Vernacular micro content platform targeting Indian users
GIF & stickers are used to express in digital conversation (chat & comments)
Traction: 300k monthly active users
Partnerships: Google
Revenue 2021: $100k
Currently serving 4 languages/markets in India
Proposal overview
Pivoting from web2.0 to web3.0
Web 3.0 Architecture
Use blockchain as database to store the micro content.
Use decentralized storage and content distribution infrastructure.
Reduces costs by 90% & 100% up time
Tokenomics
Incentivize content creators and curators by offering Kulfy tokens
Users can tip content and its creators
Businesses can use coins and buy digital real estate space with content on it omni channels
Consumers are located in USA, UK, Australia and Dubai. Content creators are in India. This platform can bridge the high demand for content and creators can make additional revenue streams using blockchain technology
Tokenomics provide opportunities to scale Kulfy beyond a particular region and culture.
Keeping content on blockchain gives trackability, this can help in monetizing and regulating the mico content market
Challenges
Crypto is relatively new in developing countries like India. Onboarding on users to wallets and account creation is an enablement activity.
The original creators of content are movie/tv studio companies. Partnerships need to be established and onboard to web 3.0 ecosystem
Crypto is still not regulated in India, business model will can be under scrutiny
Current applications are built on already proven stack like AWS. Under decentralised infrastructure performance at scale is yet to be proven. Benchmarks needs to be created.
Implementation
Partner with low cost effective blockchains like Harmony to build the DAPP for Kulfy
Dapp build completely on web 3.0 (storage and CDN) migrate the existing content and direct new content. Impact 90% reduction in costs
Details tokenomics plan to sustain and grow the ecosystem and minting Kulfy crypto currency
Partner with exchanges and De-Fi to create liquidity pool
Looks like you have built a solid project and reviews for apps seem positive with a lot of downloads. How will bringing the micro content onto a low cost blockchain reduce costs? Have you thought of integrating crypto-micro or local currency payment platforms onto your apps to purchase premium content or tip creators as a test case before creating you own token? Wish you the best of luck!
Phase 1:
Upgrade the Infrastructure of Kulfy to a decentralized architecture. This includes
Tokenize existing content on blockchain
Storing/uploading content on decentralized solution like IPFS or Sia
Performance & scale using pinning services like Pinata cloud
Tips for content using crypto-micro payments
50k Grants provided by Harmony are used for development, re-design, vendor charges for integrating their solutions Sia & Pinata. Good budget has been allocated to marketing activities.
Our milestone is to generate tips worth $100k from Kulfy community.
Phase 2 will be unlocked after reaching the phase 1 milestone.
In phase 2, Kulfy will be minting own currency on HRC 20.
@kenny
Currently at Kulfy, 70% of our monthly burn rate amount goes to AWS costs.
Most of the contribution for assets content storage and distribution (CDN).
These huge costs are one of the major factor for limiting us to scale to global languages, unless we get VC money.
For example: By moving to decentralized options on average, Sia’s decentralized cloud storage costs 90% less than incumbent cloud storage providers. Storing 1TB of files on Sia costs about $1-2 per month, compared with $23 on Amazon S3.
Gifting/tipping in a reliable way is something our community is interested in as per our surveys. But as you said we will validate the concept in phase 1 and take feedback before deploying our own tokenomics. Appreciate your inputs and feedback to this project.
@Staump
We realized that there will be a great synergy if Kulfy and Harmony work together.
For Kulfy:
Other blockchains with expensive gas fees don’t makes sense for Kulfy’s use cases. Because cost of the transaction should be very less of the total value of transaction. Harmony’s almost zero gas fee helps us to scale.
2 second finality of Harmony gives web 2.0 experience to Kulfy users
Financial grants helps to incentivize the developers and pay for the vendor services.
PR from Harmony establishes trust in the Kulfy community users.
As we are new to web 3.0 ecosystem, Kulfy needs Harmony’s community support and guidance
For Harmony:
A cross-border, regional use case for Harmony. This project can take Harmony to India and on-board first million crytpo users from India into the Harmony eco-system
Harmony One is currently listed on Binance and Wazirx in India. Now India’s community can buy/sell the tokens easily. This availability help is adoption.
Please let me know if you are looking for information in any more specific area.
This proposal fits best to a Port grant based on the guidelines at Apply for Grants or DAO (300K MAUs)
We target the top 25% projects across chains with most tractions and highest potential: DeFi apps should have at least $20M total locked value or 20% sustained yields; NFT mints or games 10K daily active users; DAO $100K payouts. Highly vibrant and engaged communities usually have social metrics of 50K Twitter followers, 10K Discord members, 5000 active wallets, and 1000 Telegram daily online.
100 Ports ($20M). Recipients of each grant for porting must have achieved product-market fit. Harmony helps scale these thriving projects via porting to our mainnet. We recommend $50-250K each over 4-8 weeks, on projects already with active 10K users, and engaging their teams in public forums. Prime areas of market growths are Play-to-Earn games, musician fan clubs, investment DAOs, portfolio dashboards, and event and collectible curators.
For these projects already live on other chain’s mainnet, Harmony’s Port Grant can boost their reach of users and engagement. As grants, we give $50K for porting to our mainnet and another $25K for forming a DAO on our platform. For any project, a DAO ensures community participation, product sustainability, and open governance. We recommend a 5-out-9 multisig account on Gnosis Safe with 3 governors from the project team, 3 governors from the project community, and 3 governors from Harmony DAOs – namely, ONEcommunityDAO, ONEdeveloperDAO, ONEincubatorDAO. We also give five additional $35K grants, totally $250K with the initial $50K+25K grants, each for running joint campaigns to double the key user metrics.
Thanks for considering Kulfy for the port grant. During the application, the only reason I didn’t apply for port grant is because we are on live on an another chain yet. Harmony is our first choice to deploy in web3.
As you mentioned, Kulfy have great traction, strong community who loves us and a product market fit where we started generating revenues. Porting Kulfy to Harmony is a very intensive transformation on the Kulfy side where availability of funds and resources will expedite the pace we reach the target milestones.
Kulfy is committed to use port grant in the best way possible to benefit Kulfy and Harmony ecosystem.
Please let me know if you need any more information.
Appreciate the support and nourishment from the Harmony ecosystem.
Our team is delighted to upgrade Kulfy into the Web3 using Harmony, we are currently working on our beta release on Testnet.
As next steps, I will do the KYC verification and Gnosis wallet setup with Harmony.
Will keep you guys posted with the updates next week.
Once again, thanks to all Harmony team members for spending time to know about more Kulfy and onboarding us. Looking forward for an impactful project.
Last couple of weeks our team has locked on the scope of the usecase we are porting to Harmony. Kulfy in web 2.0 supports Youtube and Instagram links as the source of content for creators to create GIFs & clips. In web 3.0, we are adding support for NFTs (video/GIF format) as source of content for creating GIFs and Memes. In the beta release, we are using NFTs from Harmony, Ethereum and Polygon as our content sources. Kulfy users who setup their ONE wallets can now create content from the NFT sources and mint them as derivative NFTs on Harmony.
Kulfy Creators can
Import an existing NFT by search and select
Create their own version of content based on the origianl NFT
Mint the derivative content on as an NFT on Harmony (HRC 721)
Creators can receive Tips for derivative NFT content from Kulfy crypto users in $ONE tokens
This will provide transparency and control for the NFT artists on how their content is repurposed and used. In addition to providing passive income. This usecase will also onboard new set of content creator who are good at editing and remixing existing content and interested in minting their own NFTs.
Assumptions:
Taking consent from NFT creators before listing their NFTs on Kulfy
Derivative NFTs can not be sold as NFT, they can only receive tips.
Project status:
We are releasing beta version of Kulfy 3.0 on Harmony Testnet on 12/20 Monday.
This week we are submitting the project code for auditing.
Please let me know if you have any questions.
Will keep you posted!
Beta version of Kulfy 3.0 is deploy on Harmony Testnet and available to visit at https://beta.kulfy.io/
Our Web 2.0 version of Kulfy will continue to be available at https://kulfyapp.com
In the Kulfy web3.0, creators can not only create a GIF or Clip but also mint their content as NFTs using HRC 721 standards. This mechanism achieves two things for Kulfy
Kulfy is using Harmony blockchain to tokenize content created by the community
Community can provide Tips to creators using $ONE
Roadmap: A platform for original content creators to have transparency on their derivative content and get royalties for their content usage.
Search for NFTs (Ethereum & Polygon) - new in Kulfy 3.0
Youtube Links
Upload file or paste URL
Click on Create Kulfy, this will open a video editor with content on the browser. Creators can use the following options and create creative content.
Crop
Add Text
Add Padding
Overlay Images
Export as Video or GIF
Trim clip
Once the desired content is created, it will take user to minting screen where user can pay the gas fee and mint the content as an NFT. Creators can only receive Tips for their work from the community, but they don’t have rights to sell or trade the NFT.
Assumptions:
Taking consent from content creators for using their content to create Kulfys
Currently users can only tip 1 $ONE per transaction.
We will be adding documentation links shortly.
Please let us know your feedback.
We have approached a blockchain auditing company Slowmist for reviewing the project and they put us in queue till February 7th for auditing. We are working with @Jacksteroo to find another company who can audit our project quickly. Currently our team is focusing on the documentation and code comments of the project Kulfy.
Our project audit has been started by a third party company today, we will get feedback within 5 business days. Shout out to @Jacksteroo for supporting us through the audit process. Kudos!
Audit report update:
Web3 Kulfy project is successfully audited by https://0xguard.com. Audit report seems very good with few low severity issues. Our team is working on addressing the open items so that we can re-audit them for clearance.
Our team addressed the feedback items reported in the audit by 0xguard.com, we re-audited the project code and received full clearance for the smart contracts. Latest code is deployed in Harmony Testnet, application is available at https://beta.kulfy.io/ .
Next steps: @Jacksteroo We would like to demo Kulfy to Harmony team and get ready for Mainnet launch.
Here is the detailed recording of the end to end use case of Kulfy which is deployed on Harmony:
We want to invite people from Harmony community to try our project on Testnet and provide your valuable feedback.
Testnet Kulfy: https://beta.kulfy.io/
More information about this project is available at Kulfy Console - Documentation.
Just wanted to follow up on the feedback of Kulfy Testnet project.
Our users have already minted 1000+ Kulfys as Utility NFTs on the testnet in last couple of weeks.
Looking forward to hear back from Harmony community.
Excellent work. Minted my own He-Man Kulfy. Have been following the progression of the project since the beginning and the transparency, updates and beta product are great.
This wouldn’t be an app in my wheelhouse as I have probably only sent a handful of memes and gifs in my entire life but it is exciting to see a successful web2 app begin the conversion to web3.
Look forward to your mainnet launch and to dive into the metrics. Again excellent work!
@kenny Thanks for trying out over beta version of the decentralized meme creator and providing your valuable feedback.
He-Man content is a great way to start memes and loved your 100 ONE tip to it.
Also appreciate your interest on what we are building at Kulfy.
We are doing a mainnet launch event in April, inviting few popular meme creators and 1000 users to onboard on to this platform. Would like to have you be a part of our launch.
Stay tuned on this thread for more details !
Update:
As we are getting ready for the mainnet launch, here is our detailed plain about the 7 day launch event in the first week of April. As part of the launch we are doing a 100 people IRL event in Mountain View, California and 1000 people virtual event in Metaverse. We are proposing this plan to Harmony for feedback to confirm the agenda and dates for the event.
to have the Harmony community participate to ask questions and provide feedbacks.
to see weekly updates on this channel to keep the community posted on this proposal’s progress!