[Passed] Final proposal for continuing developments on Android wallet (v3.0 released)

NuShares Passed Grants
#3

Nice proposal.

So this would enable anyone holding nubits on Android to pay someone only accepting bicoins.
That could be indeed the first working use case of crypto-currency: Mixing the stability of NuBits with the adoption of Bitcoin.
However I am wondering why this time it would cost 4 times more than last grant (developing the single Android wallet).
Does it mean that the work is 4 times more complex or time consuming. Sorry just checking.
It seems that the release would take roughly 6 months.
6 months could be a long time in crypto world but at the same time, given the low buy liquidity right now, it would be problematic if the whole 22,500 nbt were exchanged for bitcoins immediately upon receipt.
Fortunately the upfront money is also half or 11, 250 nbt.

2 Likes
#4

Thanks Cryptog. Release 2 is relatively expensive as it is all new code and a higher risk for the developer to take on. With the previous release and release 1 of this proposal we could use existing code to some extent and the work had been done before so was relatively easy to estimate. Release 2 could potentially be a lot quicker but hard to estimate so we allowed for some time. It could be 3 months or it could be 5 months for all releases, the risk of 5 months is priced in. Delivery of release 2 would be in roughly 3-3.5 months though worst case.

The low buy liquidity is indeed a concern at the moment. And you are right the upfront money and delivery of Release 1 is 1,300 and around 7k upon start of Release 2. The other funds will stay under my control until release 2 has been delivered and tested successfully. Only then another 7k would be released.

As said in the other thread it is a decision the Shareholders will have to make. My opinion is that we won’t be able to make Nu successful without further investments to increase demand. One can argue about this being the right investment right now. I still believe it is, but maybe we can progress a bit slower and build in a waiting period after delivery of release 1. Might be able to negotiate that in.

Edit: updated release costs

#5

Voting !

#6

Voting yes!

#7

Paying Bitcoin merchants with a true stable currency is appealing.

#8

Tks Cybnate for the clarification.

I think your proposal overall is a worthy investment for Nu.
As you said, shareholders must create tools and services that stimulate demand.

That sounds good.

Voting!

[OLD] Cryptog's datafeeds - BETA
#9

From the full proposal:

The functionality in release 2 is expected to attract some attention. For the first time an user would be able to pay at merchants accepting the volatile Bitcoins while holding the stable value NuBits. This combination creates basically the first practical and relatively user-friendly crypto currency wallet. No sign-ups, no complex exchanges, no hassle!

1 Like
#10

I regret it’s taken me this long to comment. I love seeing a bold grant that commits to developing Nu’s capabilities, as it is exactly what custodial grants are intended to achieve. The NBT requested is high, but the value of an Android wallet that can used anywhere Bitcoin is through the ShapeShift integration is invaluable.

The amount requested seems reasonable for the work to be performed. I very much support the idea of having continual coinmarketcap.com advertising over the course of many months. That website is one of our biggest sources of new users on nubits.com right now. I am willing to work with Overkill to design variations on banners that can be rotated to test their respective effectiveness, similar to promotional ads used by direct-email marketers like Expedia. The cost shouldn’t be significant for those banners.

I have created a Mobile placeholder page on nubits.com under Resources. It will eventually become mobile.nubits.com. As we approach the beginning of this advertising campaign, we will fill out this page to become a one-stop space for all things mobile. This will include tutorials, technical specs, and possible additional resources like “how-to” videos.

This is probably the worst week in Nu’s history to be making a request for custodial funds, but I urge fellow shareholders to dream big. The future of digital currencies are on mobile platforms, and we should get a head start on it while we can. I am voting for this proposal today.

5 Likes
#11

Good to see that we are nearing 30% right now (in last 100 blocks) assuming that the Shareholder(s) who put in 278,400 instead of 27,840 also intends to vote for the proposal. Please check your client whether you have entered the amount correctly.

Great to see the link to the motion and the voting in the last 100 blocks (see below).

#12

Just bumping. At 15% now and going strong. Here are details again for those who are not yet voting. See all the details in the first post of this thread.

#13

25% support, and more importantly it has received votes in 70 of the last 100 blocks. The grant looks to be well on its way to passing.

2 Likes
#14

At 30% now and very good and consistent support with voting. It looks like this will pass before the end of this weekend.

#15

Close to 45%! And someone still very generous with their voting, really don’t need that much.
@assistant custodian vote B6tBUhTuetuZezgoJCwwqkJNXNQXPCiand

#16

Hi @Cybnate

Here are the details for the Custodian Vote on B6tBUhTuetuZezgoJCwwqkJNXNQXPCiand:

##[B6tBUhTuetuZezgoJCwwqkJNXNQXPCiand][1]
[1]: https://discuss.nubits.com/t/voting-final-proposal-for-continuing-developments-on-android-wallet
###278400.00 NBT.
Blocks: 186 (1.860000%)
Share Days: 54555941 (1.711544%)

###27840.00 NBT.
Blocks: 4497 (44.970000%)
Share Days: 1363315260 (42.770306%)

Dear shareholders,

Please consider voting for this grant and add the NuBits grant address and voting amount as mentioned under "Overview of grant" below into your wallet.

The complete proposal have been posted as a Gist on my Github account. This was done so that the community can be made aware if any changes made to the document (through the version control system), and so that it can easily reviewed by Shareholders. If further amendments to this draft proposal are required,

Read More

1 Like
#17

In case anyone is still slightly concerned about the NBT liquidity position in the short term, in the next 2 months realistically the payment schedule only allows the release of 1,300 NBT for release 1 and 7,000 NBT as payment in advance for release 2. I’m confident that that shouldn’t cause a problem. Will continue to review the liquidity situation as we go.

#18

Getting very close, will pass during my night. Hope to confirm the grant tomorrow morning (UTC+13)
@assistant custodian vote B6tBUhTuetuZezgoJCwwqkJNXNQXPCiand

#19

Hi @Cybnate

Here are the details for the Custodian Vote on B6tBUhTuetuZezgoJCwwqkJNXNQXPCiand:

##[B6tBUhTuetuZezgoJCwwqkJNXNQXPCiand][1]
[1]: https://discuss.nubits.com/t/voting-final-proposal-for-continuing-developments-on-android-wallet
###278400.00 NBT.
Blocks: 197 (1.970000%)
Share Days: 58589677 (1.838946%)

###27840.00 NBT.
Blocks: 5120 (51.200000%)
Share Days: 1545627376 (48.512389%)

Dear shareholders,

Please consider voting for this grant and add the NuBits grant address and voting amount as mentioned under "Overview of grant" below into your wallet.

The complete proposal have been posted as a Gist on my Github account. This was done so that the community can be made aware if any changes made to the document (through the version control system), and so that it can easily reviewed by Shareholders. If further amendments to this draft proposal are required,

Read More

#20

This custodial grant has passed and the funds are under my control. Thanks again for your confidence in voting for this.
I’ve just countersigned and sent the formal agreement with the Developer. The next step will be the start of the work for release 1, which starts after I’ve paid the first installment of 650 NBT (50% of 1,300 NBT) upon receiving the invoice. Will let you know when that happens.

Please check out all the details in the first post of this thread.

3 Likes
#21

Question: I read through the proposal and it seems that a crucial element is missing in the second phase (unless I have somehow overlooked it). With the Shapeshifter API integration you have described, it will be very easy to spend NuBits, which is amazing and I am ecstatic for, but I do not see an easy way to get Nubits into the wallet. You could send NuBits but that will be a bit of work with the whole exchange mess. I know the proposal has passed but is it possible to make an addendum to include using the Shapeshift API to deposit Nubits into the wallet? As in generate a BTC address that I could send funds from coinbase/circle to instantly exchange into Nubits and be placed in my Android wallet.
Apologies for bringing this up after the passing of the motion but I feel this is needed. At the very least with Bitcoin.

1 Like
#22

You can use the Shapeshift plugins available for Chrome and Firefox or just the Shapeshift.io website to shapeshift coins into the Android wallet. That way you can transfer e.g. Bitcoin straight from the exchange or another wallet and shapeshift them into an NuBits address in your Android wallet. It is recommended to have a return address though in case a transaction fails, so it won’t hurt to have an easy to access Bitcoin webwallet just in case.
Hope it makes sense.

I have briefly looked at integrating receiving foreign coins through Shapeshift into the Android wallet with the developer, but this is more complex than it appears on the surface. The cost of doing that would have significantly increased the current cost and timeframe of release 2. I thought that it was not worth it at this stage given the alternatives as above. When we reach 10k+ NuBits Android users I’m more than happy to put up another custodial grant to integrate it. Hope we can find them soon :wink: