Hello everyone, Rich here!
So firstly before I get started I wanted to thank everyone who voted on our proposal and commented on our pre-proposal, some great positive comments and some helpful less positive ones! If you do have any questions about any part of our project or would just like to come chat to one of us please come join our Discord.
Now for our week 0 update!
I know technically we haven’t actually been funded yet and I contracts are being drawn up for our escrow currently but I figured I would write an update to fill you all in on what we have been doing this week.
Office
I have been to view a few offices this week and we have decided on one we like, location wise it is between the three of us and, most importantly, very inexpensive! We will be moving in there at the start of March (photos to come then!).
Notice Periods
Ash and Alex have both handed in their notice at their current jobs (hence the office being in March rather than immediate), I work self employed so I have been getting on with writing our compliance documentation, which is about as exciting as it sounds!
Infrastructure
Well we now officially have our domain, Ash bought the domain as soon as we were pretty sure we were getting funded just to avoid a price hike should the owner get wind of our proposal.
E-mails are up and running, feel free to contact us on Ash/Alex/Rich @ewallet.co.uk!
We are setup on Google Suite and have a bunch of spreadsheets and documents filled with ideas and notes!
Our Atlassian accounts are setup and our workflow is beginning to be added to it.
Compliance
As I mentioned earlier I have been writing and further researching the areas of compliance that are relevant to us. As you probably know cryptocurrencies are (currently) largely unregulated, however, I believe that preemptively following relevant legislation is in everyone’s best interest, especially with regards to anti money laundering.
Over the coming weeks I will be writing our compliance literature in particular focusing on:
AML: Anti-Money Laundering
FCA: Financial Conduct Authority
KYC: Know Your Customer
CTF: Counter Terrorist Financing
Development
Development wise we have been having a lot of discussions about what our MVP (minimum viable product) looks like and what additional features we would like to have and how best to achieve them, whilst we have always had a core product in mind there are a lot of questions and different routes we can go about to achieving this.
For example, what do we do if we run out of Dash? There are various options here, are we then “sold out”? Or do we find another source of Dash even if it is at a premium?
In this particular problem the solution we are leaning towards is having essentially two tiers of pricing, our normal pricing and a “premium” pricing in the event that we are sold out where we would be purchasing Dash directly from exchanges. In this second case we are all agreed that this will be made clear to the customer that it is currently at a premium and if they come back later (once we have replenished our supply) they could buy Dash at our “standard” rate.
We have also been in talks with an additional back-end developer who we will be using as a consultant and as someone Alex can bounce ideas off.
Alex and Ash have also been discussing lots of different softwares that we might or might not be using that I mostly haven’t even heard of!
Other bits
Ash has done a lot of work on our website designs and has a few mockups he has done, however, he doesn’t want me to put them in this update until he is happy with them!!
We have also been discussing security a lot and how is best to ensure we do not get hacked. Our intention at this time is to work in a similar way to Coinbase in that a huge percentage of funds are held offline.
That's your lot for this weeks update, see you next time!
As always if you have any questions either post them below or come join us on Discord!