Dash OTC exchange (Wall of Coins website and API)

rgenito

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Aug 30, 2016
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Hi everyone!

First of all, I want to say that I am very excited to be a part of this community. Lately I've binge researched Dash after suggestions to implement Dash into Wall of Coins. Long story short, I'd like to propose that our team makes a conscious focus on Dash integration. You can also read this at Dash Central: https://dashcentral.org/p/dash-adoption-tools2

Full proposal PDF: https://www.dropbox.com/s/chddplecnxh9xed/dash-adoption-tools.pdf?dl=0
This proposal is to accelerate DASH Accessibility and Adoption in the Wall of Coins Integrated Platform: https://wallofcoins.com

Here is the Description and Goal statement taken directly from the PDF proposal: "We aim to boost Dash adoption. Today, Dash stands as much less accessible than Bitcoin, and most of the time requiring the end user to jump through the bitcoin hoops to land on Dash. Genitrust will embed Dash into the entire Wall of Coins' (WOC) Accessibility & Adoption Integrated Platform experience that exists today for Bitcoin. By embedding Dash into WOC, we will grease the frictional path to enter and exit the Dash ecosystem, greatly reduced the difficulty faced by Dash newcomers, developers, and websites. Overall as a currency, Dash will have better accessibility and liquidity, better tools for creative Dash app developers, and a huge boost to adoption for the short- and long-term. This is Dash's opportunity to solidify its independence from Bitcoin."

In summary, here are key items that will be delivered:

  1. People who wish to buy Dash can buy instantly without the need to setup an account. For smaller amounts.
  2. Most buyer purchase amounts can be done anonymously without the need of any privacy-sensitive information.
  3. Dash new-comers, and even crypto currency new-comers, will have free access to live phone support and live chat support to learn about getting a Dash wallet, sending and receiving Dash, and buying Dash.
  4. Sellers can liquidate Dash for instant fiat in a peer-to-peer similar to Local Bitcoins, minus the pains: without the risk of identity theft, wasted time communicating with less serious buyers, a better Security Intelligence Layer to protect sellers from scammers and Man-in-the-Middle payment attacks, etc..
  5. The WOC API will integrate Dash entirely. This will allow app developers full access to the WOC platform's functionality and business back end. Developers will have huge leverage to creative opportunities for their end users and solve problems related to acquiring bitcoin, liquidate bitcoin, and easily "fund their account" once they begin with a 0 Dash balance.
  6. For example: Dash wallet can integrate the WOC API, providing its end users with the ability to acquire (to solve the initial “0 balance” issue) and liquidate Dash immediately at a nearby location. This is the simplest, proven, and most mature API exchange solution available, which will allow Dash wallet to earn commission revenues to support wallet development.
  7. The WOC Web Widget will integrate Dash entirely. Website developers can then copy-paste exchange functionality directly into their website. For example, an exchange such as Poloniex can accept local fiat payments for people to fund their Poloniex accounts with Dash. Another example: web pages like Backpage.com and Wikileaks.org can use the widget to accept instant remote cash donations delivered to them in Dash.
  8. For businesses, Genitrust's business backend will apply the 100% Rapid Cold Storage solution to Dash. No coins will ever be stored in a hot wallet, and withdrawals are just as fast a multisig hot wallets.
  9. Wall of Coins will also remain 100% transparent with Dash deposits. This is our practice to prove solvency and exchange honesty: https://deposits.wallofcoins.com
I'm happy to answer all questions, and plan to make myself available with scheduled Google Hangout chat times. In the mean time, you can read the detailed PDF proposal here: https://www.dropbox.com/s/chddplecnxh9xed/dash-adoption-tools.pdf?dl=0
 

rgenito

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UPDATE: I've added a new proposal. As this is a longer project with many estimated man hours, there is still a possibility that the project will go over budget or under budget, or if there are DASH left over from the current budget.

Proposal should we NOT use all of the budget, or if the Dash price should skyrocket:

This is always a likely scenario. I pledge that should the Dash price raise, or if the project has left-over Dash, our development team will integrate the Wall of Coins experience and API directly into the Dash-QT wallet, other Dash wallets, and we will integrate for any websites or apps that want help with integration. We will do this until any surplus is depleted! :)
 

Vedran Yoweri

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Apr 29, 2015
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Nice proposal, albeit a bit expensive.
Maybe we want to wait a bit with this, as we are developing a lot of code for this ourselves. See here. Maybe you can get in contact, via @kot, to check what will be there. This will make the integrations much more efficient and thus less expensive.
Also, try a pre-proposal discussion next time, it's cheaper.

Anyway, nice to see you here!
 
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rgenito

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Thanks Vedran! I've checked out the link earlier today. Without diving too much into the specifics, unless there is information on links that I did not follow from that post, this appears to be very much what Wall of Coins has accomplished and matured over the last 2 years. As for USA salaries, the proposal is a little under valued, and this sort of project isn't a small accomplishment for what the WOC API is capable of bringing to Dash and allowing Dash's ecosystem to work synergistically. Keep in mind, I also didn't realize that if we run out of budget, we can always propose for more. I posted with the interest of honesty and being direct and realistic.

Thanks again, much appreciated! I hope that others can take a second look, a good read over, and a good meditation on what is being proposed: nothing like it exists today, and this has even had the time to mature with high standards for quality, user experience, security, and giving revenue incentives for Dash-enabled app developers.
 

tungfa

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Apr 9, 2014
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can I ask why 26k US$ ?
why is the integration so expensive ? :rolleyes:

edit
3x 27k = 80 k US$ toal
 
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rgenito

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tungfa, i'm glad you ask, in fact... let me get this document online! I have an entire spreadsheet detailing out the work. This is what I do ^_^ be right back with that spreadsheet....
 
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alex-ru

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Hey, thanks for pre-proposal.
spreadsheets are good, but they can't guarantee success. :(

I would recommend (and I wish @amanda_b_johnson will point attention on it in her next videos) for all new people who place Budget proposal for Dash network:

Please, don't ask for huge budgets from the very beginning - for your very first Dash-related project.
Instead, it's better to offer first small inexpensive project, finish it (so you will demonstrate your ability to be successful).

Then accomplish a medium project, with medium budget - demonstrate your expertise with it - and so on....

This is exactly the way Amanda (+Pete) started their successful work for Dash Network: no hurry, no huge requests, better and better with each month - perfect role model for everyone...
 
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qwizzie

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Aug 6, 2014
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Hey, thanks for pre-proposal.
spreadsheets are good, but they can't guarantee success. :(

I would recommend (and I wish @amanda_b_johnson will point attention on it in her next videos) for all new people who place Budget proposal for Dash network:

Please, don't ask for huge budgets from the very beginning - for your very first Dash-related project.
Instead, it's better to offer first small inexpensive project, finish it (so you will demonstrate your ability to be successful).

Then accomplish a medium project, with medium budget - demonstrate your expertise with it - and so on....

This is exactly the way Amanda (+Pete) started their successful work for Dash Network: no hurry, no huge requests, better and better with each month - perfect role model for everyone...
+1

also dont have it start at the first available superblock but give it some space and time for discussion by having it started at a later superblock (1 month later)
 

Solarminer

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Apr 4, 2015
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Hey, thanks for pre-proposal.
spreadsheets are good, but they can't guarantee success. :(

I would recommend (and I wish @amanda_b_johnson will point attention on it in her next videos) for all new people who place Budget proposal for Dash network:

Please, don't ask for huge budgets from the very beginning - for your very first Dash-related project.
Instead, it's better to offer first small inexpensive project, finish it (so you will demonstrate your ability to be successful).

Then accomplish a medium project, with medium budget - demonstrate your expertise with it - and so on....

This is exactly the way Amanda (+Pete) started their successful work for Dash Network: no hurry, no huge requests, better and better with each month - perfect role model for everyone...
There is no set rules to this budget system. It is at the owners discretion how a budget should be submitted. Why would coinbase come here and ask for a 10 dash project to prove they are trustworthy? Some companies will submit bigger projects. If that is their first budget, that isn't a reason to vote against a project.

This is the first non-KYC/AML fiat gateway project. This is huge! It enables a user to anonymously transfer fiat anywhere. This closes the loop with the PrivateSend functionality with Dash.
 

alex-ru

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Jul 14, 2014
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There is no set rules to this budget system. It is at the owners discretion how a budget should be submitted. Why would coinbase come here and ask for a 10 dash project to prove they are trustworthy? Some companies will submit bigger projects. If that is their first budget, that isn't a reason to vote against a project.
Sorry if I didn't explain it correct: It was just my Opinion (Advice) - no requirement.
This opinion even doesn't relate namely to Dash project - but relates to some general sense, psychology.

Of course everybody can submit any kind of proposals, in any form, with any budget - let them try. :)
We have even these kinds of proposal (https://www.dashcentral.org/p/DASH-E-AIR) and I do like it - as it advertise great power of Dash Budgeting System (but don't allow owner even compensate 5 DASH though).
 
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oaxaca

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Jul 8, 2014
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Fiat access ramps development will be prioritized by the core team over PR and advertising during the next few months...

Open Source - FIAT ACCESS RAMPS

The core team sees a need to strengthen direct FIAT access ramps to Dash in order to move into our next growth phase...Different user oriented applications are being created for Dash
Seems like this proposal is exactly what we need.
 

qwizzie

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Aug 6, 2014
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Looks like we will have a battle of budget proposals ahead, maybe even forcing dev-team to re-prioritize their own budget proposals .. or not.
Anyways this is an interesting budget proposal, i just wish it was presented earlier or started with a later superblock.

If this budget proposal does not pass, i see two possible roads to travel :

1 : wait till update 12.1 (which will include contracts which will provide multi-period payment security once a certain treshold of votes has been reached) and then re-admit budget proposal as a contract, maybe even with a longer multi period (6 months?) so the amount per month is less (and therefore less stress on our budget system)

2 : contact dev-team and see if they have interest in this budget proposal, if they do they could perhaps plan it in with their own budget proposals for next superblock (october). This will most likely also be after update 12.1
 
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kot

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Mar 17, 2015
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Hey @rgenito ,
This is an interesting proposal and well described submission - thank you for using the template and providing all the details.
I am very happy to see more external companies coming and submitting proposals to the system - it looks like it works as designed :).

I just have one question/suggestion regarding the price and one about the delivery process.

1. Based on your calculations, you have submitted a proposal with full funding of private business’s costs to integrate Dash. Would you be willing to share this cost and make an investment on your side (e.g. half of the cost)? I would feel more comfortable if you share the risk and cost of integration (as the profit will be on your side anyway).
2. Would you be willing to work with one of our PMs on status review and progress reporting?

Thanks
 
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rgenito

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Aug 30, 2016
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Hey everyone! Thank you for the responses and questions. I'll be replying to each one individually.

* Would you say this is an accurate review of Wall of Coins ? and if not, can you please address the issues you think are presented incorrectly or will be different with the focus on Dash....

link : http://bitcoinist.net/wall-of-coins-review-good-bitcoin-beginners-so-so-veterans/

* Are you officially involved with Wall of Coins and is that verifyable ?
The review is accurate for the most part. While you will absolutely learn more about Wall of Coins by actually *using* it, check out what other articles say at this link: https://bitcointalk.org/index.php?topic=812397.0

In summary: Wall of Coins was listed as the #1 way to buy bitcoin without a bank account, and it was suggested to be "like" Local Bitcoins, except easy to use. There's a link to a reddit forum that has some pretty phenomenal testimonies from people who buy and sell on the website.

And yes, I am officially involved with Wall of Coins. It is verifiable by reading online articles and GPG signed here: https://deposits.wallofcoins.com/
 
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rgenito

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tungfa: I also found the site rather confusing. At first I thought I needed to specify the *total* amount of DASH and then specify the number of months it would be paid over. Personally, I believe it would be better for the proposed "amount" and "number of months" to be easily modified by the claimant of the proposal. I also see problems with this.

Hey, thanks for pre-proposal.
spreadsheets are good, but they can't guarantee success. :(

I would recommend (and I wish @amanda_b_johnson will point attention on it in her next videos) for all new people who place Budget proposal for Dash network:

Please, don't ask for huge budgets from the very beginning - for your very first Dash-related project.
Instead, it's better to offer first small inexpensive project, finish it (so you will demonstrate your ability to be successful).

Then accomplish a medium project, with medium budget - demonstrate your expertise with it - and so on....

This is exactly the way Amanda (+Pete) started their successful work for Dash Network: no hurry, no huge requests, better and better with each month - perfect role model for everyone...
Thanks for the input! I understand these things more now. In my mind, success is guaranteed as this project is already a success, and I am a qualified and capable project manager. It's what i've done for more than half of my life. BUT, other people have to understand that too :) I understand. To be frank, I don't have any relatively "medium" or "small" proposals at the moment, as I am hyper focused on ADOPTION--which is what Wall of Coins aids beautifully. My mind is spinning like crazy for Dash, and i'm sure i'll think of other things to propose, but at the moment I get much too excited when I think about the awesomeness Dash is brewing up in conjunction with the benefits that our platform can bring relatively quick to the Dash ecosystem.
 
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JZA

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Jan 4, 2016
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Please review my proposal which was for LocalDash.com which was basically a play on LocalBitcoin.com for DASH users, I didnt recieve much feedback or attention and I even set a much lower Budget ammount.
 

rgenito

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There is no set rules to this budget system. It is at the owners discretion how a budget should be submitted. Why would coinbase come here and ask for a 10 dash project to prove they are trustworthy? Some companies will submit bigger projects. If that is their first budget, that isn't a reason to vote against a project.

This is the first non-KYC/AML fiat gateway project. This is huge! It enables a user to anonymously transfer fiat anywhere. This closes the loop with the PrivateSend functionality with Dash.
Thank you Solarminer, I also see this being an insanely huge benefit to the Dash ecosystem *AND* to Dash app developers. The Wall of Coins (WOC) API gives Dash app developers an immediate revenue source (paid in DASH) to help fund the further development of their apps. For example: Dash-QT can provide the ability for people to buy/sell DASH through the wallet for fiat, and by doing so, the Dash-QT developers will have an immediate revenue stream. Another example: DASH mining sites, or even the proposal system itself, can pay DASH to people's "cash accounts" on the WOC platform. This will not only convert the DASH to the local currency for the business to use, even though it will be MUCH better for the business to convince team members to accept some % of pay in DASH, but the system that integrates WOC-DASH will also receive revenue for its participation.
 

rgenito

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1. Based on your calculations, you have submitted a proposal with full funding of private business’s costs to integrate Dash. Would you be willing to share this cost and make an investment on your side (e.g. half of the cost)? I would feel more comfortable if you share the risk and cost of integration (as the profit will be on your side anyway).
2. Would you be willing to work with one of our PMs on status review and progress reporting?
Thanks Robert, I really appreciate that you can see the work put into the proposal. In fact, there are far more details that could go into the proposal. As you can likely guess, my full time of work is with Genitrust, and Dash is my new passion. Obsession is a better word:)

1. Genitrust, as a company, will only take the risk of Dash/WOC integration if it does not effect our current projects or resources. Although this is a strict limitation, my personal interest and belief in Dash has developed to where I'm thinking of other ways to fund this integration.

2. Yes! This is a great idea!
 

kot

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Mar 17, 2015
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Hey Robert,
Thanks for the response and willing to find other ways to fund this integration. This project looks really interesting, however $80k paid for the private company to develop and run their own business is hardly acceptable for the network (as you could see from the voting results). Integration in the Wall of Coins Platform would be nice, however all profits from this integration would go to your company. Therefore I think it is fair to expect Genitrust to participate in the project funding.
I believe that if you would take part of the risk, the result of the voting would be better.

Thank you for willing to work with our PM, in case the project is accepted. Let's talk about the details after the voting closure.
 
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rgenito

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Thank you for the reply!

What do you all think about a live AMA later today (within 12 hours) or the next day?

Hey Robert,
Thanks for the response and willing to find other ways to fund this integration. This project looks really interesting, however $80k paid for the private company to develop and run their own business is hardly acceptable for the network (as you could see from the voting results). Integration in the Wall of Coins Platform would be nice, however all profits from this integration would go to your company. Therefore I think it is fair to expect Genitrust to participate in the project funding.
I believe that if you would take part of the risk, the result of the voting would be better.

Thank you for willing to work with our PM, in case the project is accepted. Let's talk about the details after the voting closure.
As you've mentioned, "...however all profits from this integration would go to your company." This is absolutely not true: profits would also be shared with Dash app developers that integrate the API. This is what Wall of Coins is; this is how Wall of Coins works. I'd like to bring up some points:

1. The company will ultimately have to pay staff members for training, for financial operations, handling customer cases, and acting as a 1-800-DASH-HOTLINE to support the newcomers of the community. This is not included as a use for the Dash treasury funds; it is an ongoing operational expense that the company will incur. This is still a costly risk for the company. Considering the many benefits that are listed and are not listed in the proposal, what's the problem with WOC making an income to support these operations?

2. Code maintenance, bug fixes, server maintenance and scaling, future upgrades, etc. are not factored in with the budget, either. Nor are other expenses factored in such as Dash advertising and marketing campaigns, our in-house sales team to help other companies, individuals, and developers understand the importance of Dash, etc. Naturally, Wall of Coins fee revenue is used to for these costs as well, and Genitrust/WOC finances to support these operations also greatly add to the Dash ecosystem.

3. Our platform offers the entire Dash community an *additional* revenue stream opportunity, a revenue stream separate from the treasury budget. This is huge, and it is basically a revenue share for developers and websites that use the Wall of Coins API or web widget. No other platform offers this to the level that we do. (Our next update addresses this thoroughly.)

Genitrust, of course, is a corporation that has a lot to offer, and the Wall of Coins platform *specifically* focuses on adoption and accessibility! Even though it makes more business and financial sense to integrate Ethereum, Steem, or Monero, I would much rather see Dash integrated. This is my personal wish based on what i've learned in a short time about Dash, and this is not the collective view point of Genitrust. I believe something will be worked out, I do feel good about this, so thank you for being so direct and frank! :)

And don't forget: what do you all think about a live AMA later today (within 12 hours) or the next day?
 
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qwizzie

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Aug 6, 2014
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Maybe you could do a Dash podcast ?

https://www.rebelmouse.com/dashnation/dash-nation-podcasts/

They have done this before with budget proposers to ask them questions about their budget proposal... basicly it is a Q&A session.

edit :

Tao / oaxaca : if you are reading this, some of your podcasts are not loading anymore (not connecting to soundcloud) , please verify and correct.
 
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kot

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@rgenito
AMA might be a good idea, however today or tomorrow might be too short notice to get everyone interested in this proposal(not each MN owner visits the forum on daily basis).
 

rgenito

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qwizzie and kot: thank you both :) all of the feedback is much interested. posting a proposal tonight... crowd fund + dash treasury supplementation!