Grant: Kulfy - A Vernacular Micro Content Platform

Name of Project

Kulfy

About Kulfy:

  • 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
  • Create a DAO to build and grow the platform

Proposal ask

$50k USD worth Grant to launch Kulfy on Harmony

Metrics for success

[Milestones, number of users/transactions]

External links

Website: https://kulfyapp.com/

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Thank you for submitting a proposal to Harmony’s $300M Ecosystem Fund

We are in the process of reviewing your proposal. We would also love :blue_heart: to have the Harmony community participate to ask questions and provide feedbacks.

If you have more details to add, please do so by replying to this thread.

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!

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What would be some key benefits for Kulfy by receiving a Harmony grant and how would Harmony benefit as well?

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Our goal is to deploy this project in two phases.

Phase 1:
Upgrade the Infrastructure of Kulfy to a decentralized architecture. This includes

  1. Tokenize existing content on blockchain
  2. Storing/uploading content on decentralized solution like IPFS or Sia
  3. Performance & scale using pinning services like Pinata cloud
  4. 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:

  1. 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. 2 second finality of Harmony gives web 2.0 experience to Kulfy users
  3. Financial grants helps to incentivize the developers and pay for the vendor services.
  4. PR from Harmony establishes trust in the Kulfy community users.
  5. As we are new to web 3.0 ecosystem, Kulfy needs Harmony’s community support and guidance

For Harmony:

  1. 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
  2. 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.

Cheers,
Girish

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.

Can we agree to the above terms?

@Jacksteroo

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.

We consider a pivot from Web2 to Web3 relevant to port grants as well.


Approved for a Port grant of $50K with another $25K to form a DAO. Congratulations to the team and welcome to the Harmony Ecosystem! :tada:

Looking forward to the initiative to launch on Harmony’s Mainnet over an estimated 4-8 weeks timeframe.

Meanwhile, to prepare receiving funds, email your identification documents to kyc@harmony.one and create a Gnosis Safe MultiSig wallet at https://multisig.harmony.one and using instructions below
:arrow_right: Setup Gnosis Safe with MetaMask & 1Wallet

Checkout the Funding FAQ for further info at Harmony Funding FAQ

We’d love :blue_heart: to see weekly updates on this channel to keep the community posted on this proposal’s progress!

@Jacksteroo

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. :blue_heart:

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Updates:

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

  1. Import an existing NFT by search and select
  2. Create their own version of content based on the origianl NFT
  3. Mint the derivative content on as an NFT on Harmony (HRC 721)
  4. 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:

  1. Taking consent from NFT creators before listing their NFTs on Kulfy
  2. 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!

Cheers,
Girish

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

  1. Kulfy is using Harmony blockchain to tokenize content created by the community
  2. 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.

Instructions to Test https://beta.kulfy.io/ (use desktop)

  1. Setup Metamask with Harmony Testnet or use OneWallet with Testnet
  2. On Home page there will be a grid of GIFs & Memes created by Kulfy community. On this screen any user can give Tip to the content creators.
  3. Create Kulfy → Kulfy - Minting Memes from NFTs on this page user has following options as source of content:
  • 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:

  1. Taking consent from content creators for using their content to create Kulfys
  2. Currently users can only tip 1 $ONE per transaction.

We will be adding documentation links shortly.
Please let us know your feedback.

Thanks,
Girish

Weekly status:

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.

Weekly status:

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!

Our project documentation is now available at:
https://beta.kulfy.io/docs?id=documentation

Repo:

Will keep you guys posted!

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.

Attaching the initial audit report for reference https://gateway.pinata.cloud/ipfs/QmYq9menHWFoeSrrktvzWaZMN6GYAiKotBk4ovnn2W4jLF

We are expecting to get all the open issues addressed and re-audited by Jan 20th.

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Update:

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.