[ICO ENDED] Jarvis Network - bridge legacy and digital finance

[PS92]

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?

What is your burn rate? 155k won't get you that far. How much VC money did you raise and how much is left?

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[Token Williams]

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?

What is your burn rate? 155k won't get you that far. How much VC money did you raise and how much is left?

If the beta version is launched they will generate revenue from trading fees. Don't know if it will be a lot, but still.

[Coin-1]

Seems like today is the last day of the presale. So, how much is raised so far?

125k in the presale, but we are waiting several fiat wire that should arrive next week.

I think this is a not bad result. The last week of Pre-SALE was more lucrative compared to previous weeks. As far as I understand, Main-SALE will last another 3 weeks until March 22, 2019. I heard that you need to hire a developer, so maybe new investors will join this ICO. Best wishes.

[wissy]

I consider the amount raised in the pre sale an excellent start if you repair the current market situation. means that the Team plays so far a good job. But frankly, I expect more aggressive marketing in the next stages. Less interesting projects did this, and for many times I came across their advertisements on sites related to the crypto, I see potential in Jarvis to make it better

They could get few 10 thousand more if they would focus on marketing but i thing amount they raised is a realistic number and it show how blowed  up was crypto back in 2017. I am actually glad we dont see such high numbers which means crypto prices are realistic now and are reflecting the market.

[scolary23]

I consider the amount raised in the pre sale an excellent start if you repair the current market situation. means that the Team plays so far a good job. But frankly, I expect more aggressive marketing in the next stages. Less interesting projects did this, and for many times I came across their advertisements on sites related to the crypto, I see potential in Jarvis to make it better

They could get few 10 thousand more if they would focus on marketing but i thing amount they raised is a realistic number and it show how blowed  up was crypto back in 2017. I am actually glad we dont see such high numbers which means crypto prices are realistic now and are reflecting the market.

In fact, prices on the market have always displayed real value in the current time. Today we are faced with such a price and the corresponding fees. No more no less.
If the team can will implement their project in such a market and in such conditions(and, we see that the team is full of enthusiasm), then in the future this may be of much greater value.

[mv1986]

I consider the amount raised in the pre sale an excellent start if you repair the current market situation. means that the Team plays so far a good job. But frankly, I expect more aggressive marketing in the next stages. Less interesting projects did this, and for many times I came across their advertisements on sites related to the crypto, I see potential in Jarvis to make it better

They could get few 10 thousand more if they would focus on marketing but i thing amount they raised is a realistic number and it show how blowed  up was crypto back in 2017. I am actually glad we dont see such high numbers which means crypto prices are realistic now and are reflecting the market.

Marketing itself also costs money and it is just not as easy to raise awareness these days as it was a year ago.

[bitcoin-shark]

Seems like today is the last day of the presale. So, how much is raised so far?

125k in the presale, but we are waiting several fiat wire that should arrive next week.

125k raised in the presale seems to me a good result i'm sure that the results will be even better in the sale, i read that the team's first priority is to create a wallet and that they have already started looking for good partners, i think they are moving in the right way for success, congratulations...

[mv1986]

Seems like today is the last day of the presale. So, how much is raised so far?

125k in the presale, but we are waiting several fiat wire that should arrive next week.

125k raised in the presale seems to me a good result i'm sure that the results will be even better in the sale, i read that the team's first priority is to create a wallet and that they have already started looking for good partners, i think they are moving in the right way for success, congratulations...

It is now 136k during the presale. I wish they will raise much more than this. Their white paper is impressive.

[Jepli]

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 have
https://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 done
We will discuss here about our Wallet, ou Trading app, the Exchange, the liquidity network and the partners.

1. Wallet
The 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. Partners
Then 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.

[magisterr]

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

So you going to release updated roadmap? When we can expect fully working exchange in this way?
It seems, that market recovery already and we can see a new bullrun in the enf of March - beginning Q2 , because institutional investors going to come on crypto market... Would be nice to have your exchange in pairs crypto-shares in this summer at last 

[Dimosscolorist]

Seems like today is the last day of the presale. So, how much is raised so far?

125k in the presale, but we are waiting several fiat wire that should arrive next week.

125k raised in the presale seems to me a good result i'm sure that the results will be even better in the sale, i read that the team's first priority is to create a wallet and that they have already started looking for good partners, i think they are moving in the right way for success, congratulations...

Yes, it seems that the team has the right direction. It just fell to them, not the best time for fundraising, for the development of the project. And for this, I also think that 125t in pre-sale preparation, this is good money now. I hope that they can raise the necessary amount to implement their ideas from public sales.

[mandibleclaw]

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

So you going to release updated roadmap? When we can expect fully working exchange in this way?
It seems, that market recovery already and we can see a new bullrun in the enf of March - beginning Q2 , because institutional investors going to come on crypto market... Would be nice to have your exchange in pairs crypto-shares in this summer at last 

I doubt that you will see a fully working exchange very soon, maybe from some time from now since they lsot their wallet/solidity developer, as I mentioned a post ago

[mv1986]

For fundraising,
I thought that the team should wait till at least middle or the end of 2019 to restart fundraising.
The type of fundraising will have higher probabilty to catch flow of capital when investors feel good due to their previous profitable investments.
They will more easily to accept call of fundraising when they have good mood, not bad one.

In my opinion that is not a valid argument. Nobody knows what the market will look like in half a year from now. They want to continue with their project and need the funds now.

[sockpuppet1911]

https://medium.com/jarvis-edge/its-still-better-to-buy-during-the-ico-than-on-an-exchange-here-s-why-cfb37486d828

This is an interesting approach to the ico dumping problem, you might just have cracked a one way to solve it. There will be more icos to follow this if you succeed in this.

[germsite]

https://medium.com/jarvis-edge/its-still-better-to-buy-during-the-ico-than-on-an-exchange-here-s-why-cfb37486d828

This is an interesting approach to the ico dumping problem, you might just have cracked a one way to solve it. There will be more icos to follow this if you succeed in this.

Hopefully enough people read the article and understand how this ICO works. It's a good approach and can be done with the ERC721, which preserves the possibility to trade tokens with different access rights.

[Frank37]

Ouch, losing your wallet/ solidity developer seems a very bad thing to me, skilled and good solidity developers don't grow on trees, there are not many around

Hope they didnt lose their developer and advisor forever. If new money comes in they can join again, but I dont know if this is the case.

[pynetx]

As per your website "Official Launch of the centralized exchange with fiat gateway" is planned in Q1 2019. So, it means it will be up within this month right?

[bitcoin-shark]

from what i understood their first priority is the development of a wallet and only after that the launch of a trading app, just hope all this happens in the q1 of 2019...

[Jepli]

For fundraising,
I thought that the team should wait till at least middle or the end of 2019 to restart fundraising.
The type of fundraising will have higher probabilty to catch flow of capital when investors feel good due to their previous profitable investments.
They will more easily to accept call of fundraising when they have good mood, not bad one.

In my opinion that is not a valid argument. Nobody knows what the market will look like in half a year from now. They want to continue with their project and need the funds now.

Exactly! Moreover, if the team could only stretch out the fund raising time frame along with continuous product development then maybe investors might appreciate it and do their part in supporting the project since nowadays investors are more likely to invest in a product with at least an MVP that is readily available.

[Jarvis Edge]

As per your website "Official Launch of the centralized exchange with fiat gateway" is planned in Q1 2019. So, it means it will be up within this month right?

Hello, like for the exchange, due to the result of the ICO, developments has been slown down. So the fiat gateway will arrive at the same time as the exchange will. However, we intend to launch the wallet first that will allow us to launch the fiat gateway before the launch of the exchange.