In the evolution of blockchain technology, decentralized finance (DeFi) has occupied a determining place. DeFi uses smart contracts on a blockchain to give anyone access to banking using a decentralized public ledger.
By cutting out middlemen, bankers, and brokers, DeFi has brought in a new generation of users and the sector has enjoyed a meteoric growth.
However, traditional finance needs new ways that DeFi is often lacking. RealFi is an ecosystem of products, which eliminates friction between crypto liquidity and “real” world economic activities, to offer attractive returns to holders of cryptocurrencies and cheaper financial products for people.
“The point of RealFi is to serve real people with real finance, and thus be able to innovate and do interesting things.” – Charles Hoskinson.
Launchpads in the Cardano Blockchain DeFi ecosystem do not currently support projects outside of the blockchain world. At Innovatio Crowdfunding, projects from all over the world will be able to register their crowdfunding campaign on the blockchain, without any technical knowledge. The team proposes to avoid intermediaries from the conventional credit world, simplifying the adoption of blockchain technology, to bring financing to the new horizons of RealFi.
Innovatio Founder is a crowdfunding platform, which aims to support fundraising campaigns, under a reward-based modality, in multiple currencies, in a decentralized market and without intermediation, with security, transparency and a unique user experience.
Users without knowledge related to blockchain technology will be able to launch their crowdfunding campaigns, since the Innovatio Founder platform will facilitate interaction with the blockchain.
For this, Innovatio will have to work on two points, the blockchain market (smart contracts and governance) and disintermediation with the blockchain (adoption and functionalities).
One of the main problems in the adoption of decentralized applications is the difficulty in using them. The technical learning curve is long.
Innovatio will develop a platform without intermediation, so that users interact safely with the market.
All users will be able to manage their own wallet, digital and legal identity, to interact without intermediaries with the blockchain. Thanks to the partnership with GameChanger Wallet, users will be able to create their own non-custodial web wallets. As possible, more wallets will be added to connect to the market.
The crowdfunding platform will allow hundreds of projects to raise funds in cryptocurrencies and fiat money, resulting in greater adoption of the crypto market and financing possibilities.
The money raised by crowdfunding campaigns will be kept in a stable currency, to preserve its value over time and eliminate the risk of fluctuation in the crypto market.
Users will be able to pay with cryptocurrencies or with a credit / debit card in fiat currency, with a payment ramp through an exchange.
The crowdfunding campaigns will be All or Nothing, in which if the financing objective is not reached in the established time, the funds will be returned to investors.
Once the fundraising goal has been reached, the project receives the first amount of funds to develop the provisions of the campaign plan. This methodology allows the financing and development process to be transparent and secure, and can be audited by investors.
Investors will be able to vote to cancel the development of a campaign, if the planning is not being fulfilled.
Market users will be regulated with digital identities, with integrated KYC, and thus will have legal backing, and will be able to participate in the governance process of each project. International regulatory conditions must be met, which allows for the presentation of projects in different jurisdictions.
Summary of features:
- Easy creation of wallets and interaction with the blockchain
- Allows crowdfunding campaigns for cryptocurrency projects, or for projects outside the blockchain ecosystem
- Allows fundraising in cryptocurrencies and fiat currencies
- Links legal identities (Database) with interactions digital (Blockchain transactions)
Innovatio has a public community dedicated to digital entrepreneurs and freelancers. Itis in continuous contact with other important community projects in Cardano, such as ALDEA, Swarm Community, Eastern Townhall, Gimbalabs, etc, which allow intra-community collaboration, a key pillar to attract investors and develop projects.
The public community of Innovatio will allow them to expand horizons for funding the development of new projects and also investors willing to support them. With advertising campaigns on social networks to attract investors and projects in the early stages, the advantages provided by blockchain technology and the possibilities of the crowdfunding platform will be initially promoted.
In relation to this topic, the team was funded by a proposal presented at FUND6: Entrepreneur Community Mentoring.
Launching MVP (Minimum Viable Product) with Game Changer Wallet (December – January)(*) More Info: https://bit.ly/3nAYrL4
Development of extra functionalities and improvements of the MVP (January – February)
- Integration of more wallets.
- Profile customization.
- User experience improvements.
Development of Smart Contracts template for transaction automation. (February – April)
- Launch of disintermediated crowdfunding campaigns.
- Implementation of Milestones
- Implementation of off-chain governance.
(*)Writer’s Note: The months scheduled on the roadmap may be out of date.
Smart Contract audit for FSA regulation. (Q2 2022) MCP to launch it to the market.
Implementation of payment in other cryptocurrencies. (BTC, ETH, TRX, etc (Q3 2022)
Implementation of fiat currency payment by credit / debit card. (Q3 2022)
What success looks like
The success of the platform can be summed up in something very simple, providing a crowdfunding service without intermediaries, transparent and secure that allows investors and project developers, whether or not they have a blockchain destination, to interact with the market on the Web3.
In 3 months: The platform will have the MVP launched in January and will implement smart contracts to implement governance / auditability and automation of transfers with smart contracts. (Re-Fund system and Instant Rewards)
In 6 months: The platform will have a regulated KYC, will improve its voting process by migrating it to the blockchain, and will be able to audit its smart contracts for a legal market launch under the FSA.
In 1 year: The platform will have a regulated KYC, voting process and will be able to fund in fiat currencies and crypto in general.
The cue team nta with two back-end engineers who are in charge of the database and its APIs and also a full-stack developer for the front-end. It also has an agency that manages the community, the image and the web design.
For this proposal, it will be necessary to hire a professional to develop the Smart Contract in Plutus. They have already selected some programmers from the community, with these skills for future hires.
- CTO and CEO salaries: USD 4,500 / month x 4 months: USD 18,000
- 1 Full Stack Developer: USD 2,800 / month x 4 months = USD 11,200
- 2 Back-end engineers: USD 6,400 / month x 4 months = USD 25,600
- 1 Plutus Developer:: USD 4,000 / month x 3 months (*) = USD 16,000
- Marketing Budget: USD 6,600
- Maintenance of Amazon AWS services: USD 2,600
Total Budget: USD 80,000
(*) Writer’s note: I assume typing error in the original proposal, and 4 months would correspond instead of 3.
Innovatio Founder is a Fintech of the company Innovatio UU. It was born a year ago with the mission of promoting the adoption of blockchain technology in the main financial services. In March 2021 it was decided to work with Cardano Blockchain to implement the platform’s decentralized marketplace.
You can read the proposal at Ideascale.