EasyFarm

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Problem Statement

Project Proposal Submission When applying for capital through EasyFarm, farmers must submit a comprehensive project proposal that includes:Detailed project description Clear objectives and expected outcomes Itemized budget Timeline with specific milestones Risk assessment and mitigation strategiesMilestone Definition The project timeline should be broken down into distinct milestones, each representing a significant stage of the project. For example:Land preparation Planting First fertilization cycle Pest control measures Irrigation system setup Mid-season crop assessment Harvest preparation Harvest completionFund Distribution Mechanism Funds are released in tranches, tied to the completion of each milestone:Initial funding released upon project approval (e.g., 20% of total) Subsequent distributions linked to milestone completion Final payment upon project completion and reviewProgress Reporting and Verification For each milestone:Farmers submit progress reports with evidence (e.g., photos, receipts, crop data) Local agronomists or community validators verify the milestone completion Smart contracts automatically release funds upon verificationTransparency and TraceabilityAll project proposals, milestone reports, and fund distributions are recorded on a blockchain Stakeholders can track the progress of each project in real-time Historical data builds farmer credibility for future fundingRisk ManagementMilestone-based funding limits exposure for lenders Early identification of project issues allows for timely interventions Performance history informs future risk assessmentsSupport and Education EasyFarm provides:Templates and guidance for creating project proposals Training on milestone planning and reporting Access to agricultural experts for project planning assistanceThis enhanced process addresses the challenges faced by small and medium farmers by providing a structured, transparent, and risk-managed approach to agricultural funding.

Solution

EasyFarm is a decentralized agricultural funding system that addresses the credit challenges faced by small and medium farmers. Here's how it operates:Identity Verification: Farmers prove their unique identity using Worldcoin's World ID, preventing fraud. Project Proposal: Farmers submit detailed project plans with clear milestones. Milestone-Based Funding: Funds are distributed in tranches, tied to project milestones. Attestations: The Ethereum Attestation Service (EAS) is used to verify and record milestone completions on the blockchain. Fund Distribution: Allo Protocol by Gitcoin manages the automatic release of funds based on verified milestones. Transparency: All project data and fund movements are recorded on the blockchain, ensuring traceability.This system improves risk management for lenders, enhances fund traceability, and helps farmers build a verifiable credit history. By leveraging blockchain technology, EasyFarm creates a more accessible and transparent funding mechanism for agricultural projects.