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Proposal: Alt36 + Dash Payment Platform [15 Updates Included]

ThirtySix

Active member
Proposal Part 2 added in 2nd post below.

This is a cross-post from: https://www.dashcentral.org/p/alt36-product36-pt1

This proposal would fund the creation of a Dash-integrated payment gateway targeting the legal cannabis industry in the US through partnerships with the 2 largest cannabis POS providers. The gateway package would include a loyalty program, customer offers (e.g., discounts, free samples, customer retention), federal and state tax reporting, supplier/employee/vendor payments using Dash, reconciliation reports, local sales tax calculation and payment submission, and onsite Dash ATM.

Alt Thirty Six has come to an agreement with the Dash Core team that includes a penalty extending up to 36 months of exclusivity based on the requests from the pre-proposal.

Requested funding is as follows for the May 4th budget cycle (2nd payment would be made in June budget cycle):

Total Part 1: 3,462.72 Dash

Manually vote on this proposal (DashCore - Tools - Debugconsole):
gobject vote-many 71a7984ae9777135f3685c1b060bd77460891fb0be17ee3dc94341f7b3ff2018 funding yes


PRODUCT36
(Dash payment project by Alt Thirty Six)​

Alt Thirty Six is a financial technology company specializing in data intelligence and digital payments. We create transparency into payment ecosystems by providing valuable business intelligence from transactions. Our simplicity and ease-of-use allows business managers and executives to make real-time, critical decisions to lower fees and identify opportunities for increasing revenue.


Our main verticals are cash-based, cannabis retailers having difficulty accessing banking and payment services. In 2016, cash-based cannabis sales were approximately $6.7 billion and estimated to hit $11 billion by 2020. Federal regulation has resulted in cash-only transactions between retail merchants, suppliers, and their customers with limited or no access to banking institutions. The negative effects of cash handling include: increased time investment, issues paying suppliers/vendors/employees and excessive fees which reduce their bottom-line.

The Situation

As of today, there are limited places that consumers can use digital currencies. The delay between payment and confirmation with other digital currencies is too long to facilitate transactions at the point-of-sale, and we feel strongly that Dash is the future of digital currency because of its instant transaction technology which will enable very fast point-of-sale transactions for our merchants. Dash will be the exclusive digital currency in our payments platform, which will also include traditional electronic payment methods for industry verticals that can access them.

Regarding traditional payments, we know that merchants are leaving money on the table with transaction and processing fees and see the market opportunity for digital currency options. Our goal is to help merchants save as much money as they can on traditional payment fees, and also give them the option to start using digital currency to save even more on their transaction costs. United States card issuers (Visa/MC) and the issuing banks (BofA/WellsFargo/Chase) generate over $30 billion annually from interchange fees at the increased expense of organizations and merchants. Interchange fees are those fees set by the network, charged to acquirers, and received by issuers as part of a debit or credit card transaction. With traditional payment methods, there are significant costs associated with a transaction. Also, credit cards are not even an option for many businesses and emerging industries. Chargebacks are also very costly.

For our cannabis merchants that deal with high volumes of cash transactions, cash-handling costs can represent approximately 10-15% of total revenue generated. Cash handling costs exceed the cost of payment cards - the merchants need trusted personnel to handle the money, and also armored trucks to transport the cash (which include fixed costs per dispatch, plus a percentage of the volume transported). On top of that, business bank deposit fees can be up to 3% of the deposit, and may require multiple bank drops to keep each deposit under a daily threshold (e.g., $10,000 per bank per business day). Paying suppliers is equally costly to withdraw and transport cash. Adding Dash to our payments platform would result in the extreme reduction in the cost of transacting payments and would save millions in industry overhead costs for merchants and their suppliers.

Issues with Traditional Payments

Today’s enterprise technology and payment processors have created excessive costs and very poor experiences for merchants accepting electronic payments. As a result, many retail executives and business managers lack the understanding and knowledge about electronic payments to make cost reduction strategies that will have a significant impact on their business. Issues such as outdated technology, confusing information, and time-consuming processes can cost companies millions of dollars each year. Digital currencies can address much of the cost issue, but there are many challenges to accepting and holding digital currencies, such as tax accounting and reporting.

Another issue we see is the fact that currently, digital currencies have an inability to access traditional financial tools. Merchants that are currently accepting digital currencies have many business issues such as: more bodies to reconcile the traditional payments and digital currency payments, legal issues, and tax issues. Two separate systems will throw off the business’s financial reporting when a merchant wants to print a report on what their total revenue for the day was - and we have a solution for that problem which is discussed below.

There are large and valuable markets that we will serve. Our initial channel strategy is to partner with existing industry-specific point-of-sale (POS) software providers to up-sell their existing customers with our payment solutions. We are also evaluating other channel strategies to continuously broaden our customer base.

Alt Thirty Six believes that digital currencies are the next phase in the evolution of money, and we want to add Dash as the payment option to the Alt Thirty Six payment platform. Alt Thirty Six strongly believes that this will be a win-win for both Dash and Alt Thirty Six - and that together we will both become stronger. Adding Dash to our payment platform will significantly increase the rate of adoption of Dash as a currency. We have partners and merchants that want to leverage Dash as a payment option immediately. Adding Dash as a payment option will help them save a large sum of money on cash-handling costs, along with payment processing and transaction fees. The Alt Thirty Six payment platform will encourage rapid adoption by making it extremely simple for retailers to transact in the Dash currency.


Issues Accepting Digital Currency


1. To process digital currency payments, merchants utilize completely different channels and reconciliation methods than traditional payment methods, which results in two reconciliation processes;

2. Tax reporting is extremely difficult for state and federal compliance;

3. Managing funds and converting to a fiat currency is challenging;

4. Two completely separate point-of-sale (POS) software solutions must run in parallel if a merchant wants to accept digital currencies. This causes additional work, legal issues, tax issues, and throws off the business’s reporting when a merchant wants reconcile daily sales, etc. In short, current solutions are inadequate for enterprise customers.

The Solution: PRODUCT36

Ken Ramirez, CoFounder + CEO

Lauren Murphy, CoFounder + President

Our total solution will be the first to apply a fully-integrated payment gateway for online and merchant purchases that will enable digital currency payments and traditional payments to have a single set of reports, reconciliation processes, tax reporting, loyalty programs, etc. The product development has been segmented into 2 stages to allow for a expedited launch date. Phase 1 includes the development of the Dash exclusive digital currency application and Phase 2 includes the development of the traditional fiat application to support traditional and digital currency.

Project Summary (continued in 2nd post due to maximum characters) -
To view part 1 of Alt36 + Dash Payment Platform proposal, go to this link: https://www.dropbox.com/s/djupse1z70szgvt/Official Dash Proposal - Alt36 + Dash Payment Platform.pdf?dl=0
 
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To view part 1 of Alt36 + Dash Payment Platform proposal, go to this link: https://www.dropbox.com/s/djupse1z70szgvt/Official Dash Proposal - Alt36 + Dash Payment Platform.pdf?dl=0
------

PROPOSAL PART 2:

This is a cross-post from: https://www.dashcentral.org/p/Alt36DashPaymentPlatformpart2

Alt Thirty Six is submitting the Dash + 36 proposal [part 2]. We recently provided a monthly update via the Dash forum on 06.06.17. We have received the first two disbursements from the Dash Core team totaling $248,000 USD. These funds have allowed our team to build out our technical infrastructure and begin development. Since submitting the initial proposal some of the time requirements and schedules have shifted, but the project still requires 6 months as originally scoped.

Please review Dash + 36 Proposal [part 2] by clicking the DropBox file link below:
https://www.dropbox.com/s/i1jf8l2tmpez2ig/Official Dash Proposal-Part2 - Alt36 + Dash Payment Platform.pdf?dl=0

Manual voting (DashCore - Tools - Debugconsole):
gobject vote-many b66108ab86c08823df61553fb12de140a592689cdf527c3528f157c673820865 funding yes

Requested funding is as follows for the July 5th budget cycle:

Total amount requesting for remainder of Phase 1 is 1398.76 Dash ($496,000/2= $248,000 USD @ $177.30 per Dash based on the June 20th average rate at https://coinmarketcap.com/currencies/dash/
  • July 5th Payment 699.37 Dash
  • Aug/Final Payment 699.37 Dash
Total Requested in Part 2 proposal: 1,398.76 Dash ($248,000 USD)
----

PROJECT UPDATE 06/06/17:

https://www.dropbox.com/s/1di8xx7ciqtopoq/Project Update June 2017.pdf?dl=0

PROJECT UPDATE 07/05/17:
https://www.dropbox.com/s/dnpty2rxb7p9fw5/Project Update July 2017.pdf?dl=0

PROJECT UPDATE 08/08/17:
https://www.dropbox.com/s/o6b7wh0lbyssidc/Project Update Aug 2017.pdf?dl=0

PROJECT UPDATE 09/05/17:
https://www.dropbox.com/s/kcr1dnbj0nzg1ok/Project Update Sept 2017.pdf?dl=0

PROJECT UPDATE 10/08/17:
https://www.dropbox.com/s/6i80bhi2zb4yvvi/Project Update Oct 2017.pdf?dl=0

PROJECT UPDATE 11/22/17:
https://www.dropbox.com/s/rp7ejefajpvln5t/Project Update Nov 2017.pdf?dl=0

PROJECT UPDATE 12/15/17:
https://www.dropbox.com/s/fwykgovx5bx4q12/Project Update Dec 2017.pdf?dl=0

PROJECT UPDATE 2/16/18:
https://www.dropbox.com/s/uisjfxsgfs9wp7f/Project Update Feb 2018_.pdf?dl=0

PROJECT UPDATE 3/8/18:
https://www.dropbox.com/s/zm41xc6ri8hap4b/Project Update March 2018.pdf?dl=0

PROJECT UPDATE 4/24/18:
https://www.dropbox.com/s/m1jhpw6k7o841qj/Project Update April 2018.pdf?dl=0

PROJECT UPDATE 6/5/18:
https://www.dropbox.com/s/bgh1q0dvihyyznk/Project Update June 2018.pdf?dl=0

PROJECT UPDATE 7/11/18:
https://www.dropbox.com/s/ge0ehexzgtqgvs6/Project Update July 2018.pdf?dl=0

PROJECT UPDATE 8/29/18:
https://www.dropbox.com/s/lo7qjw3g36vlr3p/Project Update Aug 2018.pdf?dl=0

PROJECT UPDATE 10/02/18:
https://www.dropbox.com/s/cfr2wj9bu558hgo/Project Update Oct 2018.pdf?dl=0

PROJECT UPDATE 10/10/18:
https://www.dropbox.com/s/zfc6rum8zlz6373/Project Update Oct 2018 v.2.pdf?dl=0
 
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Thank you for making such a detailed budget proposal. I think this budget proposal will benefit Dash greatly as it could establish Dash as well-used payment solution provider.
So i'm giving it my full support.

Here are some of the financial details and the timeline of this rather ambitious budget proposal (please read the whole proposal though) :

Phase 1: Dash Funding Details and Proposal Terms
We are asking the Dash network for 6800 DASH ($496,000 USD). The funding will be used to contribute to the Alt Thirty Six + Dash integration, product design, and technical development for the Dash integration (NOT the fiat portion of the project, which will be completed in Phase 2.) The Dash project cost details are listed below. Alt Thirty Six also has skin in the game as we are contributing $669,000 USD to the project, which is more than 65% of the total project costs.

Full costs are expected to be 6800 DASH ($496,000 USD) and we are asking for 4 goal-based payments that will be adjusted according to the Dash/US Dollar exchange rate at the time. We will submit 2 proposals: the 1st for the 50% of the total funding, distributed over the next 2 months and the 2nd for the remaining 50%, distributed over next 2 months following.

We have requested that the Dash Core team holds the project funds in escrow until requested for product development requirements. This will protect Dash as the value is expected to increase. The funding schedule is proposed as follows:

1. Dash to fund Alt Thirty Six 50% upfront to start the project, funded in two disbursements over the next two months by a project manager appointed by the Dash Core team.
2. Dash to fund Alt Thirty Six 25% upon completion of Technical Development.
3. Dash to fund Alt Thirty Six the final 25% after all testing and product is ready to launch.
Alt Thirty Six has come to an agreement with the Dash Core team that includes a penalty extending up to 36 months of exclusivity.

Development Timeline: 6 months

1. 1st Funding Payment: 25% Funding
2. Dash Business Requirements and Design Sprints - 4 weeks
3. 2nd Funding Payment: 25% Funding
4. Dash Technical Development - 12 weeks
5. 2nd Funding Payment: 25%
6. Quality Assurance Testing, Load Testing, Bug Fixes, Enhancements - 4 weeks
7. User Acceptance Testing/Usability Testing - 1 week
8. Time Variance - 2.5 weeks
9. 4th and final Funding Payment: 25%
10. Push to Production and Go Live 2-3 days

Alt Thirty Six will provide a high level weekly update to the Dash Network. Detail updates will be tracked and communicated with the Dash Core Network Team and assigned Dash Project Manager. Alt Thirty Six will also generate a report to the community once a month.
 
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That is correct. The payout address is the business development address. This can be verified by comparing the payout address to previous business development proposals.
Indeed, now that I look at it, it is the same as the Blockcypher's proposal. Thanks for the confirmation!
 
Alt Thirty Six has come to an agreement with the Dash Core team that includes a penalty extending up to 36 months of exclusivity based on the requests from the pre-proposal.

@ThirtySix @babygiraffe
Can the terms of this agreement be released? It is in the network's interest to be aware of what are the exact conditions for fulfillment, who gets paid how much and when in the event of breach.
 
@ThirtySix @babygiraffe
Can the terms of this agreement be released? It is in the network's interest to be aware of what are the exact conditions for fulfillment, who gets paid how much and when in the event of breach.
Yes, the penalty is 100% of the network's original contribution pro-rated based on the number of months of exclusivity that Alt Thirty Six fails to provide. The 36 months commences on the date that the product is released commercially (not from the date of the proposal) and extends 36 months from that date, so it is truly a 36 month period of being on the market. Basically they would have to pay back ~$13,600 per month they fail to fulfill of the covered period. For example, if they added another cryptocurrency after 35 months, they would owe a penalty of $13,600 back to the core team for the one month not fulfilled. In another example, if they integrate another coin after 24 months, they would owe ~$165,000 in penalties. The core team would use any received funds toward other business development efforts in the best interest of the network. In addition, the agreement is binding in the event that Alt Thirty Six is acquired, merges with another company, or changes its legal structure... in other words the contract remains binding to any acquiring party.
 
sorry for this dumb question , but how exactly would their software help businesses ? is it POS system ? or is accounting software ? or both ?
 
Yes, the penalty is 100% of the network's original contribution pro-rated based on the number of months of exclusivity that Alt Thirty Six fails to provide. The 36 months commences on the date that the product is released commercially (not from the date of the proposal) and extends 36 months from that date, so it is truly a 36 month period of being on the market. Basically they would have to pay back ~$13,600 per month they fail to fulfill of the covered period. For example, if they added another cryptocurrency after 35 months, they would owe a penalty of $13,600 back to the core team for the one month not fulfilled. In another example, if they integrate another coin after 24 months, they would owe ~$165,000 in penalties. The core team would use any received funds toward other business development efforts in the best interest of the network. In addition, the agreement is binding in the event that Alt Thirty Six is acquired, merges with another company, or changes its legal structure... in other words the contract remains binding to any acquiring party.

Great terms and not a lot of businesses would be willing to provide those.

If I had a MN i'd vote yes.
 
Alt Thirty Six will also generate a report to the community once a month.
https://www.dashcentral.org/p/alt36-product36-pt1
Dashcentral says that payment started at 2017-04-20
We are waiting for the report at 2017-05-20.
One week left.

But wait, cryptoid states that the payment occured 2017-5-5
https://chainz.cryptoid.info/dash/address.dws?XfNeikkfga1GUVt3TUE5XjB4jRhQXPPiKa.htm
I think dashcentral is wrong.
So the report is delayed, we are waiting it at 2017-6-5
 
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Even if there is no report at all, have a look at their vote history https://dashvotetracker.com/history.php?ProposalID=258 .There is not a single MNO who voted down because of the lack of the report.:rolleyes: The community gave 776000 USD, and not a single report is presented on time. Am Ι wrong now when I say that the MNOs are stupids (or corrupted)?

I hope this is not a new lamassu case, but even if it is, who cares? The market does not care about correctness, and the price of Dash inreases together with the rest time-space dependant cryptocurrencies that all together follow bitcoin's tail (which is the king of all the time-space dependant currencies that the cryptotards are buying like maniacs)

But all this is an obvious bubble that will explode one day. Time-space dependant cryptocurrencies are the tulips of our age. I feel sorry for the new generations that will have to deal with the bubble explosion, but on the other hand it is because of their stupidity the bubble inflates. Instead of creating a new fair coin, the new generations trust the greedy Bitcoin genaration of 2010 (and the greedy Dash generation of 2014). So not even the new generations are insoscent, they deserve their fate.

And who is gonna listen to this? The truth is hidden behind the endless chatter of the advertisers. Thats why the advertisers and the marketeers are the real cancer of Dash. Just go to the governance system and count how many are the do nothing/advertise projects that are voted up. More and more budget projects reject the real essence and fall into the advertisers pit. Advertise, convince the stupids, do nothing, take the money and run. This mentality rules almost every project here in Dash.
 
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Slow down, wasn't the money paid to an escrow account held by Core rather than directly to the proposal owner? I agree we should have had an update by now, but the escrow arrangement will have made the MNOs feel much more confident about voting and, as long as the escrow is being properly administered, should still mean that we have nothing to worry about. Perhaps @babygiraffe could confirm this when he has a moment.
 
Slow down, wasn't the money paid to an escrow account held by Core rather than directly to the proposal owner? I agree we should have had an update by now, but the escrow arrangement will have made the MNOs feel much more confident about voting and, as long as the escrow is being properly administered, should still mean that we have nothing to worry about. Perhaps @babygiraffe could confirm this when he has a moment.

Escrow account? Really? Is it this a decenrtalised way of thinking? :rolleyes:

And then, ok, lets suppose that they deliver nothing. And all the money remains to the escrow account.
What happens to that money? Do you know? Or you just dont worry about it...?:rolleyes:

I am unable to find a single reasonable excuse for your stupid attitude. You are just cryptotards...
 
There's no need to get personal, I was just trying to defend MNOs against your accusations of stupidity and avoid any undue panic caused by your inflammatory posts. In case you missed it I also tagged @babygiraffe in case he can shed some light on the situation, since he worked closely with Alt36 in helping them to prepare this proposal.
 
There's no need to get personal, I was just trying to defend MNOs against your accusations of stupidity and avoid any undue panic caused by your inflammatory posts. In case you missed it I also tagged @babygiraffe in case he can shed some light on the situation, since he worked closely with Alt36 in helping them to prepare this proposal.

You didnt even tag @babygiraffe . User tagging does not work.
 
According to the proposal:
We have requested that the Dash Core team holds the project funds in escrow until requested for product development requirements.

and this:
Alt Thirty Six will provide a high level weekly update to the Dash Network. Detail updates will be tracked and communicated with the Dash Core Network Team and assigned Dash Project Manager. Alt Thirty Six will also generate a report to the community once a month.

@tungfa -- I would like to know who the Dash Project Manager is.

By the way, this is an issue that we address at Dash Budget Watch (https://fundchan.com/dashbudgetwatch) -- DBW projects are held accountable.

@Tallyho -- don't be bothered by @demo; his content is good, just need to ignore his attitude cruft.
 
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