WESTAND

STAND BY YOUR SIDE

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About Project

Content

Pitch Deck

WeStand - Pitch Deck

Inspiration

When the world has many natural disasters, that is also the time when calling for support becomes gradually popular. For example, in Vietnam in 2021, there have been many campaigns to support people affected by disasters, originating from famous organizations and influencers. We all wish we could do something to help those affected, such as donating money, medical equipment, and food. However, after many scandals in the transparency of money flow up to a million dollars and missing or incorrect recording of activities and transactions related to relief efforts, people have gradually lost faith in the traditional way of donation and now what they need is a platform to support users in fundraising without having to worry about the lack of transparency.

What it does

How it works

Our application aims to provide solutions for organizations and individuals in charity activities. Leveraging blockchain technology, our application allows users to organize charity fundraising programs with transparency and accountability. Thus, our application allows donors to be provided critical data on how the organization/individual is using their funds.

  • Step 1: Donors will send the funding to the funding pool and this fund is locked. No one can get this fund except in the following cases: Sufficient quantity and Timeout

  • Step 2: Managing and tracking funding by smart contract brings publicity and transparency about where/when/how fundings come in and come out.

  • Step 3: Fundraiser gets funding in the poll, and donates it to whoever is needed. These actions are tracked through smart contracts. Users can see or track transactions through Block Explorer and Analytics Platforms such as ethersscan in Ethereum.

  • Step 4: Fundraisers can support 3 forms of goods, cash, coin, this is also recorded by smart contract so they can create transparency in details of how the money flow is transferred.

Our application's main features are described below:

Code Actor Feature Name Description
FEAT00 Fundraiser Verify identity The fundraiser must register and be verified as eligible before starting any fundraising event.
FEAT01 Fundraiser Create a new charity fundraiser Parameters required: Event Name, Fundraiser Name, Goal (in dollars), Raised (in dollars), Event information Representative Information.
FEAT02 Fundraiser Stop a new charity fundraiser Once reached the goal, the fundraiser is automatically closed. But the fundraiser's representative can proactively close it if needed. If the goal is failed to reach, funds are automatically sent back to donors
FEAT03 Donor Donate funds to a specific fundraiser Funds can be in the form of coins or tokens.
FEAT04 Donor Donate through QR code Quick access without even downloading the app to use its features.
FEAT05 Common user Login via crypto-wallet Supported crypto-wallets: MetaMask, Mathwallet, and Trezor
FEAT06 Common user Fiat-to-crypto on-ramp (and vice versa) The app will be integrated with an exchange to help users quickly buy/sell crypto to use.
FEAT07 Common user Track real-time data of the fund donated Help donors manage the use of their funds after having sent it to the fundraiser.
FEAT08 Common user Badges for donors and fundraisers Incentivise users to actively use the app.
FEAT09 Common user Provide API to assist other applications Quick and convenient way for same purpose app to build and apply their code.
FEAT10 Common user Emergency Map Building a map that show tracked data
FEAT11 Common user Chat A common feature that helps people connect together as well as contact support services.
FEAT12 Common User Auctions Fundraising events in which guests bid to win auction items and packages. The highest bid wins the item, and the fundraising organization receives the proceeds.

How we built it

Techstack

  • Frontend: This application will be deployed on the mobile platform first to leverage its mobility and convenience. Tech-stack: ReactNative
  • Backend: A centralization database is needed to store related data and avoid storing large data on-chain. Tech-stack: Solidity
  • Blockchain: The smart contract will be deployed on EOS public blockchain network to leverage its features such as secure access, authentication, usage management, and scalability. Two smart contracts needed are (1) Token contract and (2) Fund management contract. Techstack: EOSIO framework, WebAssembly, Nodeos and Cleo.

Business Model

Business Model

  • Users (Fundraisers and Donors) will find us through channels such as social networks as well as live donation events.
  • By focusing on and ensuring the transparency of each transaction, we will impress our users and attract them to use our products.
  • By sending weekly reminders, adding game features, and giving away points that can be earned in the game, we will keep and develop a good bond between the product and the users.
  • Our main source of income will come from 5% commission per transaction, auction, and running ads on the app.
  • By sharing the app and charity events with other users and those who haven't used the app, users will win a $5 Prize, coupons, and unlock new badges.

Market Size

Market Size According to our research, the global value of philanthropy (including donations + value of time donated) at around $2.3 trillion (source: Citi GPS). Global donation value alone is $757.91 billion in 2021. The value of total crypto donations is $100 million: The volume of crypto donations was called last year on the Giving Block is 70M, and on Endaoment was almost $30M. We will take 1% of that market share (equivalent to $1 million).

Financial

Financial

  • Revenue Stream: Our project will derive its revenue from four main sources: auctions, promote charity events/ campaigns, transaction fees and running ads.
  • Expenditure: The cost we need to make the project work will be in operating and maintaining system, construction fee & use on the blockchain network, digital marketing & promotion and tax & other additional fee.

Challenges we ran into

The first and foremost issue might be one of the most common for every web3 startup, it's the truffle of being hesitated to choose which is the proper network to deploy our application, along with critical parameters: users, liquidity, transaction fee, scalability solutions, its roadmaps, etc.

There's also the concern about how to provide a solution that can be widely trusted and used among users. This concern is based on the vague laws about cryptocurrencies in Vietnam. Regulations might be a barrier preventing us to spread the use of our application.

Accomplishments that we're proud of

  • Opening various discussions (with people who are interested) to improve the application's efficiency and feasibility.
  • Expanding the applications of Blockchain in general and EOS in particular
  • Offers better transparency than other fundraisers
  • Fast and convenient for supporters as well as callers (especially for coin/token donations) different from other fiat charity apps.
  • Providing API for other fundraiser applications which is using coins/tokens as donations.
  • Bring value to coins in general (especially in countries that do not yet accept coins).

What we learned

  • Applying Blockchain to solve real-life problems (prove the ability of blockchain in fields other than finance).
  • EOSIO chain's tech stack.
  • How to create a practical business plan.
  • Effective time management and teamworking.
  • Pichting and Presenting.

What's next

Our timing

  • Adding more practical features: Allow fiat funding.
  • Better fundraising flow to give customers convenience.
  • Intending to build web3 with decentralized management in the future.
  • Integrating some features of a social network like sharing short videos, pictures of people who need help, …
  • Building detailed financial plans and marketing strategies as well as attending to risk management
  • We've continued to develop a beta for WeStand till December so we can find additional assistive technologies needed. After we have resolved all the issues that occurred during the test, we will reach a target number of customers. We will contact an organization or an influencer and invite them to try our product, and if the feedback is positive we will ask them to promote the product to their supporters. If after the experience there are still many problems, we will continue to research for 2 months. In this way, we will be able to solve all the problems and make the official product launch soon
  • Target 100000 users within the first year. Encourage cooperation with reputable organizations and influencers to increase brand recognition of products

Our team

We are all students of the University of Engineering and Technology - VietNam National University

  • Nguyen Van Thanh - Computer Engineering
  • Kieu Van Tuyen - Computer Science
  • Duong Nguyet Anh - Computer Science
  • Vu Minh Tuyen - Computer Engineering
  • Phung Van An - Information Technology
  • Nguyen Thi Huong Tra - Financial & Marketing

Built With

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Updates

posted an update —

We have updated some new data about the business plan

Business Model

Business Model

  • Users (Fundraisers and Donors) will find us through channels such as social networks as well as live donation events.
  • By focusing on and ensuring the transparency of each transaction, we will impress our users and attract them to use our products.
  • By sending weekly reminders, adding game features, and giving away points that can be earned in the game, we will keep and develop a good bond between the product and the users.
  • Our main source of income will come from 5% commission per transaction, auction, and running ads on the app.
  • By sharing the app and charity events with other users and those who haven't used the app, users will win a $5 Prize, coupons, and unlock new badges.

Market Size

Market Size According to our research, the global value of philanthropy (including donations + value of time donated) at around $2.3 trillion (source: Citi GPS). Global donation value alone is $757.91 billion in 2021. The value of total crypto donations is $100 million: The volume of crypto donations was called last year on the Giving Block is 70M, and on Endaoment was almost $30M. We will take 1% of that market share (equivalent to $1 million).

Financial

Financial

  • Revenue Stream: Our project will derive its revenue from four main sources: auctions, promote charity events/ campaigns, transaction fees and running ads.
  • Expenditure: The cost we need to make the project work will be in operating and maintaining system, construction fee & use on the blockchain network, digital marketing & promotion and tax & other additional fees.

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