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DASH-EX DEVELOPMENT: LOCAL EXCHANGE APP FOR INSTANT LIQUIDITY OF DASH

Discussion in 'Pre + Budget Proposal Discussions' started by Sahabia, Aug 30, 2018.

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Should this proposal be funded?

  1. Yes

    5 vote(s)
    83.3%
  2. No

    1 vote(s)
    16.7%
  1. Sahabia

    Sahabia Member

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    WHAT THE PROPOSAL SEEKS TO ACHIEVE
    • Find solution to the liquidity challenge facing dash users in Ghana and beyond.

    • Expand dash as a currency that can be used for remittance services in Africa.

    • Increase the visibility of Dash as a payment method

    • Find solution to the friction in dealing with fiat currencies

    • Create awareness and education of dash among the masses
    OBJECTIVES
    • Partnering with TechLens Ghana (www.techlensgh.com/) to develop an app (DASH-EX) for instant liquidity of Dash through Mobile Money E-cash system.

    • Leveraging on Mobile payment systems in Ghana to enable a flow between E-cash and Dash Digital Cash.

    • Organize an exclusive event with media coverage to launch DASH-EX

    • Create advertisements to market the product to 500+ users within the first three (3) months of usage.
    PROPOSAL DESCRIPTION
    This proposal would fund the development of the first local Exchange App (DASH-EX) targeting the Ghanaian economy through partnerships with TechLens Ghana (www.techlensgh.com/). Note: consultations are on-going with this company concerning the potential feasibility of the app. DASH-EX would be one of the most advanced and robust dash exchange tech designed to embrace the idea of “Simplicity” and “Accessibility”, empowering and bringing people from all walks of life to embrace the technological revolution of Blockchain and adopting dash digital cash.

    This project addresses a basic need of Dash - adoption. It will be a tool to help consumers and merchants adopt dash easily once they’ve decided to participate in the Dash ecosystem. Not only will this help those who have decided this, but it may influence others who would like to, but think liquidity is too difficult.

    The app would incorporate the local advanced system of banking for most of the people in Ghana and other African countries known as MOBILE MONEY to achieve its goal. Below is the brief explanation of mobile money and its existence in Africa.

    Mobile Money (or Mobile Payment) generally refers to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile to pay for a wide range of services and digital or hard goods. GSMA (2013) defines MM as a transformational service that uses ICT and non-bank retail channels to extend the delivery of financial services to the clients who cannot easily be reached profitably with traditional branched-based financial services.

    In developing countries like Ghana, mobile payment solutions have been deployed as a means of extending financial services to the community known as the "unbanked"or "underbanked,"which is estimated to be as much as 50% of the world's adult population, according to Financial Access' 2009 Report "Half the World is Unbanked". These payment networks are often used for micro-payments in Ghana. The use of mobile payments in developing countries has attracted public and private funding by organizations such as the Bill &Melinda Gates Foundation, United States Agency for International Development and Mercy Corps. And now most people in Ghana depend on this mobile payment services for their financial transactions. Mobile payment services are provided by existing Communication networks in the country. These are the MTN mobile money service, Airtel Mobile money service, Vodafone cash service etc.

    Starting from Ghana, this project will not be limited to Ghana but may extend to other places in the future. The app shall be the solution to the high liquidity challenge facing dash users as well as reduce the risk of losing money in trading Dash by merchants as a result of volatility.

    Also, this new development in the Dash ecosystem would be a major breakthrough that will enhance the value proposition of Dash payment services in Ghana as well as enable us to foster better collaboration with the Mobile Money service providers that will lead to developing additional innovative products for the enhancement of the financial sector in the country.

    Our main aim is to expand the level of both consumers and business adoption and build more confidence for Dash payment system in Ghana and beyond.

    DASH-EX being the first Mobile exchange app in Ghana, would be one of the main platforms driving the achievement of a decentralized economy in the world.

    THE SITUATION
    The idea to develop Dash exchange app came up when we identified a crucial shortcoming in the present Cryptocurrency exchange ecosystem in Africa. Dash adoption has gained much momentum in Ghana as a result of the persistent adoption campaigns in the country. However, liquidity has been the biggest challenge that discourages people and merchant adoption in the country. For instance, businesses that accept Dash need instant liquidity to avoid loses in case price goes down. Merchants complain of lost whenever crypto prices go down because these businesses plough back their daily sales to maintain activeness in business. They do not hold for long. Example, if a customer pays for a good at $50.00 today and by tomorrow, the price of Dash goes down making the $50.00 paid to him reduced to $40.00. The merchant just made a $10.00 lost.

    Despite the existence of the online exchanges that trade Dash in Ghana; www.ebitcoinics.com and www.uniquecoin.net, the problem still persist as a result of the following identified deficiencies.
    • Poor-responsive customer support

    • Delay in transactions

    • Inadequate awareness and education among the masses

    • Friction in dealing with several digital currencies
    These challenges have been the major reasons why businesses do not adopt Dash and also making other existing merchants to lose confidence in Dash. They complain of losing money whiles trading with Dash. It is on the basis of this problem that this idea was developed to take an initiative that will assist to find solution to the problem.

    WHAT WE WANT TO DO

    Considering the penetration and utility of mobile platforms in our daily life, we intend to provide a user-friendly platform exclusively for Dash users through creating a functioning local app (DASH-EX) for instant liquidity. DASH-EX would be a free mobile app designed to run on mobile platforms (Android, iOS, Windows Phone) and desktop platforms (Linux, macOS, Windows). This project would be designed for users to be able to access and exchange Dash quickly, easily, and securely. In order to further adoption of Dash in Ghana we need to make it easy for merchants to accept Dash as a form of payment. This system will enable us to do so.

    DASH-EX platform will redefine how existing online exchanges operate and by attracting more users via our simple product offerings, we will expand the pool of participants by fostering greater market liquidity and thereby contributing to its overall growth. This will be done through creating a flow between MM e-cash system and Dash. The project would explore local requirements to give users the ability to link their Dash wallets with their Mobile Money service accounts. The app will create a comprehensive account equipped to interact seamlessly with these two financial accounts to enable easy way of liquidating Dash.

    To achieve this, the team shall get a registered MM merchant wallet and load it with MM E-cash. Every dash user who wants to use the app will first be registered with an account of MM. A person will therefore be able to convert Dash to cash through exchanging the Dash with E-cash through DASH-EX. Mobile money merchants are established at vantage points in every town of the country that enable people to cash out from their MM wallets to cash at any time. Also, we shall make sure that exchanging dash for e-cash through the app will attract no charge. However, minimal rates shall be attached on those who will buy dash through the app. These charges will serve as the reserve funds to keep the operation of DASH-EX sustainable after three months.

    DASH-EX being the first local exchange app exclusively for dash shall take into account the following factors to improve the dash exchange ecosystem in Ghana:
    • High Processing Speeds through Responsive Customer Support: DASH-EX will maintain instant liquidity through responding quickly to transactions. With the fast transaction speeds of MM and Dash, this would be achieved by developing the app to handle transactions with proper processing speeds.
    • Ease of use: Not only we are working hard to develop a user-friendly web interface for Dash users, the app would be designed with simple techniques to allow both technical and less technical inclined people use it.
    • Proper awareness and education: All dash ambassadors in Ghana shall join hands to market the product to almost every dash user in Ghana. Also, our training platform will offer a seamless integration of the user with the overall framework of the app and its functionality.
    BUDGET
    • E-cash for the app = $1500

    • Payment to TechLENs developers = $2950

    • Support Service Charge = $1,500
    SUB-TOTAL= $5,950

    LAUNCHING OF DASH-EX IN 3 MAJOR STATE CAPITAL CITIES
    • Venue = $1000

    • DASH-EX T-shirts $12*200 = $2400

    • Refreshment = $400

    • Data bundle for router = $250

    • DASH-EX Jingles on 3 radio stations for a month = $750
    SUB-TOTAL for LAUNCH = $4,800

    TOTAL/MONTH = $10,750

    AMOUNT IN DASH= 67.55

    SUBMISSION FEE= 5
    • 10 Dash for Liquidity
    TOTAL DASH AMOUNT= 82.56 (Current Dash price $160)

    BUDJET JUSTIFICATION:

    E-Cash: E-Cash here is the startup capital loaded to a new Mobile Money registered agent SIM card. MM agents send E-cash to MM subscribers wallets when a subscriber makes a cash-in and subscribers send back E-cash from their wallets to MM agents for cash-out. Therefore, the E-cash here shall be the starting capital for DASH-EX incorporated MM agent SIM card would be used to exchange between Dash and E-cash.

    TechLens Developers shall receive payment in three folds upon completion of work, this payment arrangement was made to ensure that TechLens Developers goes with us in development service for at least three months without attracting any extra-charges.

    Support Service Charge: TechLens in this partnership will provide realtime support services including emailing, SMS, whatsapp and phone call support to users of Dash-Ex. We shall pay our support service officers 1500 USD a month for three months by which time we can sustainable.

    Launching of Dash-Ex: We will hold mobile money merchant conferences in the top three major cities in Ghana namely; Accra, Kumasi and Tamale to launch the app educating them on how to use the app

    We will obtain a list of satisfied mobile money merchants to be invited for these conferences from the Telecommunication companies. Jingles will be played on radio stations to create public awareness and Dash Ghana team encouraged to market the product.

    The 10 dash liquidity here shall be the initial capital in dash used to create the flow between consumers E-cash and dash digital cash. This would be loaded to the Dash wallet linked with DASH-EX for instant exchange between dash and cash.
     

    Attached Files:

    #1 Sahabia, Aug 30, 2018
    Last edited: Oct 19, 2018
  2. JZA

    JZA Active Member

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    well a question I might have right away is how you getting liquidity. And if this is a for profit operation do you plan to be sustainable. In other words if you think this business could stand on its feet in the short to mid termn.
     
  3. Sahabia

    Sahabia Member

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    Thanks for the question. For now this is what we intend doing. We shall partner with one of the Mobile Money service providers in Ghana that serve as banks for most of the unbanked or youth of the country. And we shall incorporate their merchant wallet to the app and load the wallet with Ghana Cedis in MM. Every dash user who wants to use the app will first be registered with an account of this Mobile Money service provider. Mobile money merchants are already established within corners or vantage points in every city of the country that enable people to cash out from their MM wallets to cash.
    Therefore, we shall achieve liquidity through these MM merchants by converting between dash and MM.
    Also on how to maintain sustainability, minimal rates shall be attached on those who will buy dash through the app. However, exchanging from dash to cash thru the app would attract no charge. This will incentivize users of the app and maintain their usage thereby ensuring sustainability.
     
  4. aarellanes

    aarellanes Active Member

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    How would this liquidity work?
     
  5. Sahabia

    Sahabia Member

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    Thank you for the question sir.
    The merchant receives dash from customers who pay with dash. The merchant exchange dash very instant with us through the app..and then people can also buy dash from us through the app with very minimal charges. What we would do is to always make sure that the instant liquidity works for merchants who don't want to hold dash for long. Maybe to avoid losses in case price goes down.
    The interesting thing is, many people are already registered on MM. Leveraging that opportunity will be a great move to go.
    That way, the issue of merchants losing money from trading in dash will be lessen. Only merchants who careless will face the risk of losing money when this app is developed.
     
  6. Arthyron

    Arthyron Active Member

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    Hello, @Sahabia , and thank you for your pre-proposal. Liquidity has definitely been one of the primary problems and hurdles most of our African proposals have faced, so it's great that you're seeking a solution to this problem. I believe I understand how you're planning for this app to bolt on to the service the money merchants use. What I'm not understanding is how the users actually use the app to make the exchange. If they're moving from Fiat -> Dash, won't they have to visit the money merchant anyway, and if so, what's the purpose of the app? Or is this only from Dash -> Fiat? Typically, we already see Dash in these regions only going one way, so we need solutions that allow users to *buy* Dash as well as sell it. Could you elaborate on how the customer flow works here (hypothetically, since the app isn't built yet).

    Also, on your budget list, what's the difference between "Refreshment" and "Snacks & Drinks?"
     
  7. Sahabia

    Sahabia Member

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    Thanks for the question and suggestion sir.
    Users will visit Money merchants because these merchants will serve as banks through which cash can be accessed. Just like what the banks do, we get access to cash only through the banks. But the interesting thing is, these money merchants have been the easiest way of banking for most people in the country because they are easily accessible than banks. You can find them in almost every corner even the villages and take cash or deposit cash. In effect to this, we are only incorporating them so that we can ensure that people who want to get dash -->fiat will first have their dash converted instantly to mobile money through the app for easy withdrawal to cash. Or those who want fiat --> dash can easily deposit in mobile money wallet and through the app they get their fiat instantly to dash and be sent to their dash wallets. However, as in time we shall try to involve the Ghana National bank that holds larger transactions and also easy accessible especially in district capitals.
    Therefore, the purpose of the app is basically to regulate the flow of this conversion between the mobile wallets and dash wallets and to also create links among dash suppliers, users and money merchants wallets.
     
    #7 Sahabia, Aug 31, 2018
    Last edited: Aug 31, 2018
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  8. Sahabia

    Sahabia Member

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    Refreshment or Snacks and Drinks part have been noticed. Thanks. I actually wanted to make it a "Lunch" instead of "Refreshment". The Snacks and Drinks to be taken anytime before and after the afternoon meal (lunch).
     
    #8 Sahabia, Aug 31, 2018
    Last edited: Aug 31, 2018
  9. Blake

    Blake Member

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    I see you doing good things for Dash Sahabia. I hope that your plan can come together and you can try something out.

    Step by step you can solve the problem.
     
  10. Sahabia

    Sahabia Member

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    Thanks so much for the commendation sir. I hope to remain effective for this community and indeed all problems will be solved to meet targets in time.
     
  11. Red

    Red New Member

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    Sahabia, I'm happy to see that you're seeking a solution the liquidity problem. On/off ramps are a critical piece of the puzzle. The question has been asked a few times now how you are providing liquidity, and I don't feel that you've given a full explanation.

    You've said "The merchant exchange dash very instant with us through the app..and then people can also buy dash from us through the app with very minimal charges. What we would do is to always make sure that the instant liquidity works for merchants who don't want to hold dash for long."

    Can you please explain in detail how you are planning to deliver these benefits? You say "very instant"? Does this mean you will buy Dash directly from the merchant with your own funds? How much funds have you reserved for this purpose? How do you manage the possibility of running out?
     
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  12. Sahabia

    Sahabia Member

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    Thanks for the question @Red. I think my previous explanations have answered this question already. However, in addition to that, our aim isnt centered on buying from merchants. But we shall provide opportunity for merchants to convert the dash paid to them to cash in case a merchant doesn't want to hold for long. This called for the partnership with the mobile money networks that will provide us with their merchant wallets. These mm merchant wallets shall serve as cash wallets for merchants anytime they convert from dash to cash. They can easily withdraw from the mm wallets to cash. But before that, we shall first load our own wallet with start up capital and later can trade on the existing exchanges to support this project. Also, people will be given the opportunity to access dash from us through the app. And these people will pay cash in exchange for dash which is taken from merchants. The cash they pay will again serve as back up to cover merchants exchanging from dash to cash. This is gonna be simple since there is going to be a flow between cash and dash. We have online exchanges such as www.ebitcoinics.com and www.dashghana.net that we shall incorporate to back this project. And Also to make sure we don't run out of cash or dash.
     
  13. amosi

    amosi Member

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    Great bro. I message Albert today with the same plan but I am really glad to see this tonight. Most people use mobile money in Ghana and trust me mobile money still do adverts on tv.well I think this can go a long way to help spend dash in Ghana big time.
    Example . I am a dash ambassador in Ghana but even myself find it difficult to liquidate dash into fiat sometimes how much more people who knows nothing about dash. I will be happy if this proposal is being voted for. Just to say few but we can really make it big here too.
    Cheers.
     
  14. LUKMAN

    LUKMAN Member

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    Most merchants feel reluctant to accepting cryptocurrency generally because of volatility of cryptocurrency. A buyer could purchase a good/service in a minute, pays for it using Dash and the next day the value of Dash to fiat has either high depreciation or appreciation. Merchants may lose valuable funds especially when liquidation is needed at a point when the value of Dash has depreciated. However,
    I am glad to see this initiative by @Sahabia to solve the liquidity problem..this would pave way for more businesses to integrate dash as payment method in their day to day activities.
    There are so many organisations/businesses in Ghana willing and ready to accept cryptocurrency specifically dash as payment mode but liquidity problem stand as an obstacle for them to integrate dash.
    I wish the great community of Dash support this proposal...Good luck
    Cheers
     
  15. Sahabia

    Sahabia Member

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    Thanks so much sir. Indeed we can really make it big here. This is an opportunity that I believe when leverage upon, will really spark so much emotional reactions towards adoption in Ghana and the world at large.
     
  16. Sahabia

    Sahabia Member

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    Absolutely on point bro. Liquidity can be term as the biggest challenge facing dash business integration in Africa now. Efforts like this when supported, will actually pave way to finding solution for that challenge. Thanks for the comment!
     
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  17. Sahabia

    Sahabia Member

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    Hi everyone. This proposal shall be submitted in the current cycle of dashboost. It should be submitted in two phases to be able to cover the entire budget. The first phase will be submitted in the current cycle. Kindly support this proposal to get funded. Thank you!
     
  18. Sahabia

    Sahabia Member

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  19. Sahabia

    Sahabia Member

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  20. UltimateCrypto

    UltimateCrypto Active Member

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    This proposal was close to funding in the just ended Dash Boost Cycle...I see passion to solve liquidity in this project..

    Let's us support Africa countries and make liquidity easily accessible.

    Thank you
     
  21. Sahabia

    Sahabia Member

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    Thanks so much CEO, Dash-Hub-Africa. Indeed, this project can't escape your support to achieve its aim. I'm glad you see relevance in it. Thanks once again!