{"signature": "0x4a2c787da731496e997d26e8bc3eda052554e0dff4ced44f5c4cd72826ae765c50452aa7c466a6624b98dac4a775d229529f2bdddad15515db51da2fb5dcdebf1b", "application": {"round": "0x20c94c8d87175abcac8892636cd23b25515e10f3", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "zRivNPeOq6MuR8pjujqXs3koC8KN+MJEDIbxM6S6idbaohENOuebN+H6BSWxkzqP", "encryptedSymmetricKey": "13e0c3487df690b9f3588e38fce50277f7f788cabb7b75925bd3906387e0427b2a3cbbd74076860a0bdb343dea91c7063b9384009ed25dd708edc2d068436beab2227d553423c77b7646d883838e18d72c7e6e0a29425b0e6f2d39aecc298b8a19a620f1ad76aca02743f7beb24d691aa9a982fe5c303b0ee01eb0bafa6433330000000000000020908487b73b0df9200d56e57ad7b00591083f87df06bc03e29133ebb866e5841cf4a67d2445b28ecd684e70f91bcec9ac"}}, {"type": "short-answer", "answer": "@cryptosmartnow", "hidden": true, "question": "Telegram Handle", "questionId": 1}, {"type": "short-answer", "answer": "https://github.com/CryptoSmartNow/bs_base", "hidden": true, "question": "Project GitHub Repo", "questionId": 2}, {"type": "short-answer", "hidden": true, "question": "Link to your Public Group Chat", "questionId": 3}, {"type": "short-answer", "answer": "https://builder.gitcoin.co/#/chains/42161/registry/0x/projects/0x0d4cee5aba84526fa9bfab5c08a9ded987f2c948a46da395230c6c811b44eee6", "hidden": true, "question": "Have you participated in a previous Gitcoin Grants Round? If so, please name the rounds or link the builder profile associated with previous rounds.", "questionId": 4}, {"type": "paragraph", "answer": "Participated in the B<>rder/ess <> Lisk Hackathon (June 2024)\nhttps://x.com/BorderlessDev/status/1819658711574422011\n\nParticipated in the Build On Base Buildathon (OCT 2024)\nhttps://devfolio.co/projects/bitsave-protocol-bfd3", "hidden": true, "question": "Which hackathon did your project participate in, and when? Please provide a link to your hackathon project page.", "questionId": 5}, {"type": "paragraph", "answer": "DEVELOPMENT PROGRESS ON LISK\n- Conducted 103 Test Transactions on Lisk Testnet\n- Deployed Bitsave Contracts on Lisk Mainet\n- Concluded Test for Functionality and confirmed users  can withdraw and save any token on Lisk chain on the contract\n- Completed Frontend integrations for Bitsave on Lisk using Rainbowkit\n\nDEVELOPEMENT PROGRESS ON BASE\n- Deployed on Base Mainet\n- Done functionality tests (Internal)\n- Yet to begin user tests\n- Frontend integration on Rainbowkit for saving in USDC 90%", "hidden": true, "question": "Describe the progress and development of your project since the hackathon. What milestones have you achieved?", "questionId": 6}, {"type": "paragraph", "answer": "Bitsave contributes to the open-source software (OSS) ecosystem by offering a less complicating solution to challenges within decentralized finance (DeFi) for everyday users.\n\nHere are some issues with Understanding DeFi for everyday users:\n1. Promoting Crypto Savings in a Volatile Market\nProblem: Saving in cryptocurrency is generally uncommon due to the highly volatile nature of the market, making it risky for users to lock up funds.\n\nBitsave introduces a \u201csafe mode\u201d and a points system, calculated with market volatility in mind, to mitigate risks. This turns a risky process into a structured and easy one for 1st time DeFi  users.\n\n2. Interoperability with Multiple Blockchains (Zetachain Integration)\n\nBitsave allows users to save assets from different blockchains in one platform. This cross-chain interoperability simplifies the process and accessibility with SaveFi protocols.\n3. Decentralized and Private User Accounts (Parent-Child Contract System)\nProblem: Traditional banking provides personalized savings accounts with secure storage, but DeFi solutions often lack similar decentralized, personalized, and private account structures.\nBitsave's Solution: Bitsave introduces a parent-child contract system, where each user can name their savings and ssentially creates a contract that holds their savings with the click of a button.\n\n4. Advancing DeFi Infrastructure on EVM-Compatible Chains.\nBitsave's Contribution: By developing our system with EVM compatibility in mind, and adapting for platforms like Zetachain (which extends EVM), Bitsave helps expand DeFi capabilities across multiple chains, demonstrating how financial protocols can be adapted for broader ecosystems.\n\n5. Documentation and Community Support\nValue: Bitsave's team has contributed to open-source tools like Beaker, providing documentation, reviews, and support (https://github.com/algorandfoundation/beaker/graphs/contributors we're Xpan). Our efforts to improve frameworks and share knowledge has helped the broader developer community working on Algorand, Zetachain, and EVM-based projects. Our contribution to collaboration and innovation within the DeFi space.\n\n", "hidden": true, "question": "How does your project contribute to the OSS? What problem does it solve, or what value does it add?", "questionId": 7}, {"type": "paragraph", "answer": "Further Developemt\n- Joint savings feature; where friends save collectively on Bitsave for anything.\n\nHow funds will used to achieve these goals\n1. Marketing\n2. Future developments\n3. Community building", "hidden": true, "question": "What are your plans for further development, and how will the grant funds be used to achieve these goals?", "questionId": 8}, {"type": "paragraph", "answer": "0x7d839923Eb2DAc3A0d1cABb270102E481A208F33 Base\n\n0x01f0443DaEC78fbaBb2D0927fEdFf5C20a4A39b5 LISK", "hidden": true, "question": "For any project deploying smart contracts on blockchain networks, please list all your deployer addresses and their corresponding blockchain networks. Use this format for each entry: [deployer_address], [chain_id]\u2014for example, 0x123abc..., 42161 (This represents a deployer address on the Arbitrum network). Please include a separate line for each unique deployer address and blockchain combination.", "questionId": 9}], "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"}}