Atala PRISM: F10 Challenge

The Atala PRISM community is ramping up for the Atala PRISM: Launch Ecosystems Challenge which is part of Catalyst Fund 10! Fund 10 has an impressive 3.1 million ada available for proposals geared towards growing the Atala ecosystem from creating new working groups, new governance frameworks, and stimulating ecosystem building for the benefit of the Atala Prism community. Don't miss out on this unique opportunity!

Picture this: all your needs are taken care of in a snap, with a mesh of interconnected services forming a smooth, easy experience! That's what creating ecosystems is all about! There are immediate and long-term gains, and customers are open to using the existing or new services within the ecosystem!

Unleashing the power of digital ecosystems is the gateway to scaling your industry! Becoming part of—or even establishing—a digital ecosystem means transforming from selling a product or service to creating a business platform that facilitates the creation and consumption of value. Digital ecosystems are a powerful tool that enable organizations working in disparate settings to collaborate on a shared platform. The potential economic value of successful ecosystems is mind-boggling: a projected $100 trillion value pool by 2030, making up a third of the globe's total sales output!

Adding Value

Creating an ecosystem strategy is an ambitious, long-term plan with three main stages: define, design, and construct the ecosystem. It is only by means of creative and innovative service design that a company can guarantee its ecosystem becomes a unified business that transcends each industry sector from beginning to end. Crafting an effective strategy for ecosystems necessitates diligent, value-driven activities in three arenas:

1. Deliver a value proposition. Why should a customer select your product or service over the others? Articulate precisely how your product/service satisfies a need and the advantages it offers, why is it superior to the rest? Share your message clearly and confidently and express how your company is the perfect problem-solver for the potential customer's needs.
2. How do you bring in partners? What incentives can you use to attract partners? Can you offer exclusivity for a limited time? Perhaps you could pay the first 10-20 customers or give complimentary services for a while. There needs to be a way to draw partners into your fold where they see value and understand how they fit in and contribute to the ecosystem.
3. Know where you are building and where you rely on partners. Understand the core of your business in relation to the surrounding environment and any reliance you may have on external partners. Be mindful of potential compliance problems and legal dilemmas. You must be clear as to which partner is responsible for specific matters. Illustrating this in a concrete way, if a financial punishment was imposed, who is legally responsible? On a lighter note, where profits come in, if partners are involved, how is the monetary sharing defined?

Value in Action

Forming or joining a working group for SSI ecosystems is advantageous for many reasons. It fosters collaboration, propels shared vision integration, and generates effective governance. Crafting a governance framework working group isn't just a "nice-to-have"; it's an absolute for a successful ecosystem and an opportunity to shape the future of it.

A real example of an ecosystem and governance framework is the ‘Learner to Earner” student scholarship program offered by StudentReader.io.

This innovative program gives African students the chance to develop cutting-edge tech skills and earn scholarships - all through the novel funding of book sales through Book.io! The comprehensive governance framework outlines the entire process in detail, so the process is transparent and clear.

Students that enroll in the 'Learner to Earner' program will get a complimentary, verifiable NFT (vNFT) Reader from StudentReader. Then head over to the StudentReader website and join the Pioneer Program. Students will then take the Atala PRISM: Foundations of Self-Sovereign Identity Pioneer course. The governance framework for the PRISM Pioneer program is available here.

Upon course completion, the learner will be granted a verifiable credential (VC). Students will present it to StudentReader DAO (multi-sig wallet from Summon Platform) and be rewarded with the scholarship funds for their hard work.

Conclusion

The Fund 10 Atala PRISM: Launch Ecosystems Challenge is all about creating and building out ecosystems for decentralized identity on Cardano! Anyone interested in this challenge is invited to dive in and join existing working groups like those at Trust over Internet Protocol (ToIP), or start up their own.

There is 3.1 million ada waiting for the right visionaries to seize the opportunity and create vibrant, healthy ecosystems that will drive the adoption of decentralized identity. Catalyst Fund 10 is here to make it happen - submit your proposal now! To learn more about Catalyst go here. Join the weekly Catalyst Townhalls here.