{"signature": "0x1bb0d0683763b28b0e07bdc42f1051a1e9d7f791b3d0746aaae5e49529e228ca0ab83f6900b6c9840e66d8377154a2747763188f2873f18e82ca0f7df4e7385a1c", "application": {"round": "0xf50fa2dc5cbe583670323bc5acdeb02c447cd8b3", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "Mr/jlL3rI3elNRW7W6LhNHHyr6yUGpAk6q4z62TWn76up2UOr3s7lLi00pN9d79T", "encryptedSymmetricKey": "4b4aaf7757dbc7b08dd2d419381094bd19fa1f64c67f117ad173401ca4fdc88f47f0d0d1337c741d68d0f118e265651861594a1ebf10f9c83064c2ceb881c13fae0cfdc49a00216a5c354f2c741332f5fb6ccac437fc64495df9f4529dbe88861274edf6face6f4c225c63efcf24c7df6b6f88a27d54574f3f143713fe57e7c700000000000000209296abe66829e6b096755534730ac1958b4d0eb2e63a255b8bad60d48f118161eb3e1a353b40d81c8d09139a197d08b4"}}, {"type": "short-answer", "answer": "3,000 From Hackathon, 1,875 ARB from Arbitrum Jokerace", "hidden": false, "question": "Total Prior Funding for the project in USD", "questionId": 1}, {"type": "number", "answer": "5", "hidden": false, "question": "Team Size", "questionId": 2}, {"type": "short-answer", "answer": "@cryptosmartnow", "hidden": true, "question": "Telegram Handle We Can Use To Contact (N/A if none)", "questionId": 3}, {"type": "short-answer", "answer": "https://github.com/CryptoSmartNow/bs_arbitrum_main", "hidden": false, "question": "Project GitHub Repo (Not Team Page)", "questionId": 4}, {"type": "short-answer", "answer": "karlagod.eth, Xpan Victor - 0x5FF677061159e4D0Ae380607c2572e7a0E4f0d75", "hidden": false, "question": "List the Github Handles and Wallet Addresses of Each Team Member (e.g. owocki - 0x123, kbw  - 0x456)", "questionId": 5}, {"type": "short-answer", "answer": "https://warpcast.com/karlagod, https://twitter.com/Xpan369", "hidden": true, "question": "Social profiles (Twitter, Farcaster, Lens, etc.) of other main team members publicly associated with the project (N/A for solo founders)", "questionId": 6}, {"type": "link", "answer": "https://t.me/+c5RRXx9d-DtlM2Y8", "hidden": false, "question": "Link to your Public Group Chat (e.g. Discord or Telegram)", "questionId": 7}, {"type": "short-answer", "answer": "We won a grant from Arbitrum in Februaury 2024", "hidden": false, "question": "If you've participated in past grant rounds, please share any new updates or milestones from the prior months (N/A if you haven’t participated previously)", "questionId": 8}, {"type": "short-answer", "answer": "N/A", "hidden": true, "question": "If you participated in past grant rounds using a different project payout wallet address, please share it here", "questionId": 9}, {"type": "short-answer", "answer": "https://gap.karmahq.xyz/project/bitsave-protocol/grants?tab=milestones-and-updates&grantId=0xaa3dc793c2fcb300bac77b2769c624e59ce425da53463ffcf6e45820710e3540", "hidden": false, "question": "Where should we look to see the impact of your project? Please provide links to public websites and/or the latest values for key metrics you track privately. This might be used in future impact reports", "questionId": 10}, {"type": "multiple-choice", "answer": "Grants", "hidden": false, "question": "Which of the following funding sources do you have? Check all that apply.", "questionId": 11}, {"type": "short-answer", "answer": "2 Years (I've been funding development personally for 2 years).", "hidden": false, "question": "How old is the project? (in months if less than one year)", "questionId": 12}, {"type": "dropdown", "answer": "Africa", "hidden": false, "question": "Location/Region where the project team is based", "questionId": 13}, {"type": "dropdown", "answer": "Yes", "hidden": false, "question": "Have you read and confirmed your grant abides by the Program General Eligibility Policy?", "questionId": 14}, {"type": "short-answer", "answer": "Zetachain Omnichain Hackathon, we won the DeFi category - https://www.youtube.com/watch?v=qcClrvRzSwM", "hidden": false, "question": "Which Hackathon did you Participate in?  Please provide the name and a link to the event.", "questionId": 15}, {"type": "short-answer", "answer": "https://dorahacks.io/buidl/4966#details", "hidden": false, "question": "Include a link to your Hackathon project page showing your proof of participation, e.g., Buidlbox, Eth hackathon, Backdrop, etc.)", "questionId": 16}, {"type": "short-answer", "answer": "During the hackathon we created the contracts and frontend integration of the savings protocol using Zetachain's Omnichain infrastructure. ", "hidden": false, "question": "Describe the project you developed during the hackathon. Highlight how your project offers innovative solutions or prototypes.", "questionId": 17}, {"type": "short-answer", "answer": "Problem:  Traditional savings are eroded by inflation and central bank manipulation. Cryptocurrency savings suffer from high volatility, hurting both principal and interest. Existing DeFi savings lack adjustments for volatility and stablecoin support. Current APR/APY models don't account for volatility, leading to unsustainable rates. Many lack buyback mechanisms to support their reward tokens. Solution: The Bitsave Protocol  Uses a simple interest formula with a variable rate (Bitsave Rate) based on economic factors. Maintains a fixed reward pool that adjusts for volatility. Allows saving in fiat-backed stablecoins and prioritizes value locked over volume. Interest rates consider total value locked, reward pool size, and reward token supply/buyback. Rewards early depositors more as the value locked (TVL) increases the reward token price. Utilizes a mathematical approach to set rates, eliminating central control. Implements a buyback mechanism funded by savings plan fees. Has a fixed reward token supply for c", "hidden": false, "question": "Describe how your project addresses clear needs within the OSS or tech ecosystem. Please elaborate on the specific challenges or gaps your project aims to fill.", "questionId": 18}, {"type": "short-answer", "answer": "We Trademarked it, we have the License. All of our code is available on public repos.", "hidden": false, "question": "What type of open source software (OSS) license(s) do you have? Is all of your code available on public repos, or is some portion of your codebase private?", "questionId": 19}, {"type": "short-answer", "answer": "Won DeFi Category Zetachain Hackathon - September 2023 https://youtu.be/QRa23EH5oD0?si=EmVYXcbySsNMB7P7 - Fixed Contract Opt-In Bug on Algorand - November 2023 https://twitter.com/_karlagod/status/1723079150058009047?t=52kOmXrFtyl7OvTcJhAyug&s=19 - Started front-end integrations and wallet functions Dec 2023 https://twitter.com/_karlagod/status/1736915560573608056?t=U34FiDmdr5CLoDR_ZqAfLQ&s=19  **2024**  - Bitsave Contract Development on Arbitrum - **February - March**  **https://github.com/CryptoSmartNow/bitsave_stylus**  - Documenting Bitsave Project workflow on Arbitrum - Bootstraping Bitsave contract with Stylus (Rust) - Creating each functionality and Unit test - Integration test locally - Deploying to Arbitrum Goerli and performing end to end test - Deploying on Arbitrum Mainnet", "hidden": false, "question": "What progress has your project made post-hackathon? Detail any developments, improvements, or milestones reached since the hackathon concluded.", "questionId": 20}, {"type": "short-answer", "answer": "Bitsave is a multichain project so it can function on any chain, but every chain has it's own structure, and that greatly affects the progress with Bitsave on that chain, for example: we added support for usdc on Bitsave contracts on Zetachain. However, the first transaction for a user on the protocol fails. This transaction is the one that creates the child contract.  In an attempt to debug, we started writing out individual sections of the contract.  Started with the swap feature, the first issue is it takes a long while to execute. We first swapped goerli eth to matic which worked but took 30mins for the confirmation.  The second swap was from geth to usdc which was reverted after about 1 hour. This conditions will affect the structure of the contract. We decided to consider a one contract state management instead of a parent-child contract. This will cut cost and also be faster since there's no redeployment, but it still didn't execute, and we've been stuck there on Zetachain. So far building on Arbitrum. We published our progress reports: Zetachain https://xpan.notion.site/Zetachain-hackathon-progress-9c006cb9268c442fbcc8c0e8bca69747, Algorand: https://xpan.notion.site/Algorand-bitsave-7a0ef0027027453f945b2d0e845f558a?pvs=4", "hidden": false, "question": "Is there anything else you'd like to share about your project, previous work, or other affiliations? Is there anything you'd like to add that may help determine project eligibility?", "questionId": 21}, {"type": "dropdown", "answer": "Yes", "hidden": true, "question": "Would you like to opt-in to future messages from Gitcoin for updates, information, and/or interviews?", "questionId": 22}, {"type": "dropdown", "answer": "Yes", "hidden": true, "question": "Would you like to opt-in to us sharing your information with select third-parties for investment opportunities?", "questionId": 23}], "project": {"id": "0x0d4cee5aba84526fa9bfab5c08a9ded987f2c948a46da395230c6c811b44eee6", "title": "Bitsave Protocol", "logoImg": "bafkreibum6gxbqfw2myxl2zo34wbhuzmtirb4tjzg3jqr6jnnl3sjbq6nu", "metaPtr": {"pointer": "bafkreigammy4dghhzrgaruw7fbkwfxqcmgjq2ahmfq3puadbeki6ocaowu", "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 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 🗒️***\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\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.\n", "lastUpdated": 0, "projectGithub": "CryptoSmartNow", "projectTwitter": "cryptosmartnow"}, "recipient": "0x72578e136E72A18A832be6762230a820f514d180"}}