Transacting NEO on PassMeCash

[grantshares-dapp[bot]]

Abstract

"Transacting NEO on PassMeCash" is simply our project intention of developing NEO wallets on PassMeCash for PassMeCash users to access the Neo network and also use NEO for payments..

Proposal Information

Description

PassMeCash is a decentralized banking system that meet the financial needs of the public through the public using crypto & fiat. PassMeCash is a web3 financial solution that will help our target audience access their funds for payment transactions seamlessly and effortlessly through our decentralized agents. Unlike the traditional centralized banking system where accounts holder funds are kept in bank building and also withdrawn from same bank building; PassMeCash is a community and decentralized financial solution, where the PassMeCash users can request for their funds and it will be available to them for withdrawal via the nearest PassMeCash agent to them.

PassMeCash is revolutionizing the banking and financial system by bringing funds to its users upon their request, instead of them going to banks to get funds. Users or Businesses can send and receive payments for goods and services via PassMeCash. Cross border payments and transfer can also be done through PassMeCash. Users who need low fiat currency bills to spray celebrants in parties and social functions, can also request for low fiat currency bills through PassMeCash. All transactions on PassMeCash can be done using crypto or cash payments. Thus PassMeCash Products are (1) PassMeCash get cash to its users at their choice of location. (2) PassMeCash help Users and Businesses send and receive payments. (3) PassMeCash make available low fiat currency bills to her users upon request. (4) PassMeCash performs Crypto to Cash swap and vise versa, for easy transactions. The problems addressed by PassMeCash include cash scarcity, low fiat currency bills requests and crypto to fiat payments, which has affected over 100 million Nigerians in recent time. We want to develop PassMeCash as a Web3 platofrm that will enable its users to carryout transactions with NEO and interact with the Neo blockchain. This we will achieve by integrating a Python node and SDKs for the Neo blockchain, that is to say a Neo-Python SDK will be used.

Motivation

My motivation for funding request, is to develop PassMeCash so that users can interact with the Neo blockchain and also use NEO to make & receive payments for goods and services on PassMeCash. Another source of motivation is that the crypto to cash market size in Africa is over $100 billion USD and of which we intend to seize at least 3% of this market over time, which will automatically increase the value of the Neo protocol across the African continent.

Goals

What are the main goals, and why? Our goals is to meet up with 3 Key Performance Indicators (KPIs) of PassMeCash after 1 year of launch are: (i) Perform one million transactions. (ii) Have fifty thousand users. (iii) Ensure users' satisfaction. These 3 KPIs will help PassMeCash scale to the next level.

How would you bring value to the community? PassMeCash would bring the following value to the community via the following 1.Our Market Approach. This is over $100 billion USD in market value and we intend to capture 3% of this market via the following approach. (a) Product:- (i) We intend to provide an easy crypto (NEO) to fiat payment system where users & businesses can pay for goods & services in fiat using their crypto asset deposited in their PassMeCash wallets. (ii) Users can send cash in fiat currency to other users or non users through their crypto assets on PassMeCash. Businesses are included. (iii) Users & non-users can receive cash in fiat currency through crypto (NEO) payments from their loved ones using PassMeCash. Businesses are included. (iv) Users can request for small funds from their crypto asset in PassMeCash, and they can receive or cash out these funds in fiat currency from the nearest PassMeCash Agent. (v) Users can request for low fiat currency bills from their crypto asset in PassMeCash and they can also cash it out from the nearest PassMeCash Agent.

(b) Pricing: PassMeCash charges will not exceed 1% per transaction and part of these charges will be for NEO transaction fees.

(c) Place: We will launch PassMeCash in the city of Warri, Nigeria because that is our base, then scale to other cities in Nigeria in the process of time.

2.We want to develop PassMeCash as a Web3 platform that will enable its users to carry out transactions with NEO and interact with the Neo blockchain. This we will achieve by integrating a Python node and SDKs for the Neo blockchain, that is to say a Neo-Python SDK will be used. Also members of the community and their loved ones can leverage on PassMeCash for their daily transactions, using NEO.

The above values are what PassMeCash will bring to the NEO community.

Deliverables & Roadmap

Below is the total budget requirement for the development of PassMeCash

• Total Estimated Duration: 50 days
• Full-Time Equivalent (FTE): 5
• Total Budget: 5000 NEO

Also, provide a roadmap overview for the deliverables.

(1) Frontend budget (2000 NEO): The front-end would be built using React.js, a popular JavaScript library. This allows for the development of a responsive and user-friendly interface. Tailwind will be used to convert all the Figma files. The entire frontend, will take 20 days to deliver.

• Estimated Duration: 20 days
• Full-Time Equivalent (FTE): 5
• Budget: 2000 NEO

(2) Backend budget (30000 NEO): The back-end would be built using Django, a python framework. python would handle the wallet business logic, such as generating and storing keys and addresses as well as handling transactions. Through the use of web3.py, we can generate Keys and addresses for the blockchain and also encrypt it why passing all necessary details to the user via API created with Django. APIs & SDKs: Relevant APIs & SDKs would be used to communicate with the Neo blockchain nodes and retrieve information such as transaction history and account balances. RESTful APIs would be implemented using Django, a Python web application framework. 1inch aggregator plugin for swap, Chainlink and Neo-Python SDKs for Blockchain and token data. The entire backend, will take 30 days to deliver.

• Estimated Duration: 30 days
• Full-Time Equivalent (FTE): 5
• Budget: 3000 NEO

Deliverables Verifiability

Each milestone delivered will be posted to the appropriate publication channel like medium with relevant links showing all codes and other details, which the community can verify.

Budget Plan

• The required budget is 5000 NEO. The team will work on an average of 20 hours per day, and the project will last for 50 days at a rating of 5 NEO per hour. Thus multiplying all together will give us the answer below
• (20 x 50 x 5) = 5000 NEO and thus a good fit for the proposal.
• This requested budget will be use to pay developers for their man hours in developing PassMeCash.

About You / Your Organization

• Individual/Entity Name: CodeUp Technologies Limited
• GitHub Organization (if applicable): https://github.com/PassMeCash

Short-Bio

CodeUp Technologies is a limited liability company registered with the Corporate Affairs Commission in Nigeria, to develop, software, ecommerce and blockchain solutions in Nigeria. It is also into digital skills training for youths and community educational projects.

Portfolio of Projects / Past Experience

Provide information about what you've done in the past. What is your experience? What did you build/achieve in the past?

Team Information.

1. ONOSE OGHENEVWOGAGA is the team lead, he led the team that worked on BloodFuse, a Web3 solution. He is a Stacks Foundation grant beneficiary and you can find him via the link https://www.linkedin.com/in/onose-ogaga/

2. FREDRICK TRUST, is a Solidity & Clarity Smart contract developer, and has built some blockchain projects. Led the design and implementation of the smart-contract for NaijaPlayStore, an NFT marketplace for music NFT, collaborating with other blockchain engineers to ensure its functionality and security. Developed an API for collecting user data and verifying users in the system. Designed and managed the platform's user interface, ensuring a seamless user experience. Check him on https://github.com/fredtruix

3. Mr FAVOUR EBRUSIKE, is a software engineer and was the Assistant Technical Lead of BloodFuse. He works with Reactjs, Nextjs, and Javascript. His link is https://github.com/FavourWilson

4. CLEMENT FADEYI, is a product designer with design experience in web3 projects. He can be found via https://www.behance.net/clementfadeyi

5. TOCHUKWU UBAH, is a UI/UX designer with years of experience and he is experienced with blockchain project designs. He can be checked on via https://www.behance.net/TochuCU

6. CONSTANCE ETIOSA, is work with the following Tech Stacks Python(Django), JavaScript(ES6, React, Redux, Reactnative, Vue, Angular, Node.js, Web3.js), Flutter, Solidity, Rust, Java, Cloud(Azure, GCP, AWS), HTML/CSS, CI/CD, SQL(MySQL, PostgreSQL, MS SQL Server). He built a staking dapp that lets users stake the clients custom token and earn rewards after a period of time. This solution was built with Next.js, Web3.js and Solidity. Built the frontend and smart contracts of an NFT marketplace. Built a token launchpad for an upcoming crypto project. His links references https://stakinglab.thesparklab.app/ https://i-stable.com/Dashboard https://e-launch.finance/

---

Proposal Info :clipboard:

• Proposal Type: request-for-funding

• Amount Requested: 5000

• Token: 0xef4073a0f2b305a38ec4050e4d3d28bc40ea63f5 (NEO)

• Receiver Address: NRh95Zwv7w6kwHDU8hHs2ErUcdHchgEEdS (0xaa08b77c92b98c83720f23c5330d3543119b633f)

• Created by: @ogasky :rocket:

• Raw Intents: :eyes:

[ {
  "target_contract" : "0x6276c1e3a68280bc6c9c00df755fb691be1162ef",
  "method" : "releaseTokens",
  "params" : [ {
    "type" : "Hash160",
    "value" : "ef4073a0f2b305a38ec4050e4d3d28bc40ea63f5"
  }, {
    "type" : "Hash160",
    "value" : "aa08b77c92b98c83720f23c5330d3543119b633f"
  }, {
    "type" : "Integer",
    "value" : "5000"
  } ],
  "call_flags" : 15
} ]

---

👇 React with 👍 if you liked it, or 👎 if you think this proposal can be enhanced!

[ogasky]

Good day all, please do take a look at my proposal. Thank you.

[ogasky]

Good day all, please do take a look at my proposal for possible feedback. Thank you

[csmuller]

Hey @ogasky, thanks for your proposal, glad to have you here. I have a couple of questions about your proposal:

• How do you plan to setup a network of "agents" from which people can pick up cash?
• What on- and off-ramp service do you plan to use to exchange from fiat to crypto?

By the way, web3.py, Chainlink and 1inch are all Ethereum or EVM-chain specific technologies. You'll have to look for alternatives when working with Neo.

[ogasky]

Hey @ogasky, thanks for your proposal, glad to have you here. I have a couple of questions about your proposal:

• How do you plan to setup a network of "agents" from which people can pick up cash?
• What on- and off-ramp service do you plan to use to exchange from fiat to crypto?

By the way, web3.py, Chainlink and 1inch are all Ethereum or EVM-chain specific technologies. You'll have to look for alternatives when working with Neo.

@csmuller Thank you for your response and here are the response to your questions.

1. We intend to engage qualified users of the platform as Cashout agents in different locations.
2. We would use available APIs and SDKs for extra functionality like getting neo blockchain networks and changing networks, We may consider using Neo Python SDK and Coingecko or CoinMarketCap which is compactible with the Neo blockchain.

[csmuller]

Ok, maybe my second question wasn't clear and it might overlap with the first one. Do the cashout agents act as exchanges? I.e., is the conversion of crypto currency to fiat currency up to them or are you planning to integrate a service that makes this "off-ramp" from crypto to fiat possible?

[ogasky]

Converting Neo to fiat currency will be done on the PassMeCash platform, thus swapping/exchange is performed by the PassMeCash with the aid of an integrated service that makes the "off-ramp" from crypto to fiat possible. The cashout agents are to make the equivalent fiats available to the users, which is on their PassMeCash Agent dashboard. But on the other hand one can still refer to the PassMeCash Agents as PassMeCash Exchangers because they will be giving out fiat for crypto to all PassMeCash users upon request and proximity.

[csmuller]

I feel the need to summarize the proposal a bit here. My understanding of you proposal is: a peer-to-peer payment application that uses the Neo blockchain to do the transactions. From the sentence "Users can send cash in fiat currency..." I assume that from a user perspective it will look like they are transacting fiat currency while the actual currency held is some token on the Neo chain. On top of that you want to establish a network of PassMeCash agents that allow users to exchange the value that they hold in the digital wallet to cash.

Of course, I like your idea of removing commercial banks as middlemen in transactions and individual account holdings. But, at the same time, I don't think that people are willing to move to a currency/token that is not under the control of their country/government (Well, i guess they are, but only when people have completely lost trust in their government). Removing the bank middlemen to me, means wiring up the people directly with their central bank.

Anyway, you can probably judge, by all my comments, that I'm not very convinced yet by this proposal. I don't have a problem with the technical execution. I think that would be rather easy and straightforward. The hardest part that I see, is setting up a network of PassMeCash-agents and convincing people that they should hold parts of their wealth in crypto.

[ogasky]

I feel the need to summarize the proposal a bit here. My understanding of you proposal is: a peer-to-peer payment application that uses the Neo blockchain to do the transactions. From the sentence "Users can send cash in fiat currency..." I assume that from a user perspective it will look like they are transacting fiat currency while the actual currency held is some token on the Neo chain. On top of that you want to establish a network of PassMeCash agents that allow users to exchange the value that they hold in the digital wallet to cash.

Of course, I like your idea of removing commercial banks as middlemen in transactions and individual account holdings. But, at the same time, I don't think that people are willing to move to a currency/token that is not under the control of their country/government (Well, i guess they are, but only when people have completely lost trust in their government). Removing the bank middlemen to me, means wiring up the people directly with their central bank.

Anyway, you can probably judge, by all my comments, that I'm not very convinced yet by this proposal. I don't have a problem with the technical execution. I think that would be rather easy and straightforward. The hardest part that I see, is setting up a network of PassMeCash-agents and convincing people that they should hold parts of their wealth in crypto.

I understand your concern, but you must understand that Nigeria was one time the second highest crypto adopted country in the world and you can verify via these links here and this one too

Therefore setting up a network of PassMeCash agents, will not be difficult the way you are looking at it. This will surely grow organically and with high rate of growth, which will be achieved with our continuous marketing, educational and awareness campaign via meetups and adverts. We also intend to use influencers to help push the PassMeCash brand to get more users sign-up to the PassMeCash platform. For the records, in Nigeria, most people are already holding part of their wealth in crypto.

Also, PassMeCash is not removing the banks but it is only solving a problem the banks could not solve, which is decentralizing the financial system by a community approach towards enabling users to do fiat transactions with their digital assets (cryptocurrency), as well as make PassMeCash users to access or cash out fiat currency from the nearest PassMeCash agent.

Another point, I need to state here is that in Nigeria, there is an existing legal framework by the Security Exchange Commission (SEC) on how the operators and key players of digital assets businesses should operate and which PassMeCash is going to operate fully within that law. This will not in any way violate the operations of the Nigeria banks.

We must understand that this idea is noble and innovative, thus we are very much aware that there must be some barriers to overcome but the truth is the PassMeCash team will always find a way to overcome them. So, please support PassMeCash to make it happen, as it will lead to more adoption of the NEO protocol in Nigeria and beyond. One thing is certain, PassMeCash will not disappoint you. Thank you

[roman-khimov]

50 business days is like three months. The team doesn't have (or at least doesn't show) any previous Neo experience. There is a broad set of deliverables declared. I don't think it'll be possible to do them in this time frame.

Looking at https://github.com/PassMeCash I don't see a lot of activity there, which to me is also a bad sign.

Then as @csmuller already mentioned, there is a problem with agent network setup, without them the system won't be useful and to get them it's not enough to declare an intention of engagement, there better be some connections already.

The other problem of course is the amount requested. Looking at https://grantshares.io/app/treasury this might be the last project for Grantshares to support. At the moment I'd prefer some other projects for that.

[ogasky]

50 business days is like three months. The team doesn't have (or at least doesn't show) any previous Neo experience. There is a broad set of deliverables declared. I don't think it'll be possible to do them in this time frame.

Looking at https://github.com/PassMeCash I don't see a lot of activity there, which to me is also a bad sign.

Then as @csmuller already mentioned, there is a problem with agent network setup, without them the system won't be useful and to get them it's not enough to declare an intention of engagement, there better be some connections already.

The other problem of course is the amount requested. Looking at https://grantshares.io/app/treasury this might be the last project for Grantshares to support. At the moment I'd prefer some other projects for that.

1. The team can achieve deliverables within the 50 days, and please do check the teams profile. Building on NEO is not different from other Blockchain which is the key experience required & there are several supporting documentation for building on NEO.
2. Then looking the PassMeCash repo on GitHub, please check the various individual repos on frontend, backend & others, you will see that something is happening. And for the record we have repo for testnet & mainnet, where main contains all codes that are pushed live after debugging errors. You can see part of the work via https://preview.passme.cash
3. You must understand that every users has equal opportunity to become a PassMeCash agent just provided the user meets the condition. Wish is to help PassMeCash dispense cash for cryptocurrency to users & they earn some payments for that. This like I said is not a challenge. Also, we intend to get most of the POS operators to become PassMeCash agents, this is one structure (existing POS operators) we strongly want to leverage upon. Also, we must understand that accessing cash for crypto is one of the services of PassMeCash. Do not forget that users can pay for goods and services in fiat using crypto. Users can send and receive fiat money to their bank account via crypto on PassMeCash. In addition, cross border payments is not left out. Please let us consider the holistic benefits of the Transacting Neo on PassMeCash to the entire Neo protocol & ecosystem at large.
4. Finally, I want to ask this critical question... is the goal for NEO to support any kind of project just for the sake of supporting projects or it is better to support used cases projects that are innovative, and will lead to the larger adoption of NEO irrespective of amount, provided it is justifiable. To me I think the second option is far better & will massively profit the NEO protocol in the long run.
5. Please support the Transacting Neo on PassMeCash project, in order for it to partake of its fair share from the over $1.5 trillion USD value of the digital & cryptocurrency payments in Africa.
6. Also, in the nearest future we intend to make provision for Libraries & SDKs for other developers to use in building web3 projects on NEO. So please support it to fruition on NEO. Thank you.

[EdgeDLT]

Removing the bank middlemen to me, means wiring up the people directly with their central bank.

This is the main trouble I'm having with this concept. Digital currencies give us a way to go peer-to-peer, to replace trust institutions like banks or centralized exchanges. Making independent "agents" act as the fiat <-> crypto bridge seems like a downgrade in terms of trust to me?

I understand that sometimes, you can't go full digital, some fiat is necessary in places... "spray bills" for example, as your website mentions :smile:

But the real question is why would I trust a complete stranger over a properly regulated institute, or even a crypto ATM? Your target audience, someone who owns digital currencies, is probably at least partially aware of the trust issue here. How do you overcome it?

Building on NEO is not different from other Blockchain

Well, it is and it isn't. If your experience is with EVM networks, then it will be somewhat different and you will need to account for this in your time estimates.

Also, we intend to get most of the POS operators to become PassMeCash agents, this is one structure (existing POS operators) we strongly want to leverage upon

I'm not sure how you expect that to work, I don't think most validator operators will agree to moonlighting on the corner as cash dispensers. Even if they wanted to, you're talking about money transmittance, which is a heavily regulated process pretty much everywhere in the world, to my knowledge.

is the goal for NEO to support any kind of project just for the sake of supporting projects or it is better to support used cases projects that are innovative, and will lead to the larger adoption of NEO irrespective of amount, provided it is justifiable.

The latter, of course. But your last few words there are key. True innovation can withstand scrutiny. Gems are found below the surface, we must mine for them.

[ogasky]

Removing the bank middlemen to me, means wiring up the people directly with their central bank.

This is the main trouble I'm having with this concept. Digital currencies give us a way to go peer-to-peer, to replace trust institutions like banks or centralized exchanges. Making independent "agents" act as the fiat <-> crypto bridge seems like a downgrade in terms of trust to me?

To be honest, this concept was design to solve one of Nigeria key problem that happened recently, which is cash scarcity. Recently, over one million Nigerians suffered heavily and many even died as a result of cash scarcity due to the redesign of the Nigerian currency and her cashless policy. Thus so many people could not access their own cash physically, while some persons have cash at home that could be exchanged for a reward financially. This led to one of PassMeCash solution, addressing cash scarcity challenge via distributed PassMeCash agents, that will accept crypto for cash delivery for a reward or commission.

I understand that sometimes, you can't go full digital, some fiat is necessary in places... "spray bills" for example, as your website mentions 😄

In Nigeria, most people spray celebrants in parties or social functions with low currency bills and most times these low bills are expensive to get, thus on PassMecash, you can order for low currency bills in fiat via crypto payments, and it will be delivered to to the user. That is the concept there.

But the real question is why would I trust a complete stranger over a properly regulated institute, or even a crypto ATM? Your target audience, someone who owns digital currencies, is probably at least partially aware of the trust issue here. How do you overcome it?

Like I said before now, there is a legal frame work by the Security and Exchange Commission (SEC) in Nigeria, and by this law is what PassMeCash will operate under, meaning PassMeCash is going to operate under the law of Digital Assets Business Operators, and thus in the long run the users trust will be built naturally and it will grow organically.

Building on NEO is not different from other Blockchain

Well, it is and it isn't. If your experience is with EVM networks, then it will be somewhat different and you will need to account for this in your time estimates.

Also, we intend to get most of the POS operators to become PassMeCash agents, this is one structure (existing POS operators) we strongly want to leverage upon

I'm not sure how you expect that to work, I don't think most validator operators will agree to moonlighting on the corner as cash dispensers. Even if they wanted to, you're talking about money transmittance, which is a heavily regulated process pretty much everywhere in the world, to my knowledge.

In Nigeria, there are several POS operators and it does not take much to become a POS operators. These POS operators are already dispensing cash in fiat currency to people for a fee, so we intend to just bring them in to the PassMeCash platform to continue to doing what they have been doing, which to dispense cash for a certain fees, which they will definitely buy into base on previous survey.

is the goal for NEO to support any kind of project just for the sake of supporting projects or it is better to support used cases projects that are innovative, and will lead to the larger adoption of NEO irrespective of amount, provided it is justifiable.

The latter, of course. But your last few words there are key. True innovation can withstand scrutiny. Gems are found below the surface, we must mine for them.

Obviously PassMeCash will be an open source project and it will be readily available for all kinds of scrutiny. Thank you.