#452 Urban Adoption: Cape Town

By mjthestudentactuary

Summary

Cape Town is a strategic city for SmartCash. It has 1.5 million tourists every year and has vibrant crypto communities. It is not a question of whether or not Cape Town will embrace crypto, but a question of which one.

Description

Quick Intro

My name is MJ, I studied Actuarial Science where one of the cornerstone subjects is Financial Economics. I'm focused on the application side of blockchain and how to integrate it into society.

Smart Plan

The idea is to launch a series of interconnected SmartCash projects around Cape Town so that the city adopts the coin. This means getting merchant adoption, hosting events, setting up exchanges and prospecting for investors. Together these projects support one another and increase their effectiveness.

Merchant Adoption

Cape Town merchants have embraced mobile payment solutions and some having even started to accept bitcoin. Cryptocurrencies aren't a new concept to them and with the correct approach, we will be able to win them over to SmartCash.  This means handing out booklets, having one on one discussions and giving them continuous support.

Hosting Events

Cape Townians understand the blockchain and many already have bitcoin. This means events can focus on explaining the unique benefits of SmartCash instead of trying to cover the basics of the technology. Cryptocurrency events have a large attendance and people here enjoy the networking benefits they offer.

Exchanges

It is tricky for South Africans to buy SmartCash. Not many of us have heard of the online exchanges that trade SmartCash and few will be prepared to trust them with serious amounts of money. For Urban Adoption to occur, there needs to be a local Bitcoin to SmartCash exchange as well as a local Fiat to SmartCash exchange. People need to buy the coin with ease and merchants must be able to sell the coin with ease.

Getting Investors 

I'm soon to become a Fellow Actuary of the Actuarial Society. This has taken me 8 years to accomplish and I've passed all the exams. In South Africa, actuaries are required by regulation to oversee the investments of large institutions. Our opinions matter. Once merchants have adopted SmartCash and an Exchange is up, I will do a write up of SmartCash for one of the financial magazines. In the article, I will outline the reasons for investing in SmartCash. I will also write about the risks. After this article, I will use my position to approach investment firms and make them aware of SmartCash. I will also speak at various investment seminars.

Budget

This is a big proposal and I understand that the amount required is higher than others. This isn't my first proposal and I know that SmartCash only reimburses me after I've supplied valid invoices. This reduces the risk that I take all the money and run. So you can rest assure that I'll only get paid after the work is done. Also, I'm budgeting for amounts Up To. This doesn't mean I'll receive all of it. The Fiscal officer of SmartCash does a great job in ensuring that proposals are not overpaid. The reason for an Up To budget is that I know from experience that there are often hidden costs that creep up on these types of projects.

  • Merchant Adoption
    • Up to $5000 payment to team members after signing up 100 Merchants in Cape Town
    • Up to $1000 for t-shirts, booklets and other adoption promoting material.
  • Hosting Events
    • Up to $1000 for banners, snacks, rent, helpers
    • Up to $1000 for advertising the event
  • Exchange
    • Up to $3000 to set up an online exchange
    • Up to $2000 to set up an offline exchange
  • Investors
    • Up to $500 to write articles for financial magazines
    • Up to $500 to approach investment firms
  • Admin Costs
    • Up to $1900

This brings the total to $15000. 

Already Started

I'm already in the process of getting my family's Airbnb business on board, this will allow tourists to pay for accommodation with SmartCash. I'm attending an Actuarial Investment Seminar at the end of August where the topic is Cryptocurrencies. I've volunteered to be a speaker and will use the networking time to tell other investment professionals about SmartCash. I have a lot invested in SmartCash and I'm excited to be part of its success story.

Third Parties

I will be working with others to make this proposal a success. People will only be paid after a merchant is adopted. The online exchanges will be either an established one like Luno, or a new one like ZuluX. The exchanges need liquidity in order to make the markets and that has been priced in. The offline exchange will be a physical space in Cape Town where people can trade fiat for SmartCash.

Conclusion

This is a big proposal and I do welcome your comments. I'm hoping that this proposal is a success and that it can be used as an example for other cities. Urban Adoption of cryptocurrency is happening, we need to act now and beat the other coins by setting up simultaneous projects that support each other. Vote Yes.

Categories

Outreach

Milestones

Date Amount (US$) Amount (Σ) Description Status
July 19, 2018 1,000.00 36,157.95 * Promotion Material -
August 02, 2018 1,900.00 68,700.11 * Admin -
August 09, 2018 2,000.00 72,315.91 * Event Hosting -
August 16, 2018 5,000.00 180,789.76 * Exchanges -
December 30, 2018 5,000.00 180,789.76 * Merchant Adoption -
December 30, 2018 1,000.00 36,157.95 * Investment prospecting -
* Estimated

Requested Amount

  • Total USD: 15,900.00
  • Estimated SMART: 574,911.45
  • Estimated BTC: 2.51236304

Schedule

  • Created Date: Sunday, July 1, 2018
  • Voting Deadline: Wednesday, July 18, 2018 03:10:00 UTC
  • Payment Date: Payments will be made in accordance with the delivered milestones

Status

  • Not Funded

Votes

15.94%
Yes (801033.802279215)
65.73%
No (3303098.38072094)
18.34%
Abstain (921485.306610876)

Voting Audit

Address Voting Power Vote Is Valid

Comments

  • hardcorecrypto 07/05/2018 11:25

    This is well thought out and practical, exactly the type of adoption we need for smartcash to be in the top 10 one day. I think most people are going to vote yes.

  • hardcorecrypto 07/05/2018 11:25

    This is well thought out and practical, exactly the type of adoption we need for smartcash to be in the top 10 one day. I think most people are going to vote yes.