MIP#34
Vote Option:
Yes - 97,519 USDT
No
Motivation:
MVC community has passed the **MlPl#32 **to utilize MPC technology to addres the dilgital asset allocation and management.
However, the benefits of this proven non-custodial MPC technology are currently limited to MVC committee members and core team members. As a stakeholders in the MVC ecosystem, the broader MPC community, including holders of the Space token, deserves access to this cutting-edge technology for securing their wallet assets. By leveraging MPC, users can enjoy enhanced security without compromising accessibility or operational efficiency. Private keys are never stored in their entirety, mitigating the risk of theft or loss. Additionally, consumer MPC wallets offer features like automatic key refreshing and distributed storage mechanisms, further bolstering security and usability. It is crucial that the advantages of MPC technology extend beyond a select few and become available to all stakeholders in the digital asset ecosystem. Empowering the broader community with this non-custodial solution will foster trust, transparency, and widespread adoption of secure cryptocurrency management practices.
Proposal Details:
Introducing Safnect: A Pioneering Web3 Wallet Project for MVC
Safnect is a Hong Kong-based Web3 wallet project founded in August 2023 by a team of early MVC builders and Web3 enthusiasts, including Walter Wang, Raymond Chan, Maxin Zhang, Cammy Fu and Charles Chan. This innovative project combines the user-friendly experience of Web3 NFC wallets like Tangem with the secure design principles of Multi-Party Computation (MPC) cryptography.
Funding and Support
The project has received significant support, being bootstrapped by the HK Tech 300 seed fund and the Hong Kong Science and Technology Park ideation fund, securing a total of 200,000 HKD in funding.
A Groundbreaking Solution
To the best of our knowledge, Safnect is the only consumer-oriented, non-custodial MPC wallet available in the world right now. This groundbreaking solution aims to provide users with a secure and user-friendly way to manage their digital assets.
The project is led by a team of experienced professionals, including:* Walter Wang: Early MVC builder
Raymond Chan: Web3 enthusiast
Maxin Zhang: Bitcoin holder
Cammy Fu: Web3 Product manager
You can find more information about the founders on Walter Wang's LinkedIn profile.## Online Presence
Safnect has established a strong online presence, with the following resources available:* Website: https://safnect.com/
Twitter: https://twitter.com/safnect
Telegram: https://t.me/+WbCAvJ5tpGdlOTE9
Pitch Deck and Demo
The project's pitch deck, including a real product demo on slide 7, is available at this link.
Latest Release: Version 0.19
Safnect has recently released version 0.19 of their wallet, which includes the following features:1. Added wallet account recovery function
Resolved some previous bugs
The main highlight of this version is the wallet recovery function. If the local wallet private key is lost (due to phone loss, app reinstallation, or account reset), users can take two photos to recover the lost shard key. After successful recovery, the wallet account and coins can be displayed normally in the app. When transferring, users can still use one of the two cards (not limited to a specific card). Currently, it has been implemented to recover only the lost shard, ensuring that users can use the wallet with peace of mind and no longer worry about losing their account, as long as they have the two cards.The BTC chain connection function is currently being developed in another branch, and the team is working to resolve some difficulties encountered during the SDK integration into the RN environment.You can download the latest version (0.19) of the Safnect wallet from the following link: http://bigsight-site.oss-cn-shenzhen.aliyuncs.com/app/safnect/safnect_mvp_v0.19.apk With its innovative approach and dedicated team, Safnect is poised to revolutionize the way users manage their digital assets, offering a secure and user-friendly solution for the Web3 ecosystem.
Project Status and Team Composition
Inspired by the MVC DAO constitution and its "builder spirit" of delivering first and promoting later, we have assembled a dedicated team to bring this project to fruition. Since last August, a total of 1,791.5 hours have been committed to this endeavor, and we are now proudly presenting our progress to the community.Our team comprises a diverse range of talents, including:* Front-end Android developer
React Native developer
Back-end developer
Product manager
Social media manager
MPC cryptography expert
Project manager
Community manager
In total, our distributed team consists of 10 members, each contributing their expertise to ensure the successful development and implementation of this project.Embracing the principles of decentralization and collaboration, our team has worked tirelessly to create a robust and secure solution that leverages the power of Multi-Party Computation (MPC) technology. We are now ready to share our achievements with the MVC community and seek their support to take this project to the next level.By combining our collective efforts and adhering to the builder spirit, we have laid a solid foundation for a groundbreaking product that will empower users with enhanced security and control over their digital assets. We are excited to continue our journey and deliver a cutting-edge solution that will contribute to the growth and adoption of the Web3 ecosystem.
Funding Request for Proof of Value Phase
Over the past eight months, we have successfully proven the Proof of Concept for this project. Now, we need to proceed to the Proof of Value phase, which involves product iteration, user feedback, and business development. To continue this project and bring it to the next level, we respectfully request the following funding:
Security and Quality Assurance
Third-party code review and testing: $10,000 USD (One-time fee)
Infrastructure and Operations
Server fee: $1,000 USD (One-time fee)
Development and Product Delivery
iOS developer fee for three months of development: $9,000 USD
Production of 300 MPC wallets to reward the MVC community: $6,000 USD (approximately $19.99 per wallet, as we use a 2-3 MPC scheme, and each cold wallet contains three NFC cards to store three key shares of a private key. In contrast Tangem wallet is priced at $54.9 USD per set.
Shipping fee for 300 MPC wallets to the MVC community: $4,500 USD (considering the product's lightweight and compact size, we have budgeted $15 USD for global shipping per wallet)
Team Compensation
Builder's fee for reimbursement: Our team has contributed 1,791.5 working hours of development for this project, and my time (CEO & CTO) is not counted. We are transparent about the project costs and open to review by the MVC committee to ensure reasonableness.
By securing this funding, we can continue our efforts to deliver a high-quality, secure, and user-friendly MPC wallet solution to the MVC community. Your support will enable us to iterate on the product, gather valuable user feedback, and drive business development, ultimately contributing to the growth and adoption of the Web3 ecosystem.
| Cost (USDT) | ||
|---|---|---|
Crypto Expert | 22 | 1232 |
Project manager | 198 | 8910 |
Android Developer | 254 | 5969 |
React Engineer | 100 | 5000 |
Social media manager | 26.5 | 1325 |
Product Manager | 35 | 525 |
Backend Manager | 190 | 3268 |
Algorithm Engineer | 256 | 3840 |
COO | 710 | 31950 |
Total hours | 1791.5 | |
Total cost | 67019 USDT |
We are seeking of funding for 97,519 USDT to push the project to the next level.
Why You Should Vote for Us
As true fans of MVC and early contributors to the project, we have been working closely with MVC developers around the clock for the past few months. Our dedication and commitment to the MVC community are unwavering.## Benefits of Supporting Our Proposal
Empowering the Community: If our proposal is successful, 300 MVC community members will gain access to a free, self-custodial wallet, putting the power of secure asset management directly in their hands. We want to build a sustainable crypto business and give back to the community. That is our faithful thought.
Secure and User-Friendly Wallets: A secure and easy-to-use wallet is crucial for the Web3 industry's growth and adoption. Our proposal aims to provide the MVC community with a cutting-edge solution that prioritizes both security and usability.
Open-Source Innovation: We plan to open-source the first-ever consumer-oriented MPC wallet to the MVC community, fostering transparency, collaboration, and further innovation within the ecosystem.
Expanding MVC Asset Integration: Our commitment extends beyond the initial wallet release. We will continuously work to integrate more MVC assets into the wallet, providing users with a comprehensive and convenient platform for managing their digital holdings.
Early Adopter Rewards: As an added incentive, the first 300 early adopters of our wallet will receive an airdrop worth 100 USDT in SFC tokens, rewarding their early support and participation.
By voting for us, you are not only supporting a dedicated team of MVC enthusiasts but also contributing to the growth and empowerment of the entire MVC community. Together, we can pave the way for a more secure, accessible, and innovative Web3 ecosystem.
Implementation Steps:
Agreement Signing: Formalize the partnership through a service agreement.
Sign up the 300 community users for this proposal.
Account Setup/Delivery: Establish the account and initiate product delivery.
Payment: Process the agreed payment.
Shipping in 3 months of time.
For further details, please contact us at below channels:
Our website:
https://safnect.com/
Our twitter:
https://twitter.com/safnect
Our telegram
https://t.me/+WbCAvJ5tpGdlOTE9
#Lovethisworld#ThankYouSatoshi
------------------------
Disclaimer & Remarks:
Space is not an investment vehicle:
MVCDAO emphasizes that Space, the native gas of the MVC network, is not intended for investment or speculative purposes. Its value and price are subject to the utility demand within the MVC network, which may lead to price fluctuations. We strongly discourage participants from purchasing Space with the intention of investment or speculation. MVCDAO does not make any commitments or guarantees regarding the price or value of Space. When holding Space, it should be used exclusively for participation in MVCDAO governance or for utility purposes within the MVC network.
Purpose of the proposal:
This proposal is not intended for investment analysis or induction. Instead, it aims to enhance the visibility of the MVC network. It's all about putting our network in the spotlight, not about financial advice. Participants and all members should refrain from interpreting it as such.
Conflict of interest declaration:
The author of this proposal has not received any commission.
No Guaranteed Results
Neither the proposer nor MVCDAO can promise specific results from proposed media exposure or other visibility efforts.
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