1Wallet by Timeless
1Wallet by Timeless

1Wallet by Timeless

Next Date
February 18, 2022
Assign
Zi WangHochung NamAaron LiGiv ParvanehLi Jiang
Status
Live on Mainnet
Github
Bounty
Grant-1
Grant-2
Grant-3
Release Date

🎛 Weekly Updates

Growth Target (10% w/w)
App Installs (DAU)
Waitlist
Discord
WK 1 (Feb 25th)
100*
733
225
Wow Diff
-
-
-
WK 2 (Mar 4th)
100*
936
324
Wow Diff
-
203 (27.7%)
99 (44%)
Wow Diff
82
312 (33%)
255 (78%)
WK 4 (Mar 19th)
386
1501
738
Wow Diff
302
253
159

Note: Week 1 & 2 = Alpha builds with 100 max spots

Week 1 March 4th

  1. Apple approved external Testflight 10,000
    1. announcement March 7th (3pm PST) to all channels [Zi / Giv]
  2. 1Wallet Creative Brief for 1H 2022 [DRI Zi]
  3. EthAustin (SxSW) execution plan [DRI Essa]
  4. Coachella 2022 presentation [Paola]
  5. 1Wallet Activation features & use cases [DRI Hochung]
  6. House keeping: weekly timesheets [Matty]
    1. No pay if missing inputs / outputs, must have links to outputs or project docs

⚫️ TL;DR

🗝  Not your keys, not your coins.

noncustodial social wallet to securely store, send, receive, swap, and earn crypto assets. We are developing the smart contract 1Wallet in collaboration with Aaron Li using the keyless research by Dionysis Zindro & SmartOTP (Homoliak et al., 2018). No more stressing over private keys, seed phrases. It is an open-source project funded in part by the Harmony grant.

Security 2H’21
Abstracting private keys, seed phrases using air-gapped secure enclave
Social recovery in the cloud, configurable guardians (devices, keys)
Air-gapped, resilient against lost, malware, keyloggers
Social 1H’22
Wallet-to-wallet chat; speak openly in secret
Seamless group & capital formation, DAO tooling with Quadratic voting
Multi-sig per trusted contacts, anti-collusion
Wealth 2H’22
Xchain NFT for super-liquidity
Curate-to-earn for tastemakers, culture Imagineers
DeFi for normies; fixed-rate interests, staking by the mass

Why Social Wallet

💰  Money is social relations.

Money exists when it is accepted by consensus, and its value is secured by mutual trust, and as a medium of exchange, it must be readily accessible by all. Plainly stated, social relationships are the binding force all monetary transactions. In practice, we form relationships between producers and consumers, debtors and creditors (i.e., 456  deeply indebted individuals), payees, and payers. Money is social relations.

By focusing on wallet-to-wallet communication, we make it easier for wallet users to converse privately, establish trust, share information, and of course, exchange crypto assets. Simply put, it is chat built for Web3. So, everyone can send and receive messages, photos, videos, and many crypto assets (ONE, BTC, ETH, USDT, BNB, etc. ), as well as form a group around common interests or shared value.

Past Informs the Future

💼 Wallets of the past are static and stateless.

Wallets have been an important accessory since human first stripped hide from beasts. In centuries past, we use them to keep a variety of things, from valuables like cash and credit cards to essential identification documents such as driver's licenses, transit passes, and membership cards. More, as a keepsake of momentoes — each wallet is a personal iconography for its owner. Hence, we see the latent potential of wallet in the era of Web3. Imagine, a network of connected wallets that have memories and context, with capabilities to create and maintain interpersonal relationships among families, friends, co-workers, and forge new connections with stragners.

At the same time, money itself is completing an evolutionary arc from atoms to bits. Gone are the days of shiny metal or greenish paper as the only medium of exchange. Today, money is stored in secured memory and wireless chips, moving about as packets of data. So a new generation of wallet is needed — a crypto wallet. In the parlance of Blockchain, crypto wallet can be viewed as a pointer on the ledger, and the wallet is the master pointer used to open and close transactions and assign sub-pointers. In practice, crypto wallet is the entrance to the brave new world of Web3. A well-designed crypto wallet will serve as a platform for financial services, personal data vaults, and universal identities. A network of crypto wallets will become the backbone of Web3.

Crossing the Crypto Chasm

Considering that trading through Coinbase or Robinhood only requires a few taps on the phone, many cannot escape the impression that crypto has already crossed the chasm. In reality, it's a far cry from the truth. Many crypto wallets are meant for techies, crypto enthusiasts with a high pain threshold and willing to:

💡

While early adopters make great critics because they truly care. They are a "captured" group, but they are NOT the target users.

  • Spend long hours getting the product to work
  • Learn with inadequate documentation
  • Live with slow performance
  • Invoke basic features through convoluted methods
  • Overlook janky and clunky user interface
  • Live with the burden of security

On the other hand, we embrace normies to join the 1Wallet Discord server

                                                                                 Give the people what they want:  “utility over novelty, want an all-in-one solution”
Give the people what they want: “utility over novelty, want an all-in-one solution”

Securing a Path for 1 Billion Users

1wallet provides multiple layers of security. As a first step, your Google authenticator code is generated completely offline. The information is transmitted one way: from your authenticator to your device. The setup seed is sealed off from regular access. As a result, this mechanism eliminates one of the biggest risks associated with private-key wallets: the leakage of private keys.

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Delightful User Experience

In Web3, the user interface layer has been decoupled from the asset layer, which will give rise to a new and better user experience. In contrast with conventional industry yet, a Bank of America customer can't use a Wells Fargo mobile app because the assets are locked-in with the interface. By simply importing existing wallets into 1Wallet, users instantly have access to the same assets in the 1Wallet mobile app. No lock-in. No switching costs. Consumers could benefit from stronger crypto asset ownership and a better product experience. In many cases, MetaMask is the wallet of choice. A browser plugin you can use to create and manage Ethereum wallets. Every user owns their wallet. You are not locked in, no switching fees, no compatibility headaches. Timeless Wallet's users will be able to import existing assets from their wallets and simultaneously gain access to them. Our users can easily use MetaMask to access the wallet on their desktop browsers and Timeless to access the same wallet on their smartphones.

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Product True North

We've learned and "borrowed" liberally from the product frameworks and philosophies from the giants that came before us and added a few Timeless wrinkles to create our product philosophy in a condensed question format.

Product Magic

🪥 Is this something you will use once or twice per day, and does it make your life better?

👓 glasses are invisible; they help you better see the world.

📸 a great photo doesn't capture light; it captures our heart.
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User interfaces that are well designed are often unnoticed by users, while poorly designed user interfaces force users to pay more attention to them than to their content. The purpose of 1Wallet is to fulfill an intent: to send or receive tokens, to explore intriguing NFTs, to communicate with friends... Users don’t come to play with the interface. In fact, our team assumes users don’t care about the interface, so our responsibility is to make the interface invisible.

How do we 10x the wallet by offering a radically better product experience?

User obsession and user experience above all else. Place community and individual users at the center of every feature decision. This means we are NOT technology zealots. We don’t sacrifice user experience for the sake of engineering constraints.

What new superpower can we give our users?

Everything we do starts with a 'Why'. We must first really understand our target demographics (Gen Z / Gen Alpha) and speak their language. What's their pain point? Articulate a Timeless solution that addresses the pain point and gives them a superpower that is so magical that they want to show all their friends.

How do we make social features result in repeat usage?

We believe _money_ is inherently social. By proxy, this makes wallet social. Google's toothbrush test is an excellent benchmark for any social product with the ambition to reach 1 Billion users. It's impossible to grab mindshare and create a loyal user base when the users only need to use the product occasionally. As such, every feature must satisfy the toothbrush test, where all new products and features must be fun and/or important enough that people will use them at least twice a day.

50% emotional; 50% rational. Rather than solely focusing on product features that users need, how do features make users feel?

Great products are useful, but only magical products are emotive. The emotional quality of a product is integral to its usefulness because the products we use every day affect how we feel and our well-being.

What is a realistic, narrow, time window to roll out the feature given the [constraint]?

Building a proper cadence across varying product functions (design, development, testing) is absolutely critical in building a sustainable product free of wild ebbs and flows.

Can we get away with Caveat Emptor?

1Wallet is envisioned to serve as your home in the Metaverse. So our product development cycles and go-to-market strategy need to avoid “Caveat Emptor” or let the buyer beware mentality of the past. Take pride in our work and be accountable for the user experience.

🧭  7 things about 1Wallet

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🎥  1Wallet in 46 seconds

🎯 Key Product Target

2021 Q4

Focus Area: Product Specifications

  • Understanding the Harmony wallet requirements and the 1wallet
  • Harmony tl;dr wallet strategy:
  • SmartOTP  w/ air-gapped & composable authentication with social recovery and 20% Fixed Income on 1Wallet
  • Basic wallet functionalities (send / receive)
  • Here and Now - a "Proof of Attendance" PoC

Key Conferences

2022 Q1

Focus Area In addition to continuing to refine performances and UX,

Wallet

  • Send / Receive
  • Token Swap (Sushiswap)
  • Store NFT collectibles
  • Multi-wallet / Profile system
  • Fiat on-ramp Simplex

Social

  • 1-1 and Group Chat (Easy share via QR)
  • Real-life Contacts (e.g. device contact list)
  • We.Here - location proximity, PIN-code enabled group chat
  • Wallet functionality baked into the chat
  • Send / Receive
  • Blue Packet
  • Bill Split (1/n)
  • Subscribable chat channels

Android

  • Basic groundwork for Android development

Key Conferences

2022 Q3 and Beyond

Explorations

  • Wallet ZKSync

Social

  • GameFi - lightweight, chat-based, or html5 gaming
  • NFT gallery/showcase

Release phases

Release phases indicate the stages that the product goes through, from early [fishfood]

/dogfooding alpha to public beta to general availability.

  • **alpha:** _Primarily for "internal" testing and feedback_

Limited availability. Features are still under heavy development and are subject to change. Not for production use.

Beta – Publicly available in some capacity

Features are mostly complete and documented. Min. soak time of 1-2 quarters before GA

Generally available to all users - ready for production use through App Store (iOS).

Given the nascency of development, many of the features are in the exploratory stages and have no timeframe available. These are included in the roadmap only for early feedback. These are marked as follows:

In design:

Feature in the discovery phase. The decision is made to build out the feature, but the spec and design have not yet been finalized.

Exploring:

Feature under consideration. No decision is yet made on the feature, and the team is gathering feedback on the go/no-go.

Roadmap stages

Post Open Source — add a link to the 1Wallet product board

The roadmap is arranged on a project board to give a sense of how far out each item is on the horizon. Every product or feature is added to a particular project board column according to the quarter in which it is expected to ship next. The roadmap is subject to 1Wallet user-community feedback, especially further out on the timeline.

Expanding social functionalities

  • Cross-chain (Eth) NFT attestation - reference Harmony’s DFK design doc
  • Doggycon - create a unique profile identifier in the form of a 3D dog (a la Androidify by Dapper Labs & Google Tamagotchi that garners traits and "grows" as user engagement and activity is shaped in the application

DAO on Tap

- further expand out DAO tools and "templates" to enable a lightweight, easy DAO setup and maintenance, including quadratic voting

🏠  Bring your Brains

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Join 1Wallet Discord