metadata: {"signature": "0x1be1c731914251ad9292952f630ace08df7d53e6c47d1288ee1351cfc074932f5ed52fd305394555417ef8d6cfd2686ae78a0b24a6231e81e9bed1a66c74d8c81b", "application": {"round": "0xfe353838ba7ef47c31530041f268161d090543ac", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "WzhVbd6IblUA6ZFaoyXFNgm1Jlwq5eVczLgeeTmg2BkOvl45l1y3QmRq5sX3S6Id", "encryptedSymmetricKey": "3e9de98d34a1c1e46848ccfcac722c142b23350cbf61d183c5db580735fc7e1d037eb36e02f48a05045cf8e17a64eb18cc35570247185d431d48424e1da83b63c58b6170efeb19a80603b0ac1671656b2772690a424a837e184873a5ef07a5a4dd698e05f842169b3fa24877f0d1c36a8ab09033241f1d63ba3834cf697e18430000000000000020cd8f400d51a0eda22ce6ec00ac39d69a1e563ac73756f9046bd6d375e97c8e32516954b2c55ef92d74f5bc74a0ef848a"}}, {"type": "short-answer", "answer": "3,000 From Hackathon, 1,875 ARB from Arbitrum Jokerace", "hidden": false, "question": "Funding Sources", "questionId": 1}, {"type": "number", "answer": "5", "hidden": false, "question": "Team Size", "questionId": 2}, {"type": "paragraph", "answer": "1. Helping Web2 Users in African Countries Escape Inflation.\n\nInflation is a big challenge in many African countries, eroding the value of local fiat currencies and making it difficult for people to save and plan for the future. By saving in crypto stablecoins through Bitsave, users can protect their savings from inflationary pressures. Stablecoins like DAI, USDC, and USDT are pegged to the value of the US dollar, providing a stable store of value that is less susceptible to the volatility and inflation of local currencies.\n\n\n2. Making the Dollar Easily Accessible: The traditional process for opening USD accounts with the banks takes 9 steps including getting 3 DC account holders to reference your forms.\n\nBitsave simplifies the process of accessing US dollar by allowing users to save in dollar-pegged stablecoins (DAI, USDC, USDT). This provides users with a reliable and accessible means to hold and transact in a stable currency, bypassing the complexities of traditional banking and foreign exchange systems.\n\n3. User-Friendly Interface and Automated Recurring Savings Plans\n\nBitsave prioritizes a user-friendly interface to ensure that users, regardless of their technical expertise, can easily navigate the platform. This ease of use is critical in attracting and retaining Web2 users who may be new to the Web3 ecosystem. Key features include:\n\n4. Simple UI/UX: Our intuitive design helps users quickly understand and manage their savings without the need for extensive technical knowledge.\n\n5. Automated Recurring Savings Plans: Bitsave offers automated savings plans, allowing users to set up recurring contributions for essential expenses like rent and school fees. This feature promotes disciplined saving habits and ensures users can consistently set aside funds for critical needs.\n\n6. Stablecoin Savings: Users can create savings plans using stablecoins, ensuring their savings maintain value over time and are not subject to the volatility typically associated with cryptocurrencies.", "hidden": true, "question": "Impact statement - what real world problem do you solve and how", "questionId": 3}, {"type": "paragraph", "answer": "Bitsave will:\n\n1. **Onboard New Users from Web2 to Web3:** Bitsave's key users are generally web2 users who need simpler ways to use web3 solutions, Bitsave;s user-friendly interfaces and educational resources smoothen this onboarding process.\n\n2. **Increasing On-Chain Activity:** Bitsave delivers new users to Celo ecosystem, which means new transactions, boosting on-chain activities within the Celo Ecosystem.\n\n3. **Enhancing $CELO Utility:** Bitsave Introduces functionalities, incentives, and use cases that make it possible for users to utilize Stable Coins and $CELO within the ecosystem.", "hidden": true, "question": "Celo leverage - how does your project contributed to the Celo ecosystem?", "questionId": 4}], "project": {"id": "0x0d4cee5aba84526fa9bfab5c08a9ded987f2c948a46da395230c6c811b44eee6", "title": "Bitsave Protocol", "logoImg": "bafkreibum6gxbqfw2myxl2zo34wbhuzmtirb4tjzg3jqr6jnnl3sjbq6nu", "metaPtr": {"pointer": "bafkreicczjksoegfg6lhcq6hcnk3avib4hvweyl25kcnbxn2j4tzseilru", "protocol": "undefined"}, "website": "https://bitsave.cryptosmartnow.io/", "bannerImg": "bafkreia6whvd2ielb3yz7vpvckmezvzn3fx6vpuj3ct4mfc2723cdzgoxm", "createdAt": 1713454673809, "userGithub": "BitsaveNigeria", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..AE_kkujo2HDDljqUcCDwlPbiyepzw9FNrvOztfUfa3zfFBPTGIJqdnhj0geqy4adbdp5IH0DfKtOJzT-CsitAg", "type": "Ed25519Signature2018", "created": "2024-04-18T15:17:13.867Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-04-18T15:17:13.867Z", "expirationDate": "2024-07-17T15:17:13.867Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x72578e136E72A18A832be6762230a820f514d180", "hash": "v0.0.0:dkjUOIkl6HXfTnc9Ov8UlOtz++SNUpINuNaR84LOLBs=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#CryptoSmartNow#107388068"}}, "twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..x_Si8QZrlThfGetg1kEqQI2kCkWX_ItOSZO23B7ziEM9pX5CdnilhbdnB95s5GvDoCk4yU9LU3Pwl08EB3Y5Dw", "type": "Ed25519Signature2018", "created": "2024-04-18T15:07:00.389Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-04-18T15:07:00.389Z", "expirationDate": "2024-07-17T15:07:00.389Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x72578e136E72A18A832be6762230a820f514d180", "hash": "v0.0.0:+g1I9noEbzCg57oGkzPWnjQ5xyvrrfO0M6LiQp2Dkcs=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#cryptosmartnow"}}}, "description": "WHAT IS BITSAVE?\n\nBitsave is a Multichain savings protocol that helps users save and earn in Cryptocurrency without losing their savings to Market volatility.\n\nBITSAVE SOLUTION (simplified)\n\n- Bitsave helps web2 users in African Countries escape inflation in their fiat currencies by saving in dollars.\n- The dollar is not easily accessible to the average African.\n- Bitsave helps users create an automatic recurring savings plan\n\nWe've seen newbies lose their savings like school fees, house rent, college funds etc to Crypto, we understand that people hear about crypto and want to rush in immediately.\n\nWith Bitsave, newbies and oldies can protect their funds from market volatility, while still earning interest in crypto, a protocol that works based on maths and economic formulas to set rates and pay interests.\n\n***How does Bitsave work?***\n\n1. Users typically save in a Stable coins, DAI, USDT or USDC\n\n[![AF7v-Gr-N-Imgur.jpg](https://i.postimg.cc/KvGCG2Lx/AF7v-Gr-N-Imgur.jpg)](https://postimg.cc/V5hKg2DV)\n\n2. Users can create a savings plan and make unlimited deposits to their savings plan, e.g., \"Rent, School fees, Vacation\" etc, and they earn rewards in the protocol tokens $BTS, typically the native token of the Bitsave Protocol.\n\n[![fy-PBgl-B-Imgur.jpg](https://i.postimg.cc/FszjGxtb/fy-PBgl-B-Imgur.jpg)](https://postimg.cc/mtxzgCgh)\n\n3. Users can create a savings plan in 3 simple steps, and set different parameters for their savings plan;\n\n- Name your savings plan\n- Set the duration for your savings, using the calendar\n- Set a penalty fee if you forfeit your savings\n\n[![image.jpg](https://i.postimg.cc/zGnSRGZ4/image.jpg)](https://postimg.cc/3kxDs7wZ)\n\n[![n-ROUm-OO-Imgur.jpg](https://i.postimg.cc/TP2GW0Hm/n-ROUm-OO-Imgur.jpg)](https://postimg.cc/VJh2xqwL)\n\n[![image-1.jpg](https://i.postimg.cc/cCR5hyvJ/image-1.jpg)](https://postimg.cc/zHfjDQSm)\n\n[![4-J1l-BRY-Imgur.jpg](https://i.postimg.cc/MHV88QN9/4-J1l-BRY-Imgur.jpg)](https://postimg.cc/4Hf06mJc)\n\n***A Side Note \ud83d\uddd2\ufe0f***\n\nBitsave isn't just another product, it's a new value chain. The web3 space is used to DeFi which are investment protocols, and now we're introducing them to SaveFi which are savings protocols that prioritize the stability of user savings over earning from crypto volatility.\n\nWHAT HAPPENS IN THE BITSAVE PROTOCOL\n\n1. Users Create a Savings plan and deposit in a Stable Coin.\n\n- Users aren't depositing into a pool like DeFi protocols that a hacker could access.\n\n- When a user is creating a savings plan, they're giving parameters for a child contract to be created under the Bitsave Protocol Parent contract which holds their funds and is only accessible by their wallet.\n\nThis makes it such that every user's savings deposit is tied to their wallet so that in case of an exploit, the hacker wouldn't have access to user funds, except they have access to user's private keys.\n\n1. Users' Interests\n- Interests are calculated using several variables and constants in the algorithm;\n-Simple interest formula\n-Bitsave Rate formula.\n-Bitsave has a buy-back mechanism that buys\n\n2. Users' Savings Plans and Fees\nUsers are charged a 1-time savings fee on savings plan creation (child contract), every fee is split in a 50:50 ratio, where 1 part goes to a buy-back wallet to buy back the protocol native tokens from any AMM or Dex in the native chain's ecosystem.\n\n\nROADMAP TIMELINE\n***ROADMAP (Inception till date)***\n\nBitsave's detailed Development Timelines\n\n**2022**\n\n- Maths and Formula Creation - Feb 2022 - Apr 2022\n- Flow chart and Pseudo code creation - May 2022 - June 2022\n\nhttps://twitter.com/_karlagod/status/1608503627647447040?t=oU2ZSXt1NUVy43vXX16kZA&s=19\n\n- Smart Contract Development - July 2022 - January 2023\n\n**2023**\n\n- Launch on Algorand Testnet and UI developments - Feb 2023 - March 2023\n\nhttps://twitter.com/cryptosmartnow/status/1625067326457405446?t=q5dCrpRCULUH6LPp_fR_1g&s=19\n\n- Won the Mega-Ace Hackathon Most Impactful Solutions - May 2023\n\nhttps://twitter.com/cryptosmartnow/status/1654615351722663936?t=hEacrPvxKSHco2GSkrt52w&s=19\n\n- Launch on Zetachain Testnet April 2023-May 2023\n- Finished Frontend UI on Zetachain - August 2023\n\nhttps://twitter.com/cryptosmartnow/status/1692145944882511930?t=PN9xNVY3hE3cxyuNmkDv3A&s=19\n\n- Won DeFi Category Omnichain Hackathon - September 2023\n\nhttps://youtu.be/QRa23EH5oD0?si=EmVYXcbySsNMB7P7\n\n- Fixed Contract Opt-In Bug on Algorand - November 2023\n\nhttps://twitter.com/_karlagod/status/1723079150058009047?t=52kOmXrFtyl7OvTcJhAyug&s=19\n\n- Started front-end integrations and wallet functions on Algorand Dec 2023\n\nhttps://twitter.com/_karlagod/status/1736915560573608056?t=U34FiDmdr5CLoDR_ZqAfLQ&s=19\n\n**2024**\n\n- Bitsave Contract Development on Arbitrum Testnet - Done\n**February - March**\n\nWaiting for Stylus v.3 since v.2 has been deprecated and waiting for explorer to function.\n\n- Bitsave Contract Development on Lisk Testnet - Done\n**May - July**\n\nPLANNED PROGRESS\n1. **Onboard New Users from Web2 to Web3:** Bitsave's key users are generally web2 users who need simpler ways to use web3 solutions, Bitsave's user-friendly interfaces and educational resources smoothen this onboarding process.\n\n2. **Increasing On-Chain Activity:** Bitsave delivers new users to the web3 ecosystem, which means new transactions, boosting on-chain activities within the  Ecosystem.\n\n3. **Enhancing $Token Utility:** Bitsave Introduces functionalities, incentives, and use cases that makes it possible for users to utilize Stable Coins and L1 or L2 tokens within the ecosystem.\n\n***Bitsave's anticipated End result***\n\nBitsave's anticipated end result is 50k new users by Q1 2025\n\nCONCLUSION\nBitsave isn't just another product, it's a new value chain, The web 3 space is used to DeFi, and now we're introducing them to SaveFi.", "lastUpdated": 0, "projectGithub": "CryptoSmartNow", "projectTwitter": "cryptosmartnow"}, "recipient": "0x72578e136E72A18A832be6762230a820f514d180"}}