metadata: {"signature": "0xc22180ed88a47d92adcf12dcf975c28e308c80cd38cf2a6c4eaf28900ad1ecb233ceea7cb34a613f6f37f97eee91bab0d8181bf53e6b49773c939bdc62d6baf61c", "application": {"round": "0x57d6265c66981a6ead0a071cf17b504372930710", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "3xxbRAxqHO6zxjMNaREoV7xQ/6Q76nEKeB9oyWuc8wlRb+UIwbnxLaXXZAK3+tgH", "encryptedSymmetricKey": "1b2c1faf9d13e828ec988c213a4297f4031d5fcdbc6a68d9e59a0522b8ac33a1dafa3746b361e5306d8d481b5a580218f15ba18798537e901f039709316a8f21ce067e30d9db5038173aee2c6b20669ac272e43d8400d90ae5162f018c4bf2b64d349fe0241fc8988a2d30b8dbf9b49222e48434848cb8382e6bcecc47a464320000000000000020a18c2ea6764491134a9d4eecf0899dbc8300c7cedb55fbbd5d5a3f1ece5b1094ea1618a8a0954e1416740fc6a1b51695"}}, {"type": "short-answer", "answer": "Grants, Bootstrapping", "hidden": false, "question": "Funding Sources", "questionId": 1}, {"type": "number", "answer": "3", "hidden": false, "question": "Team Size", "questionId": 2}, {"type": "paragraph", "answer": "We are looking to build a localized governance framework for these marginalized and savings groups and communities in local languages and local mechanisms that already exist rather than adopting new ones. We are simply aiming to transfer their whole traditional process onchain.", "hidden": false, "question": "What is the desired impact you seek to create through your research, (ie what becomes possible for communities as the result of the research you conduct?)", "questionId": 3}, {"type": "multiple-choice", "answer": "Google Docs & Sheets", "hidden": false, "question": "Collaborative Governance Mechanism", "questionId": 4}, {"type": "dropdown", "hidden": true, "question": "Do you agree to collaborate and coordinate with other grantees to collate and share your research, including group digital / print publishing and online dialogue, and to license this research under CC BY-SA 4.0?", "questionId": 5, "encryptedAnswer": {"ciphertext": "7jeQqBp1qwvfyN/DExGLiYmGnmR2Ujriqv5ip38brbo=", "encryptedSymmetricKey": "c2205249c113a7fa97eb14683137c13817148f1fb3da5c49a193443ba4f7e7adb592c68c24cf0715056b0f61d5b5d90412a007d0f4b71a000d4d835ae6220173ad62cdafe42b74c8e67e7c6a27363a47865946f9dd0fc2c9bb6e7b31be70ebaf481455a149157d3e9d72bf4a6638dde2fa4a09d09813bbbfd555b09e949188c50000000000000020a5c21a2bf613832555e648d46cc195379661b270f1c2a2b331aa698ff6c3089b99c989d95c822b5fcb79c8143d759fab"}}, {"type": "dropdown", "hidden": true, "question": "Do you agree to report milestones from your research?", "questionId": 6, "encryptedAnswer": {"ciphertext": "Ja94FVpy6kjo1ErFrzP78+9EQCbJvxWnr69CoJi7KIw=", "encryptedSymmetricKey": "4a3d21ebb557a6743b1899b36e949bdc5ba80ab9b4517278ea73497dd01958ff79ed428dce5934647c9ad0f4485fd215f42a2908c6215e2c8cee00fe058c22b9cec72c1dc82d94b8e20006f5ec1c912fa2a9d28cb1ef4f36b160861cc6e7d3b41bf2a3d632ca70652f108a79fcf02e30d4a92153f087da99c42c884870d36e62000000000000002075d464a7c4571efc840242e2c4d0b5100b328cdfd8abc9a4759faf24da67028835e340b282e4763b068262e25ffd06ae"}}, {"type": "paragraph", "answer": "We have done research on community lending models for saving groups in Tanzania where we understood how they operate, means of loaning and economic uphevial. We then begun piloting on community currencies via proof of personhood where they can attest each other and receive tokens they can exchange within the community for various goods and services.", "hidden": false, "question": "Please describe your past history conducting research of this nature or the relevant skills that will support your work.", "questionId": 7}], "project": {"id": "0xfd061a146da1309cf6e7fb5cdd4aaab61b298ecc23d7750ab1ac21ac9b817560", "title": "WashikaDAO", "logoImg": "bafkreiamitgbgexvfvn7vaedofjs2jyb46sf5lxip24p637iwbnidcwkje", "metaPtr": {"pointer": "bafkreige3fz2xntbyik57uijmndphojfc2p74rbqcgcfqtpjywhtc7ns6u", "protocol": "undefined"}, "website": "https://x.com/NedaLabs", "bannerImg": "bafkreibmhv6y3nkxrxzmpjwnopc6pd7jggqjqxtdwg3tru7r4awqhghnlm", "createdAt": 1722602186363, "userGithub": "machuche1", "credentials": {"twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..ytJ7XfC6U1CBa9Hj1velZe4kbkByUVeSI5oCoFlkXVmQJvJKB8iJ45germwIunn5PZtEt5w-1TYJoe-jUixyBA", "type": "Ed25519Signature2018", "created": "2024-08-02T12:41:44.800Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-08-02T12:41:44.799Z", "expirationDate": "2024-10-31T12:41:44.799Z", "credentialSubject": {"id": "did:pkh:eip155:1:0x037Eb04AD9DDFf984F44Ce5941D14b8Ea3781459", "hash": "v0.0.0:Fdg/nOPx+zNX9XabjbN3vNlPa3nKnhKys1EgHXYsUqY=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#NedaLabs"}}}, "description": "\nWashika DAO: Empowering Financial Inclusion for Marginalized Communities\n\nProject Description:\nWashika DAO is a framework and protocol aimed at transforming governance and financial inclusion for marginalized communities such as Village Community Banks (VICOBAs), Savings and Credit Cooperative Societies (SACCOS), and Chamas across communities in Tanzania and Kenya. Built on the Celo blockchain and leveraging the use of stablecoins, Washika DAO provides a robust platform for savings, lending, and governance, designed to empower communities and promote sustainable economic growth.\n\nIssues We\u2019re Tackling\nIn emerging markets, access to credit remains a critical barrier to economic growth and financial inclusion. Traditional banking systems often fail to serve the needs of small businesses and individuals, especially those in low-income earning communities. Despite the progress in making banking services accessible\u00e2\u20ac\u201dsuch as banking the unbanked with a basic feature phone and an ID\u00e2\u20ac\u201dbarriers to credit access continue to impede financial empowerment. High-interest rates, stringent lending requirements, and limited financial literacy are significant challenges. \n\nOur focus is on scalable solutions that integrate innovation with existing community practices, such as the Washika DAO protocol, to create sustainable economic growth and resilience, while critically assessing the trade-offs and impacts on marginalized communities. By examining the potential of novel credit systems to empower local economies, enhance financial autonomy, and reduce dependency on conventional traditional structures.\n\nOur paper explores innovative approaches to credit delivery, leveraging decentralized finance (DeFi) technologies and community-driven models. Central to this exploration is the question:\n At what cost are marginalized communities truly financially included?\n\n- Financial Exclusion: Millions of people in marginalized communities lack access to basic financial services. Washika DAO provides an inclusive platform that empowers these communities through alternative means to financing in DeFi.\n- Lack of Transparency: Traditional financial systems often suffer from opacity and corruption. Our blockchain-based solution ensures all transactions and decisions are transparent and immutable as well as all governance decisions stored onchain for transparency and proper record keeping.\n- High Transaction Costs: By leveraging decentralized finance (DeFi) principles and stablecoins utilities, we significantly reduce the cost of transactions, making financial services more affordable for marginalized communities facing high transaction costs.\n- Inefficient Lending Processes: Traditional lending processes can be slow and bureaucratic. Washika DAO automates and streamlines the process, providing quick and fair access to credit.\n\n\nGovernance\n- At the heart of Washika DAO is a decentralized governance model that ensures all members have a voice in the decision-making process. Any existing Chama can create a DAO in 3 simple steps, adding relevant fields such as members, multisig holders etc. without having to worry about web3. Anyone in the DAO is also able to put up a proposal reviewed by all at anytime. Key features include:\n- Democratic Voting: Members can propose and vote on changes to the protocol, interest rates, loan terms, and other critical decisions.\n- Transparent Operations: All governance activities are recorded on the blockchain, ensuring transparency and accountability.\n- Community-driven Proposals: Any member can submit proposals, fostering a collaborative environment where the best ideas can flourish.\n\n[![create-dao.png](https://i.postimg.cc/FztPHN97/create-dao.png)](https://postimg.cc/34BjLM0T)\n\n\nSavings:\nCommunities already operate a savings pool offchain through a model known as \u201cMchezo'' in Swahili, where the funds pooled shift hands every month. Washika DAO\u2019s savings mechanism is designed to encourage financial discipline and provide a safe, transparent way to save money:\n- Secure & TransparentSavings Accounts: Members can open savings accounts that are securely managed by smart contracts. The balances will be scraped from their existing holding accounts such as bank / mobile money wallet (M-Pesa)\n- Interest Earnings: Savings pooled in the DAO earn interest, which is distributed back to the members proportionally. This adds value to the idle funds sat in their pool/ bank account.\n- Automated Management: In the near future, Smart contracts automate the process of interest calculation and distribution, ensuring efficiency and accuracy.\n\n[![balance.png](https://i.postimg.cc/pT5GvpMw/balance.png)](https://postimg.cc/Pphzzfxy)\n\nLending:\n- Washika DAO revolutionizes the traditional lending process with a decentralized, community-focused approach:\n- Peer-to-Peer & Group Lending: Members can apply for loans that are funded directly by the community\u2019s pooled savings. Communities can also collectively apply for a loan at better terms through a collateralized asset, such as liquid bond in this case.\n- Fair Loan Terms: Loans are granted based on predefined criteria, ensuring fairness and reducing the risk of default.\n\n- Automated Repayments: Repayment schedules are managed by smart contracts, making the process seamless and reliable.\n\nWhat We\u2019re Building:\nComprehensive Governance & Financial Platform: A user-friendly interface for participating in governance, transparency in managing of funds and savings as well as applying for cost-efficient loans through alternative means of financing.\n\nBlockchain Integration: A protocol to ensure governance security and transparency for these communities, alternative means of financing utility in stablecoin settlements & store of value and efficiency. We are also making the User experience as friendly as possible by mapping their wallets in the backend to their mobile phone numbers and linking their National IDs. This will also enable tracking of history and records.\n\nEducational Resources: Providing training and support to help members understand and effectively use the platform. This includes a DAO toolkit, all accessible in English and Swahili local language.\n\nCommunity Tools: Features to facilitate collaboration, knowledge sharing, and collective decision-making.\n\n[![learnkit.png](https://i.postimg.cc/7hgKCd6X/learnkit.png)](https://postimg.cc/hQtL6CV7)\n\nCall to Action:\nJoin us in revolutionizing financial inclusion for marginalized communities. Your support on Gitcoin grants will help us build a more equitable and sustainable financial ecosystem. By contributing to Washika DAO, you are empowering individuals, fostering community development, and promoting economic resilience. Together, we can make a significant impact.\n\n", "lastUpdated": 0, "projectGithub": "NEDA Labs", "projectTwitter": "nedalabs"}, "recipient": "0x037Eb04AD9DDFf984F44Ce5941D14b8Ea3781459"}}