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

Cybnate · February 18, 2015, 9:06am

Edit 3-Mar-15 This proposal has passed and the Developer has started coding release 1 as defined below
Edit 25-Mar-15 First release (R1) of the grant have been provided for testing. Please check the release notification here: [Passed] Final proposal for continuing developments on Android wallet (v3.0 released)
Edit 1-Apr-15 Version 2.0 (Release 1 for this grant) now available for download on Google Play here.
Edit 14-Jun-15 NuDroid version 3.01 (release candidate with Shapeshift integration available for testing)
Edit 22-Jun-15 Version 3.0 (Release 2 for this grant) now available for download on Google Play.

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, I will clearly call them out within this topic.

The full proposal can be found here: https://gist.github.com/Cybnate/f38fed991467873ef9b2. This gist is considered to be the actual contract with the Shareholders when the grant passes the 50% voting threshold.

Overview of grant:

Custodian: Cybnate
Proposal: Development of NuBits Android wallet
Submission Date: 18-Feb-2015
Developments: 22,500 NBT
Marketing: 6,100 NBT
Custodial Fee: 500 NBT
Donations: -/- 1,260 NBT

NuBits Grant Address: B6tBUhTuetuZezgoJCwwqkJNXNQXPCiand
Vote Amount: 27,840 NBT

Summary of grant:
The Development has been broken down in 3 releases:
Release 1 Pincode Lock will take up to 3 weeks (1,300 NBT)
Release 2 Shapeshift API will take up to 12 weeks (14,000 NBT)
Release 3 Server Config will take up to 8 weeks (7,200 NBT)
Total developments 22,500 NBT

6,100 NBT is included for the advertising on CMC including a moving banner or multiple banner during 3 months and a Reddit giveaway soon after release 2 has successfully been delivered.

500 NBT is included as a custodial fee as a contribution to the work I’m doing to execute this grant successfully.

Total including marketing: 22,500 + 6,100 + 500 = 29,100 NBT

Shapeshift.io have promised to support the grant with 1000 NBT and donations totaled at 260 NBT.

Total grant: 29,100 NBT - 1000 NBT - 260 NBT = 27,840 NBT (= vote amount)

Approach
I’ve deliberately chosen to combine a bunch of work to be able to contract the same developer (Matthew M.) and secure ongoing development for the next 5 months as per the proposal instead of going piecemeal with the risk loosing the developer or slowing down the rate of further Developments.

I think it is clear that release 2 is the cornerstone of this proposal which will provide some pretty unique functionality. Given the complexity it comes at a considerable cost. Release two covers seamless payments with foreign coins while keeping stable in value NuBits in the wallet. It won’t cover receiving foreign coins at this stage given the expected significant additional development time and cost I haven’t included this. For the same reason I took out the ability to receive an email receipt during payment.

Marketing
When the release 2 functionality is in our hands I propose to make a good marketing effort to advertise the existence of the mobile wallet and the unique functionality. Advertising on CoinMarketCap.com with an attractive banner supported by a mobile webpage and a Reddit give-away is therefore part of this proposal.

Please check the link to the gist above for more the details about this proposal.

– Cybnate –

desrever · February 18, 2015, 11:55am

Well done, this is very important step towards adoption and the first attempt in crypto to make such a feature in an android application.

Voting yes

cryptog · February 19, 2015, 2:07am

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.

Cybnate · February 19, 2015, 8:33am

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

desrever · February 19, 2015, 9:44am

Voting !

crypto_coiner · February 19, 2015, 12:00pm

Voting yes!

crypto_coiner · February 19, 2015, 12:24pm

Paying Bitcoin merchants with a true stable currency is appealing.

cryptog · February 19, 2015, 12:27pm

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!

crypto_coiner · February 19, 2015, 12:55pm

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!

tomjoad · February 19, 2015, 10:22pm

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.

Cybnate · February 21, 2015, 2:48am

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).

Cybnate · February 24, 2015, 7:51am

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.

tomjoad · February 25, 2015, 5:14pm

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.

Cybnate · February 26, 2015, 8:50am

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

Cybnate · February 28, 2015, 4:38am

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

assistant · February 28, 2015, 4:38am

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

Cybnate · February 28, 2015, 4:51am

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.

Cybnate · March 1, 2015, 8:54am

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

assistant · March 1, 2015, 8:54am

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

Cybnate · March 1, 2015, 6:37pm

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.