Oneramp grant proposal

[eliashezron]

Project Abstract

Please replace these instructions with a brief description of your project summarising key points (1-2 paragraphs).

If your application is a follow-up to a previous grant, please mention which one in the first line of the abstract and include a link to previous pull requests if applicable.

Grant level

• Level 1: Up to $10,000, 2 approvals
• Level 2: Up to $30,000, 3 approvals
• Level 3: Unlimited, 5 approvals (for >$100k: Web3 Foundation Council approval)

Application Checklist

• The application template has been copied and aptly renamed (project_name.md).
• I have read the application guidelines.
• Payment details have been provided (Polkadot AssetHub (USDC & DOT) address in the application and bank details via email, if applicable).
• I understand that an agreed upon percentage of each milestone will be paid in vested DOT, to the Polkadot address listed in the application.
• I am aware that, in order to receive a grant, I (and the entity I represent) have to successfully complete a KYC/KYB check.
• The software delivered for this grant will be released under an open-source license specified in the application.
• The initial PR contains only one commit (squash and force-push if needed).
• The grant will only be announced once the first milestone has been accepted (see the announcement guidelines).
• I prefer the discussion of this application to take place in a private Element/Matrix channel. My username is: @_______:matrix.org (change the homeserver if you use a different one)

[github-actions]

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[keeganquigley]

Thanks for the application @eliashezron there are no deliverables present for milestone 2. Could you add a second milestone table similar to the one that was filled in for M1? I will also make a few suggestions to remove template text.

[semuelle]

Please separate the deliverables across all milestones as you are planning to deliver them. Please keep in mind, though, that the Grants Program is focused on open source software, so any deliverable specified as "add support for [region]" should explain what work is being done and how this is (re)usable for the whole ecosystem.

[eliashezron]

the api developed will be open source

[PieWol]

chiming in with Sebastian here. It would be great to have more details on the exact work that you plan to do to expand Oneramp to these countries. It would be interesting to hear more about both technical and regulatory aspects that you expect to work on. Also do I correctly understand that Oneramp would execute the swaps from stables to local currencies? How will that work?

[eliashezron]

Yes, As regards the regulation, We are partnering with yellowcard and kotani pay and other market players who have VASP licenses to operate in those jurisdictions. In the future, we shall definately look at getting our own licenses. (currently, its so expensive)

Technically, Simply put, we are the liquidity providers for both the fiat and crypto currencies and execute the swaps like a forex exchange would. However, since liquidity can be limited by how financially deep your reserves are, We are working with other liquidity providers to solve cases of large purchases.

Swaps are automatically executed by monitoring blockchain events and working with PSPs.
In case of buying, The user is promted to accept the transaction via mobile money prompt, A call back is sent to our servers and cryptocurrency sent to the crypto address the user input.
Incase of Selling, The user transfers cryptocurrency to the oneramp vault, an event is emitted and the mobile money is sent to the phone number the user provided. A diagramatic illustration is included here.

A demo of how it works right now on other networks is here