- Name of organization or individual and project name
NearPay (legal entity Ultiment s.r.o)
- Purpose of the grant: who benefits and how the project will serve the Foundation’s mission of user-owned data
Purpost of the grant: add Siacoin to NearPay wiget
Any cryptocurrency should be highly convertible - one should be able to buy and sell it anytime.
Community wins by having an easy way to on-ramp. Many of our partner wallets will have an option to buy Siacoin inside them. We are increasing the liquidity coming to the ecosystem.
- Code contributions must be open source
We are not open-source
- Timeline with measurable objectives and goals
Adding Siacoin to the NearPay widget will require ~1 month of development and testing.
Goal list Siacoin inside the widget and let users to successfully buy it.
- Any potential risks that will affect the outcome of the project
No unique risks for this project.
Among the usual:
- running out of budget due to the complexity of integration → will use our own budgets
- running out of time → not a problem for us, we’ll finish the integration anyway
- Budget and justification
$20,000:
1 month of work of a team of back-end and front-end devs, PM, QA and DevOps
liquidity for the first period of time
- Reporting requirements: Progress reports to the foundation/committee and to the community.
We’ll report every week on the progress of implementing Siacoin.
After launch we’ll offer the foundation a report of amount of Siacoin bought through the widget.
Our presentation:
https://drive.google.com/drive/folders/0AEcLkZc8u0akUk9PVA
UPD after a Discord discussion:
- When applying, we didn’t know that you don’t give grants to CEX onramps. Since we have antifraud and KYC solutions inside, we can’t make it open source currently.
- As for risks, yes we are ready to guarantee that the work will be finished if some risks arise. Still yes, we request the grant to cover the expenses.
- As for the 20k budget, we are ready to provide the breakdown if needed, so it could be verified
From our experience, the onramp widget has its own benefits:
- It could be easily integrated into different projects inside your ecosystem. So these projects will have a tool to onboard new users who don’t have crypto yet, but have bank cards
- Bank cards are the most common payment method, so users like that payment method
- For end users, the first transaction under 900 Euro will be without KYC (easy experience) (edited)