/cardano-wallet

Cardano Wallet Backend API DocumentationSwagger-generated API Reference Documentation for Cardano Wallet Backend API

Cardano Wallet Backend API DocumentationSwagger-generated API Reference Documentation for Cardano Wallet Backend API

Cardano Wallet Backend API DocumentationSwagger-generated API Reference Documentation for Cardano Wallet Backend API

LODE – Commercializing Innovation | Opportunity Zone Venture Studio | Laramie WyomingLODE is a Laramie-based venture studio revolutionizing business creation, economic development and commercializing emerging technology through the power of our repeatable startup manufacturing business model.

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