{"signature": "0xf3cd80771afeb189a2b076d3f5333e9f93eb96d9d78141ab9460cd45059f7fb147161f2b3a29abe3bc366204cf4f8c8c185fcb85e24042fee526d6d2e2b396c51b", "application": {"round": "0x523d76f39f6e6c7dd6a6707ed3b4490a386434a2", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "ZtLO6+ekkxjFa4cWnZuKSdCcbyZlSSfDwJC7noyzAdzEG781sUv7fSCzRPDMvgDw", "encryptedSymmetricKey": "27ee82b04341e6804d397751c264b5e30e78bd849e788fccbfde641fc637ca17c3ed87837ad1d3db74a9caa4936883087ea5e8c44e282d4204a5ee181e2fa22fdedf0a89ae4e4be7f253ac109a59e111cf0cd86d4be3844beab3ec101b05cf817b7ad2c4a7d899bd4316e181448a14de6ebcb3898f6c0dd18582145579b8a5c700000000000000208f7322bdaee5e899d09f2130c284e0f4161206290feab334583bd6046ac5d69d0c82a35425b0209417d7d5e8813031b4"}}, {"type": "multiple-choice", "answer": "Building - Deployment of RWAs", "hidden": false, "question": "Which of the following RWAIG funding categories does your project fall under? ", "questionId": 1}, {"type": "number", "answer": "120000", "hidden": false, "question": "Funding Request ($USD) ", "questionId": 2}, {"type": "paragraph", "answer": "0xAuth aims to solve the challenge of inefficient and manual onboarding and verification processes for tokenised fund institutions and RWA issuers. By introducing a seamless Web3 onboarding process with portable credentials, compliant automated verifications, conditional wallet connectivity, and zero-knowledge proofs for selective disclosure, we\u2019re addressing the current inefficiencies and high compliance costs that hinder the broader adoption of tokenised assets in the real-world financial ecosystem. We\u2019re also helping mobilise investors across different chains by pushing 0xAuth as the single sign-on (SSO) for the Web3 world. \n\nThis solution streamlines verification procedures, enhances investor experience, reduces friction in the onboarding process, and ultimately enables a more efficient and secure way for institutions to tokenise assets and onboard investors.", "hidden": false, "question": "What problem is your project solving in the RWA space?", "questionId": 3}, {"type": "paragraph", "answer": "0xAuth is different from other decentralised identity providers simply because we\u2019re identifying and solving very specific challenges for the tokenised funds and RWA industry. No other competitors are currently offering a complete and comprehensive end-to-end solution with features such as automated accredited investor onboarding, audit reports, or hybrid on and off-chain credentials (which can be used with passkeys). Not to mention, we\u2019re doing all of this while ensuring strict compliance with existing standards and are therefore working closely with regulators.\n\nUltimately, we\u2019re making it as easy to disclose personal information (or prove eligibility) as it is to pay for something with Apple Pay and biometrics.", "hidden": false, "question": "Explain how your project is different from others and will bring value to the RWA ecosystem on Arbitrum. ", "questionId": 4}, {"type": "paragraph", "answer": "(We\u2019re unsure if 0xAuth is more suited for the third category, but we\u2019re going with the first one for now.)\n\nWe\u2019re currently in the second phase of development, as outlined in the roadmap provided in this project description. Our core SDK (which handles investor onboarding and verification) is complete, and we\u2019ve deployed the required smart contracts on the Stellar test network. Development of the institutional dashboard(s) is also nearly complete.  \n\nWe\u2019ve planned a pilot with Franklin Templeton and WisdomTree to make their on-chain products available to more eligible users via a web interface (instead of just a mobile app).\n\nWe\u2019re also setting up an industry-wide proof-of-concept in collaboration with Chainlink, called Project DAVID. This includes key players such as Fidelity International, Sygnum, vanEck Europe, UOB, and Deloitte under the supervision of the ADGM in Abu Dhabi to create interoperability and compliance between tokenised funds, platforms, chains and jurisdictions.", "hidden": true, "question": "[Answer this if you have chosen Building - Deployment of RWAs, otherwise type N/A] What stage of development is your project currently in?", "questionId": 5}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Building - Strengthening Analytics, otherwise type N/A] How many Arbitrum users or projects (rough estimate) would benefit from the analytics you are providing?", "questionId": 6}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Building - RWA Token Standards, otherwise type N/A] How will the standard make it smoother to deploy RWAs onto Arbitrum?", "questionId": 7}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Research, otherwise type N/A] Describe how your research will lead to reduced costs for projects aiming to deploy RWAs on Arbitrum.", "questionId": 8}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Awareness, otherwise type N/A] Describe your awareness content piece and outline its structure in detail.", "questionId": 9}, {"type": "short-answer", "answer": "1. **Tokenised Fund Institutions:** The primary target audience for 0xAuth includes tokenised fund institutions operating within the RWA ecosystem on platforms like Arbitrum. These institutions can benefit from the automated onboarding processes, reduced compliance and customer acquisition costs, and analytics offered by 0xAuth to improve operational efficiency and investor experience. 2. **Eligible Investors:** Accredited investors looking to participate in tokenised fund offerings will also be a key target audience for 0xAuth. The platform's automated verification processes and portable credentials aim to simplify the onboarding experience for these investors while ensuring complete mobility across chains.  3. **Financial Service Providers:** Financial service providers, including those involved in managing tokenised assets and facilitating investor transactions within the RWA space, could find value in leveraging 0xAuth's solutions to enhance customer due diligence processes, improve audit-ability, and strengthen security measures. 4. **Regulatory Bodies and Compliance Agencies:** Regulatory bodies and compliance agencies monitoring activities within the tokenised fund industry may also be considered part of the target audience for 0xAuth. The platform's focus on compliance, audit-ability, and secure verification processes aligns with the needs of these entities to ensure adherence to regulations and standards.", "hidden": true, "question": "What is the target audience for this project? ", "questionId": 10}, {"type": "paragraph", "answer": "**Rico van der Veen**\n\nFounder and Chief Executive Officer\n\nRico, an early Bitcoin investor since 2015 and an ex-advisory board member of Rabobank, has advised SMEs and the public sector on blockchain's potential for process efficiency. He later founded Apollo Ventures, an early-stage venture capital fund focused on digital assets. He now leverages his TradFi industry connections to solve the biggest problems for tokenisation: compliance and interoperability.\n\nLinkedIn: https://www.linkedin.com/in/ricovanderveen/\n\n**Humayun Javed**\n\nChief Technology Officer \n\nHumayun is a blockchain expert who specialises in zero-knowledge technology. With his background in designing and developing Web3 technologies, Humayun is well-versed in the latest advancements in blockchain technology. He is particularly interested in digital identities and verifiable credentials. His expertise lies at the intersection of blockchain technologies and privacy-focused solutions, which means that he can leverage the power of blockchain to create secure and private solutions for a wide range of applications, from financial transactions to identity verification.\n\nLinkedIn: https://www.linkedin.com/in/humayun219/\n\nGitHub: https://github.com/humayunj\n\n**Ahmed Ali** \n\nLead Blockchain Engineer\n\nAhmed Ali is a certified blockchain architect, blockchain engineer, and auditor with over three years of experience in blockchain. When he\u2019s not working on 0xAuth\u2019s smart contracts and on-chain functionality, Ahmed is busy contributing to Optimism\u2019s `op-geth` library or experimenting with substrate-based blockchains. \nLinkedIn: https://www.linkedin.com/in/1xahmed\n\nGitHub: https://github.com/1xahmed\n\n**Umar Hassan Khan**\n\nFull-Stack Engineer\n\nUmar has considerable experience with both web and mobile development. His core expertise lies in developing robust and scalable backend systems. His areas of interest include low-level hardware optimisation and computer networking. Umar has been developing the SDK for our solution, which included the integration with Plaid and Vezgo. \n\nLinkedIn: https://www.linkedin.com/in/umar-hassan-khan\n\nGitHub: https://github.com/UmarHassanKhan929\n\n**Wazir Shehryar**\n\nFull-Stack Engineer\n\nWazir\u2019s core strength lies in frontend technologies, and he has significant experience working with JavaScript-based frameworks such as Next and React. He\u2019s been working alongside Umar to develop the SDK for our solution and help ensure that the user interface and overall experience are incredibly polished and refined.  \n\nLinkedIn: https://www.linkedin.com/in/wazir-shehryar-ali-6a794a218/\n\nGitHub: https://github.com/vzirshehryar\n\n**Muhammad Umar**\n\nFull-Stack Engineer\n\nMuhammad Umar has expertise in both frontend and backend technologies. He is currently working on developing the frontend and integrating the APIs for the institutional dashboard. \nLinkedIn: https://www.linkedin.com/in/umarilly\n\nGitHub: https://github.com/umarilly\n\n**Usama Shaukat**\n\nFull-Stack Engineer\n\nUsama specialises in backend technologies, and he is primarily developing the backend for our institutional dashboard with a focus on reliability and scalability. \nLinkedIn: https://www.linkedin.com/in/usama-shaukat-440pk/\n\nGitHub: https://github.com/usama440-coder", "hidden": true, "question": "What are the roles and experiences of project team members?", "questionId": 11}, {"type": "paragraph", "answer": "None as of now from RWAIG. ", "hidden": true, "question": "How much funding has your project raised already?", "questionId": 12}, {"type": "short-answer", "answer": "We\u2019ve already received $45,000 and $90,000 respectively in funding via the Stellar Development Foundation.", "hidden": true, "question": "Is this project already funded by other grant programs? If funded by any Arbitrum-related programs, please specify.", "questionId": 13}], "project": {"id": "0xded69d3bb47e6397c55319ecffe27cadd9a71c7c6d0450d89a7436234e8e7d6f", "title": "0xAuth", "logoImg": "bafkreidor6p76mtjupfxil2wmzbi6drsztquwaa5w3ct4ix7zxfjvju4t4", "metaPtr": {"pointer": "bafkreigwaetnyberxabnn6co6rinb6ckkp7dhyvagpyd5yjwhg4nzlfb3a", "protocol": "undefined"}, "website": "https://0xauth.co/", "bannerImg": "bafkreigfstb6dyfp7yfi64jsivz6bv5tswlybnu4dmr2wfjj73lb5pusta", "createdAt": 1722691578329, "credentials": {}, "description": "## The Problem\n\nTraditional finance is moving on-chain for efficiency. We\u2019ve seen how Franklin Templeton launched its Franklin OnChain United States Government Money Fund with $BENJI on Stellar, and how KKR is tokenising a part of its private equity fund on Avalanche. Even BlackRock is launching its first tokenised fund on Ethereum. It\u2019s not long before other institutions start following suit. \n\nThe problem is, that the onboarding and verification processes (which include Know Your Customer (KYC) checks and **accredited investor qualification**) for new users are still based on the old Web2 approach: they\u2019re repetitive, and **manual**. This is problematic to say the least, since 40% of potential users will abandon the onboarding process if it takes longer than ten minutes [1]. \n\nThis results in the loss of trillions of dollars (3.3 trillion in 2019 alone [2]) of potential revenue. The need for a **seamless**, but **compliant** Web3 onboarding process with **portable credentials** is long overdue. \n\n## What Problems Are Tokenised Fund Institutions Facing?\n\nInstitutions need to keep investor fees as low as possible to stay relevant in an increasingly competitive market. This explains why so many of them are choosing to move on-chain. \n\nHowever, this is merely one part of the equation. High compliance costs across the industry, driven by repetitive and siloed processes, remain a significant concern. These inefficiencies create friction, reduce investor mobility, increase Customer Acquisition Costs (CAC), and hinder full operational efficiency for both institutions and users.\n\nAdditionally, tokenised funds are still operating in a gated and siloed fashion. This *greatly* reduces the number of potential investors that can be acquired. A cross-chain approach would significantly increase this number. \n\n## What Are We Proposing?\n\n0xAuth proposes a frictionless onboarding and verification process along with portable investor credentials \u2014 while boasting minimal compliance costs. The key features of our solution include:\n\n- **A compliant, automated verification process:** 0xAuth verifies accredited investors using trusted off-chain oracles in an **automated** fashion. This includes Know Your Customer (KYC) and Know Your Business (KYB) checks via [**Plaid**](https://plaid.com/). Plaid enables investors to verify their real-world assets, such as bank and brokerage accounts, and undergo Anti-Money Laundering (AML) compliance and Political Exposed Person (PEP) screening. Additionally, 0xAuth leverages [**Vezgo**](https://vezgo.com/), which allows investors to verify their digital assets such as crypto holdings, centralised exchange (CEX) and decentralised exchange (DEX) accounts, and non-fungible token (NFT) holdings.\n- **Portable, verifiable credentials:** 0xAuth deploys a digital identity contract (ERC-734) on-chain when a new user onboards for the first time. After the verification process is complete, the user is issued two verifiable credentials: off-chain, using the W3C VC standard, and on-chain, using the ERC-735 standard (which are linked to the user\u2019s digital identity contract). **.**\n- **Conditional wallet connectivity:** If a platform (such as a private investment fund) wants to verify the user\u2019s eligibility, it can simply integrate with 0xAuth and check their verifiable credentials to conditionally allow or block access.\n- **Zero-knowledge proofs:** If a platform needs to further verify a user\u2019s personal information, it can utilise JSON-LD-based zero-knowledge proofs (ZKPs) to verify off-chain (W3C) credentials. This approach allows for **selective disclosure**, enabling users to share specific pieces of information without revealing their entire identity or related data. As an example, an institution can request that a user verify their country of residence in order to provide them access to a private staking pool that is restricted to European residents.\n    - In the future, we\u2019d like to allow these off-chain (W3C) credentials to be verified on-chain as well. In this case, we would deploy a ZKP verifier contract which would support criteria selection (ZK predicates) and selective disclosure requests. Any institutional contracts can simply call our contract to verify ZK proofs on-chain.\n\n## How Does Arbitrum Fit into the Picture?\n\nArbitrum is already an attractive destination chain for tokenisation because of its efficiency. 0xAuth can increase this attractiveness even further by offering a seamless, yet compliant solution for investor onboarding and verification \u2014 which will ultimately help financial institutions stay competitive. Additionally, breaking down siloes means that the network as a whole will see increased network activity as participants from other chains flock to Arbitrum. \n\nAs such, our goal for this grant is to bring 0xAuth support to the Arbitrum ecosystem. This includes the core functionality described above along with dashboards that financial institutions can use. \n\n## Current Traction\nWe\u2019ve planned a pilot with Franklin Templeton and WisdomTree (on the Stellar network) to make their on-chain products available to more eligible users via a web interface (instead of just a mobile app).\n\nWe\u2019re also setting up an industry-wide proof-of-concept in collaboration with Chainlink, called **Project DAVID**. This includes key players such as Fidelity International, Sygnum, vanEck Europe, UOB, and Deloitte under the supervision of the ADGM in Abu Dhabi to create interoperability and compliance between tokenised funds, platforms, chains and jurisdictions. Invited participants also include Citi. \n\n## References\n\n**Project David Pitch Deck**\n\nDescription: Our pitch deck for the Project David proof-of-concept. \n\nLink: https://docs.google.com/presentation/d/1siNMA0xAJzKlu5jCdrOkCgpMuJmsxyI0WI5zPtHUlFk/edit?usp=sharing\n\n**Roadmap**\n\nDescription: A long-term roadmap, which lists planned improvements and potential features.\n\nLink: [https://antematter.notion.site/0xAuth-Roadmap-3d37fc3dd17146938982402a364727e3?pvs=4](https://www.notion.so/0xAuth-Roadmap-3d37fc3dd17146938982402a364727e3?pvs=21) \n\n**Pitch Deck**\n\nDescription: Our pitch deck, which helps illustrate the idea for 0xAuth on a holistic level.  \n\nLink: https://docsend.com/v/yrmz2/0xauth-tokenized-funds\n\n## Glossary\n\n[1] https://thepaypers.com/payments-general/fis-have-14-minutes-and-20-seconds-to-onboard-customers-signicat-finds--780846\n\n[2] https://resources.fenergo.com/newsroom/global-business-commercial-banking-market-sees-3-3-trillion-in-losses-due-to-operational-inefficiencies", "lastUpdated": 0}, "recipient": "0x2A7049f6DaD24E36019387B76e4822646108b7B3"}}