Today, is our last day of presale guys.
We managed to raise $125k so far, with 0 marketing spending, in this period. We are still waiting for around 30k of fiat so we are quite satisfied. Our target was 250k at least.
But you didnt raise softcap? How much your softcap for main sale? You making some development already? What you did so far? And when exchange launch? As I remeber beta version should be ready in Q1?
No there was no soft-cap.
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What we havehttps://gitlab.com/jarvis-exchange- our cross-platform (iOS, Android, MacOs and Windows) ETH and BTC wallet;
- our trading platform which can connect to FXCM as well as our exchange;
- we have acquired a brokerage license;
- launched a prototype of the trading interface in C# used by 1200 traders;
- have all the backend of our exchange finished.
Because of the current state of the ICO we preferred to slow down the development to secure the company and adapt to our situation. We also slow down the development of the exchange (that cost 15 to 20k per month to develop. In this process we have lost our wallet/solidity developer and a our technical advisor.
- There is still 350 to 700 hours of work on the wallet as we are reversing our roadmap (we wanted to do the Dapp browser and semi-DEX at the end of the year but our current fundings and ICO results will not allow us to launch the centralized exchange in Q1)
- Still 700 to 1000 hours of work on the trading app (the trading app allow to trade on many brokers and exchanges through API, as well as to trade Fx and leveraged crypto from our wallet).
- Our own exchange UI (which is actually the same UI as the trading app, so
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What needs to be doneWe will discuss here about our Wallet, ou Trading app, the Exchange, the liquidity network and the partners.
1. WalletThe most important would be to be able to launch a MVP wallet with a dapp browser to start acquiring users, and start to integrate Celsius and Simplex or Mister Tango.
But prior to that there is still a VERY IMPORTANT question that needs to be answered: do we keep a multi-currencies wallet or do we go for a smartcontract based wallet?
There are pros and cons.
Multi-currency
- Cons : keeping a multi-currencies wallet damages the user-experience: we currently do not have solutions for mainstream seed-phrase recovery and easy key management system, or seamless multi-login.
- Pros : we already have the design and a working wallet (ETH/ERC20 and BTC ) but it needs a big refresh on the UI side and to add features such as a Dapp browser, and support of ERC721.
Smart-contract
- Cons : we have to redo part of the design, and we will most likely not be able to reuse our previous codes. We also lose bitcoin support at least for the beginning. Also as the Parity wallet issues showed, smart-contract based wallets suffer from human mistakes. A lot of work a lot on the security aspect is expected.
- Pros : we can implement a user experience similar to a centralized app and since we focus a lot on the mass adoption it is a big plus. It will enable easy key management and recovery system, universal login, gas-less transaction etc. Also it will ease our future development such as integration within our exchange, identity management etc..
In any case we want to keep the technology stack we worked with: React Native, Redux and TypeScript because we use Electron. It allows to have a single code, that works on iOS, Android, PC, Mac and Linux.
We also want to implement gas-less transaction with proxy contract or meta-transaction and implement state channel and locking function for instant payment, off-chain transactions/trades with a single on-chain settlement etc.
For this project we estimate that there is still a lot of work to be done, probably between 350 to 700 hours of work, so between $9,000 to $35,000 dollars depending on the hourly rate (we prefer to outsource). We are discussing now with 5 companies in France, Poland, Bulgaria, Vietnam and Sri Lanka. We will take a decision soon.
2. Trading app
Then comes the second most important thing, our trading interface to be able to start acquiring traders (we already have 1200 users of the Fx trading platform).
The app can connect to many brokers or centralized exchanges through API, including our own semi-decentralized exchange/broker.
A smart-contract or multi-sig wallet, or state channel, would be needed to lock users funds in order to gain a trading power to gain exposure to Forex, stocks, crypto etc. This will allow us to compete with any FX/CFDs brokers as well as with Okex and similar exchanges which provide non deliverable leveraged crypto.
For this project there Still a LOT of work on the user interface, we estimate that it is still requiring between 700 to 1000 hours of work, so between $20,000 to $50,000 dollars.
3. Do we need to launch the exchange first?
No… but let's be clear on how we see things.
You need an exchange to… exchange assets… trading does not always meam the exchange of an asset. When you trade Forex, Futures, options, CFDs or even leveraged cryptocurrencies there is no asset exchanged between the trader and the counter-party.
Why trader does use centralised exchange instead of decentralised one?
For the speed… actually when I do trade BTC or ETH, I use margin. Because I am not looking to own BTC or to sell mine, I am looking to gain exposure to the underlying movement. And so does most of the crypto trader…
Launching first a trading app will then be more logical for us.
At launch we can rely on third party exchanges to create swap/exchange within the app instead or our own. Plus, an exchange is very pricy to run, and at the moment we do not have the funding capacity to run properly an exchange. So the roadmap will be changed.
4. Liquidity network
We are in touch with some companies that can help us with the smartcontract to allow to trader leveraged crypto and FX from a DAI, USDC or many ERC20 tokens deposit. We are already working on the liquidity aspect with aggregators and traditionnal LP that accept cryptocurrenies for settlement.
- We found a huge crypto LP but unfortunately they aggregate order to have a 50 BTC volume on the top of the books, creating an average of 12 dollar spread… we are negociating to lower their top of the book aggregation to have decent spread, not more than a dollar. If they are agree we can offer a 20x crypto leverage + a 100x leverage on Fx.
- We also are discussing with a LP that can lend us money for the deposit, from 10 to 50% of interest rate per year (payable daily).
This project mainly requires time and some setup fees amounting $20,000 dollars, and deposit. A $500k to $1M deposit would be the best fit. It will also require some dozens of hours of work.
5. PartnersThen finally come the integration of partners solutions such as Celsius, Simplex, Nexo, Shapeshift, Daneel, etc.
They all require time + dev + setup fees as ex for Simplex. We estimate around 150 to 200 hours of work to integrate Celsius as we need to do a lot of UI work, 90 hours for Shapeshift, Faa.st or Uniswap, and few hours to integrate Daneel. So around 500 hours of work for all of them, amounting between $12,500 to $25,000. Setup fees are expected to cost $20,000.
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These things are the most important aspect of Jarvis on the short term prior to engage more money to finish our own exchange, payment gateway or card solution (for this we would need around $200k of setup fees and $50k of development, as well as around $300k a year of operational cost) etc.
What I described before will allow us to have a go-to-market strategy, and start getting users and earn revenues. I have 21k French Forex traders community that is only waiting for the trading interface from where they can trade Fx from their wallet, or using their current brokers.
So we would need roughly 30 to 85 000 dolalrs for dev, so from 50 to 100 000 to add some margin and 500k dollars for liquidity. These numbers does not take into account the operational costs of running these applications. But we do estimate at 20 to 30k euros per months for the strict minimum.
I'm glad you've updated us on the current status of the project and this I think gives more confidence to the community and I also hope you could find and angel investor that could help with your financial issues.
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