{"signature": "0xcfcf9abd6d1c14ec563cd7c51482a11c10840a27173a4a6e56d22169069df0db066b8e772f9ab2e4e15ce9f67253ac52dca7d835c8610e9a76d10dfe0db2c2f21b", "application": {"round": "0xf50fa2dc5cbe583670323bc5acdeb02c447cd8b3", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "pzbpBz3ESHiWozTqFSNuL3fecfIakipVWukpOmQN2FnwflrQYHWOyRW6qTxEXhNY", "encryptedSymmetricKey": "17307f632613cfdea9073d8b636199d14c2fca22d614895db981b80aa91a90312bcac3156ea035896b611399b9310210918e6a5009bf341489876280718ce1d1f0a81d846bfc071408bb50d2c6a635f065c3ee88d51c6dfc128c9deeddf709b104afd52573f87522f1fe6e018d0855033ebfe0d787d15e40b81cfb91a7bcf0f60000000000000020801de8f48d78f69fc5b956f12a881b882eb730155190740e44046136740e070145ee4b07cdd588b9981f3e50cd1214a2"}}, {"type": "short-answer", "answer": "0", "hidden": false, "question": "Total Prior Funding for the project in USD", "questionId": 1}, {"type": "number", "answer": "1", "hidden": false, "question": "Team Size", "questionId": 2}, {"type": "short-answer", "answer": "georgedonnelly", "hidden": true, "question": "Telegram Handle We Can Use To Contact (N/A if none)", "questionId": 3}, {"type": "short-answer", "answer": "https://github.com/Panmoni/yapbay", "hidden": false, "question": "Project GitHub Repo (Not Team Page)", "questionId": 4}, {"type": "short-answer", "answer": "georgedonnelly - 0xDD304336Cf878dF7d2647435D5f57C2345B140C1", "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": "N/A", "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/YapBay", "hidden": false, "question": "Link to your Public Group Chat (e.g. Discord or Telegram)", "questionId": 7}, {"type": "short-answer", "answer": "N/A", "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://yapbay.com/blog", "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": "Sales", "hidden": false, "question": "Which of the following funding sources do you have? Check all that apply.", "questionId": 11}, {"type": "short-answer", "answer": "2 months", "hidden": false, "question": "How old is the project? (in months if less than one year)", "questionId": 12}, {"type": "dropdown", "answer": "Central and South America", "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": "Backdrop Build https://backdropbuild.com/", "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://backdropbuild.com/builds/v3/yb-xnu", "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, I developed a (partial) Web3 MVP for YapBay, a peer-to-peer remittance platform that enables users to chain together fiat and crypto transactions to create low-cost, borderless remittances. By combining traditional finance with decentralized infrastructure, YapBay offers an innovative solution for the world's 2 billion unbanked and underbanked individuals, empowering them to participate in the global economy on their own terms.", "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": "YapBay addresses the clear need for more accessible, affordable, and efficient remittance services in the global financial ecosystem. By leveraging open-source technologies and decentralized infrastructure, YapBay aims to fill the gap in serving the world's unbanked and underbanked population, who are currently underserved by traditional remittance providers due to high fees, limited access, and slow transactions.", "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": "MIT, fully public", "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": "Some contract updates", "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": "From 2018 to 2021, I and my teams performed extensive field work in Latin America educating new crypto users and learning what they want. We did a remittances pilot between Madrid and Caracas in 2019, which was quite popular among Venezuelans in Spain.", "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": "0x5392326450ab92f263ce23af5fe0e136e6f2a04efe80e3b669d10bb3581b9e50", "title": "Yap Bay", "logoImg": "bafkreibscleerzdms7snzjdekspgidjs3agk647cji2dsoewqfd7zxuzdq", "metaPtr": {"pointer": "bafkreig5i3or7fj4svcl5jwhhhsjsqxs3vp6xd6ak5tqdjxbrfivy4aayi", "protocol": "undefined"}, "website": "https://yapbay.com", "bannerImg": "bafkreiczyqgqpiaehk56mkyq5mmltxr6vie7bnbiygo7rtvxaqk3wjfevy", "createdAt": 1713286231949, "userGithub": "georgedonnelly", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..rFN_yOFhSLyvvbgAgdmOO2ZoVFR-zPxdZsMdNoDmPJy4yAZw_I1-4DiDqjK3s4a5RpcK1H3jKDc1ofbNppX6BA", "type": "Ed25519Signature2018", "created": "2024-04-16T16:50:19.097Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-04-16T16:50:19.097Z", "expirationDate": "2024-07-15T16:50:19.097Z", "credentialSubject": {"id": "did:pkh:eip155:1:0xDD304336Cf878dF7d2647435D5f57C2345B140C1", "hash": "v0.0.0:FFdlAv9Y7rgCg9+N3HfnNX5sG6HtefjaMYgm41wdudk=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#Panmoni#1970143"}}, "twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..uG-1cHcfp2oNfF_KA3zcos_-4oKCBsfFzuSxnTflZBqZyrQ4zuqctyhY2cVkzAj8Row_3u8Y_Cc4rt2r-2T5Dw", "type": "Ed25519Signature2018", "created": "2024-04-16T16:50:09.418Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-04-16T16:50:09.417Z", "expirationDate": "2024-07-15T16:50:09.417Z", "credentialSubject": {"id": "did:pkh:eip155:1:0xDD304336Cf878dF7d2647435D5f57C2345B140C1", "hash": "v0.0.0:7RigtbTKp6nbTOGzGxpqNaQMGiK4TzxoXfcuHpIxQSQ=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#YapBay_"}}}, "description": "## Executive Summary\nYapBay is a Web3 P2P remittance platform that enables users to chain together fiat and crypto transactions, bypassing TradFi limits. Censorship-resistant and KYC-free, YapBay fosters financial inclusion for the world's 2 billion unbanked and underbanked. With a user-friendly, transparent, and community-governed approach, YapBay empowers individuals to participate in the global economy on their own terms, potentially serving as a gateway to unlocking trillions in pent-up capital.\n\n## Problem\nThe global remittances market is broken, especially in developing countries. High costs, limited access, and slow transactions plague the industry. Low-value remittances often incur high fixed fees, making them extremely expensive in Africa, SE Asia, and Latam. Many people, particularly those without formal IDs, struggle to send and receive money across borders. Remittance corridors serving these populations have high fees and small average amounts, hindering individuals from supporting their families and participating in the global economy. The World Bank reports that the average cost of sending $200 remains high at 6.2% in 2023, far from the 3% target set for 2030.\n\n## Solution\nYapBay addresses these challenges by creating a P2P marketplace that combines the best of traditional finance and decentralized finance. Users can easily chain together two trade offers to create a fiat-to-fiat remittance, using cryptocurrency as a fast, secure, and low-cost transport layer. With YapBay, senders and receivers can use their preferred fiat currencies while benefiting from the speed and efficiency of crypto. The platform's censorship-resistant and KYC-free approach empowers the world's unbanked and underbanked population, enabling them to participate in the global economy on their own terms and bypass the limitations of traditional remittance services.\n\n## Progress To Date\nAs of mid-April 2024, the development of an MVP is in progress. The primary repos are [yapbay](https://github.com/Panmoni/yapbay), [yapbay-contracts](https://github.com/Panmoni/yapbay-contracts) and [ypse](https://github.com/Panmoni/ypse). From 2018 to 2021, I and my teams performed extensive field work in Latin America educating new crypto users and learning what they want. We did a remittances pilot between Madrid and Caracas in 2019, which was quite popular among Venezuelans in Spain.\n\nYapBay currently uses Next.js, Ethers.js, Hardhat, TailwindCSS, Typescript, Alchemy Platform, RainbowKit and Vercel.\n\n## The Remittances Marketplace\nRemittances are a $860 billion industry, with a significant portion of this market concentrated in developing countries. According to the World Bank, the top remittance recipients in 2023 were India ($125 billion), Mexico ($67 billion), China ($50 billion), the Philippines ($40 billion), and Egypt ($24 billion). However, the remittance market is characterized by high costs, slow transaction times, and limited accessibility, particularly for low-value remittances in regions such as Africa, Southeast Asia, and Latin America.\n\nThe target market for YapBay consists of the world's 2 billion unbanked and underbanked individuals, many of whom rely on remittances to support their families and communities. In 2021, remittance inflows to low- and middle-income countries reached $589 billion, with sub-Saharan Africa receiving $49 billion, East Asia and the Pacific $133 billion, and Latin America and the Caribbean $131 billion. These regions are characterized by high remittance costs, with the average cost of sending $200 to sub-Saharan Africa at 8.2%, and to Latin America and the Caribbean at 5.5%.\n\nYapBay's impact can extend beyond the direct remittance market. By driving the adoption of cryptocurrency as a medium of exchange and empowering individuals to participate in the global economy on their own terms, YapBay can help unlock trillions of dollars in pent-up capital and stimulate economic growth in underserved regions. As the platform gains traction and establishes a strong network effect, it has the potential to become a leading player in the global remittance market and a catalyst for financial inclusion and economic empowerment.\n\n## Immediate Roadmap\nHere is our initial focus:\n\n1. Deliver the MVP.\n2. Design a market test with an initial remittance corridor.\n3. Utilize social media channels to raise awareness.\n4. Deliver a detailed, analytical report on the market test.\n\n## Evaluation\nThe success of YapBay will be evaluated using a combination of quantitative and qualitative metrics, including:\n\n- Average cost of remittances on the platform compared to market benchmarks.\n- Number of active users and transaction volume.\n- User satisfaction and retention rates.\n\nRegular user surveys, market research, and data analysis will be conducted to track progress and identify areas for improvement.\n\n## Impact\nYapBay has the potential to significantly reduce the cost of remittances for millions of people in developing countries, enabling them to send and receive more money to support their families and communities. By driving the adoption of cryptocurrency as a medium of exchange, the project also contributes to the broader goal of financial inclusion and economic empowerment.\n\n## Future Funding\nYapBay aims to achieve self-sustainability through a combination of transaction fees, value-added services, and strategic partnerships. As the platform gains traction and demonstrates its impact, additional funding will be sought from impact investors, accelerators and venture capital firms aligned with the project's mission. The formation of a DAO and the launch of a native token will also be explored as a means of community governance and long-term sustainability.\n\n## Potential Risks and Challenges\n1. **User adoption**: Educating and onboarding users who may be unfamiliar with cryptocurrencies and decentralized finance requires significant effort.\n2. **Liquidity**: Ensuring sufficient liquidity on the platform to facilitate timely and cost-effective remittances across the globe will be challenging.\n3. **Network Effects**: Building a strong network of users, particularly in the early stages of the platform, may be difficult. Achieving critical mass and overcoming the \"chicken and egg\" problem of a two-sided marketplace can be a significant challenge.\n4. **Competition**: Established remittance providers and emerging blockchain-based solutions may pose significant competition.\n\nYapBay will mitigate these risks by implementing a comprehensive user education and support program, prioritizing transparency and effective communication with its user community, and continuously innovating to stay ahead of the competition. Continuously monitoring and adapting to market conditions, user feedback, and emerging technologies will also be essential to navigate these challenges and ensure the long-term success of the platform.\n\n## Team\nCurrently the team is [George Donnelly](https://georgedonnelly.com/portfolio/), who has been working on cryptocurrency-as-medium-of-exchange mass adoption since 2018. Visit [GeorgeDonnelly.com](https://georgedonnelly.com/portfolio/) for more information.\n\n## More Information\n- [Deck](https://static.panmoni.org/yb/yapbay-deck.pdf)\n- GitHub: [yapbay](https://github.com/Panmoni/yapbay)\n- [Roadmap](https://yapbay.com/roadmap)\n- Website: [YapBay.com](https://yapbay.com/)\n- X: [YapBay_](https://twitter.com/YapBay_)\n- Telegram: [YapBay](https://t.me/YapBay)\n\n## Conclusion\nYapBay represents a transformative solution to the challenges faced by millions of people in the global remittance market. By stitching together P2P trading offers to create fiat-to-fiat remittances outside of TradFi, the project aims to facilitate the entry of more people into a more inclusive, accessible, and equitable financial system that empowers the world's unbanked and underbanked population. With a clear vision, a talented team, and a sound strategy, YapBay is well-positioned to achieve its goals and drive lasting impact in the lives of its users and their communities. The support of visionary funders will be crucial in bringing this innovative solution to life and unlocking the full potential of blockchain technology for social good.", "lastUpdated": 0, "projectGithub": "Panmoni", "projectTwitter": "YapBay_"}, "recipient": "0xDD304336Cf878dF7d2647435D5f57C2345B140C1"}}