realChainLife
commented
2 years ago Hi @Kwabena-CC thank you for your proposal. We will not be funding the work outlined here mainly due to the lack of clarity around total addressable market for data monetization products, specifically as it relates to data sovereignty, and privacy. We'd be happy to review any research findings that support the problem statement / solution designs in this scope.
Open Grant Proposal: Model for Selling Transaction Data via Filecoin
Name of Project: Model for Selling Transaction Data via Filecoin
Proposal Category: integration-adoption
Proposer: Kwabena-CC
Do you agree to open source all work you do on behalf of this RFP and dual-license under MIT, APACHE2, or GPL licenses?:
YesProject Description
Businesses need transaction data to influence their decision-making and read market trends. Companies obtain the majority of this data exploitatively where individuals may be completely unaware and do not earn any payment for their information. Soli plans to enable individuals to monetize their data with our support, pioneer a data privacy-oriented model for transaction data monetization, and rightfully give the power back to the people.
Soli will upload the transaction data it collects to Filecoin. In return for their data, Soli users will enjoy cashback rewards when they make purchases using registered bank cards at participating locations within our partnered rewards network. We can sell transaction data in bulk and compensate users who contribute to each sale. Solipay is poised to help bridge the gap between established data buyer flows and user-centric models like ours. Our experiences and connections formed in the data marketplace over the past two years, coupled with the traction of our first application, give us ample resources to draw on in our mission.
Value
Completing this project will bring more organizations looking for cloud storage to the Filecoin ecosystem. As a growing decentralized storage system, unique use cases will show other companies that they can benefit from using Filecoin. Archived encrypted transaction data would be a relatively unique case. Once we use Filecoin, we will add it to the list of organizations we partner with on our websites and other relevant PR. Companies that either research us or purchase our data will then have exposure to Filecoin.
While there's no doubt that Solipay can create an MVP, failure to deliver on the base functionality of this project has less potential impact than successfully executing because of its novelty for Filecoin. Running into a few technical challenges would not weaken Filecoin's viability for any of its established use cases. The challenge will be receiving feedback from the buyers that we target and smoothening the process of buying data. We'll leverage our network to work out the pain points for anyone looking to buy our data, which ultimately ensures its interoperability with enterprise companies.
Deliverables
A consistent stream of our archived transaction data uploaded to Filecoin and a seamless user flow for buying access to that data in the form of an Ocean data token on the Ocean Marketplace. The data token will enable the decryption of our data sets which will be available on Filecoin.
Development Roadmap
We can break down our project into four milestones:
Milestone 1
We can engineer a programmatic operation of encrypting our data to be stored on Filecoin. First, we'll encrypt all transaction data sets using Lit Protocol. This data will need to be decrypted by any data buyers in the future, which we will handle when Lit Protocol's SDK requests a message signature as a condition for decryption. In our fourth milestone, we'll detail the requirements for providing the proper message signature for decryption.
Contributing Team Members: Danny Dager will lead the technical development aspects of each milestone. For this first milestone, he'll have the help of four software engineers, Kiera Cawley, Liza Trundle, Jack O'Conner, and Ori Spector. These five engineers will be contributing to every milestone.
Funding: The funding required will be 10K in USD.
Schedule: Assuming we begin development after confirming our partnership with Filecoin, this milestone can be completed by July 14th, 2022. This step should take a week or less, so this model assumes confirmation is received by July 7th, 2022. Receiving confirmation from Filecoin earlier would help hasten our completion of the project.
Milestone 2
Next, we'll programmatically upload our encrypted transaction data sets to Filecoin and IPFS using Web3.Storage, making use of the Web3.Storage JavaScript client library.
Contributing Team Members: Kwabena Ayim-Aboagye and Cassidy Williams will join the project by documenting the progress to be shared on social media, our website, our medium blog, and other publications interested in our developments. Publicizing our use case with Filecoin will attract more data providers and storage providers to the Filecoin ecosystem.
Funding: The funding required will be 10K in USD.
Schedule: In the same vein as the first milestone, we can complete this step by July 21st, 2022, or earlier.
Milestone 3
With our encrypted transaction data uploaded to Filecoin, we'll make Ocean Data NFTs that will represent our data sets on the Ocean Marketplace.
Contributing Team Members: The team of contributors stays the same.
Funding: The funding required will be 10K in USD.
Schedule: We can complete this step by July 28th or earlier.
Milestone 4
Finally, we'll make the Ocean Data NFTs accessible with Ocean data tokens. We'll use ownership of data tokens as the condition for decrypting our transaction data with Lit Protocol when a data buyer wants to use the data to which they've bought access. Quickly finding this data from our website and smoothening the transitions that someone might have to make to complete the process of purchasing this data will be a large part of the focus here.
Contributing Team Members: At this point, our CEO can begin to share our accomplishments with current investors, potential data buyers, and other relevant members of our network. This milestone will involve every member of the team.
Funding: The funding required will be 20K in USD.
Schedule: We can complete this step by August 11th or earlier.
Total Budget Requested
50K in USD.
The funding required for the first three milestones is similar because they all focus on backend development. The budget should cover the costs of our team working on this project for a month. The fourth milestone asks for more funding because we'll be developing the product and evaluating its brevity and clarity in presentation, meaning it will require more time than the first two milestones.
Maintenance and Upgrade Plans
This project should bring long-term revenue to our company. We'll monitor its operability regularly to ensure we securely archive our data, making adjustments in the form of PRs and specifying which problems we solve or features we enhance in each instance. We'll do our best to consistently share what needs improvement in the code base. Solipay will review PRs from outside our organization, and we'll include instructions on how to complete this process. Advertising this project will help us find data buyers and keep track of use cases we can share on social media and our website.
Team
Team Members
Team Member LinkedIn Profiles
Team Website
https://soli.xyz/
Relevant Experience
Solipay has created several products allowing users to monetize their data with active involvement. Our original app Solipay enables users to share 6 data types that users can sell to enterprises in exchange for compensation in USD, make cashback purchases online, and complete surveys of varying lengths for varying payments in USD. Our latest product Soli allows people to get paid for cashback transactions at qualifying merchants in a rewards network. Building a seamless and easily accessible UI that enables people to invest in yield protocols with the cashback they accrue is next on our roadmap, and we are making progress toward that end as we speak.
Team code repositories
For all of Solipay's current projects: https://github.com/solipay
Additional Information
We heard about Filecoin from the OceanDAO community, from whom we have received a grant in the past for unleashing our ethically sourced data on the Ocean Market.
Feel free to contact nicita@solipay.tech or kwabs@solipay.tech to discuss this proposal.
Solipay is a venture-backed company, and one of our primary advisors, Joel Jewitt, is a co-founder of LiveRamp. We've received grants from OceanDAO and Streamr in the past for integrations. Having come much farther since then, we have the experience to respond to challenges when working through these integrations adaptably, and we have ample support when implementing new concepts.