Platform Development Update

Gain insights into BonFi Platform Dev Progress

These past weeks we have been very busy with the development of our platform and its different functionalities and features. We have noted that the community is very keen to learn and understand more about the development process. With this article, we aim to bring you up to speed on the primary progress points.

Revised Timeline

In our original timeline as delineated in the Whitepaper, we anticipated that we require until Q3-Q4 of 2021 to complete the development of the platform according to our vision. However, there are three factors that compel us to make adjustments to this vision.

  • Firstly, technical developments are evolving at a rapid pace, leading to a greatly competitive landscape.
  • Secondly, market developments have been unfavorable, adversely impacting long-term operations.
  • Thirdly, our community has voiced that it expects to see an earlier release.

Based on our current assessment, we aim to release the platform in an accelerated manner with the release being rescheduled to Q1 2021. We are carefully re-evaluating the value of all different features to differentiate essential features from nice to have features. Furthermore, we have taken a different approach to project management, moving from a more traditional cycle (the waterfall model) to a more agile one. By adopting sprints, we are more collaborative and adaptive compared to waterfall phases as we breakdown desired features into iterations to be tackled during short time periods. To facilitate all of this, we have brought in additional external resources to increase the probability of success.

Key Design Decisions

The platform encompasses different functionalities, including but not limited to native BonFi DeFi products, linkages to third-party DeFi products, data visualization, data analysis, and decentralized governance. The core element driving the utility is the interactive dashboard that users interact with; it functions as a hub, connecting all the different functionalities and features with each other. Given that the dashboard takes such a centerpiece, we put great emphasis on building a clean and easy to use UI, enabling users to access all the platform features within one page as much as possible.

Rather than directly managing user assets, the platform will be fully non-custodial. Users will always be in full control of their own crypto assets. making use of third-party wallet integrations (e.g. Metamask) to interact with the different features. The platform will be released as a web-based app with mobile optimization. The web-based interface has a modular design, which allows for future customization. After deployment, all smart contracts will be made open-source on GitHub. We also aim to provide navigational documents to guide users through the platform.

Another factor that impacts platform design is governance. Blockchain technology was initially built with the vision to democratize decision making and to empower users. We align ourselves with this vision and therefore aim to build an open platform where community members can drive future developments. Some of the envisioned features include voting rights for token holders, multi-sig managed BNF token wallet, council elections, open workflows, and community rewards. Once we have made further progress in development, we will provide a breakdown of how this works.

A sneak peek

We would like to provide you with a sneak peek into the user interface. Please do take into account that final design decisions may be susceptible to change.

As you can see from the visual representation, the dashboard is segmented into the following 6 parts:

  1. Home: Here users are provided with a general overview of their portfolio, key market and asset data, data summaries, and FAQ.
  2. Portfolio:​ The balance of the user’s third-party wallet holdings is showcased here.
  3. DeFi: Overview of BonFi & third party DeFi product offerings and all associated details.
  4. BonVest: Here users get access to key data features about the DeFi market, trends, and market insights. This data aggregation service enables users to use this data to make more informed DeFi product investment decisions.
  5. Governance: Within this tab users have access to all tools to exercise decentralized platform governance.
  6. Support: ​ Users can access FAQ and additional supporting documentation.

Smart Contract Audit

We have engaged a professional audit firm to review our smart contract. The security of the platform is of utmost importance and we hereby take precautions to mitigate any potential vulnerabilities.

About BonFi

BonFi is a multilayered open finance liquidity mining service platform complemented by the AI-powered BonVest, a professional cryptocurrency liquidity mining solution. It expands the DeFi financial product offering by combining smart contract staking and a managed cryptocurrency liquidity pool to achieve sustainable benefits for users.

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