Open Grant Proposal: Project Title
i3D Rapid Consensus Protocol
**Name of Project:**i3D Rapid App on i3D Protocol
Proposal Category: app-dev
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Proposer: https://github.com/invluencer Please contact for access
(Optional) Technical Sponsor: If you have previously discussed this project with a member of the IPFS or Filecoin project teams, include their name and/or github handle here
Do you agree to open source all work you do on behalf of this RFP and dual-license under MIT and APACHE2 licenses?: "Yes"
Project Description
The i3D Protocol is a Web and Mobile App data ecosystem solution that reduces investment risk through affordable, fast pre-screening of early-stage start-up companies by a distributed autonomous network
Early stage investing in start-ups offers potential for high ROIs, but it is by nature a considerable risk & poor data environment with low liquidity for founders and their investors.
The i3D Protocol leverages the developments by Nevermined.io as their first use case. Nevermined has funding from Filecoin:
https://github.com/filecoin-project/devgrants/pull/321/files?short_path=6d3dc19#diff-6d3dc1955c31c8cc2c76b477c56f5da71d09351e5d99290f2c6352944579d43d
Problem
Predicting the success of early-stage start-ups is difficult due to the lack of data and the inflated costs of robust, affordable, and non-biased due diligence. Pre-screening thousands of opportunities is a time-intensive process for investors, incubators, accelerators, banks, and venture funds
Due Diligence Constraints & Time
Early-stage companies exist in poor data environments with less reliable information publicly available, meaning that too often early-stage investors only hear about companies once it is too late to invest. Established VCs or friends/family are the entities that benefit most from investing early on in such ventures.
If a methodology existed for everybody (not just VCs and their limited partners) to be able to contribute their investment, wisdom or perspective, then more promising businesses would receive support and have the capacity to expand as the investments flow beyond the “next big thing” and into any type of young business with the right factors for success. This is the need for lower barriers to entry in the VC world. There exists the need for a better way to assess which types of companies will have the highest chances of growing their revenue or value in a scalable manner.
Solution
Invluencer is creating the i3D Protocol (platform) as a marketplace to connect the wisdom of the crowd to the infrastructure needed to assess a young company’s likelihood of success, and which factors are most likely to indicate the business will do well.
The team has previous experience building marketplaces and bringing user adoption to the different networks where we will integrate the technology. Making easier to get access to DeFi data, can setup this tool as a reference Dapp for the crypto and tradfi investment communities
Phase 1 Completed & in testing: i3D Arena which allows Deep analysis of each new project
- Multiple Experts analyse projects via key questions sets and evaluate areas such as Idea, Team, Product/Market Fit, Business & Financial Model, Competition, etc.
- Once network consensus is reached, the project is given a score and ranked alongside other evaluated projects.
- Consensus is determined by proprietary scoring systems and algorithms.
- Network evaluation eliminates bias Evaluation areas and weighting developed by industry professionals
- Passed to the larger i3D Rapid network for further confirmation analysis
Phase 2 Now Building: i3D Rapid Using the power of Network Effects for sentiment analysis
a) Gamification of Analysis
- Greater Network Users of the mobile app are asked analytical type questions (rank 1 – 9)
- Users are rewarded for daily use and completing achievements based on proprietary Factor Equilibrium which reduces questions as consensus is reached
b) Mobile application used to grow the network
- Users are incentivized to grow their network and increase their rank within the network to earn more reward tokens. Users Stake Tokens for work
*Staked reward tokens are burned and returned to reward treasury
Value
The i3D DDS framework is based on 3 components: an automated algorithmic score from data uploads, an expert score by network members holding a certain reputation within the network, and an ‘expert’ score by the larger network primarily based on sentiment. With identified triangulation points available in all three components, a consensus score is achievable, with the primary aim being to accurately build a set of data points that allows a fully automated score to be achievable.
This, we believe, will bring user adoption to the Filecoin Ecosystem as recording and storing the Reports, Reputations and Rewards of the expert nodes in a distributed manner is important in maintaining the distribution ethos of i3D and Filecoin
A risk consideration is one where an investor may rely on the reporting to make an investment which turns out badly. However, given the high-risk nature of the early-stage investment sector, using the consensus methodologies means that their risk is reduced
A risk consideration in executing the project is funding. This is mitigated through the funding mechanisms employed:
- initial funding to build and test i3D Arena for expert analysis
- Grant funding for i3D Rapid App to build network for sentiment analysis
- VC Crypto funding to build out investor/data user base
Deliverables
The final deliverable for the grant funding is the completion of the prototype for the i3D Rapid App which allows us to go to market to start building a large, decentralised network. This is important for the sentiment analysis in reports required for triangulation of data. Successful implementation of the prototype will allow us to attract further funding.
The core purpose for the i3d Rapid mobile app is to grow the user base for the i3d - intelligent distributed due diligence platform. This is to be achieved by encouraging users to engage with the platform via the mobile app i3d Rapid daily through rewards in the form of i3d tokens. The tokens will be allocated in 2 ways;
• for answering “Rapid” or reduced question set questionnaires about companies registered on the i3d platform
• daily check in on the mobile, which enables the user to earn tokens per hour based on the number of active people in their network.
The proposal is split into 3 core deliverables.
- Mobile Application Development.
- API Development. The API development will be to build an API for integration to the currrent Firebase identity, and storage of reward coins services such that they can support both the mobile and portal channels. The solution will leverage the Apstory Ledger service, enabling Invluencer to minimize development cost and only pay for the use of the service. Apstory will absorb any development required to the Apstory Ledger service to enable integration.
- Integration of results and Storage and Retrieval via Nevermined and Filecoin to enable verfied reports based on results of network analysts
BAsed on successful proof of concept of the prototype (growth of network) further deliverables will then include the establishment of our NFT 'Subscription' model for verified access to the data and integration of the Reputation management - both via Nevermined Protocol, with a NFT storage solution via Flecoin.
The prototype of the i3D Rapid App will have the following functionality when completed:
a) Gamification of Analysis
- Greater Network Users of the mobile app are asked test style analytical type questions (rank 1 – 9), initially as a feedback mechanism on targeted information gathering to strengthen the data set to be used for future question sets
b) Mobile application used to grow the network
- Users are incentivized to grow their network to earn more reward tokens. These tokens will initially be stored in the APSTORY Ledger until wallet is integrated
c) Backend of webapp development to integrate i3D Rapid App Test Questions
- fork software to enable mobile questions available for i3D rapid
Development Roadmap
Flow and Integration between i3D, Nevermined and Filecoin
Analysts will conduct analytical work via the i3D Arena and Rapid App with the results being registered and encrypted in Nevermined to maintain the rewards and reputation levels of analysts with their Decentralised In-situ Computation. The encrypted report will then be stored on Filecoin for user access.
The users of the i3D Arena and Rapid App form part of the start-up ecosystem numbered at 1 million plus participants (source CB Insights and Pitchbook), including VC, private equity, investors and analysts. With a projected Total Attainable Market of 2.5% i3D expects to service the data needs of 25,000 users annually.
Based on a subscription model, authorised users will be able to retrieve the encrypted and time stamped data reports from the Filecoin system via the Nevermined integration with it’s audit proof decentralised access control to ensure regulatory compliance. Payments for the reports is retroactive based on proof of data transfer and encryption.
Output value
- Whether sharing data inside or outside an organisation, the integration of i3D, Nevermined & Filecoin makes the data provenance audit-proof, while offering decentralised access control for the highest level of regulatory compliance. The output value of the data report (on a large scale) detailing data on the viability of a project is based on the consensus of the analysts.
- Popular Completed reports (aka content) that are ranked highly, benefit from the Filecoin storage protocol as it allows users to retrieve these reports much faster from a distributed network versus an overloaded centralised one
- Filecoin's & Nevermined's verifiable storage systems ensures that a user retrieves a unique copy or replica of the original time stamped report generated by the i3D Network
Work Packages, Timeline & Software Costs
Milestones framed as Work Packages >Owner >Start Date > % Completed
Completed: i3D Arena Development Cost $319,000
1.1 Project Charter >CEO >1-Feb-19 >100%
1.2 Project Charter Revisions >CEO / Directors >1-Feb-19 >100%
1.3 Research >Team >1-Mar-19 >100%
1.4 Product Market Fit Validation >Product Owner >1-Jun-20 >100%
1.5 Fundraise for Phase 1 >CEO > 1-Jul-20 >100%
1.6 Core development >Coding Team >1-Mar-21 >100% Completed 30-Sep-2021
1.7 Preparation for go to market >Product Owner >1-Dec-21 >50%
1.8 Go to Market >CEO >1-Jan-22 >10%
1.9 Develop User Network - Inner Swarm >CEO/CMO >1-Jan-21 >10%
Grant Funding i3D Rapid App plus Arena integration Cost $65,300
Total FT Equivalent Staff X6
2.1 Scope & Goal Setting >Product Owner >1-Dec-20 >100%
2.2 Design Phase >Product Owner >1-Dec-20 >100%
2.3 Skill Set Identification >CEO >1-Jan-21 >100%
2.5 Complete Grant >CEO >01-Dec-21 >0%
2.6 Project Start >1-Dec-21 >0%
2.7 Employ staff & appoint subcontractors >CEO >1-Dec-21 >0%
2.8 i3D Factor Research & Algorithm design >Data Scientist >1-Jul-21 >25%
2.9 i3D Algorithm and App Coding >Subcontractors >1-Jan-22 >0%
- 3X teams as detailed below in Milestones & Budgets
The development of the project takes place with Nevermined.io, our App developer and own i3D Team building off the Nevermined protocol as the main integration point with Filecoin.
Reputation and Rewards management via Nevermined to be completed after prototype completion.
https://github.com/filecoin-project/devgrants/pull/321/files?short_path=6d3dc19#diff-6d3dc1955c31c8cc2c76b477c56f5da71d09351e5d99290f2c6352944579d43d
Total Budget Requested $65,300
The project costs are split between 3 teams collaborating simultaneously to integrate the various components. Broadly there are 3 milestones
Milestone 1: Mobile App Development
3X FTE
Budget $35,000
• Project Setup
• Setup App in App Stores
• Setup Mobile App
• Detailed Analysis and Design
• Mobile App Development Frontend
• Ledger for token accounting via Apstory Ledger
• i3D Question API Integration between web & mobile app
Milestone 2: Integration of results and report generation
2X FTE
Budget $15,000
• i3D Mobile to Arena integration - Web API Development
• Cross reference analytics between mobile and expert question sets via API
• API Integration for results to report generation
Milestone 3: Web API's, Ledger Accounting & Storage
2X FTE
Budget $12,000
• i3D Completed Report API via Nevermined to Filecoin Storage solution
• i3D Report retrieval from Filecoin via authorised user
Invluencer CEO and CTO are also full time on the development, however their costs are primarily covered by other funding
Post Implementation Costs: $3,300
• 3Months
Total Budget: $65,300
Budget Breakdown by Team
• $35,000 App development Team - X3 FTE
• $15,000 Integration Team - X2 FTE
• $12,000 i3D Team (data, algorithms) - X2 FTE
• $ 3,300 Invluencer Overheads & management of project
Maintenance and Upgrade Plans
All the implementations resulting from this development will be Open Source and merged as part of the i3D upstream code. As a result of that, the code and functionality will be supported as long the i3D components are being used by the community. The i3D Protocol is being designed as a DAO with planned involvement from
- Foundation and Treasury holding 68% of tokens
- Working Groups (analysts and contributors for upgrades)
- Service Providers (initially Invluencer and Keyko Teams until Foundation takes control)
Team
Team Members
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Michael Doyle
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Don Gossen
-
Oswald Garlick
-
Aitor Argomaniz
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Jonathan Els
-
Matt Hacking
-
Patrick Doyle
-
Trevor Harraway
Team Member LinkedIn Profiles
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https://www.linkedin.com/in/michael-doyle-26882bb6/
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https://www.linkedin.com/in/donald-gossen-40ab96/
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https://www.linkedin.com/in/oswaldgarlick/
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https://www.linkedin.com/in/aitorargomaniz/
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https://www.linkedin.com/in/elsjonathan/
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https://www.linkedin.com/in/matthew-hacking-87651164/
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https://www.linkedin.com/in/dr-patrick-doyle-88436110/
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https://www.linkedin.com/in/trevor-harraway-81449a7/
Team Website
https://invluencer.com https://keyko.io
Relevant Experience
The i3D Protocol is a collaboration between Invluencer Ltd and Keyko.io blending Tradfi and Defi
Invluencer Ltd Team
Mike Doyle: Co Founder & CEO Invluencer
Bachelor of Commerce, Post Graduate Futures Studies
2X founder:
- Rule 17 Ltd in the UK which grew to owning 4 X Pubs, 2 X Nightclubs and 4X youth hostels
- Mickey Doyles Construction in South Africa which grew to a team of 58 employees involved in high end construction projects
- Has also successfully built a large team of 78 managing the roll out of a full sustainability and facilities program for an international school in the Kingdom of Eswatini.
Oswald Garlick: CTO Invluencer
Network Engineering & Software Development
2X Co Founder of krpt.io and Vanirtech - servicing the financial services crypto arbitrage industry
Patrick Doyle: Co Founder & Development Advisor
Consultant Anaesthetist and Stanford Graduate School of Business Certificate of Innovation and Entrepreneurship
Founder of L2p.co.uk, a regulatory software company with +20K active users
Jonathan Els: Technical Consultant
Master of Science in Software Engineering
2X Co Founder of krpt.io and Vanirtech - servicing the financial services crypto arbitrage industry
Matt Hacking: Director Invluencer, Crypto Advisor
Director Pharmafinium: Digital Healthcare Accelerator
Co Founder Oxford Hormone Clinic
Trevor Harraway: Due Diligence
MSc Environmental Geochemistry
Invluencer Due Diligence Framework Developer and Founder of Endiligence - Transaction Due Diligence (non-financial)
Keyko.io Team led by:
Don Gossen: CEO Keyko
BSc Engineering, Computer Engineering
Serial Entrepreneur with extensive experience incubating and scaling ventures.
3x Founder & CEO
- Nevermined - The world’s first decentralized collaborative computing platform
- Keyko - Web3 Innovation Hub
- Ocean Protocol - The world’s first decentralized data marketplace; $350M+ Market Capitalization
Aitor Argomaniz: CTO Keyko
Deep Tech and Big Data expert with keen eye for talent and extensive track record of delivery
2x Founder & CTO
- Nevermined - The world’s first decentralized collaborative computing platform
- Keyko - Web3 Innovation Hub
Team code repositories
• https://github.com/keyko-io
• https://github.com/nevermined-io
• https://github.com/bigchaindb
• https://github.com/oceanprotocol
• https://github.com/stratio
• https://github.com/xaynetwork
• https://github.com/filecoin-project
• https://github.com/celo-org
• https://github.com/bancorprotocol
Additional Information
Link to Design of i3D Rapid App:
https://xd.adobe.com/view/7e70710d-e307-4cfa-b33f-f3151029d194-2b23/
Link to Whitepaper:
https://docs.google.com/document/d/1enfdDqZKnu0VDls_43B3F_aUoHXgnkY5/edit#heading=h.gjdgxs
The i3D DDS framework is based on 3 components: an automated algorithmic score from data uploads, an expert score by network members holding a certain reputation within the network, and an ‘expert’ score by the larger network primarily based on sentiment (see Section 5). With identified triangulation points available in all three components, a consensus score is achievable, with the primary aim being to accurately build a set of data points that allows a fully automated score to be achievable.
In conceptualising such a framework for a distributed due diligence network, the example of Amazon Mechanical Turk (MTurk) can be referenced. MTurk is a marketplace for work that requires human intelligence. Companies use MTurk to tap into a broad network of anonymous workers that can choose from thousands of tasks to complete.
i3D uses this logic, enhances it, and applies it to the due diligence process, which also requires human intelligence to complete myriad small tasks. The scoring methodologies reduce the complexity of predictive analytics to simple analysis until consensus is achieved and then reconfigures the data back to an aggregated sectional score.
Companies are uploaded to the platform and distributed to the experts according to their reputation level within the network based on performance, level of expertise, first come first served basis, etc. depending on the level of expertise required. Experts lock up some of their coins for the duration of the scoring process.
To achieve Equilibrium of scores for each factor, algorithms track scores ensuring that once factor equilibrium is achieved the factor is removed from the process while factors yet to achieve equilibrium are continually assigned to experts until equilibrium is achieved. This ensures a factor is accurately scored and does not become lost or diluted in the overall sectional score.
Once Factor Equilibrium is achieved, the scores are aggregated and weighted according to these relevant sections. Commentary is also aggregated with common threads collated into a report that is sent to the platform for access by users.
An expert is rewarded or purchases i3D Coins to have a “stake” in the i3D network, and to access the platform to perform due diligence. The experts get paid Coins for performing the work successfully, as well as earning back the Coins used to bid for the work. The value of these coins is determined by the value of the coin at time of lock up, and by allocated due diligence from the Investor Liquidity pool made up from subscription fees. Excess Liquidity can also be used by Invluencer to Buy and Burn Coins or to maintain liquidity for further development. By asking experts to have a stake in our network, we ensure “skin in the game” and using principles such as loss-aversion and ownership-accountability to ensure that experts are performing due diligence to the best of their abilities. Successfully staking our Coins and earning them back is how an expert contributes to the network’s strength. See Earning Rewards in Whitepaper