Incorporation of reviewers’ feedback on previous submission

Overall Feedback

Super interesting idea! However, it's a big swing and pretty broad. They may need to narrow their focus and be more realistic about their asks. 

Unlike our previous submission which focused on developing a physical point of sales system hardware for merchants to carry out transactions, we have redirected our focus to Greep Pay - a payment infrastructure on the SuperDapp which integrates diverse payment methods including a scan to pay method with QR codes that facilitates in- store payments. This new approach reduces production cost for us and the merchants. What about settlements?

Product & Ecosystem Value

Great concept, however, PoS systems in Africa may be costly for merchants. More info on merchants subscription costs needed.

In this submission, we have clearly identified that we are not building in Africa or for Africa; instead, we are building for West Asia, starting from the TRNC and expanding to Turkey and neighboring countries. Our decision to begin in TRNC is rooted in our personal experiences as Africans and members of the international community. With the increasing number of Africans and other international students arriving in the region, creating a system like Greep Pay has become increasingly urgent.

Technical Architecture

More details needed on the interaction with Stellar on a technical level.

This has been answered on the application and technical document

Where are they getting the physical POS systems? Are they a hardware company?

As mentioned earlier, we are not getting POS systems for merchants anymore, hence we are not a hardware company.

They mention wanting to issue a Turkish Lira stablecoin - would like to see more details on this.

For issuing a Turkish Lira Stablecoin, our main goal was to streamline off-ramp settlements for businesses. We are able to achieve this efficiently without the immediate need to issue a Turkish Lira stablecoin (although we foresee its potential in the future for enhancing transaction seamlessness and adding value to the Stellar ecosystem). Details on our off-ramp process are outlined in the technical architecture document.

Deliverable and Budget

Very light on the deliverables, however, the budget is reasonable

We have updated our deliverables in this submission ensuring that it aligns with our new budget. Additionally,  we have requested for 42,500 worth of XLM which is more realistic to what we are building as opposed to the previous ask of 22,500 XLM. This submission also provides specific and clear details on the pragmatic nature of our ask

[Deliverable 1: Initial Setup and Configuration of Stellar Network Integration]

Description: Set up and connect to the Stellar network using the Stellar Horizon API. This will provide endpoints for us to create initial wallets and accounts, integrate with the Stellar Consensus Protocol (SCP), and perform basic transactions. This would allow us to:

a) Create Stellar accounts (Greep master accounts)

b) Receive USDC from external wallets

c) Check USDC account balance

d) Submit transactions

e) View transaction history

How to Measure Completion: We would invite the reviewer to our Github organization. The reviewer would have access to a codebase for this deliverable. This codebase would have clear direction on how to successfully create and set up user wallets, demonstration of basic transaction processing from one wallet to another, and validation of transactions using SCP.

Estimated Date of Completion: 1 week from project start

Budget: $5,000 of XLM

• 60 Dev hours to develop, test and deploy to testnet
• Team
  • 1 senior backend developer   
  • 1 QA

[Deliverable 2: Development of Wallet Management and Payment Processing Smart Contracts]

Description: Combine the development of Wallet Management and Payment Processing Smart Contracts into a single deliverable to manage user accounts and handle fiat local-local currency payments, including currency conversion to USDC and transaction processing on the Stellar network.

a) Create stellar wallet for users

b) Query wallet balance 

c) Retrieve user wallet transaction histories

d) Process fiat payment and currency conversion

e) Enable wallet to wallet transactions for users

How to Measure Completion:  We would invite the reviewer to our Github organization. The reviewer would have access to a codebase for this deliverable.  The codebase would have clear direction on how to test the above deliverables using the smart contracts deployed on the testnet.

Estimated Date of Completion: 3 weeks from project start

Budget: $15,000 of XLM

• 120 Dev hours to develop , test locally and deploy to testnet
• Team
  • 1 senior backend developer   
  • 1 QA

[Deliverable 3: Development of Reward and Redemption Smart Contract]

Description: ​​Develop and deploy the Reward and Redemption Smart Contract to manage the reward functionality for users, including earning and redeeming GRP tokens. 

a) Calculate and distribute GRP tokens 

b) Redemption of GRP tokens to USDC on-chain

How to Measure Completion: We would invite the reviewer to our Github organization. The reviewer would have access to a codebase for this deliverable. The codebase would have clear direction on how to test the above deliverables using the smart contract deployed on the testnet.

Estimated Date of Completion: 4 weeks from project start

Budget: $7,000 of XLM

• 70 Dev hours to develop, test and deploy to testnet
• Team
  • 1 senior backend developer   
  • 1 QA

[Deliverable 4: Deployment to Mainnet, Integration Testing, and Security Audit]

Description: Deploy the entire system to the Stellar mainnet, perform comprehensive integration testing, and conduct a security audit of all deployed smart contracts.

a) Deployment of smart contracts and services to the Stellar mainnet

b) Ensure seamless interaction between different components

c) Validate the security and reliability of the system

How to Measure Completion: We would invite the reviewer to our Github organization. The reviewer would have access to a codebase for this deliverable.  The codebase would have clear direction on how to test the entire system on the mainnet.

Estimated Date of Completion: 5 weeks from project start

Budget: $8,000 of XLM

• 100 Dev hours for deployment, testing and deploy to mainnet
• 50 Dev hours for security audit coordination
• Team
  • 1 senior backend developer   
  • 1 QA
  • Security audit team (third-party)

[Deliverable 5: Integration with Greep Mobile App, Merchant WebApp and UI/UX Enhancement]

Description: Integrate Stellar network functionality into the Greep mobile app and merchant web app, and enhance the UI/UX for seamless user interaction. This includes improving user flows for payment and reward functionalities.

a) Integration of wallet functionalities, payment processing, and rewards within the mobile app

b) Integration of payout functionality (USDC to merchant fiat currency) within the merchant web app.

c) Improved UI/UX design for better user experience

How to Measure Completion: We would invite the reviewer as an internal tester for the mobile App and share login credentials for the Merchant web app. We would also provide a demo video showing how the app works.

Estimated Date of Completion: 6 weeks from project start

Budget: $7,500 of XLM

• 60 Dev hours for integration and implementation
• 50 Dev hours for testing and feedback resolution
• Team
  • 2 senior frontend developer
  • 1 UI/UX designer
  • 1 QA

We are integrating bank APIs for off ramping through our bank partner, isbank (it is widely popular and  available in turkey and North Cyprus).  

We are also one of the few Africans to own a registered Business (Greep) in the country and are permitted to have access to banking APIs.

Once businesses complete their KYB process and give us their Turkish bank details, they can receive their converted fiat in USDC and can request for payouts directly to their local Turkish bank account.

Phase 1: Building the Foundation (18 Months - Achieved)

• Community Building: Established a thriving international community of 5000+ members through WhatsApp, facilitating over 80,000 deliveries and trips. 
• Strategic Partnerships: Secured a partnership with the former owner of Mr. Order, gaining access to a network of 400+ restaurants.
  Note: Mr order was a former popular food delivery company that closed down recently due to poor technology.
• User & Partner Growth: Grew user base to 5000+ active customers and partnered with 50+ foreign owned SMEs
• Financial Performance: Achieved an estimated MRR of $20,000 and have generated approximately $400,000 in revenue since inception.

Phase 2: Scaling the Platform (Next 12 Months) 

• Focus: Leverage existing foundation to launch the Greep SuperDapp and automate services.
• Key Initiatives:
  • Develop and launch the Greep SuperDapp, transitioning from manual connections to a user-friendly mobile platform.
  • Integrate established restaurants from the Mr. Order network onto the SuperDapp. 
  • Expand service offerings beyond deliveries (e.g., ride-hailing, bill payments) based on market research and user demand.
  • Implement Greep Pay for secure and efficient in-app transactions using Stellar and Soroban. 
  • Implement a loyalty program to incentivize user engagement and platform adoption.

Phase 3: Geographic Expansion (Year 2+)

• Focus: Expand Greep's reach beyond North Cyprus.
• Key Initiatives:
  • Conduct thorough market research to identify suitable regions for expansion, potentially starting with Turkey.
  • Adapt the platform and marketing materials to cater to the new market's language, culture, and preferred payment methods.
  • Secure strategic partnerships with key players in the target market's financial services and service provider sectors.
  • Continuously monitor user feedback and adapt the platform to meet evolving needs.

Tentative Revenue Model:

This is our financial strategy on how we intend to make money. 

1. Commissions with Flexibility: 

• We won't have a one-size-fits-all approach. We'll offer businesses partnership plans at different levels according to their needs.
• Example 1: Restaurants might have a commission structure based on order value, with lower commissions for smaller orders like snacks or drinks, and slightly higher commissions for larger meals.
• Example 2: Grocery stores could have a flat commission rate regardless of order size, as their profit margins typically differ from restaurants.
   
• Standard Take Rate: 20% commission on all orders.
  
  Calculations:
• Total Order Value per Month: Total Order Value = NU * OU/M * AOV = 5,000 users * 2 orders/user/month * $13/order = $130,000
• Greep's Revenue from Commissions: Revenue = Total Order Value * Take Rate = $130,000 * 20% = $26,000
   
• Tiered Take Rate
• Tier 1: Restaurants (60% of Orders) with a higher AOV ($15) - Take Rate: 18%
• Tier 2: Grocery Stores (40% of Orders) with a lower AOV ($10) - Take Rate: 22%
  
  Calculations:
• Restaurant Orders: Number of Orders = NU * OU/M * Percentage = 5,000 users * 2 orders/user/month * 60% = 6,000 orders
• Grocery  Orders: Number of Orders = NU * OU/M * Percentage = 5,000 users * 2 orders/user/month * 40% = 4,000 orders
• Restaurant Revenue: Revenue = Orders * AOV * Take Rate = 6,000 orders * $15/order * 18% = $16,200
• Grocery  Revenue: Revenue = Orders * AOV * Take Rate = 4,000 orders * $10/order * 22% = $8,800
• Total Greep Revenue: $16,200 (Restaurants) + $8,800 (Grocery) = $25,000
   

2. Transaction Fees Optimized:

• Dynamic Delivery Fees: Implement dynamic pricing based on distance, demand, and time to maximize revenue during peak hours and cover longer deliveries.
• Payment Processing: Integrate various payment methods, including local options and Greep Pay. Consider a minimal processing fee to cover operational costs.
  * Assume an average delivery fee of $4 with a 20% commission kept by Greep. For the 10,000 orders (5,000 users * 2 orders/month), Greep's share would be: * Delivery Fee Revenue (Greep's Share) = Total Orders * Average Delivery Fee * Greep's Commission * Delivery Fee Revenue = 10,000 orders * $4/order * 20% = $8,000
   

3. Value-Added Services for Growth:

• We're not just about deliveries. We see an opportunity to create a win-win situation for everyone.
• Greep Pass Subcriptions: Our optional Greep Pass subscription could offer users monthly benefits like discounted delivery fees through our rewards program $GRP (e.g., 10% off on all deliveries), priority service during peak hours (e.g., shorter wait times for deliveries), and exclusive deals with select merchants (e.g., free side dish with every pizza order).
• Greep for Business: "Greep for Business" could offer corporate clients volume discounts for bulk orders placed for office lunches or team events. This caters to businesses while potentially increasing order frequency for restaurants.
  
  * Greep offers a monthly Greep Pass for $5 with a 10% penetration rate (500 users out of 5,000 subscribe). * Monthly Subscription Revenue = Number of Subscribers * Monthly Fee = 500 users * $5/month = $2,500
   

4. Targeted Advertising:

• Local businesses can leverage our platform for targeted advertising, with options based on placement and prominence of the ads. We believe collaboration is key to growth
• Example: A local bakery could pay for a premium ad placement on the Greep home page during breakfast hours, targeting users browsing for food options.
  
  *Greep would charge $0.10 per ad click, generating 10,000 ad clicks per month. 
• * In-App Advertising Revenue = Number of Clicks * Cost per Click = 10,000 clicks * $0.10/click = $1,000

Team bio

Jeremiah Godwin-Nwachukwu: CEO/CO-Founder

Background in Computer Science,  Cybersecurity and Management information Systems with 7 years of leadership experience in sales and Managing tech teams. Previously CEO of Stranerd and Tutor Stack, he has a proven track record of success in driving growth and innovation. His expertise in secure systems and sales strategies positions him to excel in any technical or business environment.
www.linkedin.com/in/jeremiah-godwin-nwachukwu-328ba2221

Wisdom Agunta: COO/CO-Founder 

Seasoned IT professional with over a decade of experience as a full stack developer, deeply passionate about driving innovation and delivering tangible results. He excel in leading teams, developing cutting-edge frontend and backend solutions, and crafting captivating UI/UX designs. Thriving in dynamic environments, he is  committed to making a meaningful impact wherever he goes. 

https://www.linkedin.com/in/wisdom-agunta-3b24138b/

Dr. Godwin Godwin-Nwachukwu, PHD: Chief of Business and Partnerships 

A highly awarded Business Specialist with a proven track record of sales success. Recognized by Cyprus International University as a top-performing sales agent, he  spearheaded sales efforts that propelled Mckenwin International to achieve $1 million in annual revenue.

https://www.linkedin.com/in/godwin-nwachukwu-434454309/

Kevin Izuchukwu: CTO
A highly skilled Blockchain and Software Engineer with 7 years of experience. As the former CTO of Stranerd, a leading EdTech company in Nigeria, He led the company's technological advancements. Expertise includes full-stack development and a proven ability to solve complex problems efficiently. 

https://www.linkedin.com/in/kevin-izuchukwu-bb2303110/

Ayomide Akinola: Lead Software Developer
A former CTO of Citonhub with a versatile skillset in development (frontend, backend, mobile), Web3, and DevOps, brings a proven record of leading tech teams to success. He has lead great teams in companies like CeedCap and Squareroof. 

https://www.linkedin.com/in/drayfocus/ 

Ibekason Alexander Onyebuchi: Software Developer 

Blochain and software Engineer, Full-Stack Developer with 8years of Experience, Lead Development teams in Companies like PSIT consulting LTD. 

https://www.linkedin.com/in/alexander-ibekason/

Josiah Ayanfeoluwa Opaleke : Product Designer/Software Engineer  

https://www.linkedin.com/in/josiahopaleke/

What is the product/service we are building on soroban?
Greep is building a SuperDapp aimed at creating an on-demand services marketplace, for the under-served and unbanked international community in the Turkish Republic of North Cyprus (TRNC) and west Asia. The superdapp integrates a secure payment system (Greep Pay) using the Stellar network and Soroban, revolutionizing the payment infrastructure for an efficient commercial ecosystem

What problems does Greep Pay solve?

TRNC, an unrecognized country , is home to more than 1 million people, 70% of whom are foreigners from third world countries like Nigeria, Liberia, Kenya, and Pakistan, while also attracting over 1.5 million tourists per year. However, the commercial ecosystem on the island is deficient, resulting in severe hurdles for these international communities when accessing their everyday needs and carrying out day to day transactions.

These hurdles include: 

High fees and currency exchange bottlenecks: The foreign population face substantial losses due to high currency exchange rates when converting their earnings into local legal tender, impacting their purchasing power negatively. 

Low Sales Conversions: Businesses struggle to transact with international customers due to limited access to legal tender options, resorting to unreliable and costly unofficial currency exchanges.

Fraud and Theft Vulnerability: Dependence on unofficial currency exchangers exposes both businesses and residents to significant risks of fraud and scams, with transactions often lacking proper documentation or security measures.

Limited Payment Options: Current options like Turkish bank transfers, credit cards, and Western Union are unreliable and inefficient, leading to slow transactions, delayed payment settlements of 5 days or more, hence frustrating shopping and commercial experiences.

In-efficient in store payments: Due to the limited payment options, consumers find it difficult to complete in store transactions, and are often faced with discarding their desired purchases leaving the businesses or merchants losing out on sales ratio.

Financial Exclusion: Foreigners encounter barriers in accessing formal financial services like bank accounts, leading to reliance on insecure methods and impacting their quality of life adversely.
 

How does Greep Pay solve the problems?

Greep Pay revolutionizes payments on the Greep SuperDapp by offering streamlined, secure, and diverse payment methods. 

• For international customers: it enables direct payments in local currencies like Nigerian Naira and Kenyan shillings, or through their securely funded wallets on the SuperDapp, eliminating currency conversion delays and the need for Turkish bank accounts. 
• Through this direct payment feature, fraud risks from unreliable currency exchanges are also eradicated, while transaction tracking and spending management are simplified. 
• For businesses and merchants: Greep Pay guarantees end of day settlements in local currencies, contrasting with the typical 5-day delay, thereby boosting sales conversions.
• Efficient in-store payments: With scan-to-pay technology on Greep SuperDapp, in-store payment options become more flexible. Customers can simply fund their Greep wallet and scan the Merchants QR code available in store and the transaction is complete, reducing transaction costs, thereby fostering stronger connections with the local economy for both customers and businesses alike.

Greep Loyalty Tokens are rewarded to consumers for each transaction, incentivizing continued use and boosting sales for businesses on the SuperDapp.

How does Greep Pay integrate with Stellar?

1. Enabling Seamless Currency Transactions:

Greep Pay tackles the international transaction hurdle in the TRNC by leveraging Stellar's network. Users seamlessly fund their wallets with local currencies like Nigerian Naira, converted on the blockchain to USDC through LINK(Naira Anchor) for secure transactions. Merchants have the flexibility to hold USDC or convert it back to their local currency (e.g., Turkish Lira) through Moonpay for direct bank withdrawals, all facilitated by Stellar's anchor network, reducing costs, increasing transparency, and speeding up settlements.

2. Improving Payment Processing Efficiency: Payments initiated on Greep SuperDapp are to be processed using the Stellar Consensus Protocol (SCP), ensuring quick and reliable currency exchange and transaction validation.

3. Enhancing Wallet Management: Comprehensive wallet functionalities for users will be built on the Stellar network to hold and transact various assets, as well as manage balances and transaction histories.

4. Implementing a Dynamic Rewards System: Users earn GRP tokens as rewards for transactions and purchases. Soroban will be used to determine eligibility, calculate rewards, and distribute GRP tokens to users.

5. Ensuring Security and Reliability:  smart contracts undergo rigorous security audits.