Proposal: Xeggo: Money Streaming

Name of Project / DAO / Company

Xeggo

Application type

Product Launch

Proposal overview

Xeggo is a trustless money streaming protocol where the sender can repeatedly stream money/token to the receiver account, like hourly/daily/monthly. This product will be used to facilitate the payment for freelancers, contract workers, grants, salaries and any composable stream of value, with continuous settlement and per-second netting for extreme capital efficiency.

Many among one everyday use case would be grants distribution. Let’s say a DAO decided to give a grant of 100k in 5 milestones/month to project Capstone (some arbitrary name). Capstone projects aren’t sure whether they will grant on time or not (a prevalent problem in grant and freelancing space ). The project owner will ask DAO to use Xeggo for streaming the money. DAO will lock up the money. Every month 10K will be going to the receiver regularly. If the project owner didn’t meet the criteria, then DAO can stop the streaming. If not, the money will be continuously streamed. The theme here is to remove trust barriers through trustless products. Also, at later the later stage of development, the receiver will be getting Yield on it. So the capstone project owner will get 100k+yield as a grant amount.

The end product would be DAPP using Xeggo SDK/contracts. Many other applications can be built around it by using this product in terms of insurance, accounting etc.

We have deployed the product on Eth testnet and been selected to incubator EthAum, Singapore. Along with that, we have already done market validation among gig economy participants.

Proposal ask

We are requesting $50K grants in terms of 5 equal milestone worth 10K basis as described below.

Our milestones are:

$10K after launching a feature-complete product on our testnet
$10K after forming a DAO with 5-out-of-9 multisig with our DAOs
$10K after launching on our mainnet with audit
$10K after 1K daily active users (with launch video, full PR promotion)
$10K after 10k daily active users (with detailed roadmap, governance process)

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.

Metrics for success

  1. Product launch
  2. No of users : >2K
  3. Total Volume of txn: >10KUSD

External links

Website: xeggo.co

Demo: Link

SDK (In progress): Link (npm)

Twitter: Link

This is a much-needed service, thank you for the proposal!

Approved for $50K Launch grant. Congratulations to the team and welcome to the Harmony Ecosystem! :tada:

Looking forward to the first milestone for a Testnet Launch built on Harmony.

“Testnet Launch” means launching a feature-complete product on Harmony Testnet. We define feature complete to include a user interface, connection to a wallet (Metamask, Harmony ONE Chrome Extension, etc.) on Testnet, and can be tested end-to-end by at least 100 users.

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. Join the Harmony Grants Telegram channel to share your story and to gain partnerships there by growing your own ecosystem.

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

2 Likes

Hi,

Thanks, @giv and the Harmony team for the consideration of our proposal. I have submitted the identification documents to kyc@harmony.one

We have built and deployed our initial product on harmony testnet.
Link: https://xeggo-harmony.on.fleek.co/
Testnet Stream hash: 0x8d0d3Ae312a34E6A8Ab9F2c0962616bf6d365C9c
Any queries/questions can be solved by us at Twitter: https://twitter.com/xeggoHQ

Looking forward to suggestions from the community.