Summary:
The proposal is for an infrastructural grant of 230353 ECO ($5,000) (rate:$0.0217 15th Dec 2022) for the development of the Eco wallet bot.
Introduction to Eco wallet:
Eco wallet is a custodial wallet that allows ECO users to hold their ECO and ECOx on their existing social app.
Current feature:
Generate wallet via discord
Receive deposit via 0x address
Send P2P on Discord
Send without Eth gas requirement
Roadmap:
Integrate telegram
Rebase function for ECO token
Bill-payment feature
Governance Voting participation
Token swap between ECO and ECOx
Multi-language (Ru)
USE OF FUNDS
At Mainnet we will start with incurring the following bill :
Hosting
Wallet service
Eth Liquidity (gas)
The fee is in the region of $206 monthly, however, these fees are for the minimum starter packs and with usage, it will increase drastically.
Operational and Development will also run in a range of $3,000 minimum because of the amount of development work we will be undertaking for a start.
Motivation:
There are currently over a thousand holders of the ECO and ECOx tokens and there is hardly any spending on the token because of the gas on the Ethereum network, With the Eco wallet, these users will now have a hot wallet to spend their tokens.
The future of ECO wallet would be to provide an easy onboarding for web2/ regular users and build a multi-platform wallet that allows users to :
Login via Discord, Telegram, Whatsapp, Snapchat
Plugin to receive donations on Twitch
Native app with NFC capabilities (tap to pay)
Off-ramp capacity to fiat.
We would like to start off small and build more features into the ECO wallet, We currently see this as the first trench or point in terms of the infrastructural grant.
For every grant request, we submit we will bank on our previous success which means we will be providing metrics, usage and why the next should be funded.
Road to sustainability:
Essentially each grant request in the future will be based on the success of the project and its usage in the community and will lead to its profitability.
Examples of where Eco wallet can extra profit are the following:
Fee charged on withdrawal to onchain
P2P fee charged
Swap fee on ECO and ECOx
Merchant fee( offramp and business suite)
Pot (lottery)
Things are super fluid now and the roadmap will change to better align with the ecosystem.
Our Experience:
We have been building blockchain-based tools for a few years now, Some of our achievement includes :
Full support, flarcos has reputation of very efficient ECO builder, I tested his Discord bot and have no doubts he can deliver working product exactly as described in the proposal.
Operational security.
Eco wallet is a custodial wallet that will utilize the cold and hot wallet process, where 70% of the funds are stored in a cold wallet and 30% are made available for withdrawal and topped up based on the amount of withdrawal being done.
More info on this will be provided to Eco Association
Support
Eco wallet will be fully supported and will have a dedicated discord server for support /help.
Depending on how fast Eco wallet picks up we might add it to the next grant.
Hey everybody,
I’m a bit confused tbh. I’d love to support this proposal knowing flarcos as decent community member and builder. But I can’t see the long-term value of building such a thing.
When I ask myself “how exactly does this solution increase the aggregate wealth of ours” I can’t see any good enough answer. Neither by protecting from volatility, nor by securing the purchasing power. I’m not stating every single proposal should comply with such a filter. But intuitively I tend to think it should.
Iа I were asked what to do instead I’d say for example let’s get into the Telegram’s official wallet as a second payment option or a payment option for its’ subscription. Yeah, it’s a bald thing to accomplish. But it would really boooooost Eco’s adoption. I’d much rather support a reasonable roadmap to accomplishing things like this and spend much more than 5 grand.
Since English is not my mother tongue please read with compassion I didn’t mean to be rude or something. Just trying to convey my concerns.
Hi @uzhakbas ,
Thanks for the feedback, One of the reasons why ECO and ECOx are not widely being spent is because of the gas fee that comes with Eth L1. Users have to spend an average of 2/4 USD on the lowest gas fee settings sometimes.
Eco wallet will allow holders to spend, send and transfer ECO and ECOx tokens easily, some ECO community members have been testing the bot out for a month and can attest to what we are building.
In terms of Telegram adoption, if you took the time to read the roadmap, you will notice that telegram integration is on the roadmap, Telegram community is huge and we want to make sure the backend and features we are testing on discord are solid before pushing for telegram.
Our Roadmap is reasonable and we have mentioned during the office hour how we plan to build things out, 5k USD ask is an intro grant to bootstrap the wallet development, we will obviously submit a subsequent proposal based on the traction of Eco wallet. it will be absurd to ask for a large amount for something that is yet to get traction.
Thanks for quick response man. Now it sounds more reasonable.
I didn’t miss though the “integrate telegram” point in the OP. It just sounds vague, I’m curious what exactly is supposed?
Eco Wallet now supports Rebase, We would like to outline the process of its implementation.
When Trustees propose a positive or negative rebase, it needs to pass as a proposal that outlines the % of the rebase.
30 minutes before the end of the generation, Eco Wallet will disable the transfer option to avoid users sending out value during a rebase process.
If the Proposal passes, the % of inflation or deflation is implemented on the Eco wallet.
The whole process should be less than 45min in total. We will notify you before and after the cycle ends.
I didn’t mean to be rude or something. Just trying to convey my concerns.