stx-grant-bot[bot]
commented
2 years ago Thanks for submitting a grant proposal. Our team will review your submission and get back to you.
Closed ShujaHussain closed 2 years ago
stx-grant-bot[bot]
commented
2 years ago Thanks for submitting a grant proposal. Our team will review your submission and get back to you.
will-corcoran
commented
2 years ago Hi @ShujaHussain
Thank you for this exciting proposal! Could you please email me at will@stacks.org to set up a Zoom call with myself and @jennymith ? We would like to get to know more about you, your project, and your goals. We would also like for you to revise your proposal to include some technical details of the platforms you would like to build. Perhaps wait on revising the proposal until after our conversation so you can include any items we discuss on the call.
Best. Will
ShujaHussain
commented
2 years ago Hi @will-at-stacks
Have modified the proposal in Budgets & Milestones section. Please do have a look and let us know about future steps.
Regards Shuja
will-corcoran
commented
2 years ago Hi @ShujaHussain - Please excuse us if your review takes a bit longer than normal as e are in the process of rolling out a new platform. Additionally, I am out of the office until 2/7. We will get back to you as soon as we can. Best, Will
ShujaHussain
commented
2 years ago Hi Will
Hope you are back and have resumed office. Please let us know about the future steps here.
Regards Shuja
On Sun, Jan 30, 2022 at 8:39 PM Will Corcoran @.***> wrote:
Hi @ShujaHussain https://github.com/ShujaHussain - Please excuse us if your review takes a bit longer than normal as e are in the process of rolling out a new platform. Additionally, I am out of the office until 2/7. We will get back to you as soon as we can. Best, Will
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will-corcoran
commented
2 years ago Hi @ShujaHussain
We still have several questions regarding your project, but are still in support of the effort. This grant is approved! Can you please share the following with the community for comment in the early stages of your development:
In order to overcome these concerns we made an adjustment to your payment schedule: M1 = $5,000 and M2 = $10,000. Once the community has a chance to review the documents above and you include pertinent feedback into your deliverables we will disburse M2. I hope this is agreeable.
Please confirm and we will finalize the approval.
We are excited to support this project, Will
ShujaHussain
commented
2 years ago Hi Will
Thanks for approving our proposal. We are super excited to be part of the Stacks family. We are okay with the adjustment suggested by you regarding disbursement of M1=$5,000 now and then M2=$10,000 once we work on the two points suggested in the trailing mail and subsequent community review. Do let us know what will be required for M1 disbursal at this stage. From our understanding, we think we will only require a HIRO wallet for the receipt of the grant.
Regards Shuja
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On Thu, Feb 17, 2022 at 1:21 AM Will Corcoran @.***> wrote:
Hi @ShujaHussain https://github.com/ShujaHussain
We still have several questions regarding your project, but are still in support of the effort. This grant is approved! Can you please share the following with the community for comment in the early stages of your development:
- revised whitepaper that details how interest is being earned on assets and details on your tokenomics and how you plan to deal with regulatory concerns.
- a wireframe of your MVP and user flows detailing the interface you plan to build and user flow indicating how and where Clarity smart contracts fit into the picture
In order to overcome these concerns we made an adjustment to your payment schedule: M1 = $5,000 and M2 = $10,000. Once the community has a chance to review the documents above and you include pertinent feedback into your deliverables we will disburse M2. I hope this is agreeable.
Please confirm and we will finalize the approval.
We are excited to support this project, Will
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will-corcoran
commented
2 years ago @ShujaHussain glad this works for you! I will approve the application now. You will just need to sign the contract before the funds can be disbursed.
stx-grant-bot[bot]
commented
2 years ago Congratulations. Your grant is now approved. Please complete the on-boarding link here: https://grants.stacks.org/onboard?q=daaeb4fc6c479e1bf3ad175b30b22078
ShujaHussain
commented
2 years ago @Will Corcoran @.***> Have the signed the contract. Hope it's in order.
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On Sat, Feb 19, 2022 at 8:17 PM Will Corcoran @.***> wrote:
@ShujaHussain https://github.com/ShujaHussain glad this works for you! I will approve the application now. You will just need to sign the contract before the funds can be disbursed.
— Reply to this email directly, view it on GitHub https://github.com/stacksgov/Stacks-Grants/issues/256#issuecomment-1046034375, or unsubscribe https://github.com/notifications/unsubscribe-auth/AXHOS6QFPS3G34SC2NYRZKTU36UR7ANCNFSM5LTXOQNA . Triage notifications on the go with GitHub Mobile for iOS https://apps.apple.com/app/apple-store/id1477376905?ct=notification-email&mt=8&pt=524675 or Android https://play.google.com/store/apps/details?id=com.github.android&referrer=utm_campaign%3Dnotification-email%26utm_medium%3Demail%26utm_source%3Dgithub.
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ShujaHussain
commented
2 years ago Hi Will
Just wanted to check if there are any formalities left for the grant disbursal. In case everything is in order, do let us know when should we expect the grant to be received in Carret's HIRO wallet. Will confirm once received.
Regards Shuja
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On Sat, Feb 19, 2022 at 11:12 PM Shuja Hussain @.***> wrote:
@Will Corcoran @.***> Have the signed the contract. Hope it's in order.
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On Sat, Feb 19, 2022 at 8:17 PM Will Corcoran @.***> wrote:
@ShujaHussain https://github.com/ShujaHussain glad this works for you! I will approve the application now. You will just need to sign the contract before the funds can be disbursed.
— Reply to this email directly, view it on GitHub https://github.com/stacksgov/Stacks-Grants/issues/256#issuecomment-1046034375, or unsubscribe https://github.com/notifications/unsubscribe-auth/AXHOS6QFPS3G34SC2NYRZKTU36UR7ANCNFSM5LTXOQNA . Triage notifications on the go with GitHub Mobile for iOS https://apps.apple.com/app/apple-store/id1477376905?ct=notification-email&mt=8&pt=524675 or Android https://play.google.com/store/apps/details?id=com.github.android&referrer=utm_campaign%3Dnotification-email%26utm_medium%3Demail%26utm_source%3Dgithub.
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ShujaHussain
commented
2 years ago Hi Will
Grant has been credited to Carret's wallet.
Regards Shuja
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On Tue, Feb 22, 2022 at 5:49 PM Shuja Hussain @.***> wrote:
Hi Will
Just wanted to check if there are any formalities left for the grant disbursal. In case everything is in order, do let us know when should we expect the grant to be received in Carret's HIRO wallet. Will confirm once received.
Regards Shuja
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On Sat, Feb 19, 2022 at 11:12 PM Shuja Hussain @.***> wrote:
@Will Corcoran @.***> Have the signed the contract. Hope it's in order.
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On Sat, Feb 19, 2022 at 8:17 PM Will Corcoran @.***> wrote:
@ShujaHussain https://github.com/ShujaHussain glad this works for you! I will approve the application now. You will just need to sign the contract before the funds can be disbursed.
— Reply to this email directly, view it on GitHub https://github.com/stacksgov/Stacks-Grants/issues/256#issuecomment-1046034375, or unsubscribe https://github.com/notifications/unsubscribe-auth/AXHOS6QFPS3G34SC2NYRZKTU36UR7ANCNFSM5LTXOQNA . Triage notifications on the go with GitHub Mobile for iOS https://apps.apple.com/app/apple-store/id1477376905?ct=notification-email&mt=8&pt=524675 or Android https://play.google.com/store/apps/details?id=com.github.android&referrer=utm_campaign%3Dnotification-email%26utm_medium%3Demail%26utm_source%3Dgithub.
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ShujaHussain
commented
2 years ago We will be generating yield for Carret users using multiple sources- some centralised and some decentralised. The decentralised yield generation will be automated via smart contracts once we achieve a certain scale since we are offering no lock-in to our users. Broad Category of Strategies to be employed by Carret for generating return
CarretX will be the native token of Carret’s ecosystem. CarretX will be based on Stacks. The total supply will be 1 billion. The token holders will avail of multiple benefits on the trading platform as well as on the asset management platform, and in our future products & services – even if not detailed in the whitepaper.
At launch, there will be 1 billion tokens. We will be selling 50% of the tokens (500 million) between the presale and public sale, and will distribute the tokens shortly after the close of the public sale. Private Sale price=$0.01, Amount raised= $200 million0.01= $2 million Public Sale price= $0.025, Amount raised = $300 million0.025= $7.5 million The treasury tokens will be released to Carret Treasury only when the CarretX Token price in the secondary market remains above an average of $0.10 for ten (10) days (meaning the price of CarretX has increased 4x from the time of the Public sale). The treasury funds will be mostly used to reward our platform users and long term CarretX holders and other relevant use cases.
Staking Rewards: CarretX token holders will be able to stake the CarretX token and earn a yield on it in the 24Carret account.
CarretX Defi Protocol: Carret will launch a Defi protocol for BTC lending to institutional borrowers and CarretX will be the native token where participants can provide liquidity in the pools and earn a portion of the fee generated. Carret’s defi protocol and dApp will be built on top of Stacks chain to increase the adoption of BTC and STX.
Higher Yield Generation: Carret users will be able to get higher yield on their assets by holding a certain threshold of CarretX tokens. Users can also get higher yield by choosing to opt for receiving yield in CarretX tokens.
Interest Fee Payment Discount: CarretX token holders will also be able to get a discount on their interest payments when they opt to choose the interest in CarretX tokens if they hold a certain threshold of CarretX tokens.
Higher Reward on reward Cards: Carret users will be able to earn higher reward % on their spends if they opt to accept the reward in CarretX tokens depending on the amount of CarretX token they hold.
Trading Fee Discount: CarretX token holders will get a 50% trading fee discount when paying the trade fees using CarretX tokens.
The discount will be phased for 4 years in the following manner: Year 1: 50% trading fee discount Year 2: 25% trading fee discount Year 3: 15% trading fee discount Year 4: 5% trading fee discount The discounts will be subject to users holding a certain minimum threshold of CarretX tokens.
CarretX INR Stablecoin: Carret will launch a stablecoin pegged to INR in future, similar to the stablecoins pegged to USD. CarretX token holders will benefit from the integration of CarretX token with the INR stablecoin.
Token airdrop: Carret values its community members immensely and it will Airdrop tokens from time to time to reward & incentivize our users so that the journey to achieve financial freedom for all Indians is achieved. The airdrops will be based on the amount of CarretX token you hold.
Current Status India doesn’t have a comprehensive crypto regulatory framework till now. There are two regulations brought in the Budget Speech of 2022:
The government hasn’t legalized the asset class nor has appointed any regulator till now.
The Advertising Standards Council of India (ASCI) announced new guidelines for the crypto industry in February which directed the industry to carry the following disclaimer: “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” The guidelines consist of 12-points to safeguard the interests of Indian users. These will be applicable from 1st April 2022. These guidelines are a welcome step from ASCI from an industry perspective as it lays down the specific guidelines. Compliance with these guidelines does not carry any extra costs as the industry & Carret was already self-regulating while doing content marketing. This has provided much-needed clarity in one of the important areas of the crypto economy.
Carret has already been following KYC-AML guidelines which are sort of followed by the industry overall and is on par with the compliance done in the equity market segment. The KYC-AML compliance is a big pre-regulation step by Carret which reduces any adverse action by the government/regulatory body for violating KYC-AML norms.
Possible future regulations: Single regulator-SEBI: Going forward, the most likely regulator that can be appointed to regulate Crypto Assets is SEBI (Securities and Exchange Board of India) which currently regulates the Equity Exchanges. If SEBI is the appointed regulator and the guidelines remain similar in term of license issuance as the equity segment, then the cost to acquire license remain relatively small as it needs a certain threshold of Net Worth & Deposits mentioned below:
Multiple regulators- SEBI & RBI Another possibility is regulation by RBI (Reserve Bank of India) for Stablecoins as these are fiat-backed coins and rest others by SEBI (which has role very similar to SEC of USA). In that case, Carret will apply for both licenses. The cost of acquiring these two licenses will remain in the same range as when only SEBI act as the regulator.
So the costs to acquire the license will be <$50K USD while having a net worth of ~$130K USD. For Carret, this may be required sometime in Q4 of CY2022.
India Based Wallet System: One of the main issues for the regulators has been the potential money laundering aspect of the crypto asset class. To solve this, regulators may come up with the creation of Bharat Crypto Wallet- a Metamask/Trust Wallet alternative that will have the facility to utilize the current Indian Tech stack (UPI/Digilocker etc) to do KYC, and also record the transactions flowing in-and-out of the wallet. The same can be paired with an Indian custodial service provider (someone like Liminal) so that the wallet has an India-based crypto tech stack. This will become something very similar to the existing NPCI (National Payments Corporation of India) stack for the fiat monetary system in India. In this case, the compliance cost will reduce and will make it relatively easy for Carret to comply with the regulation.
Adverse Impact scenario If the Indian government doesn't support the crypto asset class, Carret has the option of operating out of other countries.
Singapore: If the Indian government doesn't support the crypto asset class, Carret has the option of operating out of Singapore. Carret has registered an entity in Singapore. Most of the Indian exchanges (apart from WazirX) have registered in Singapore and hold licenses there. The applicable license will be an SFA (Securities and Futures Act) license issued by MAS (Monetary Authority of Singapore). The costs and timeline associated with Singapore license is as follows: Crypto Investment Platform license- ~$35K-$40K, 3-4 months of time Authorised capital requirement- ~$180K This can be done by Carret as soon as the capital is raised.
Other geographies: Carret has shortlisted the following locations as a backup to Singapore:
Users will be interacting with a seamless UI, which lets them choose the asset which they want to earn yield on. In the backend of this UI there will be Clarity Layer which will be interacting with multiple APIs of Stacks ecosystem in Clarity as per our logic, which will involve :
Once we receive the reward, it will reflect in the user's portfolio. If the user wishes to he/she can withdraw the reward or can compound further on the reward.
The smart contracts written with Clarity will be open sourced for everyone to review/give feedback/collaborate/utilise for future projects.
Wireframe and User flow : link We have used figma to collaborate with the product designer and developer team. We have designed a detailed user flow which we will be building in react native so that it can support both Android and iOS. Figma can be accessed via the link above.
ShujaHussain
commented
2 years ago @will-at-stacks We have added the requested changes and details on how interest is being earned on assets and our tokenomics & have addressed the regulatory concerns as well. We have provided the figma link of our MVP and details around how Clarity smart contracts fits into the picture
CC: @neha-kumari
will-corcoran
commented
2 years ago thank you for the update @ShujaHussain and @neha-kumari
stx-grant-bot[bot]
commented
2 years ago M2 has been funded! When you are finished with this milestone, please comment on this issue with !m2_complete
will-corcoran
commented
2 years ago Hello and thank you for participating in the Stacks Foundation Grants Program!
We are in the process of migrating from GitHub to the new Grants Dashboard. In order to complete your grant, you will need to submit any remaining Progress Review and/or Final Review requests through the Dashboard in order to receive your remaining payments.
Lastly, please note we are marking this grant 'closed' on GitHub for organizational purposes, but it is still 'open' on the Grants Dashboard.
Thanks and we hope to continue to support your efforts with additional grants!
Best, Will
Background What problems do you aim to solve? How does it serve the mission of a user owned internet? Indian retail crypto investor/trader faces the problem of unwanted fragmentation of portfolio. This happens due to frictions involved in both, pre & post-investment journey. In pre-investment journey, retail users face the problem of asset discoverability and price comparison across platforms before executing the trade. This results in having accounts on multiple exchanges and a fragmented portfolio. In the post trade journey, the users face the problem of their assets just sitting idly on the platforms. They have to move their assets to other platforms if they want to earn yield leading to fragmentation of portfolio again. A by-product of these is that the portfolio splits across multiple platforms occur when the user wants to track their portfolio or compute their tax liabilities.
Project Overview What solution are you providing? Who will it serve? We are providing the following products & services to serve the Indian retail users:
Scope What are the components or technical specs of the project? What will the final deliverable look like? How will you measure success? The final deliverable will be two platforms- Trading platform (in the Beta stage now), Wealth Generation Platform which will have yield generation and Asset-Backed loans Our success will be measured by the number of retail users on the platform and the AUM being handled by the platform.
Budget and Milestones What grant amount are you seeking? How long will the project take in hours? If more than 20, please break down the project into milestones, with a clear output (e.g., low-fi mockup, MVP with two features) and include the estimated work hours for each milestone.
Total Grant Request: $15,000 M1: Scope of work, deliverables, and grant amount of total. Amount: $10,000 for building the yield generation platform. This will provide an opportunity for the user to earn greater yield using Stacks or CarretX tokens. The deliverable will be MVP of the “Earn” platform. M2: Amount-$5,000 for writing the code/smart contract of native token CarretX built on Stacks. The deliverable will be a draft smart contract for native token CarretX.
Team Who is building this? What relevant experience do you bring to this project? Are there skills sets you are missing that you are seeking from the community? Please share links to previous work. Neha Kumari: Founder. Neha graduated from IIT(BHU) Varanasi in 2015 and has been part of a fast-paced organisation like Flipkart where she contributed to building recommendation and search engines for millions of users in India. She has led projects like Vernacular for Flipkart and have seen huge user impact in this journey. Neha has also worked with a fintech firm, Finomena. She has expertise in tech and product. LinkedIn- https://www.linkedin.com/in/nehaskumari/, Twitter- https://twitter.com/0xneha Shuja Hussain: Co-Founder. He has done his MBA from IIM Ahmedabad in 2018 & also holds a BTech from NIT Jalandhar (2014). He has worked for 2.5 years in Yes Bank in the Loans Syndication team of the Corporate Finance department. Shuja achieved a sell-down of ~INR1,200 Cr during his stint at Yes Bank, helping the bank deleverage & derisk its portfolio. He has also worked with upGrad for ~1 year handling their most premium product offering, the MBA program with Deakin Business School, Australia. The product was designed, created & launched by his team and has >1000+ enrollments in place. Shuja has expertise in Finance & Business Operations. LinkedIn- http://www.linkedin.com/in/shuja-hussain, Twitter- https://twitter.com/0xShujahussain
Risks What dependencies or obstacles do you anticipate? What contingency plans do you have in place? The biggest hindrance that we anticipate is the regulatory uncertainty in India regarding crypto. Though we are hopeful that the regulation will be a positive one given the stance and signal given by the Indian government in the past few months. As a contingency plan, we have a planned layout to register our company in Singapore and continue the operations from there.
Community and Supporting Materials Do you have previous projects, code commits, or experiences that are relevant to this application? What community feedback or input have you received? How do you plan to share your plan to the community over time and as the final deliverable? Neha looks at the tech side of things at Carret. She has experience in working with distributed systems for ~4 years, where she has dealt with data of scale PetaBytes and have built applications for millions of users in India. Her expertise in this field is very much visible by the blogs she has written and the conferences in which she has talked about her work. Her blog on Cascading system (wrapper over Mapreduce) was retweeted by the official twitter handle of Cascading. She also gave a talk about her work in India’s biggest data science conference called Fifth elephant where she shared the speaker list with the creator of Anaconda, Peter Wang. She generally contributes to open source by answering questions on stackoverflow.
We have our presence on Twitter, Telegram, LinkedIn & Instagram. We are collecting feedback from the community from these channels constantly. One of the feedback was on the visual representation of the crypto assets they have in their portfolio which we have implemented in the product (this is still not present on other exchanges). We will continue sharing our plan with the community through our Twitter & Telegram channels and also through our Twitter spaces & Clubhouse sessions. We will share the beta versions of our product first with the community over the Telegram & Twitter channels.
CarretX Whitepaper_Stacks.pdf