Proposal: My Money Credit

Community Grants Applications
1

Applicant name:

Phuc-Anh Nguyen

Pitch: A one-liner elevator pitch version of your proposal

My Money Credit is an on-chain finance platform providing secure and private credit services and financial products to everyone.

Total Request (USD):

$10000.00 USD

Have you previously received a grant from Zcash Community Grants (formerly called ZOMG) or ZF?

No

Are you seeking or have you received funding from other sources for this proposed project?

Yes

Please provide details on funding amount, funding source, and any other relevant information.

Currently, we applied and received support from BNB Chain’s grant program. We are also applying for 1inch’s grant program.

Applicant background:

My Money Credit team has around 20 members, with Mr. Phuc-Anh Nguyen being the Co-Founder and CEO. He is a PhD, a Harvard Alumni, as well as the former Co-Founder and Head of Business Development of LaunchZone Investment Co. Ltd. He has 8 years of experience in blockchain and crypto.

Description of Problem or Opportunity:

Challenges individuals and institutions face in accessing the crypto market:

  • Lack of privacy in the crypto market

  • Technical complexities that hinder new users

  • Limited access to crypto and US stock markets

  • High stablecoin premium in Vietnam

  • Crypto loans and lending activities are ponzierized and not sustainable

  • Expensive remittance

Proposed Solution: Describe the solution at a high level.

My Money Credit is a platform providing easy-access, simple, private crypto services and financial products and to both individuals and institutions. Users can:

  • Make extremely private transactions as wallet addresses and transaction data are obscured from the public blockchain

  • Use Web3 dApps from the comfort and familiarity of Web2 social media platforms

  • Invest in integrated financial services on the platform

  • Access to stablecoin at a more reasonable rate

  • Borrow fiat money, stablecoin, Bitcoin, or Ether by collateralizing their digital assets or portfolio

  • Exchange and remit assets (from fiat money to cryptocurrencies and vice versa) OTP P2P efficiently at a reasonable rate without any middlemen

The platform also offers tools specifically built for the blockchain and crypto sectors, such as tax calculators and management tools to help users stay on top of their financial reporting obligations.

Solution Format: What is the exact form of the final deliverable you’re creating?

My Money Credit is a cutting-edge non-custodial crypto wallet designed to enhance privacy for all supported assets and OTC Trading.

Our platform boasts an array of features, including:

⁃ Privacy non-custodial OTC P2P deal integration

⁃ Stealth address and shield transactions by default

⁃ A native fiat gateway

⁃ Support for MPC and social login

⁃ Auto-MPC backup

⁃ And the ability to facilitate gasless transactions and pay for gas using ERC-20

In addition to these innovative offerings, we also integrate some essential centralized credit services and financial products to cater to the needs of individuals and domestic and international institutions.

Technical Approach: Dive into the how of your project. Describe your approaches, components, workflows, methodology, etc. Bullet points and diagrams are appreciated!

Our aim is to create a highly secure financial platform without compromising efficiency and user experience.

This is the compass that guides everything we do:

  • MMC Wallet: This is a highly secure and private crypto wallet that implements a host of cutting-edge technologies such as default stealth address, shield transactions, MPC, decentralized and secure seed phrase backup, ETH-less transactions, etc.

  • To facilitate streamlined activities between the “real world” and blockchain as well as activities across different blockchains in a secure way, we decide to route everything through tokens with price pegs. For example, our Cross-Chain Transfer Protocol (CCTP) can be leveraged for trading, lending, payments, NFTs, gaming, and more. Users can seamlessly swap tokens across independent chains, such as exchanging ETH on Ethereum for SOL on Solana. They can also hold tokens on one chain while purchasing digital assets on another or utilize tokens from one chain as collateral for borrowing on a different chain. All these operations can be accomplished through dApps that integrate the CCTP API. Users no longer need to switch wallets or navigate complex chains manually. The API handles the entire process behind the scenes, offering a user-friendly experience. MMC has developed this solution with the support of stablecoin issuers, ensuring a much safer bridge for token transfers compared to trading through centralized exchanges (CEXs) or decentralized bridges that are prone to hacking attempts.

Dependencies: What external entities is your project dependent on? What involvement is required from ZF, ECC, and/or other external organizations? Who would have to incorporate your work in order for it to be usable?

We wouldn’t say that My Money Credit depends on any external entities to develop and operate as we do our best to work on the product and get it running ourselves, and dependence on other projects or companies outside of our control in order to succeed may be fundamentally detrimental to the running of our project. However, we would love to have the support from Electric Coin Company (ECC) and Zcash a few suggested ways as follows:

  • Collaboration: ECC and Zcash can explore collaboration opportunities with My Money Credit to integrate Zcash’s privacy features into the platform. This would enable users to benefit from enhanced privacy and anonymity when conducting transactions, aligning with My Money Credit’s focus on privacy in crypto services. Also, My Money Credit would love to collaborate so our CCTP could work with the Zcash ecosystem, bringing more liquidity to the blockchain without compromising privacy.

  • Technical Expertise: ECC and the Zcash team can provide technical guidance and support to My Money Credit in implementing privacy features effectively, ensuring the secure integration of Zcash into the platform.

  • Community and Ecosystem Support: ECC and Zcash have an established community of developers, enthusiasts, and users. They can help promote My Money Credit within the Zcash community, fostering partnerships, collaborations, and user adoption. This support could include participation in conferences, hackathons, or events related to blockchain and cryptocurrency.

Execution risks: What obstacles do you expect? What is most likely to go wrong? Which unknown factors could jeopardize success? Who would have to incorporate your work in order for it to be usable?

The two biggest obstacles that we are facing at the moment are breaking through the noise in the blockchain world and long-term development funding. My Money Credit is created to be a serious and long-term blockchain-based financial project that is motivated to change how TradFi and DeFi are connected and coexist in an integrated financial future. Therefore, we do not follow short-term trends. The downsides of this are:

(1) It’s not easy to break through the noise in the crypto world where everything moves fast (not necessarily in a good way) and a lot of investors are chasing after the next quick fix. Cooperation and partnership with projects like Zcash will greatly help us raise awareness and attract investors.

(2) Development requires a robust team and intensive funding. Angel investors and team have contributed $2,500,000 for the project development. This fund has allowed us to focus on product development and legal aspects for the past 1.5 years without depending on outside funding. That being said, operational, infrastructure, and maintenance costs down the road could pose challenges as user adoption increases.

Unintended Consequences: What are the negative ramifications if your project is successful? Consider usability, stability, privacy, integrity, availability, decentralization, interoperability, maintainability, technical debt, requisite education, etc.

The biggest ramification we may face if the project is successful is that the project may get probed by the governments, because governments have the tendency to want to manage and control the growth of prominent blockchain-related projects, especially when such projects involve stablecoins and enhanced privacy. To prepare this potential risk, we are working hard to obtain necessary licenses from related jurisdictions, such as digital wallet license from Vietnam, crypto license from Europe, and the likes. Also, as stated in the previous answer, there could potentially be the challenge of operational, infrastructure, and maintenance costs if the project gains a big user base.

Evaluation plan: What metrics for success will you share with the community once you’re done? In addition to quantitative metrics, what qualitative metrics will you commit to report?

Some of the quantitative metrics to measure our performance:

  • Wallet Addresses and Transaction Volume: Monitor the growth in the number of wallet addresses created on the platform, as well as the volume and value of transactions conducted. This indicates user engagement and the level of adoption.

  • Privacy Features Usage: Track the percentage of users actively utilizing the privacy features provided by the platform. This indicates the value users place on privacy and the effectiveness of the platform’s privacy solutions.

  • SDK and API Integration: Measure the usage and adoption of our SDK and API. Analyze the number of dApps integrated, the frequency of usage, and the volume of transactions associated with these applications.

  • DONG and MMC Token Liquidity: Evaluate the liquidity of tokens on the platform by monitoring the trading volume, stability of peg, and the number of users utilizing services. Higher liquidity indicates increased trust and utility.

  • Collateralized Borrowing: Track the amount and growth of loans issued on the platform, specifically focusing on the collateralization of digital assets or portfolios. This metric reflects the demand for borrowing and the level of trust users have in the platform’s lending services.

  • Fiat-to-Crypto Conversion and Remittance: Analyze the volume and frequency of fiat-to-crypto and crypto-to-fiat conversions facilitated through the platform’s P2P exchange and remittance services. This demonstrates the efficiency and cost-effectiveness of these services.

Some of the qualitative metrics to measure our performance:

  • User Experience and Ease of Use: Gather feedback on the platform’s user interface, navigation, and overall user experience. Assess users’ satisfaction with the simplicity and ease of accessing crypto services and financial products.

  • Community Engagement: Monitor the level of engagement within the platform’s community, such as participation in forums, discussions, and social media channels. Evaluate the vibrancy of the community and the quality of interactions.

  • Customer Support Effectiveness: Evaluate the responsiveness and helpfulness of the customer support team. Assess users’ satisfaction with the assistance provided for technical issues, account inquiries, and general support.

  • Regulatory Compliance: Assess users’ perception of the platform’s commitment to regulatory compliance. Evaluate their confidence in the platform’s adherence to local laws and regulations governing crypto services and financial transactions.

  • Partnerships and Integrations: Analyze the perception of users and industry experts regarding the platform’s strategic partnerships and integrations. Assess the perceived value and potential benefits of these collaborations.

Hardware/Software total budget:

$0.00 USD

Please provide justification for the total hardware/software budget:

N/A

Services total budget (cloud, hosting, etc.):

$0.00 USD

Please provide justification for the total services budget:

N/A

Compensation total budget:

$0.00 USD

Please provide justification for the total compensation budget:

N/A

Do you require startup funding?

No

Milestone 1 - estimated completion date:

07/15/2023

Milestone 1 - USD value of payout upon completion of deliverables:

$0.00

Deliverable 1.1

MMC Wallet with basic core features such as: Social Login, Send & Receive tokens.

Total proposed USD value of grant:

$10000.00 USD

How was the project timeline determined?

Q2/2023:

  • Conduct rigorous and extensive user testing of app

  • ITO on domestic and foreign launchpads platforms

  • Token Generation Event

Q3/2023:

  • MMC Wallet app released with lending services, tax calculators, and personal income tax control tools integrated

  • Exchange listings

  • Launch tokenized stocks and assets trading

Q4/2023:

  • Launch DONG token

  • Launch remittance and USDC/VND transaction services

Q1/2024:

  • Specialized management tools for blockchain and crypto businesses released

  • Expand platform services to include more financial products, such as insurance and wealth managements tools

2

Looks cool, a bit too large of a project for me to fully comprehend, so excuse me for asking; how exactly is Zcash being used here? ZEC as a currency implemented to your MCC wallet/exchange/P2P(?) platform? I assume shielded tx (and UA?)?

2 Likes
3

Hi @mymoneycredit - Welcome to the forum, and thank you for submitting your grant proposal! We will review it in the upcoming weeks and reach out if we have any questions.

In the meantime, if you have any questions for us, you can post them to this thread or DM us at @ZcashGrants.

Zcash Community - We want to hear your feedback on this grant! You can post your comments to this thread or DM us at @ZcashGrants if you’d like to provide feedback in private.

Thanks!

4

@mymoneycredit, thank you for your grant submission, the @ZcashGrants Committee views this proposal as out of scope for funding at the moment and has voted to reject this proposal.