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DashwageTM by IDAC: Helping DASH Enthusiasts buy & sell DASH Easier, Faster, and Safer

S

saxdash

New member
Update: 10/25/17 12:05 AM EST: We are going to submit this proposal when we feel that it is ready. We want to get as much feedback as possible to ensure that we meet the needs of the Dash community. With so little time left in this proposal period, we will probably end up submitting this in November. Please feel free to provide us as much feedback as possible. Thank you!

Sincerely,
Ignatian Digital Asset Corporation (IDAC)

______________________________________________________________________________________

Hello Dash Masternode Operators!

We are IDAC. Two world class companies, Acquia and Myplanet are going to help us build and maintain the world's first Dash-only exchange at https://idac.io. Once it's compete, we'll promote Dash, and bring new members to the site to buy and sell Dash securely. Acquia will host/monitor the site 24/7. The integrated Uphold API will power the Dash buys and sells.

We would like 2126 Dash to build IDAC.io. We will pay back the Dash in full to the Dash Core Dev Business Development Fund. The exchange will launch in January 2018.

The full details are here: Dashwage™ by IDAC

Some key features:
  • Buy and sell Dash for fiat currency.
  • Automatic recurring Dash buys using Dashwage™.
  • Dashwage™ will encourage buying and HODLing Dash.
  • State-of-the-art Internet security built and maintained on the Enterprise Drupal 8 platform by Acquia and Myplanet.
  • Dash are not held at IDAC.io, they are immediately sent to the user’s Dash wallet.

The IDAC Team is composed of 4 people (my Linkedin profile is here: https://www.linkedin.com/in/rexdjere/ ) :
  • 2 former Nuclear Reactor Operators in the United States Navy (we worked together as instructors at the FIDE - a nuclear operator training facility in Bremerton, Washington). We both know how to train people, so we will take the lead as we promote Dash, and introduce it to new users. Once we train them, we'll encourage them to buy and sell Dash at IDAC.io.
  • 1 Film Director. Has experience directing movies, commercials, short films etc. He brings over 20 years of experience in every aspect of production and promotion. He is a master promoter, so he will take the lead promoting Dash, and making our Dash exchange an attractive option for users.
  • 1 IT professional. He has more than 20 years of experience in all aspects of network security, computer hardware, and software. He will take the lead setting up our IT infrastructure for training people about Dash.
 
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Don't understand how you will build a complete fiat exchange in 6 weeks and need for some reason almost 650 000$ for it with no known team? This looks more like an ICO than anything that makes sense here.
 
Thanks for your pre-proposal. It goes without saying that some of those services you are describing would be beneficial to Dash. If you get positive feedback and want to proceed with this, you are going to need to consult with the Dash Core team, or perhaps greencandle.io -- as this is the kind of project that would warrant a legal contract/escrow with a trusted entity in Dash. As a masternode operator, in order to inform my vote I would need to be convinced that the project is properly scoped out and can reasonably be expected to deliver on its promises.

You mention you will pay back the Dash -- is this supposed to be a loan?

Also, if you are planning to submit this proposal on 10/25/17 and the first payment is supposed to be for the current voting cycle, then I would vote NO pretty much no matter what happens. That is not enough time to properly evaluate this
 
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TroyDASH said:
Thanks for your pre-proposal. It goes without saying that some of those services you are describing would be beneficial to Dash. If you get positive feedback and want to proceed with this, you are going to need to consult with the Dash Core team, or perhaps greencandle.io -- as this is the kind of project that would warrant a legal contract/escrow with a trusted entity in Dash. As a masternode operator, in order to inform my vote I would need to be convinced that the project is properly scoped out and can reasonably be expected to deliver on its promises.

You mention you will pay back the Dash -- is this supposed to be a loan?
Click to expand...

Thank you so much for your feedback.

"you are going to need to consult with the Dash Core team, or perhaps greencandle.io -- as this is the kind of project that would warrant a legal contract/escrow with a trusted entity in Dash."
We would absolutely welcome this. I have had telephone conversations with two Dash employees, and one works very closely with the Core Devs; the other in HR Dept (the one in HR is a high school classmate of one of the Acquia Team members working on this project. He looked at the proposal and gave us EXTREMELY useful feedback). The first one could definitely help us with your first recommendation. I will definitely do some research on greencandle.io as well.

"As a masternode operator, in order to inform my vote I would need to be convinced that the project is properly scoped out and can reasonably be expected to deliver on its promises."
I completely understand. Acquia and Myplanet are both EXTREMELY experienced building projects of this size and scope: for governments, Fortune 500 companies etc. I was blown away by their level of commitment. The CEO of Myplanet and I talked on the phone several times. They can deliver an MVP by 1/1/18 which will allow people so start signing up and buying and selling Dash. Upholds API will be integrated into IDAC.io so Acquia's job will be to host the site securely, and monitor it 24/7.

"You mention you will pay back the Dash -- is this supposed to be a loan?"
Yes. I asked the lead technical members of the Uphold Team and Myplanet Team if this is technically possible: hard code a Dash address controlled by the Core Dev team into IDAC.io, and automatically send a portion of our Dash revenue to that address. They said "yes". Once the loan is completely paid back, we'll turn this feature off. So our focus at IDAC will be to promote Dash, bring as many Dash buyers to our site as possible, and to use some of our Dash revenue to pay back the Dash loan as quickly as possible.

I hope that I completely answered all of your questions to the extent that is possible right now.
 
TroyDASH said:
Also, if you are planning to submit this proposal on 10/25/17 and the first payment is supposed to be for the current voting cycle, then I would vote NO pretty much no matter what happens. That is not enough time to properly evaluate this
Click to expand...

I completely understand. Your feedback is invaluable because it gives me a much clearer picture of how we are going to proceed. We will get as much feedback as possible over the next few hours, and then have a discussion about what we need to do next tomorrow. Thank you, and have a great night!
 
Bitwage reminds me of something where you could get paid as a wage in dash. Like payroll services. Which dash could use.

I don't like being negative but this project is not something that should be funded there are many other needs in the ecosystem. You plan to use the Uphold system to do this, the community would be much better paying uphold to integrate Dash, which is already likely next on their roadmap. And to add recurring buys if they don't already have that. I don't see the long term value add in bitwage.

The only reason to fund this would be if Uphold would never integrate Dash. Then you are beholden to their issues as they control the USD money in and out. I'm assuming you plan to have each user setup a account on uphold by their API. It gets tricky once you have to do the conversions and you are aggregating funds into one account which might get you shutdown. (edit: probably just shape-shift customer funds) I would like to see the exact flowchart of the funds and proof that uphold would like to see this sort of activity on their network.

Ideally if you were offering your own Fiat to USD gateway, the community would be all over it. That is usually a incredibly expensive task that few can achieve. We all know there is only a handful in the USA.

Now I'm interested in getting Dash on Uphold
 
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1) Can you please tell me your experience with crypto in general and dash specifically.

2) What experience you have developing, managing and securing websites to this scale, especially highly secure sites like exchanges which are targets by the best hackers in the world.

3) Are there members of each partner company, myplanet, acquarius that can vouch for your solution? I don't see any of their input to this. Just marketing fluff which is useless.

4) You will operate a fiat exchange but your proposal has zero details about legal, regulatory and fincancial frameworks you will need approved to operate etc...

5) Your timeframes are completely unrealistic which makes me think you have zero experience in the crypto space and in general what it would take to make this project successful.

For this price and poor solution outlay this is an instant NO.
 
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"What we bring that will really benefit Dash is an incredible passion to teach people about Dash,"

We love enthusiasm for Dash! What did you do last month to teach people about Dash?

And somebody that has that much enthusiasm and passion for Dash would surely have some presence on one of the big Dash forums.
You have four team members that are very excited about Dash.

What are their handles on Reddit Dashpay?
What are their handles on Dash.org forum?
What are their handles on Dash Nation, Slack (now Discord)?

Anybody in the group run a MasterNode? (not a requirement, but would demonstrate hands on experience in the ecosystem.)

And, as noted by Mr. Stealth, we need more details about your specific plans to negotiate the considerable legal, regulatory and financial complexities you undoubtedly face. Who is your fintech expert? What kind of AML KYC protocols will you have?

In a previous proposal, Dr. Julian Hosp assured us that his very talented team could bring us a Dash backed debit card in 3 weeks, and just a little longer in the U.S. That is not how the story ended, at all. In that case, either Dr. Julian Hosp grossly underestimated the complexities, or grossly overestimated the talent and experience of his team.

Charlie Shrem, who is one of the founding fathers in the Bitcoin ecosystem and knows everybody that's anybody in the industry said he could get us a Dash backed debit card by April. Here we sit, half way through October. No debit card yet. I would think getting a debit card working in the US would be less complex than starting a whole new Dash-fiat exchange.

Convince me that we would not be making the same mistake with your team.

You also look a little understaffed to me. You have exactly one IT person. One. He had better be a blockchain savant. Could we see more of his previous work with blockchain tech in general? You are going to build a Fiat gateway to purchase Dash in a few short months? I'm not convinced you could could hire, train and coordinate enough Developers in 60 days. Or are you going to do all this in house? If not done all in house, how many devs do you anticipate hiring?

What is your economic model? How profitable do you anticipate being in 6 months? What kind of volume would you need to pay us back in a reasonable amount of time?

I remain open to be convinced though.
 
Stealth923 and solarguy, thank you for the questions. They are all very valid. We are going to go through a vetting process by an independent third party where all of your questions will be answered in a way that is transparent to the entire Dash community. This will be done before we submit the proposal. Thank you for the feedback!
 
saxdash said:
Stealth923 and solarguy, thank you for the questions. They are all very valid. We are going to go through a vetting process by an independent third party where all of your questions will be answered in a way that is transparent to the entire Dash community. This will be done before we submit the proposal. Thank you for the feedback!
Click to expand...

If a 3rd party is required to tell you what you are missing, I am even more worried, it means that you are outsourcing to fill the information gaps, when you really should KNOW what is required to build a solution like this and submit a professional solution the first time.....

Because the solution deck is all marketing fluff (no experience, framework, solution specification, architecture etc), I can already tell that you and your team are unsuitable for this type of project. Sorry to be negative but you are an unknown entity with no experience with big hopes and dreams. We have seen this type of language used in previous proposals i.e. Jerry Banfield....

If I were you, I would start a small project sub 50k, start small, gain experience in the crypto/dash world, deliver successfully and build upon that trust and experience in the dash network.

I am recommending that all MNOs vote no to this....
 
Stealth923, thank you for the feedback.

The teams that I am working with on this project are phenomenal. I work with them every day.

We will have a third party who has already established credibility within the Dash community evaluate us, and present those results to the Dash community for review along with our proposal.

You'll love the final IDAC product once we deliver it. We will maintain a laser-like focus on one goal: promoting and facilitating the use of Dash.
 
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