Project Champion: Baer.eth
Squad: @tony_stark, SnowdenBankless, @israelrex, Vishnurr, @Anoy,Rahul
Purpose: For-profit
Affiliation: none
Authors; Editors: Baer.eth
Date created: 19.03.23
Date posted: Apr 6, 8:31 PM
Funds requested: 700,000 BANK
Project wallet(s): eth:0x1dBA01d7519f3CD18cBdF2B207CC3D261eEadeF3,
Own subDAO/Discord server: no
PROJECT TEASER
An account abstracted wallet built using ERC4337 smart contract and Safe.
Sign up for our hardware wallet whitelist at banklesswallet.xyz
SUMMARY
Project Description
BanklessWallet is a hardware wallet with a smart-contract companion that simplifies the crypto onboarding experience and token custody. It offers 100% self-custody of digital assets, making it easy for anyone to download the app and start the crypto journey without hassle. BanklessWallet eliminates the need to worry about storing private keys, losing your hardware wallet, or accidentally signing malicious transactions. The wallet also provides privacy features and social recovery options if users lose their wallets. The MVP of BanklessWalletis built on the Safe smart contract and allows users to pay transactions on any chain with the help of sequencers built on the ERC4337 standard. The team includes experienced devs and core contributors from BanklessDAO.
BanklessWallet was born out of frustration with the complexities and risks of using crypto wallets. The founders, long-time members of the BanklessDAO and active in the crypto community, saw that the current options for self-custody of digital assets were not user-friendly and posed significant security risks. They believed that the crypto industry needed a solution that would simplify the onboarding experience for new users while still providing 100% self-custody of digital assets.
The team behind BanklessWallet recognised that being your own bank in the crypto world can be complicated and risky, with users having to use multiple wallets, store numerous copies of private keys, and use ten different hardware wallets.
The BanklessWallet is 200% noob-friendly and can be downloaded by anyone with an email, making it easy to start a crypto journey without the hassle of learning complicated crypto jargon. With BanklessWallet, there’s no need to worry about gas when getting started, as the smart-contract companion takes care of this on the user’s behalf. And if you accidentally send tokens to the wrong address, BanklessWallet has some tricks to help recover them. Our wallet provides users with special escrow contracts, allowing the receiver to collect the tokens without hassle.
Link to our announcement post: Introducing BanklessWallet- a secured smart wallet for daily use!
MVP:
Our team is actively building the Proof of concept, available on the Görli test net; we are currently testing the multichain interaction of the smart contract wallet and will be expanding to polygon
RETROSPECTIVE.
It’s too early for this project to have a retrospective analysis of PMF or on the PoC. We are ironing out the specs and iterating the products.
FINANCIAL IMPLICATIONS
The project consists of two critical parts the Onchain smart contracts and the Hardware tech.
This unique project structure needs a lot of research and testing before actual development. In other words, background work is needed to make noticeable changes to the outside world.
In the previous season, we tested the hypothesis of building a smart contract wallet. The technological advances in the EVM ecosystem have enabled us to focus on working on web interfaces. In season 8, we are focused on building the tech stack and hosting the research on the recoverable hardware wallet.
Project Breakdown
The project is taking a custom approach to compensation where only the active development of the project is compensated. Research and infrastructure cost less than 1,000 $ included.
This approach might put us in a situation where we are not attractive to a group. Still, it will ensure the effective use of the DAO vault funds.
Roles
| Roles | Hours | Total hrs for S8 |
|---|---|---|
| Champion | 10 | 150 |
| Full stack dev | 10 | 150 |
| Solidity engineer | 10 | 150 |
| Designer | 10 | 150 |
Cost of paid roles = 40Hrs* 15 Week * 1,000 BANK = 600,000 BANK
Bounties
- MVP Testing on OS and Browers
- Marketing and Education
- potential integrations with Bankless Dapps
Cost 100,000 BANK
Infrastructure cost
Domain : banklesswallet.xyz
DNS and SSL from Namecheap
web and email Hosting: Vercel & Zoho
Email WL and newsletter tools: Paragraph and Tally
On-chain gas expenses: 100 MATIC for sponsoring user txs
Currently, tool costs are minimal- 400/year- and are excluded from the current ask. The cost of the tools will increase as the project scale and become more complex.
Total ask: 700,000 BANK
SEASONAL KPI
| Factor | KPI | Success Metric |
|---|---|---|
| Usage | # of Wallets deployed | #≥10 |
| # of Waitlist sign up for hardware wallet | #≥50 |
COMMITMENTS
BanklessWallet aims to provide utility to the DAO in the following ways.
-
Gas Abstraction
-
providing the ability to pay for gas in BANK
Scenario 1: Bob wants to collect a new Mirror article on optimism but doesn’t have eth on Optimism but holds BANK on Polygon. Bob can use BanklessWallet to collect the article; the ballet will pay gas on your behalf and deducts the equant amount from your ‘BANK’ balance on Polygon.
- Sponsor Gas for BanklessDAO
Scenario 2: John is a multisig Signer of the Dev guild and should execute an on-chain payment; the gas cost is 0.1 ETH. John can use BanklessWallet, which pays for the gas for John and asks for a refund from the treasury.
-
Exclusive access with tlBank.
-
Custom Hardware wallet
1. Custom members-only hardware wallet for BanklessDAO members and OGs
- Premium support and feature unlocks
- tlBANK holders will get premium customer support and early access to new features.
BRANDING
We will seek the right to use the ‘Bankless’ brand name owned by Bankless LLC.
We aim to smoothen the onboarding process of the next wave of members to crypto. Our tools are trying to bring the comfortability and ease of tradfi to Blockchain to go Bankless.
FURTHER PROJECT CHANNELS
- Project Notion Page
- Website: banklesswallet.xyz
- Socials: twitter @bankless_wallet mirror: bwal.eth
- Yes
- No
- Abstain
, check out our website and join the wait list if you are interested.